Lagarde was found to be at fault for failing to challenge a 404-million-euro (USD 422 million) compensation payout to businessman Bernard Tapie over the sale of the Adidas sports brand to Credit Lyonnais bank.
Lagarde, who was France's finance minister between 2007 and 2011, was not in the Paris court to hear the decision because she is in Washington, where the International Monetary Fund is based, her lawyer said.
In Washington, an IMF spokesman said the agency's board would meet shortly to discuss the verdict.
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