Leon Black Settles With U.S. Virgin Islands for $62.5 Million

by Warren Seah

Private-equity giant Apollo Global Management’s founder, Leon Black, has agreed to pay $62.5 million to the U.S. Virgin Islands to resolve any potential claims related to the three-year investigation into the sex trafficking crimes of the late financier Jeffrey Epstein. This previously undisclosed settlement was reported by the New York Times, which obtained a copy of the agreement. Back in November, the Virgin Islands reached a $105 million deal with Epstein’s estate. Following this, the territory filed a federal lawsuit against JPMorgan Chase & Co. over its long-standing relationship with Epstein.

Leon Black stepped down from his position as Apollo CEO in 2021 amid turmoil caused by the Epstein revelations. He has demonstrated a willingness to pay in order to avoid further scrutiny of his extensive social and business connections with Epstein spanning decades. It has been revealed that Black paid Epstein $158 million for tax and estate planning services.

Black expressed remorse during the 2020 call with investors, stating that providing Epstein with a second chance was a terrible mistake he wished he could undo. He emphasized that had he been aware of the shocking and reprehensible nature of Epstein’s behavior, which he only learned in late 2018, over a year after severing ties with him, he never would have been associated with him.

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