Private equity giants Blackstone, KKR and TPG Capital have agreed to pay a combined US$325 million to settle to settle a lawsuit that accused them of colluding to fix prices on major buyout deals.
However, none of the firms have admitted to, or denied the accusations.
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KKR disclosed its settlement in a regulatory filing. 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.
Lawyers brought the case in December 2007 on behalf of investors in companies sold to a number of private-equity firms during the run-up to the financial crisis.
Earlier this year, Goldman Sachs, Bain Capital and Silver Lake Partners settled claims against them on the class-action lawsuit, with Goldman and Bain paying a combined US$121 million to resolve claims without admitting or denying guilt.
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By GlobalDataOnly one of the seven companies accused in the lawsuit, private equity firm The Carlyle Group, is in line for a trial in November and has not settled the lawsuit yet.
