State Attorney General Bill Lockyer has added a New York-based investment adviser as a defendant in his lawsuit over the takeover of defunct insurer Executive Life Insurance Company.
Last year, Lockyer filed a lawsuit charging that European investors and a French-owned bank conspired to cheat thousands of policyholders of Executive Life out of billions of dollars.
The suit alleges that more than 300-thousand policyholders were cheated when Credit Lyonnais and other investors used “fronts” to hide the bank´s true involvement in the purchase of Executive Life assets at bargain prices
In an amended complaint filed this week, Lockyer named Apollo Advisors of New York, Apollo President Leon Black and three Apollo partners as additional defendants.
An attorney for Apollo calls the charges “baseless.”