IMF's Lagarde found guilty of negligence by French court

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 404-million-euro ($422 million) award that followed.