Billionaire Leon Black, cofounder of the finance giant Apollo Global Management, announced on Monday that he would be stepping down as CEO after an investigation by the company discovered $158 million in payments to deceased sex trafficker Jeffrey Epstein between 2013 and 2017. The allegations against Black threatened to cost the company hundreds of millions of dollars. Investors, including the Pennsylvania Public School Employees Retirement System, one of the largest in the country, told the company they were freezing new investments. Seeking to settle the issue on its own terms, Apollo hired the Dechert law firm to review Black’s dealings with Epstein.
— source wsws.org | 29 Jan 2021