Key events in the financial scandal that embroiled Lagarde

PARIS – Here are the key events in the financial scandal and investigation that Christine Lagarde, the head of the International Monetary Fund, will stand trial for.


February 1993: Businessman Bernard Tapie sells his majority stake in sportswear company Adidas through French bank Credit Lyonnais. Tapie claims the deal was mismanaged and begins a long legal battle with the bank to claim damages.

June 2008: Lagarde appointed minister of finance and economy for France.

July 11, 2008: With Lagarde’s approval, French arbitration panel awards Tapie about 400 million euros in damages and interest, paid from public funds.

July 5, 2011: Lagarde becomes managing director of the IMF after the previous chief, Dominique Strauss-Kahn, resigned amid sexual assault allegations.

Aug 4, 2011: French court orders investigation into Lagarde’s role in Tapie case.

March 20, 2013: Lagarde’s Paris home is searched by police.

Aug 27, 2014: Lagarde reveals she is under official investigation for negligence in the case of the damages awarded to Tapie, following a fourth round of questioning before magistrates.

Feb 17, 2015: Paris court of appeal overturns 2008 decision to pay the 400 million euros to Tapie. He appeals.

Sep 23, 2015: French prosecutor argues probe of Lagarde should be dropped. The prosecutor’s recommendation is often taken up by the magistrates.

Dec 17, 2015: Despite the prosecutor’s recommendation, Lagarde is ordered to stand trial over her involvement in the Tapie case. She appeals the decision.

Feb 19, 2016: Lagarde is elected to second five-year term at the helm of the IMF.

July 22, 2016: France’s top court rules Lagarde must stand trial.