TPG Wins $1 Billion Court Case, Nears End of Greek Telecom Saga

TPG Inc. has prevailed in litigation seeking more than $1 billion, inching closer to total victory in a series of lawsuits stemming from claims the private equity firm teamed up with Apax Partners LLP to bleed a Greek telecom dry.

An appeals court ruled for TPG on Thursday, scuttling a trial planned for later this year. The unanimous five-judge panel rejected a bid by bondholders to hold TPG liable for the collapse of Tim Hellas Telecommunications SA after its Luxembourg-based parent companies defaulted on loans used to fund a greater than $1 billion dividend for the buyout firms.

Justice Martin ...