French rejection.

French Rejection: The French finance ministry rejected a proposed settlement by U.S. prosecutors over charges connected with the French bank Credit Lyonnais and its 1991 purchase of bankrupt insurer Executive Life. At the time of the purchase, California law barred banks from controlling insurance companies. Under the rejected settlement, Credit Lyonnais would have paid $100 million and the government of France would have paid $475 million (Credit Lyonnais was owned by the state).