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KKR founders face suit alleging they got giant payday for no work

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KKR founders face suit alleging they got giant payday for no work

Private-equity firm KKR is facing a lawsuit over allegations that its founders, Henry Kravis and George Roberts, received substantial payouts without providing any value in return. The suit, filed by a union pension fund, claims that the payments were made under a complicated financial structure involving tax receivable agreements (TRAs), which are increasingly the subject of legal action against private-equity firms. Similar lawsuits have already forced one healthcare company to settle for $71 million, and judges have ruled favorably for plaintiffs in other cases. The suit against KKR alleges that the founders sought shares worth over $500 million as part of a corporate reorganization, despite never having sold any shares that would generate a tax asset for the firm.

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