France's Supreme Court on Monday (9 October) overturned a decision to award Bernard Tapie EUR135m (US$169m) for losses incurred over the sale of sportswear maker Adidas more than 10 years ago.

The Appeals Court has now been ordered to retry the case from the start.

The case relates to the sale of Adidas in 1994 when former government minister Tapie gave a subsidiary of the Credit Lyonnais bank permission to sell his stake in the sportswear company.

The sportswear brand was sold to a group of companies for FRF2.085bn before being resold later that year to businessman Robert-Louis Dreyfus for FRF4.65bn. In 1995, Adidas' stock market launch raised over FRF11bn.

Tapie said he was misadvised by Lyonnais over the sale, for which he received the equivalent of EUR318m - and in September 2005 a court ordered the bank to pay him compensation.

The French tycoon now says he intends to fight on and is seeking damages of as much as EUR1bn.