BREAKING IMF Chief Found Guilty

The head of the IMF, Christine Lagarde, has been found guilty in a French court of negligence but was given no jail sentence.

This is a developing story, return to this post for updates.

UPDATE

Via Reuters:

French judges convicted IMF chief Christine Lagarde on Monday of negligence for a state payout made while France's finance minister in 2008, but imposed no punishment, citing her preoccupation at the time with the global financial crisis.

 The executive board of the Washington-based International Monetary Fund was expected to meet shortly to consider the implications of the verdict, an IMF spokesman said.