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The International Monetary Fund’s board will meet as early as this week to hear Managing DirectorChristine Lagarde explain her involvement in a French court decision that threatens to tarnish the lender’s reputation.

The fund’s 24 directors are awaiting details from Lagarde as she returns from Paris, where she was placed under formal investigation for “negligence” in a 2008 decision she made as French finance minister. Lagarde, 58, has denied any wrongdoing. She received public support from the board in previous steps of the legal process.

“I don’t think this is going to trigger any drastic option or reaction by the board any time...

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