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Paris home of IMF chief searched in probe of $400 million arbitration deal

Associated Press
Published | Updated

PARIS – A lawyer for IMF chief Christine Lagarde says French investigators have searched her Paris home today as part of an inquiry into her role in a $400 million arbitration deal in favor of a tycoon.

The laywer, Yves Repiquet (eev ruh-PEE-kay), says Lagarde has nothing to hide and he welcomed Wednesday's search as another step in proving her innocence.

Lagarde was France's finance minister when magnate Bernard Tapie won a 2008 settlement with a state-owned bank over the mishandled sale of Adidas in the 1990s. Critics said the settlement was too generous.

Questions about the settlement began before Lagarde was appointed head of the Washington-based International Monetary Fund after her predecessor, Dominique Strauss-Kahn, quit to face charges he tried to rape a New York hotel maid. The charges were dropped.