Two former Apollo Global Management employees were ordered to pay the firm a combined $1.15 million in damages after a New York state arbitrator found they had used confidential information to secretly work with a competitor on a takeover of an insurance company.
The ruling, made public by the New York State Supreme Court on Monday, ordered Ming Dang to pay $1 million in damages and Imran Siddiqui, $150,000, after the arbitrator said the two had taken actions "that violated both the letter and the spirit" of Apollo's ethics code and had worked at "cross-purposes with their employer" while still employed by Apollo.
The ruling found evidence that Mr. Dang helped Mr. Siddiqui and Caldera Holdings compete against Apollo's insurance company affiliate Athene Holding for a bid on the undisclosed insurance company.
Apollo said in a company statement emailed by a spokesman: "We are pleased with the arbitrator's decision and believe it fully vindicates our position regarding the conduct of Mr. Siddiqui and Mr. Dang. We will continue to take any and all necessary steps to protect the trust and integrity of our business, our clients and our investors."