International Monetary Fund head Christine Lagarde has been placed under investigation by French magistrates for her alleged role in a long-running fraud case involving the former owner of Adidas. She has described the investigation as "totally unfounded" and plans to appeal the decision.

French finance minister Christine Lagarde has been selected to lead the rather busy IMF, the AP reports. She replaces Dominique Strauss-Kahn, another Frenchy who resigned after allegedly forcing a hotel maid to do strange sex things with him.