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In the year US private equity firm GKR has accused the investment group of “systematically breaching” its requirements to submit formal pre-merger documents to antitrust regulators and executives during a wave of negotiations in 2021 and 2022.
The lawsuit comes after lengthy settlement talks between KKR and the Justice Department that led to both sides being hit with hefty fines by the DOJ and agency oversight of the New York-based private equity pioneer. And people who know the matter.
The lawsuit is one of the latest efforts by the DOJ’s antitrust division to scuttle an anti-competition private equity settlement after its recently-departed chief, Jonathan Cantor, cracked down on buyout groups that dominate large swaths of the U.S. economy.
The enforcement action is being challenged by KKR. The firm, which manages more than $500 billion in assets, called the filing omissions “unnecessary and inadvertent” and described the action as an attempt to “tool” confusing financial records on the eve of the transition from President Joe Biden to President-elect Donald Trump.
The DOJ did not immediately respond to a request for comment on KKR’s counterclaim.
This is a developing story.
