U.S. and French Reach Agreement on Criminal Investigation In Takeover of Executive Life

On December 11, 2003, negotiators from the United States and France reached an agreement in principle to settle charges concerning the 1991 failure of Executive Life, a California insurer, and its assets. The deal would settle a federal criminal investigation and provide funds to settle a civil lawsuit the California insurance commissioner has brought in an effort to compensate Executive Life policyholders for their losses in the insurer?s collapse. The French defendants have agree to pay up to $760 million in fines and damages together in the two cases.