Apollo Global agreed improperly to pay $570M to cover the tax payouts of its top executives in an effort aimed at distancing the firm from founder Leon Black, according to a lawsuit filed by shareholders on Wednesday, The Financial Times’ Mark Vandevelde and Sujeed Indap report. Black, who was forced out over revelations that he had paid $158M for tax advice and other professional services provided by the late sex offender Jeffrey Epstein, is in line to receive $276M from Apollo coffers, the suit claims, while co-founders Marc Rowan and Josh Harris each stand to receive more than $100M.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on APO:
- Apollo in Legal Soup Over Payments to Top Executives
- Apollo: David Moffatt named Chair of operations in Australia and New Zealand
- Apollo Names David Moffatt as Chair of Australia and New Zealand Amid Continued Expansion in the Region
- Apollo Funds Acquire Composite Advanced Technologies, Inc, a Leading Manufacturer of Transportation and Storage Solutions for Hydrogen and Compressed Natural Gas
- Apollo Global acquires majority interest in Composite Advanced Technologies