Lagarde is accused of “negligence” which “resulted in a misuse of public funds by a third party,” the Cour de Cassation, one of France's courts of last resort, said in a statement on Friday.
The IMF board, in the meantime, said the organization is confident that Lagarde is able to carry out her duties effectively following the ruling.
News that the IMF chief may face a negligence trial in France had been circulating in the media for several years.
Bernard Tapie, a former owner of Marseilles football club, was awarded €400 million ($440 million) compensation in a lawsuit against the French bank Credit Lyonnais, which he accused of undervaluing his stake in multinational sportswear company Adidas. Lagarde, who was former President Nicolas Sarkozy’s finance minister at the time, sent the case to arbitration and ratified the payout.
Tapie, who along with his business interests was also a politician, was a key shareholder in Adidas.
In search of funds in 1993, he began to look for buyers of his stake, which he eventually sold to Credit Lyonnais for 2 billion francs.
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