When Kohlberg Kravis Roberts & Co. faced a groundbreaking investigation by the U.S. Securities and Exchange Commission into its allocation of expenses, it turned to someone who is familiar with the agency’s views on that topic. It hired Debevoise & Plimpton partner Robert Kaplan, the former co-chief of the asset management unit of the SEC’s division of enforcement, who joined Debevoise in 2012.
On Monday, the SEC announced that KKR had agreed to pay $30 million to settle allegations that it breached fiduciary duties to investors in its flagship private equity fund by forcing them to absorb breakup expenses, including legal fees, for deals that didn’t get done. KKR didn’t pass those fees onto KKR executives and other preferred investors who put money in different KKR funds. The case, filed as an administrative order, was brought by the enforcement division’s asset management unit, which Kaplan previously co-headed.
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