Levine drops TPG suit, receives payout

The buyout firm’s former communications head has withdrawn his whistleblower retaliation lawsuit, and has received a payout of the equity interests he claimed the firm owed him.

TPG’s former global head of public affairs Adam Levine has agreed to drop his whistleblower retaliation lawsuit against the buyout giant, in which he claimed the firm defrauded investors of millions of dollars.

TPG issued an announcement regarding the suit resolution, which stated that the firm “is not making any payment for the withdrawal of [Levine’s] claims.” Levine was not awarded any punitive damages, but TPG did pay him the equity interests he said he was entitled to prior to being fired in December, according to two sources with knowledge of the matter.

In his suit against TPG, Levine claimed he was entitled to a payout of at least $738,761 for his non-cash compensation, “based on calculations of his vested accrued value and vested ‘dollars at work’ from 2010 to 2014.” It is unclear if this is the exact amount Levine received from TPG.

TPG declined to comment beyond the press announcement. Levine and his lawyers declined to comment.

The two parties have agreed to the entry of a permanent injunction to resolve TPG’s lawsuit against Levine in the US District Court of Northern Texas and Levine “agreed to withdraw all of his claims against TPG” filed in the US District Court of Northern California.

TPG sued Levine in late January, claiming that he stole confidential firm documents and computers, threatened partners and shared altered information with the media after being denied a promotion. Levine responded in April with the whistleblower retaliation lawsuit against TPG, claiming the firm fired and sued him after he raised questions about fee practices.

Levine was also in contact with the US Securities and Exchange Commission (SEC) about his concerns regarding TPG’s fee abuses and whistleblower retaliation. It is unclear if the SEC is moving forward with an investigation into the firm. The regulator did not respond to request for comment on the matter.