A U.S. judge has ordered French billionaire François Pinault to pay almost $190 million plus interest to the California insurance commissioner in what is ostensibly the last chapter of the drawn-out Executive Life affair.
Pinault, who controls French diversified retailer PPR, which owns Gucci Group, is said to have long ago set aside sufficient funds in case of an unfavorable judgment. Sources said the decision by U.S. District Court Judge Howard Matz is likely to bring to an end Pinault’s legal battle with the California insurance commissioner. Pinault’s involvement in the Executive Life scandal dates to his purchase of the failed insurer from French bank Credit Lyonnais and then his sale of its junk bond portfolio at a huge profit.