Investors Sue Apollo and CEO Marc Rowan Over Epstein Cover-Up Allegations

Investors have filed a securities class action against Apollo Global Management, CEO Marc Rowan, and co-founder Leon Black, accusing the firm of systematically covering up extensive business relationships with convicted sex offender Jeffrey Epstein. The case, Perez v. Apollo Global Management, Inc., was filed on April 29, 2026, in the Southern District of New York on behalf of shareholders who bought Apollo securities between May 2021 and February 2026.

The complaint centers on Apollo’s repeated public statements denying any business dealings with Epstein. Apollo, and Black in particular, insisted on earnings calls and in official SEC filings that the firm "never did any business with Jeffrey Epstein." These claims were backed by the January 2021 Dechert Report, which Apollo incorporated into multiple quarterly and annual filings, each certified by Rowan under Sarbanes-Oxley.

However, newly released U.S. Department of Justice documents, reported by the Financial Times in February 2026, paint a starkly different picture. Epstein allegedly received internal Apollo financial documents, communicated directly with senior executives, and influenced high-level business decisions. The suit details that Rowan forwarded Epstein a detailed calculation of Apollo’s tax receivable agreement in 2016, Epstein took part in discussions about a potential tax inversion deal to move Apollo overseas, and hosted meetings involving Apollo executives at his Manhattan townhouse.

Further allegations include Epstein’s involvement in talks around Athene Holding’s pre-IPO share offering and pitching a tax plan that could have saved Apollo’s founders up to $300 million in exchange for a 25 percent success fee. These revelations directly contradict Apollo’s public risk disclosures about reputational harm, which the lawsuit claims were misleading given what management allegedly knew.

The fallout has been significant. Institutional investors, including the Pennsylvania School Employees' Retirement System and the Canada Pension Plan Investment Board, reportedly paused or reconsidered investments in Apollo. Apollo’s stock price plunged in early February 2026 following media reports and calls for SEC investigations by major unions like the American Federation of Teachers.

As of now, Apollo and its executives have not responded to the lawsuit, and no court rulings have been made. The case underscores ongoing efforts to hold powerful financial firms accountable for their connections to Epstein and the broader failure to confront elite complicity in his crimes.

This lawsuit adds to the growing body of evidence exposing the deep entanglement of Epstein with influential figures and institutions, highlighting the urgent need for transparency and justice for survivors. Apollo’s alleged deception not only risks investor losses but also raises serious questions about corporate governance and ethical responsibility at the highest levels.