Lawsuit filed by pension fund accuses Virginia Gov. Glenn Youngkin and other current and former Carlyle Group leaders of avoiding taxes at the expense of investors.
about the lawsuit Thursday morning after it was filed Aug. 3 in Delaware by the Pittsburgh Comprehensive Municipal Pension Trust Fund. The 136-page suit alleges that Youngkin received about $8.5 million of a $344 million payday engineered for a small group of top executives in 2019 and 2020, when he served as co-CEO.
Youngkin stepped down from Carlyle in September 2020 to run for governor of Virginia. His role as a multimillionaire private equity chief executive has been both a political asset and a liability, as Republicans laud his business success while Democrats have criticized his firm’s practice of buying and selling companies and sometimes cutting employees to maximize profit.On Thursday, spokeswoman Macaulay Porter defended Youngkin’s role in the financial scenario targeted by the lawsuit. “When Mr.
Democrats zeroed in on the suit to paint Youngkin as out of touch with ordinary people. Calling it a “stunning development,” House Minority Leader Del. Don L. Scott Jr. Carlyle was privately owned until 2012, when it held an initial public offering of stock. Several longtime executives — including Youngkin and founders David Rubenstein, William Conway and Daniel D’Aniello — had private shares that could be converted to public shares. Typically, according to the suit, converting the shares is done in a way that’s subjected to taxation. The tax payments can be used by the company to offset its tax liabilities.
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