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When France's Credit Lyonnais bought defunct U.S. insurer Executive Life's $6.4 billion junk-bond portfolio for half price in 1993, it was hailed as the deal of the decade. But after an investigation, U.S. authorities now portray the deal as one of the biggest financial frauds in history, and Credit Lyonnais faces civil suits seeking $2 billion in damages and the prospect of having its U.S. banking license yanked.
February 21, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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