SAN FRANCISCO—A federal jury rejected Oct. 29 California’s bid to obtain billions of dollars in damages from the fraudulent sale of failed Executive Life Insurance Co. and its substantial junk bond holdings (Garamendi v. Altus Finance S.A.).
The verdict for Artemis S.A. and its owner, billionaire tycoon Francois Pinault, came on the ninth day of a jury trial in the U.S. District Court for the Central District of California.
The verdict comes 21 years and six months after the state of California seized Executive Life, which collapsed under a load of junk bonds; and almost 13 years after ...
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