Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, August 7, 2014

Blackstone, KKR, TPG to settle deal collusion lawsuit - source, (NYSE: BX)

Blackstone Group LP, KKR & Co LP and TPG Capital LP have agreed to settle a U.S. lawsuit accusing them of conspiring not to outbid each other and other takeover firms on takeovers of companies, a person familiar with the matter said. A court filing on the settlement is expected as early as Thursday, the source said, asking not to be identified because the filing has not yet been published.The buyout firms did not admit wrongdoing as part of the settlement, the source added.KKR disclosed its settlement in a regulatory filing early on Thursday. It did not disclose the settlement amount but described it as not material to its earnings."While we continue to believe that the plaintiffs' allegations are spurious, we determined that after seven years it was best for KKR and our limited partners to put an end to the distraction and expense of this litigation," KKR said in a statement.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.12% or $0.04/share to $32.66. 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 415861.