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California takes over bankrupt insurer Executive Life.NOVEMBER, 1991
Lyonnais unit Altus buys Executive Life's junk-bond portfolio for $3.25 billion. U.S. law blocks banks from owning insurers, so Lyonnais organizes investor group purchase of Executive Life's insurance interests.DECEMBER, 1992
French tycoon Francois Pinault buys most of the junk bonds for $2 billion. Lyonnais finances 100%.NOVEMBER, 1993
Jean Peyrelevade named chairman to stem growing losses at bank.JULY, 1998
Anonymous French whistle-blower alleges to California Insurance Dept. that Credit Lyonnais was real buyer of Executive Life.DECEMBER, 1998
Peyrelevade claims he first learns of terms of Executive Life deal. Informs U.S. Federal Reserve.JANUARY, 1999
Credit Lyonnais is privatized.FEBRUARY, 1999
California Insurance Dept. files suit against Lyonnais and others. Fed and U.S. Justice Dept. investigate.JANUARY, 2000
Pinault and his holding company, Artemis, added to California lawsuit.JUNE, 2001
French government tries diplomatic pressure to halt U.S. probe of Credit Lyonnais.