Business

Fort Worth-based TPG, ex-spokesman settle suits

TPG Global Llc. has resolved legal spats with its former spokesman Adam Levine, whom it accused of threatening to “take down” the buyout firm after being denied a promotion.

Levine, a deputy press secretary for President George W. Bush in 2002 and 2003, sued TPG separately, claiming it dismissed him in retaliation for blowing the whistle on misconduct there. He alleged that the firm defrauded its investors of millions of dollars in fees and expenses, violating federal securities laws.

Levine agreed to drop his claim, filed in Oakland, without any remuneration, TPG said in a statement.

TPG sued Levine in January, saying he called himself a “weapon of mass destruction” who could inflict harm by disclosing sensitive information and planting damaging stories about TPG. The complaint, filed in Fort Worth, also sought the return of proprietary and confidential information which it claimed Levine had taken.

No other details of the settlement were released. TPG said in a statement both sides agreed to end the litigation. Levine agreed to the issuing of the statement Wednesday, TPG said.

Tammy Marzigliano, an attorney for Levine, didn’t immediately respond to a phone message seeking comment on the agreement.

A U.S. judge in Fort Worth last month denied Levine’s bid for dismissal of the firm’s lawsuit against him.

TPG Capital, a unit of the Fort Worth-based private equity firm, has a stake in the bankrupt Caesars Entertainment Operating Corp.

This report includes material from the Star-Telegram archives.

  Comments