The lawsuit filed in New York on Friday is the latest salvo in a long-running dispute between the private equity firm led by Leon Black and Imran Siddiqui, a former Apollo executive. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Apollo believes these factors include but are not limited to those described under the section entitled Risk Factors in the joint proxy statement/prospectus filed by Apollo Global Management, Inc. (formerly known as Tango Holdings, Inc.) with the Securities and Exchange Commission (the SEC) on November 5, 2021, Apollo Asset Management Inc.s (AAM, formerly known as Apollo Global Management, Inc.) Annual Report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and Athenes Annual Report on Form 10-K filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A filed with the SEC on April 20, 2021 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, as such factors may be updated from time to time in Apollos, AAMs or Athenes periodic filings with the SEC, which are accessible on the SECs website at http://www.sec.gov. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. Under the terms of the deal, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. NEW YORK (Reuters) - Apollo Global Management LLC APO.N and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Apollo is a global, high-growth alternative asset manager. In addition to the aforementioned Athene, an $11 billion all-stock acquisition it closed in 2022, Apollo currently owns security firm ADT, which it bought in 2016, and Yahoo Inc. (Yahoo Finance's parent company), which it acquired in 2021 for $5 billion. The relationship has delivered hundreds of millions of dollars in asset management fees to Apollo, an amount the lawsuit called "exorbitant", citing an FT investigation that reported Apollo's. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Contacts. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit, Banking Essentials Newsletter: 5th May Edition, Practical steps to achieve net-zero underwriting Set a baseline, define targets and take action, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023. Check if your Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities. Leon Black is proving once again hes not someone to cross. , CEO of Athene. and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Compare Standard and Premium Digital here. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Asia Stocks Rise on Hong Kong; Traders Wait on Fed: Markets Wrap, Factbox-Long-serving Qantas executive Vanessa Hudson named as next CEO, Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes, Milken Latest: Saudis Look to Diversify Economy Beyond Just Oil, ADB announces funding plan for Asian efforts to combat climate change. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. The Apollo entity said it will . The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . The order purports to bar a US-based Athene shareholder, Central Laborers' Pension Fund, from pursuing a lawsuit that accuses Apollo of "looting" the insurance company by charging. Download the Yahoo Finance app for Apple or Android. Black, 67, is worth $6.2 billion, according to Forbes magazine. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Get this delivered to your inbox, and more info about our products and services. personalising content and ads, providing social media features and to Apollo Global Management Inc. is suing two former employees of its affiliate Athene Holding Ltd. over their role in helping set up a rival insurance business. A host of major U.S. firms including Paul, Weiss, Rifkind, Wharton & Garrison and Skadden, Arps, Slate, Meagher & Flom have won roles on asset management juggernaut Apollo's $11 billion takeover. All Rights Reserved. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. Premium access for businesses and educational institutions. "When rates are down and credit is free and liquidity is plentiful, everything moves up and to the right," Rowan told Yahoo Finance at the 2023 Milken Global Conference (video above). cookies Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. To learn more, please visit www.apollo.com. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange trending He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. We use Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Caldera has said he denied possessing confidential Apollo materials. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 . Log in to keep reading or access research tools. In February, Apollo clocked a profit after three quarters of losses. Lehman and Hill City Capital. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. (212) 822-0540 You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Asteward@athene.com. Marc Rowan Apollo Global Management Inc.'s ( NYSE: APO) proposed merger with Athene Holding Ltd. ( ATH) was the logical next step in Apollo's permanent capital push. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. Together, we will continue to serve the investment return and retirement savings needs of all our clients. and The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Got a confidential news tip? 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Jim Belardi Scott Kleinman We are excited to continue executing on this plan together, said Eventually, the litigation was brought to a halt by a Bermuda court ordering that any lawsuit should have been filed in the island territory where the . Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. "We buy something; we operate the business as if we're going to own it forever," Rowan said. . About Athene. (212) 822-0491 We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Whether we own it forever or not isn't the point.". Athene Investor Contact Noah Gunn +1 441 279 8534 +1 646 768 7309 ngunn@athene.com Athene Media Contact Karen Lynn +1 441 279 8460 +1 515 342 3910 klynn@athene.com Apollo Investor . and other data for a number of reasons, such as keeping FT Sites reliable and secure, Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. The company does business in private equity and private credit. We support credit card, debit card and PayPal payments. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake, for more than a decade, providing asset allocation services and directly managing a portion of Athene's assets across its investment platform, primarily in its ever-expanding credit business. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Apollo alleges. When used in this press release, the words believe, anticipate, estimate, expect, intend, may, will, could, should, might, target, project, plan, seek, continue and similar expressions are intended to identify forward-looking statements. Communications@apollo.com, Amanda Carstens Steward ", "Private equity was not immune to that," he added. