Apollo Global Management Inc. resolved a lawsuit against two former executives of insurance unit Athene Holding Ltd. just days before the matter was set to go the trial.
In a Wednesday filing in New York state court, the private equity giant said it had reached a settlement with Stephen Cernich and Huan Tseng, whom it accused of participating in a scheme to launch a rival insurer. A jury trial in the 2020 lawsuit was set to begin on Monday, and Apollo Chief Executive Officer Marc Rowan had been expected to testify.
According to the suit, Cernich and Tseng worked with former Apollo senior partner Imran Siddiqui and principal Ming Dang to launch an Athene competitor called Caldera Holdings Ltd. Apollo previously won $1.2 million in an arbitration against Siddiqui and Dang.
Apollo had been seeking at least $30 million in damages from Cernich and Tseng.
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