Investigating judges have probed whether the arbitration was a “sham” organised to reward Tapie for his support of Sarkozy.
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Mr Tapie was once a majority shareholder in Adidas but sold it in 1993 to become a cabinet minister.
Ms Lagarde stepped up to replace her fellow countryman in 2011.
The French court’s decision to bring the 59-year-old to trial, comes despite a recommendation in September by France’s main prosecutor that the investigation be dropped.
FILE – In this Dec.11, 2015 file photo, Managing Director of the International Monetary Fund Christine Lagarde attends a press conference with IMF colleague Gerry Rice at the Treasury in London.
Her lawyer, Yves Repiquet, said on i-Tele television that he plans to appeal the decision.
His case was later referred by Ms Lagarde to a three-member arbitration panel which awarded the compensation.
A person close to Lagarde was unable to immediately confirm the reports on iTele TV channel and the Mediapart investigative website. She took over from Dominique Strauss-Kahn, who left under sexual assault allegations.
Earlier this month, a French court ruled that Mr. Tapie was not entitled to any compensation for that sale and should pay back the €400m with interest.
She can still appeal Tuesday´s decision.
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“However, the Executive Board continues to express its confidence in the Managing Director’s ability to effectively carry out her duties”.
