The highest French appeals court has upheld a decision by the Paris appeal court to quash an earlier arbitration ruling that awarded €404 million to Bernard Tapie, a French businessman, in relation to the sale of his majority stake in Adidas to investors around the late Robert Louis-Dreyfus in 1993. The payment was awarded to Tapie in 2008 by an arbitration committee dealing with his long-running dispute with the former Crédit Lyonnais bank, in which Tapie alleged that the bank defrauded him in the Adidas sale. However, the arbitration came under scrutiny with allegations of a prior relationship between one of the members of the arbitration committee and one of Tapie's lawyers. He denied wrongdoing. A lower appeals court quashed the award and ordered Tapie to repay the money, leading to his team's appeal to the Cour de Cassation. Christine Lagarde, the International Monetary Fund's chief, was placed under investigation in 2014 for alleged negligence in the Tapie case, for allowing the private arbitration and failing to challenge it, even though it was unfavorable for the state (the bank's bad debts were settled by a state-related organization). Lagarde has denied wrongdoing. The Cour de Cassation is to rule on July 22 about the potential start of a trial involving Lagarde.