{"id":287060,"date":"2021-06-30T01:43:51","date_gmt":"2021-06-29T22:43:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/apollo-loses-key-court-ruling-in-closely-watched-dispute-with-executives\/"},"modified":"2021-06-30T01:43:51","modified_gmt":"2021-06-29T22:43:51","slug":"apollo-loses-key-court-ruling-in-closely-watched-dispute-with-executives","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/apollo-loses-key-court-ruling-in-closely-watched-dispute-with-executives\/","title":{"rendered":"#Apollo loses key court ruling in closely watched dispute with executives"},"content":{"rendered":"

“#Apollo loses key court ruling in closely watched dispute with executives<\/strong>”<\/p>\n

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Ex-employees of a freight company owned by Apollo Global Management won a key court ruling in a closely watched case against the private equity giant.<\/p>\n

Former executives at\u00a0freight-management company Ceva Logistics\u00a0have alleged in a lawsuit that Apollo bilked them out of their shares in a complex debt-for-equity swap in 2013 as the company went bankrupt. <\/p>\n

Apollo \u2014 which of late has been rocked by the surprise exit of Chairman and CEO Leon Black amid controversy over his business ties to dead pedophile Jeffrey Epstein \u2014 retained control of Ceva after the bankruptcy.<\/p>\n

In a Tuesday ruling that denied Apollo\u2019s motion for summary judgment and sets up a likely trial, US judge Timothy Corrigan ruled that a jury could reasonably find that Apollo fraudulently concealed a stock incentive plan from fired Ceva employees as it wiped out their equity stakes in the bankruptcy. \u00a0<\/p>\n

\u201cThere is a genuine question of material fact as to whether\u00a0there was actual artifice [falseness and trickery] in concealing the creation of the 2013 Long Term Incentive Plan that precludes summary judgment,\u201d the judge ruled.<\/p>\n

Plaintiff Michael McEvoy claims Ceva execs who stayed with the company post-bankruptcy got to keep some of their equity, while others like him lost all their money. All stakeholders in the same class are supposed to be treated equally, and the fired executives allege they never knew of the alternative plan, according to the lawsuit.<\/p>\n

Apollo said it still expects to prevail in court. \u201cToday\u2019s ruling was procedural only and did not address the merits of any claim,\u201d an Apollo spokeswoman said. \u201cApollo believes that the court will reject the only remaining claim against Apollo.\u201d<\/p>\n

\"A
US judge Timothy Corrigan ruled there was \u201cartifice\u201d in the creation of an incentive plan.<\/figcaption>
Fairfax Media<\/a> via Getty Images<\/span><\/figcaption><\/figure>\n

The Ceva case is among a handful that are being pursued by plaintiffs outside of private equity\u2019s long-preferred legal enclaves \u2014 namely the US Bankruptcy Court in New York and Delaware Chancery Court. <\/p>\n

In the Ceva dispute, New York bankruptcy Judge James Garrity in early 2018 threw out McEvoy\u2019s case, ruling that his claim wasn\u2019t separate from the overall bankruptcy. <\/p>\n

But McEvoy app<\/a>ealed, and US Judge Jed Rakoff ruled that an argument could be made for a separate trial. Judge Garrity, in turn, transferred McEvoy\u2019s suit to Florida.\u00a0\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Apollo loses key court ruling in closely watched dispute with executives” Ex-employees of a freight company owned by Apollo Global Management won a key court ruling in a closely watched case against the private equity giant. Former executives at\u00a0freight-management company Ceva Logistics\u00a0have alleged in a lawsuit that Apollo bilked them out of their shares in…<\/p>\n","protected":false},"author":1,"featured_media":287061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/leon-black-apollo-feature-009.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[110619,72964,4978,55838],"class_list":["post-287060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-29-21","tag-apollo-global-management","tag-bankruptcy","tag-jeffrey-epstein"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/287060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=287060"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/287060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/287061"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=287060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=287060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=287060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}