The Latest: IMF board to meet after Lagarde conviction

PARIS – The Latest on the French verdict in the case of the International Monetary Fund chief Christine Lagarde (all times local):

3:55 p.m.

A spokesman for the International Monetary Fund says its executive board is expected to meet after managing director Christine Lagarde was found guilty in a French case.

Lagarde has been convicted of negligence for her role in a hugely contentious arbitration award to a businessman in 2008. But Lagarde, who was France’s finance minister at the time, has been spared punishment and a criminal record.

IMF spokesman Gerry Rice says that “the Executive Board has met on previous occasions to consider developments related to the legal proceedings in France. It is expected that the Board will meet again shortly to consider the most recent developments.”

Lagarde, not present for the verdict, maintained her innocence through the weeklong trial. The prosecutor had asked for an acquittal.

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3:20 p.m.

A special French court has declared International Monetary Fund chief Christine Lagarde guilty of criminal negligence in a long-running arbitration case.

But the court decided not to punish her or give her a criminal record.

The Court of Justice of the Republic ruled that her negligence while servicing as finance minister allowed for the misappropriation of funds by other people. The others, in a separate case, haven’t yet been tried.

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10:15 a.m.

Christine Lagarde, the International Monetary Fund’s managing director, is awaiting the verdict of a special French court for alleged “serious negligence” over a huge payout to a business magnate while she served as France’s finance minister.

The Court of Justice of the Republic is to deliver its verdict later Monday after a weeklong trial. The court handles cases involving ministers.

Lagarde has maintained her innocence, and the prosecutor has asked for an acquittal.

The case revolves around a 403 million-euro ($425 million) arbitration deal given to tycoon Bernard Tapie in 2008 over the botched sale of sportswear maker Adidas in the 1990s. The amount prompted indignation.

Civil courts have since quashed the unusually generous award, declared the arbitration process and deal fraudulent and ordered Tapie to pay the money back.