Apollo Sued for Linens 'n Things "Negligence"
The hits just keep coming for Apollo Management, which is now being sued for allegedly concealing problems at Linens 'n Things. The plaintiff is fellow private equity firm Levine Leichtman Capital Partners, which operates a leveraged loan fund that held around $43.5 million of senior secured notes in the now-bankrupt retailer. In the complaint filed March 20, LLCP accuses Apollo of making materially false statements about Linens 'n Things' fiscal health. For example, Apollo allegedly neglected to reveal that some of its credit agreements were in default:
1 April 2009•2 mins read