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. The deal would create a $29 billion conglomerate and put . Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered up efforts to help an ex-partner start a rival firm. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. We use The lawsuit is ongoing. As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. The judge issued the temporary injunction days before lawyers for the pension fund asked the court to stay the proceeding, because the lawsuit was filed in New York and they were not alerted to the action in Bermuda. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WR Berkley halts tax liability underwriting after executive departure, Everest Q1 pre-tax cat losses narrow to $110mn on limited US exposure, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, Gain your competitive advantage with Inside P&C. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. analyse how our Sites are used. Head of Marketing & Corporate . and The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. Follow her on Twitter at @agarfinks and on LinkedIn. Joanna Rose (212) 822-0491. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially explosive complaint that a female employee filed against the chief executive of the insurer, Athene Holding Ltd. Sign up for free newsletters and get more CNBC delivered to your inbox. Apollo Global Management, Inc. 2023 All Rights Reserved. The deal is expected to close in January 2022. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings. Photographer: Anthony Kwan/Bloomberg. See here for a complete list of exchanges and delays. personalising content and ads, providing social media features and to 3 min read. Market Intelligence Leon Black. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. The news and analysis powering European private equity. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Communications@apollo.com. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . Apollo said Monday it would acquire longtime affiliate Athene Holdings. organisation Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. Click here for the latest trending stock tickers of the Yahoo Finance platform. "If we make decisions as if we're going to own it forever, we usually will make the right decision. If you typed the URL into your browser, check that you entered it correctly. Integrating that business. The reference to emails in 2017 smacks of desperation.. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. If you reached this page via our site or search, please let us know by emailing, Epsteins Private Calendar Reveals Prominent Names, First Republic Bank Is Seized and Bulk Sold to JPMorgan, Randi Weingartens Incredible Covid Memory Loss, Disney vs. DeSantis: What to Know About Their Power Struggle, JPMorgan Buys First Republic Bank in Second-Largest U.S. Bank Failure, The Booming Texas Border Town at the Center of a Global Trade Shift. 652175/2018. The complaint further alleges that the defendant companiesAviva, Athene, and Apollotogether with other companies and certain individuals, participated in an unlawful RICO enterprise involving phony reinsurance with affiliates. Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Read the latest financial and business news from Yahoo Finance. Mar 8, 2021, 1:57 PM PST. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. For a full comparison of Standard and Premium Digital, click here. According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, The Big Dig: Germany reopens its mines in quest for mineral self-sufficiency, US says more than 20,000 Russian forces killed in Ukraine since December, Chinas local governments stuck with bill for neighbourhood surveillance, Italy unveils measures to boost flexibility in labour market, Iran keeps inflation data under wraps as economic crisis deepens, JPMorgan to acquire First Republics deposits as US regulators step in, Charlie Munger: US banks are full of bad commercial property loans, Disney uses Ron DeSantiss own words against him in free speech lawsuit, Deutsche Bank plans to beef up investment bank advisory team, How Jamie Dimon swooped on the remains of First Republic, Totals chief tells investors European listing to blame for oil groups trading discount, US live news updates from May 1: JPMorgan to acquire First Republics deposits, Morgan Stanley to cut 3,000 jobs, The difference between First Republic and other recent bank failures, S&P criticised by pension funds over dual-class shares decision, China, America and why not all growth is equal, China could play a crucial role in ending the war in Ukraine, Labour has leverage to carry out private equity tax reform, Why Arsenals struggles show you shouldnt count out Donald Trump, The costs of entrenched high inflation cannot be ignored, Twill of the people: the workwear staple that never gets old, The best new sci-fi: action-packed plots and pure nerdstalgia. Noah Gunn Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. analyse how our Sites are used. Global Head of Investor Relations, Apollo Athene Holding Ltd. and Apollo Global Management LLC have obtained a temporary injunction from a Bermuda court blocking a pension fund's lawsuit claiming that Apollo is "looting" the insurance company from going forward, the Financial Times reported. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. journalists in 50+ countries covering politics, business, innovation, trends and more. The problem was that Athene's investors had a problem with Apollo's relationship with them, and in 2019 a lawsuit accused Apollo of overcharging Athene by hundreds of millions of dollars for their services. Over the last few years, the firm has . university , while Athene will continue to be led by its CEO Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. or Still, the alternative asset manager's portfolio continues to get a lot of attention from market watchers, and rightfully so given the high-profile names it holds. (515) 342 6473 Sales, spins and splits what are the differences and why do they matter for investors like us? esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Simply log into Settings & Account and select "Cancel" on the right-hand side. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. In a filing with a New York state court in Manhattan, Apollo and Black said emails uncovered from early 2017 show that Siddiqui was surreptitiously working with a more junior Apollo colleague and two former Athene executives, and using confidential information to form a competing company. Apollo and Athene are world-class franchises that have flourished as strategic partners, and we expect the full alignment achieved by our merger will accelerate our collective growth, said Apollo CEO
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