apollo athene lawsuit

NEW YORK (Reuters) - Apollo Global Management LLC. Marc Rowan The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Under the terms of the transaction, each outstanding Class A common share of Athene . 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. The company does business in private equity and private credit. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium access for businesses and educational institutions. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Asteward@athene.com. It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. , Co-Presidents of Apollo Asset Management. Simply log into Settings & Account and select "Cancel" on the right-hand side. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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. 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 Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd ATH.N. The Apollo entity said it will . Lehman and Hill City Capital. Adviser to Carlyle co-founder David Rubensteins family office registers with the SEC, Glennmont Partners sells Portuguese solar portfolio, Oaktree raises 1.2bn for private debt fund, Game on: Meet the PE firms building sports empires, TPGs Rise Fund II moves closer to target amid rise of impact investing. 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. 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. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Scott Kleinman You can still enjoy your subscription until the end of your current billing period. Simply log into Settings & Account and select "Cancel" on the right-hand side. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. 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. People now have to figure out were they good investors or was this all market beta? 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. For Media: Joanna Rose. , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Marc Rowan 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 Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd, Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co. , an annuities specialist that put itself up for sale in May, the Financial Times has reported. 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. Though 2023 won't be a year defined by "new toys," as Rowan said previously, Apollo has done a handful of big deals while moving others over the finish line. 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 . 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. Got a confidential news tip? Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents . "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. 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. Leon Black is proving once again he's not someone to cross. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. If you typed the URL into your browser, check that you entered it correctly. offers FT membership to read for free. We are excited to continue executing on this plan together, said Check if your Get this delivered to your inbox, and more info about our products and services. The company does business in private equity and private credit. Apollos Board of Directors is led by non-executive Chair Click here for the latest trending stock tickers of the Yahoo Finance platform. and other data for a number of reasons, such as keeping FT Sites reliable and secure, It also owns. We support credit card, debit card and PayPal payments. 652175/2018. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . In March, Apollo announced that it would acquire Athene, an annuities provider that Rowan helped create over a decade ago, in a deal that valued it at $11 billion. content 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. All quotes delayed a minimum of 15 minutes. Jim Zelter Whether we own it forever or not isn't the point.". For cost savings, you can change your plan at any time online in the Settings & Account section. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. The full list of representatives can be found in the governance section of https://ir.apollo.com/. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. 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. This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Global Head of Investor Relations, Apollo An investor in Athene, the pension fund filed a complaint in June accusing Apollo and Athene of "dishonestly assisting" directors of the private equity firm's insurance unit of engaging in . Reuters. Jim Belardi 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 . However, it hasn't been immune to concerns in the broader economy. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Contacts. According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging The deal is expected to close in January 2022. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Follow her on Twitter at @agarfinks and on LinkedIn. 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. In February, Apollo clocked a profit after three quarters of losses. 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. Apollo is a global, high-growth alternative asset manager. In March, Rowan reassured investors that Athene wasn't at risk of a run similar to those seen at regional banks in the aftermath of Silicon Valley Bank's collapse. We use It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. Apollo Global Management has been accused of "looting" its affiliated life insurance company, Athene Holding, in an investor lawsuit targeting "exorbitant" payments that account for one-third. . 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. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). 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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. 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. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. 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 Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Caldera has said he denied possessing confidential Apollo materials. Noah Gunn You can still enjoy your subscription until the end of your current billing period. Our Standards: The Thomson Reuters Trust Principles. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. IR@apollo.com, For Media: 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. personalising content and ads, providing social media features and to Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Sign up for free newsletters and get more CNBC delivered to your inbox. These statements include, but are not limited to, discussions related to Apollos expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the Merger) with Athene Holding Ltd. (Athene). A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. Joanna Rose Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Founded in 2009, Athene also serves as Apollo's partner insurance company and had total assets worth $202.8 billion at the end of 2020, with operations in the United States, Bermuda, and Canada. The transaction is expected to close in . 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. * Apollo Global Management Inc. and Athene Holding Ltd. have agreed to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. university To learn more, please visit www.apollo.com. Apollo said Monday it would acquire longtime affiliate Athene Holdings. , CEO of Athene. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Fully Aligned and Capital Efficient Model Positions Apollo for Differentiated Growth and Returns, Enhanced Liquidity and Trading Profile Expected to Attract Broader, More Diversified Investor Base. You may change or cancel your subscription or trial at any time online. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Compare Standard and Premium Digital here. journalists in 50+ countries covering politics, business, innovation, trends and more. The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Compare Standard and Premium Digital here. 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. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. 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 . The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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. Mar 8, 2021, 1:57 PM PST. We support credit card, debit card and PayPal payments. NEW YORK and HAMILTON, Bermuda, March 08, 2021 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Athene (NYSE: ATH) have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene. Gain a global perspective on the US and go beyond with curated news and analysis from 600 . Under the terms of the deal, each outstanding class A common share of Athene will be exchanged for 1.149 shares of Apollo common stock, representing a premium of about 16.5% to Athene's closing share price on Friday. For Investors: The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. Download the Yahoo Finance app for Apple or Android. analyse how our Sites are used. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. Apollo also said that the conflicts committee of its board has approved changes that would result in a simpler, more transparent corporate structure that is expected to be put in place by January 2022. 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. Marc Rowan, Apollo co-founder. We want to hear from you. 3 min read. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. 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. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollos dependence on certain key personnel, Apollos ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollos ability to manage its growth, fund performance, the variability of Apollos revenues, net income and cash flow, Apollos use of leverage to finance its businesses and investments by Apollo Funds, Athenes ability to maintain or improve financial strength ratings, the impact of Athenes reinsurers failing to meet their assumed obligations, Athenes ability to manage its business in a highly regulated industry, changes in Apollos regulatory environment and tax status, litigation risks and Apollos ability to recognize the benefits expected to be derived from the Merger. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. "While it was happening, it felt really good, and now that its not happening anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." (212) 822-0540 Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. university Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene AI-powered legal analytics, workflow tools and premium legal & business news. trending The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. A Division of NBCUniversal. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. The relationship between Apollo and Athene went under public pressure in 2019, when it was found out that Apollo was significantly overcharging Athene compared to the market standards. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. For cost savings, you can change your plan at any time online in the Settings & Account section. Scott Kleinman We cant find the page you're looking for. organisation M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. The lawsuitfiled in New Yorkon 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. Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Integrating that business. The companies announced Monday that they have agreed to merge by swapping stock . The firm has also been building up its presence in Europe. You may change or cancel your subscription or trial at any time online. 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. Black, 67, is worth $6.2 billion, according to Forbes magazine. "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). Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. offers FT membership to read for free. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. Apollo Global Management, Inc. 2023 All Rights Reserved.

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