IMF executive board backs Lagarde despite verdict against her

WASHINGTON (MarketWatch) - The executive board of the International Monetary Fund said Monday it had "full confidence" in IMF Managing Director Christine Lagarde despite a French court convicting her of negligence. "The executive board reaffirms its full confidence in the managing director's ability to continue to effectively carry out her duties," the IMF board said in a statement. The board said it had met regularly to consider the legal proceeding as it progressed in the French courts. In February, Lagarde won a second five-year term as head of the international financial organization. "The executive board looks forward to continuing to work with the managing director to address the difficult challenges facing the global economy," the statement said.