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Court victory for Apollo and Riverstone

Delaware judge turns aside PE suit.

Legal: A legal victory for Apollo Global Management and Riverstone Holdings caps a banner couple of weeks for private equity in one of capitalism’s most important jurisdictions, reports Bill Myers.

The two firms may have controlled the majority shares in a public oil-and-gas company. They may have controlled a majority on that company’s board. They may have had what they called “a controlling agreement” for those board seats. And they each may have approved consecutive deals through which they each profited.

None of that means they acted as a control group, a Delaware judge has ruled.

Email prepared by Bill Myers