A federal jury on Tuesday found that a French company owned by billionaire Francois Pinault conspired to defraud California regulators as part of a scheme to take over failed insurer Executive Life, the Associated Press reported.
While ruling on the state’s lawsuit, the U.S. District Court jury cleared Pinault himself of any involvement in the scheme. Jurors also found that the actions of the firm, Artemis SA, caused harm to Executive Life policyholders. California was seeking about $1 billion in damages and interest from its lawsuit, filed in 1999.
The rulings carried no immediate financial judgment, AP reported, and the judge encouraged the parties to reach a settlement.
