Reuters: Bankruptcy News: Dexia examining options on ex-chairman's severance

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Dexia examining options on ex-chairman's severance Apr 11th 2012, 17:44 PARIS, April 11 | Wed Apr 11, 2012 1:44pm EDT PARIS, April 11 (Reuters) - Dexia, the bailed-out Franco-Belgian lender, said on Wednesday it was looking into a severance package granted to former chairman Pierre Richard, forced to resign after the group's initial rescue. The French government, which injected 3 billion euros ($3.94 billion) into Dexia's 2008 rescue alongside 3.4 billion from Belgium and Luxembourg, earlier this year asked the bank to examine how it could recover funds paid to the former chairman as part of his exit package. Newspaper Le Monde reported that Dexia's board had mandated a labour law specialist to look into the case. "The French government's board representative asked the company to look into this issue, which we are doing with our internal and external lawyers," a Dexia spokesman said when asked about Richard's controversial pension, declining further comment. Dexia said in February it risked going out of business as it reported an 11.6 billion euro 2011 net loss, hit by its breakup and exposure to Greek debt and other toxic assets. ($1 = 0.7622 euros) (Matthieu Protard; editing by Keiron Henderson)

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