Christine Lagarde, current head of the IMF and former Chairman of Baker & McKenzie, has been charged with negligence by a French magistrate. She faces up to a year in prison if found guilty.
Lagarde joined Bakers in 1981, was made a partner after six years and became Chairman in 1999. She left the firm in 2005 when she was appointed French Finance Minister. In 2008 she referred an action brought by businessman Bernard Tapie to arbitration. Tapie pocketed a record €400m in an out-of-court settlement. Critics claimed that this was a fix, that he was being rewarded for his support of Nicholas Sarkozy in the previous year's election, and that Lagarde should have known about this.
Lagarde's meteoric rise continued regardless, and she took over as head of the IMF in 2011 when the previous incumbent's fondness for rough sex with hotel chambermaids hit the headlines. But the chickens have now come home to roost. Earlier this week she was questioned for 15 hours at the Paris Court of Justice and then formally placed under investigation by a magistrate.
Lagarde said that the charges were "totally baseless" and that she was challenging them. Bakers confirmed that Lagarde wasn't connected with the firm in 2008 but declined to comment further.
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Lagarde joined Bakers in 1981, was made a partner after six years and became Chairman in 1999. She left the firm in 2005 when she was appointed French Finance Minister. In 2008 she referred an action brought by businessman Bernard Tapie to arbitration. Tapie pocketed a record €400m in an out-of-court settlement. Critics claimed that this was a fix, that he was being rewarded for his support of Nicholas Sarkozy in the previous year's election, and that Lagarde should have known about this.
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Lagarde ponders a year inside |
Lagarde's meteoric rise continued regardless, and she took over as head of the IMF in 2011 when the previous incumbent's fondness for rough sex with hotel chambermaids hit the headlines. But the chickens have now come home to roost. Earlier this week she was questioned for 15 hours at the Paris Court of Justice and then formally placed under investigation by a magistrate.
Lagarde said that the charges were "totally baseless" and that she was challenging them. Bakers confirmed that Lagarde wasn't connected with the firm in 2008 but declined to comment further.
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