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Apollo Global, CEO Leon Black sued by Caldera Holdings

July 12, 2018 at 11:22 pm EDT

(Reuters) - Apollo Global Management and its Chief Executive Leon Black are being sued by Caldera Holdings, a venture founded by Imran Siddiqui, a former managing director at the buyout firm, a court filing on Thursday showed.

Caldera's complaint, filed in the New York Supreme Court, alleges that Apollo pursued a campaign of "systematic defamation and interference," including "disparaging the company in the marketplace."

Caldera is also asking for at least $1.5 billion in damages, according to the filing.

"We strongly believe Caldera's claims completely lack any merit, and we intend to defend ourselves vigorously," Apollo spokesman Charles Zehren said in an emailed statement.

Caldera and Apollo's life insurance unit Athene Holding Ltd are both bidding for control of American Equity Investment Life Holding Co, a U.S. provider of annuities and life insurance products, according to a Financial Times report on Thursday.

In May, Iowa-based American Equity said it would explore a sale, attracting interest from firms such as Athene Holding and FGL Holdings. Thursday's filing alleges that Apollo hindered Caldera from competing with Athene, causing rifts between the company and its investors.

Caldera could not be reached for comment, outside regular U.S. business hours.

(Reporting by Nivedita Balu with additional reporting by Ismail Shakil in Bengaluru; Editing by Sunil Nair)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY	55.46 USD	+0.58%	+0.65%	4.38B
APOLLO GLOBAL MANAGEMENT LLC	40.06 USD	-2.01%	-0.30%	60.96B
FGL HOLDINGS	- USD	-.--%	+0.78%	1.79B
ATHENE HOLDING LTD.	83.33 USD	-0.69%	-1.90%	16.01B

Leon Black

Leon Black is CEO and co-founder of Apollo Global Management LP, a LBO specialist fund, which manages more than 60 billion of dollars in assets mainly for institutional investors.

After a degree in philosophy and history obtained at Dartmouth College in 1973, Leon Black continues his studies and in 1975 he reached an MBA from Harvard Business School. In 1977 he joined the Drexel Burnham Lambert Incorporated, investment bank, where he worked as General Director, Director of Fusion & Acquisitions, and Co-director of the Corporate Finance Department.

During 13 years, Leon Black popularizes the LBO, and makes a name for oneself working with investor as Carl Icahn and T. Boone Pickens, by financing their hostile takeover bids. Drexel meets a catastrophic end, his director and mentor Michael Milken will end up in prison. Black escapes uninjured from this affair.

With capital recovered from Drexel, Leon Black founded in 1990 Apollo Management with Joshua Harris and Marc Rowan, as well managers of Drexel. He also founded Apollo Investment Corporation, and then a real estate’s branch called Area Property Partners.

Director of Rentals and Sirius Satellite Radio, Leon Black is also director of Dartmouth College, Museum of Modern Art and Mount Sinai Hospital. He is also member of National Advisory Committee of JP Morgan Chase and board member of Faster Cures.

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Telemundo Group LLC Telemundo Group LLC BroadcastingConsumer Services Telemundo Group, Inc. is a spanish language television network in the United States. It also sells air time during non-network programming hours to independent programmers. The company is headquartered in Miami, FL.	Chairman
Apollo Advisors LP Apollo Advisors LP Financial ConglomeratesFinance Apollo Advisors LP provides financial services. Its services include funding, financing, venture capital, research & management guidance, and administration services. It undertakes distressed assets such as junk bonds, troubled companies, and real estate. The company was founded by Leon D. Black and Craig M. Cogut in 1990 and is headquartered in Purchase, NY.	Founder

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