Three private equity firms have agreed to pay $325 million to settle a lawsuit accusing them of colluding with rivals to keep prices down on corporate takeovers prior to the financial crisis by agreeing not to outbid each other. Blackstone Group LP, KKR & Co and TPG Capital Management LP will apportion the payment among themselves, according to a filing in the U.S. District Court in Boston.The settlement will benefit shareholders of merger targets, and resolve the private equity firms' portions of the nearly seven-year-old lawsuit. None of the firms admitted wrongdoing.Six defendants have now agreed to pay a combined $475.5 million in their respective settlements, which require court approval. Carlyle Group LP is the only remaining defendant.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.34% or $-0.1101/share to $32.51. In the past year, the shares have traded as low as $21.30 and as high as $36.08. On average, 4784270 shares of BX exchange hands on a given day and today's volume is recorded at 673478.
Shares of CG fell by 1.84% or $-0.57/share to $30.43. In the past year, the shares have traded as low as $24.66 and as high as $39.38. On average, 450402 shares of CG exchange hands on a given day and today's volume is recorded at 203451.
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