Thursday, 18 December 2014
Last updated 29 min ago
Aug 8 2014 | 4:38am ET
Three more private-equity firms have agreed to settle allegations they colluded with one another to hold down the price of buyouts.
The Blackstone Group, Kohlberg Kravis Roberts and TPG Capital will pay a combined $325 million, avoiding a Nov. 3 trial. The deals leave only the Carlyle Group—of the original 11 firms accused—to defend itself before a jury.
The deal brings to more than $475 million the amount paid to shareholders of target companies, a far cry from the $1 billion plaintiffs planned to seek earlier this year. Bain Capital, Goldman Sachs and Silver Lake partners each settled earlier this year.
“It’s a pretty good settlement,” plaintiffs’ lawyer Patrick Coughlin said. “Antitrust cases like this are tough, and there aren’t many class-action settlements approaching $500 million like this one.”
Carlyle indicated earlier this month that it would buck the settlement trend, arguing that the plaintiffs haven’t shown that any of the firms actually would have bid on companies pursued by the other respondents. The firm said that the “claims are without merit and we will continue to vigorously contest the allegations.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.