Billionaire Leon Black Struck $62.5 Million Settlement Allowing Him To Evade Potential Epstein-Related Litigation, Report Says

Forbes Business Breaking Billionaire Leon Black Struck $62. 5 Million Settlement Allowing Him To Evade Potential Epstein-Related Litigation, Report Says Antonio Pequeño IV Forbes Staff I cover breaking news. Following Jul 21, 2023, 07:30pm EDT | Press play to listen to this article! Got it! Updated Jul 21, 2023, 07:51pm EDT Share to Facebook Share to Twitter Share to Linkedin Topline Billionaire private equity investor Leon Black agreed to pay the U.

S. Virgin Islands $62. 5 million in order to be exempt from potential claims related to its investigation into the disgraced financier and sex offender Jeffrey Epstein, according to the New York Times , as fallout continues for the business magnate over his relationship with the late Epstein .

Leon Black is one of several public figures still facing backlash over their connections to Jeffrey . . .

[+] Epstein. Photographer: Patrick T. Fallon/Bloomberg © 2018 Bloomberg Finance LP Key Facts The settlement said its contents should not be construed as an “admission of liability” by Black, who stepped down from his private equity firm Apollo Global Management in 2021 after a board investigation found he paid Epstein $158 million for tax and estate planning services.

The agreement was reached in January and produced by the Virgin Islands government as a result of a public records request by the Times. Representatives for Black and the territory settled claims through private mediation that same month, according to a filing seen by the Times . A lawyer with the Virgin Islands attorney general’s office told the Times that “the Virgin Islands Department of Justice has made it a priority to support human trafficking victims and to enforce the law to prevent and deter human trafficking.

” Crucial Quote “As publicly reported, Mr. Black engaged and made payments to Jeffrey Epstein for legitimate financial advisory services, which based on everything now known, he very much regrets,” a spokesperson for Black wrote in an email to Forbes, adding, “There is no suggestion in the USVI settlement that Mr. Black was aware of or participated in any misconduct.

” Key Background Black was a co-founder of Apollo Global Management when he exited the company—which he still owns a roughly 23% stake in. Black initially said he would remain the firm’s chairman even after the revelation of his prominent financial links to Epstein were made public in January 2021. Just months later, he stepped down as CEO and chairman, citing he and his wife’s health as primary reasons for the decision.

In 2022, Black filed a racketeering lawsuit against his fellow Apollo co-founder Josh Harris and ex-model Guzel Ganieva, whom he reportedly dated, alleging a conspiracy made to destroy his reputation after his links to Epstein surfaced, with Ganieva accusing Black of rape. The suit and its subsequent appeal failed in a federal appeals court early this year, with U. S.

District Judge Paul Engelmayer upholding a lower court ruling that called Black’s claims “ glaringly deficient. ” Ganieva also filed a separate lawsuit accusing Black of defaming her through his assertion that she attempted to extort him after she levied rape accusations. That suit was dismissed by a New York state judge in May, when the judge ruled that Ganieva’s claims could not be pursued after she accepted $9.

5 million in payments linked to a nondisclosure agreement that covered their six-year relationship. Forbes Valuation We estimate Black’s net worth at $10. 1 billion , ranking him within the top 200 of the world’s wealthiest people.

Further Reading Leon Black Agreed to Pay $62. 5 Million to Settle Epstein-Related Claims ( New York Times ) Billionaire Leon Black, Revealed To Pay Jeffrey Epstein $158 Million, Is Stepping Down ( Forbes ) Follow me on Twitter or LinkedIn . Send me a secure tip .

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