Casino Fined €20 Million for Corrupt Payment to Stock Picker (2)

French grocer Casino Guichard Perrachon SA was fined €20 million ($23.9 million) by a Paris court for its role in a corrupt payment made to a well-known stock-picker.

However, the company was cleared on Thursday of parallel market-manipulation accusations that could have fetched a bigger penalty.

The Paris criminal court did convict the company’s former chief executive officer, Jean-Charles Naouri, for entering into a pact with Nicolas Miguet in 2018 that included a payment of about €823,000 in exchange for favorable mentions of Casino stock to his subscribers.

Jean-Charles Naouri

Photographer: Bertrand Guay/AFP/Getty Images

The Paris judges dismissed the allegation that this might have ...