TPG Capital LP, founded by David Bonderman and James Coulter and one of the world’s biggest private equity houses, announced that Adam Levine, it’s former head of public affairs, has agreed to drop his lawsuit against the company, Reuters reported.
TPG Capital was sued in April by Levine, who accused the private equity firm of ignoring his warnings that it may have violated securities regulations and defrauded investors out of millions of dollars as a result.
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The former assistant White House press secretary under President George Bush in 2002-2003, worked at TPG for six years, until the end of 2014. Levine claimed that he was asked to leave the firm after he raised concerns about TPG’s conduct.
TPG had accused Levine of taking confidential documents and distributing them to the media after being denied a promotion to a partnership position.
In a statement released on Wednesday, TPG said it would make no payments to Adam Levine for the withdrawal of his claims. Levine also agreed to a permanent injunction to resolve TPG’s lawsuit against him in federal court in Texas, and consented to the issuance of the statement, TPG said.
An SEC spokeswoman declined to comment to Reuters on whether the regulator was investigating TPG in relation to Levine’s claims.
