Apollo Global Management (APO) has reached a settlement with two former executives of its insurance subsidiary, Athene Holding, just days before their case was set to go to trial, Bloomberg reported Thursday.

In a court filing, Apollo stated it had settled claims against Stephen Cernich and Huan Tseng, who were accused of assisting in the creation of rival insurer Caldera Holdings, the report said.

The lawsuit claimed that Cernich and Tseng conspired with former Apollo executives Imran Siddiqui and Ming Dang, against whom Apollo had already won a $1.2 million arbitration award, while seeking at least $30 million in damages from Cernich and Tseng, Bloomberg added.

Terms of the settlement were not disclosed.

Apollo Global Management did not immediately reply to a request for comment from MT Newswires.

Apollo Global Management were down 2% in recent afternoon trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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