June 12, 2025
Private-equity mogul Leon Black agreed to pay $62.5 million to settle Epstein-related claims: report

Private-equity mogul Leon Black agreed to pay $62.5 million to settle Epstein-related claims: report

Leon Black agreed to pay $62.5 million to settle Epstein-related claims: report – MarketWatch

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Last Updated: July 24, 2023 at 8:08 a.m. ET First Published: July 21, 2023 at 6:33 p.m. ET

The Apollo Global Management founder was found to have paid $158 million to convicted sex offender Jeffrey Epstein for tax and estate planning services

Leon Black speaks at a Museum of Modern Art benefit in New York in 2018. A report from the New York Times Friday says Black, who founded private-equity giant Apollo, will pay $62.5 million to settle with the Virgin Islands over a Jeffrey Epstein investigation.

Getty Images for Museum of Modern Art

[]Leon Black, founder of private-equity giant Apollo Global Management, agreed to pay $62.5 million to the U.S. Virgin Islands earlier this year to be free from any potential claims arising from the territory’s three-year investigation into the sex trafficking crimes of the late disgraced financier Jeffrey Epstein, according to a Friday report.

[]The previously undisclosed settlement detailed Friday by the New York Times, which saw a copy of the agreement, came after the Virgin Islands reached a $105 million deal in November with Epstein’s estate. The next month, the territory sued JPMorgan Chase & Co. JPM, +1.97% in federal court over its 15-year relationship with Epstein, a registered sex offender who died by suicide while held in jail in 2019. The JPMorgan action was settled earlier this month.

[]Black stepped away from Apollo CEO duties in 2021 amid conflict with partners over the Epstein revelations. And he has shown his willingness to pay up to avoid future deeper scrutiny of his decades-long social and business links to Epstein, a relationship that the private-equity pillar has said he regrets. Among other dealings, it’s been revealed that Black paid $158 million to Epstein for tax and estate planning services.

[]On a late-2020 conference call about Apollo APO, +0.06% results, Black maintained that his business relationship with Epstein did not directly involve the firm.

[]Black said he first became aware of Epstein’s criminal conduct when it was reported the latter was investigated by Florida and federal prosecutors. Authorities had first probed Epstein allegations in 2005. Black’s payments to Epstein continued after the latter’s 2008 guilty plea in Florida to a prostitution charge involving a teenage girl.

[]Black said on the 2020 call with investors that he regretted giving Epstein a second chance.

[]“This was a terrible mistake. I wish I could go back in time and change that decision, but I cannot,” he said at the time. “Had I known any of the facts about Epstein’s sickening and repulsive conduct, which I learned in late 2018, more than a year after I stopped working with them, I never would have had anything to do with him.”

Here’s everything coming to Amazon’s Prime Video and Freevee in August 2023

[] Sigourney Weaver in ‘The Lost Flowers of Alice Hart,’ the rom-com ‘Red, White & Royal Blue’ and ‘Cocaine Bear’ are the month’s highlights

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[]Rachel Koning Beals is a MarketWatch news editor in Chicago.

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