Leon Black Pays $62.5 Million to USVI to Settle Potential Claims Linked to Epstein Probe

Billionaire financier and Apollo Global Management Inc (APO.N) co-founder Leon Black paid $62.5 million to the U.S. Virgin Islands to settle any potential legal claims connected to the Jeffrey Epstein sex-trafficking investigation, according to recent reporting by the New York Times.

The settlement followed a subpoena issued by the U.S. Virgin Islands government in January 2021, in which Black was asked for all communication with Epstein and his associates since 1998, as well as information about his trips to Epstein's private island, Little St. James. Black's settlement was agreed and paid in the same month, the NYT reports

A spokesperson for Black has confirmed the settlement with the Virgin Islands, emphasizing that there is no suggestion in the agreement that the billionaire was aware of or participated in any misconduct. Black's representatives further insisted that the settlement does not indicate complicity or even knowledge of Epstein's crimes.

Black's connection with Epstein has been a source of controversy – and legal wrangling. He had paid Epstein $158 million over the course of five years between 2012 and 2017, following Epstein's conviction for soliciting prostitution from children in Palm Beach. Black asserts that these payments were for estate planning and tax advice and that Epstein's professional advice was subpar compared to his own credentials.

The Senate Finance Committee is currently investigating whether Black owes taxes on those payments. Black stepped down from Apollo in 2021, after his deep ties to the convicted sex offender were revealed.