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IMF's Lagarde guilty of negligence

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Christine Lagarde. (AFP)
Christine Lagarde. (AFP)

Paris - IMF head Christine Lagarde on Monday was found guilty of negligence by a French court over a massive payout to a tycoon when she was finance minister, but will not be fined or face prison.

Lagarde was found to be at fault over her decision to let a dispute over Bernard Tapie's sale of the Adidas sports brand to Credit Lyonnais bank be resolved by a private arbitration panel rather than the usual courts, and then of failing to challenge the €404m ($422m) award that followed.

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