PARIS — François Pinault, the French billionaire who controls the Pinault-Printemps-Redoute luxury and retail conglomerate, faces a Friday deadline to reach a settlement with California prosecutors for alleged fraud in the acquisition of failed California insurer Executive Life in the early Nineties. But a source close to the entrepreneur said the deadline could be extended.

A spokeswoman for Artemis, Pinault’s family holding company, through which he controls PPR, declined all comment.

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