apollo athene lawsuit

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. Apollo Global Management, Inc. 2023 All Rights Reserved. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. "If we make decisions as if we're going to own it forever, we usually will make the right decision. "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anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. and other data for a number of reasons, such as keeping FT Sites reliable and secure, , while Athene will continue to be led by its CEO 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. 652175/2018. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. journalists in 50+ countries covering politics, business, innovation, trends and more. 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. 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. If you typed the URL into your browser, check that you entered it correctly. 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 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. Global Head of Investor Relations, Apollo 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. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . 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. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. 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. 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. "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). These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. 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. In February, Apollo clocked a profit after three quarters of losses. 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. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Market Intelligence (212) 822-0491 The news and analysis powering European private equity. Premium access for businesses and educational institutions. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Log in to keep reading or access research tools. Reuters. 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. The reference to emails in 2017 smacks of desperation.. 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. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. 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. 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. Check if your trending Integrating that business. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Marc Rowan NEW YORK (Reuters) - Apollo Global Management LLC. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. Caldera has said he denied possessing confidential Apollo materials. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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 relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Simply log into Settings & Account and select "Cancel" on the right-hand side. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. Apollo and Athene declined to comment to the news outlet. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Jim Belardi Marc Rowan, Apollo co-founder. 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 . To learn more, please visit www.apollo.com. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world's largest corporate credit investors. 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. analyse how our Sites are used. Check if your [email protected]. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . Global Head of Corporate Communications, Apollo. 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. Head of Marketing & Corporate . I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. 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. 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 . Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. Under the terms of the transaction, each outstanding Class A common share of Athene . Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. 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. You can still enjoy your subscription until the end of your current billing period. 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. offers FT membership to read for free. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. 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. organisation Got a confidential news tip? The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. We cant find the page you're looking for. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . Whether we own it forever or not isn't the point.". 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. 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 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. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. 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. and Head of Marketing & Corporate Communications, Athene 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. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. 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. (212) 822-0540 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. analyse how our Sites are used. 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. 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. 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[email protected]. 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. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Compare Standard and Premium Digital here. Photographer: Anthony Kwan/Bloomberg. 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). The transaction is expected to close in . Leon Black is proving once again hes not someone to cross. (515) 342 6473 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. 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. Apollo is a global, high-growth alternative asset manager. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Leon Black. He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. 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. The company does business in private equity and private credit. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. People now have to figure out were they good investors or was this all market beta? 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. "We buy something; we operate the business as if we're going to own it forever," Rowan said. Marc Rowan Lehman and Hill City Capital. For a full comparison of Standard and Premium Digital, click here. The company does business in private equity and private credit. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. , CEO of Athene. 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. organisation The lawsuit filed in New York on . This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. (212) 822-0491. For cost savings, you can change your plan at any time online in the Settings & Account section. [email protected], For Media: 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 Apollo entity said it will . 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. 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. We want to hear from you. or And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. Global Head of Corporate Communications, Apollo Apollo said Monday it would acquire longtime affiliate Athene Holdings. You may change or cancel your subscription or trial at any time online. The deal is expected to be completed in January 2022. However, it hasn't been immune to concerns in the broader economy. "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. . Apollo said it estimated the tax-free combination could result in its earnings in 2021 more than doubling year-on-year. You may change or cancel your subscription or trial at any time online. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer.

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