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Court: Exec guilty over faulty French implants
Legal Focuses |
2013/12/12 14:07
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A disgraced French businessman was convicted of fraud and sentenced to four years in prison on Tuesday for filling tens of thousands of breast implants with industrial grade silicone. But he left the courthouse freely after lodging an appeal, and thousands of women will have to wait longer to discover if they will receive damages.
The ruling in the criminal case by a court in Marseille, which all the trappings of a class-action lawsuit, ordered up to 40 million euros ($55 million) in damages paid to a fraction of the 125,000 women worldwide who received the implants.
However, that sum for Jean-Claude Mas' company, Poly Implant Prothese, was largely theoretical because it is bankrupt, and because the appeal froze any efforts to find alternate sources. It will be months, if not years, before any women see money many say they need to remove the faulty, leak-prone implants.
In addition to his prison sentence, the French businessman was fined 75,000 euros ($103,000).
His lawyer promised to appeal immediately, and Mas left the courthouse without comment. The appeal freezes the jail term, fine and any damages.
Four managers in the now-defunct Poly Implant Prothese received lesser sentences.
The decision established a complex system of damages for about two-thirds of the 7,100 women who joined the case, with a potential total of 40 million euros ($55 million) to be paid by those convicted. But, like Mas' fine, it was not clear where that money would come from. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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