Key Takeaways
- • Billionaire Leon Black walked out of a closed-door House Oversight Committee hearing on Friday after refusing to answer questions about non-disclosure agreements (NDAs) related to his relationship with Jeffrey Epstein.
- • The House committee issued two subpoenas demanding Black provide NDAs and testify on camera under oath, with Chairman James Comer seeking clarity on Epstein's involvement in drafting agreements and distributing settlement funds.
- • Black disclosed he paid Epstein $158 million over their years-long association, a figure subject to prior Senate investigation into whether the payments were inflated to obscure personal expenses as financial services.
- • Black departed Apollo Global Management in 2021 amid scrutiny over his Epstein ties and continues to deny wrongdoing, claiming Epstein deceived him during their relationship.
- • The congressional probe centers on whether Black used NDAs to conceal payments to Epstein for personal advisory services, including matters related to extramarital affairs, rather than legitimate wealth management.
Summary
Billionaire investor Leon Black terminated his voluntary testimony before the House Oversight Committee on Friday after declining to answer questions regarding non-disclosure agreements connected to his dealings with late sex offender Jeffrey Epstein. Black's name appears in Epstein files released by the Department of Justice. According to Committee Chairman James Comer, a Republican from Kentucky, Black's legal team made final comments before he exited the closed-door hearing, triggering the issuance of two congressional subpoenas demanding he provide the disputed NDAs and return for on-camera testimony under oath.
The core focus of the committee's investigation concerns the nature and purpose of the NDAs. Comer stated the panel seeks to determine whether Epstein was involved in drafting the agreements, whether he participated in awarding settlement funds to women covered by the NDAs, and the underlying rationale for their execution. Black's attorneys confirmed to the BBC that he departed following his legal team's closing remarks.
During his limited testimony, Black disclosed that he paid Epstein $158 million—approximately £120 million—across their multi-year professional relationship, which he characterized as legitimate compensation for financial services. However, this figure has drawn prior Senate scrutiny examining whether Black deliberately overpaid Epstein to disguise personal expenses as financial advisory fees. According to the BBC's media partner CBS News, Black allegedly retained Epstein as a wealth management adviser and consulted him on personal matters, including extramarital affairs that subsequently resulted in NDAs.
Black stepped down as CEO of Apollo Global Management, the private equity firm he co-founded, in 2021 following intensified examination of his Epstein connections. He has consistently denied any wrongdoing and has stated that Epstein deceived him throughout their association. The congressional investigation represents an escalation in regulatory and legislative scrutiny of Black's business relationship with Epstein and the financial mechanisms underlying their dealings.
The core focus of the committee's investigation concerns the nature and purpose of the NDAs. Comer stated the panel seeks to determine whether Epstein was involved in drafting the agreements, whether he participated in awarding settlement funds to women covered by the NDAs, and the underlying rationale for their execution. Black's attorneys confirmed to the BBC that he departed following his legal team's closing remarks.
During his limited testimony, Black disclosed that he paid Epstein $158 million—approximately £120 million—across their multi-year professional relationship, which he characterized as legitimate compensation for financial services. However, this figure has drawn prior Senate scrutiny examining whether Black deliberately overpaid Epstein to disguise personal expenses as financial advisory fees. According to the BBC's media partner CBS News, Black allegedly retained Epstein as a wealth management adviser and consulted him on personal matters, including extramarital affairs that subsequently resulted in NDAs.
Black stepped down as CEO of Apollo Global Management, the private equity firm he co-founded, in 2021 following intensified examination of his Epstein connections. He has consistently denied any wrongdoing and has stated that Epstein deceived him throughout their association. The congressional investigation represents an escalation in regulatory and legislative scrutiny of Black's business relationship with Epstein and the financial mechanisms underlying their dealings.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.