apollo athene lawsuit

Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Caldera has said he denied possessing confidential Apollo materials. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Click here for the latest trending stock tickers of the Yahoo Finance platform. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. The full list of representatives can be found in the governance section of https://ir.apollo.com/. 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. "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anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." The company does business in private equity and private credit. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. 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. 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. personalising content and ads, providing social media features and to , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. 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. 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. The firm has also been building up its presence in Europe. , CEO of Athene. Leon Black is proving once again he's not someone to cross. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. The deal is expected to be completed in January 2022. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 3 min read. cookies IR@apollo.com. 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. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. 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. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Apollos Board of Directors is led by non-executive Chair Global Head of Corporate Communications, Apollo. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. 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. Under the terms of the transaction, each outstanding Class A common share of Athene . And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. 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 . "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. Download the Yahoo Finance app for Apple or Android. Joanna Rose "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. The deal would create a $29 billion conglomerate and put . According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging 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. Lehman and Hill City Capital. Caldera has said he denied possessing confidential Apollo materials. personalising content and ads, providing social media features and to Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. 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. (212) 822-0491. Communications@apollo.com. We support credit card, debit card and PayPal payments. You can still enjoy your subscription until the end of your current billing period. . (212) 822-0540 Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. 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. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. cookies All Rights Reserved. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. NEW YORK (Reuters) - Apollo Global Management LLC. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. A Division of NBCUniversal. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Premium access for businesses and educational institutions. 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. It also owns. Check if your 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 and Athene declined to comment to the news outlet. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. . Amanda Carstens Steward. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. journalists in 50+ countries covering politics, business, innovation, trends and more. 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). Our Standards: The Thomson Reuters Trust Principles. 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. For a full comparison of Standard and Premium Digital, click here. The company does business in private equity and private credit. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . 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. Scott Kleinman The lawsuit is ongoing. Marc Rowan, Apollo co-founder. Check if your We use Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. . or 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. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . , Co-Presidents of Apollo Asset Management. Read the latest financial and business news from Yahoo Finance. Sales, spins and splits what are the differences and why do they matter for investors like us? Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. As the Federal Reserve's May meeting approaches, Apollo Global Management (APO) co-founder and CEO Marc Rowan isn't worried if the tight liquidity environment sticks around. 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 transaction is expected to close in . 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. Global Head of Corporate Communications, Apollo During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. journalists in 50+ countries covering politics, business, innovation, trends and more. 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To learn more, please visit www.apollo.com. 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. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Simply log into Settings & Account and select "Cancel" on the right-hand side. We cant find the page you're looking for. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. organisation 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. Mar 8, 2021, 1:57 PM PST. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. content "We buy something; we operate the business as if we're going to own it forever," Rowan said. To learn more, please visit www.apollo.com. 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. 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. However, it hasn't been immune to concerns in the broader economy. Jim Zelter For Investors: It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. The companies announced Monday that they have agreed to merge by swapping stock . Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. We support credit card, debit card and PayPal payments. See here for a complete list of exchanges and delays. Standard Digital includes access to a wealth of global news, analysis and expert opinion. * 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. IR@apollo.com, For Media: Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The news and analysis powering European private equity. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. 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. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. 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. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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. The lawsuit filed in New York on . trending Compare Standard and Premium Digital here. "We will have total alignment to optimize our strategy and allocate capital efficiently," said Marc Rowan, Apollo's incoming chief executive, who helped set up Athene in 2009. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. People now have to figure out were they good investors or was this all market beta? The Apollo entity said it will . Scott Kleinman Get this delivered to your inbox, and more info about our products and services. Got a confidential news tip? Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. The deal is expected to close in January 2022. Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents 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. Apollo said Monday it would acquire longtime affiliate Athene Holdings. For a full comparison of Standard and Premium Digital, click here. 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. You may change or cancel your subscription or trial at any time online. 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. 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. 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). During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. Compare Standard and Premium Digital here. About Athene. 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. 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. The reference to emails in 2017 smacks of desperation.. Marc Rowan 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. , while Athene will continue to be led by its CEO 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. You may change or cancel your subscription or trial at any time online. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Leon Black. Leon Black is proving once again hes not someone to cross. 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. (212) 822-0491 Communications@apollo.com, Amanda Carstens Steward 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. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). In February, Apollo clocked a profit after three quarters of losses. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 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. Premium access for businesses and educational institutions. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Head of Marketing & Corporate . offers FT membership to read for free. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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. 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. Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. 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.

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