Apollo Global Management and its billionaire co-founders, Leon Black and Marc Rowan, are facing a class-action lawsuit from shareholders alleging they hid business dealings with the disgraced financier Jeffrey Epstein.
The complaint was filed Monday in Manhattan federal court, claiming investors were defrauded for nearly five years.
Shareholders said Apollo falsely denied any connection with Epstein in regulatory filings during 2021 and 2022, even though Epstein "was heavily involved and frequently communicated with Apollo Global's senior leadership" in the 2010s.
The suit follows the US Department of Justice's release of documents, videos, and images detailing Epstein's activities, which contradicted Apollo's previous assurances.
The allegations have hit Apollo's stock hard. In February, its shares dropped roughly 15% over three weeks, erasing about $12 billion in market value, TrustFinance reported.
A spokesperson for Apollo and CEO Marc Rowan declined to comment on the lawsuit, and Leon Black's representative also refrained from comment. Rowan took over as CEO in 2021 after Black stepped down.
Apollo, Leon Black sued for allegedly concealing Epstein business ties from shareholders https://t.co/OJ0k5FiXUT
— Reuters Legal (@ReutersLegal) March 3, 2026
Apollo Execs Deny Epstein Business Ties
Apollo previously told clients in a February 18 letter that aside from Black, no Apollo executive had a personal or business relationship with Epstein.
The company acknowledged that "in select instances" Rowan and other employees provided information to Epstein for Black's personal tax work, but Epstein was "declined at every turn" when seeking involvement with other Apollo co-founders. Black has denied any wrongdoing and said he was unaware of Epstein's criminal conduct.
According to Reuters, the lawsuit, led by investor Solomon Feldman, cites a 2021 review by the Dechert law firm showing Black paid Epstein $158 million for tax and estate planning.
Shareholders claim Apollo misled investors, as Epstein never worked for the firm or invested in Apollo-managed funds.
The complaint also references media reports of Epstein's communications with Apollo officials in the mid-2010s and calls for the US Securities and Exchange Commission to investigate.
Despite stepping down as CEO, Black remains liable as a "control person," holding 7% of Apollo's stock as of April 2025.
Epstein died in Manhattan jail in August 2019 while awaiting trial for sex trafficking. His death was ruled a suicide by the New York City medical examiner.
Originally published on vcpost.com
