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Ireland/US: Ireland eyes US private equity price-fixing case

By  |  August 11, 2014

As major private equity firms work to end litigation against them for allegations of price-fixing, reports say Ireland is closely watching the case as many of the firms have deep-seeded business backgrounds in the nation.

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    Investors have sued several firms including Carlyle Group, Blackstone, KKR and TPG accusing the groups of colluding to artificially lower costs of acquiring assets during the leveraged buyout spree that ran until 2007, reports say.

    Ireland has particularly high stakes in the case as many of the defendants named acquired Ireland bank assets. The lawsuit, originally filed in 2007, lists 19 leveraged buyouts and 8 additional transactions in which the firms are accused of colluding.

    Ireland’s IBRC and National Asset Management Agency have reportedly sold assets to Blackstone and KKR worth billions of dollars. TPG is also a stakeholder in Irish airline Ryanair. Further, say reports, Goldman Sachs and Bain Capital, also defendants in the case, had also done business in Ireland.

    But according to reports, there is no evidence that any of the alleged collusion between the firms occurred within Ireland or affected Irish assets. Several firms have already settled the lawsuit.

    Full content: Independent.ie

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