Apollo Defends Board Independence in Leon Black Payout Dispute

Apollo Global Management Inc. on Wednesday downplayed relationships between a board committee and the private equity firm’s three co-founders who received a $570 million payout collectively in a restructuring that followed CEO Leon Black’s ouster.

Apollo wants the Delaware Chancery Court to dismiss litigation challenging the payout to Black, Josh Harris, and Marc Rowan. The co-founders gave up control of Apollo as part of a deal negotiated at arms length by an independent board committee as part of a company restructuring, said Scott Luftglass of Fried Frank, representing the private equity firm.

Black stepped back from Apollo in 2021 after ...