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Athene shareholders withdraw lawsuits against Apollo

Two lawsuits filed in New York courts by shareholders of Athene Holding Ltd. against Apollo Global Management LLC have been withdrawn, the Financial Times reported.

The Central Laborers' Pension Fund and the Cambria County Employees Retirement System pulled their lawsuits after Bermuda Chief Justice Narinder Hargun accepted Athene's argument that the disputes must be litigated in Bermuda.

Central Laborers' lawsuit claimed that Apollo was charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. However, Hargun ordered a stop to the lawsuit, agreeing with Athene that because the case involved the conduct of directors, it should be heard in Bermuda.

Cambria later filed a lawsuit that does not refer to the conduct of directors, but Hargun also ordered a stop to the case.