Credit Agricole Risks Fines in Fallout Over H2O’s Illiquid Bets

Credit Agricole SA’s Caceis risks fines from the French markets regulator in the latest fallout from investments in illiquid securities tied to German financier Lars Windhorst, according to people familiar with the matter.

The accusations by France’s Autorité des Marchés Financiers against Caceis over potential failings as a custodian are due to be laid out at a Nov. 21 hearing of the regulator’s enforcement committee in Paris, the people said who asked not to be identified because the matter is private.

The case concerns investments made by H2O Asset Management, which was already fined a record €75 ...