Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit
July 19, 2019 by Timothy Darragh
NEW YORK CITY – A Bermuda court has ordered a temporary halt to a shareholder lawsuit filed last month accusing private equity firm Apollo Global Management of looting its affiliated insurance firm, Athene Holding Ltd., with “extravagantly expensive” management fees.
Bermuda Supreme Court Chief Justice Narinder Hargun signed the temporary injunction, which purports to halt further action in the lawsuit filed by the Central Laborers’ Pension Fund. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated.
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. Athene contends any action taken against the company’s directors should be handled in Bermuda’s court system. The pension fund argues those articles do not apply because it is suing Apollo, not the Athene board.
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