SAN FRANCISCO, Nov. 22, 2010 /PRNewswire/ -- KKR Financial
Holdings LLC (NYSE: KFN) (the "Company") today announced that the
United States District Court for the Southern District of
New York dismissed the putative
class action complaint filed by the Charter Township of
Clinton Police and Fire Retirement
(the "Charter Litigation"). As the Company disclosed
previously, plaintiffs in the Charter Litigation alleged the
Company's April 2007 registration
statement and prospectus and the financial statements incorporated
therein contained material omissions in violation of the Securities
Act regarding the risks and potential losses associated with the
Company's real estate-related assets, the Company's ability to
finance its real estate-related assets, and the adequacy of the
Company's loss reserves for its real estate-related assets.
By order issued November 17,
2010, the Court ruled that these claims were without merit
and dismissed the Charter Litigation with prejudice.
Plaintiffs have thirty days from the entry of the judgment to
a file an appeal.
Two related actions asserting derivative claims based on the
same facts operative in the Charter Litigation – one filed in the
Superior Court of California, County of San Francisco and the other filed in the
United States District Court for the Southern District of
New York – remain outstanding.
The Company intends to defend these actions vigorously.
About KKR Financial Holdings LLC
KKR Financial Holdings LLC is a specialty finance company with
expertise in a range of asset classes. KFN's core business strategy
is to leverage the proprietary resources of its manager with the
objective of generating both current income and capital
appreciation. KFN is externally managed by KKR Financial
Advisors LLC, a wholly-owned subsidiary of KKR Asset Management
LLC, which is a wholly-owned subsidiary of Kohlberg Kravis Roberts
& Co. L.P. KFN executes its core business strategy
through majority-owned subsidiaries. Additional information
regarding KFN is available at http://www.kkr.com.
Investor Relations
Contact:
|
|
Laurie Poggi
|
|
Kohlberg Kravis Roberts &
Co.
|
|
Tel: +1 (415)
315-3718
|
|
investor-relations@kkr.com
|
|
|
|
Media Relations
Contacts:
|
|
Peter McKillop or Kristi
Huller
|
|
Kohlberg Kravis Roberts &
Co.
|
|
Tel: + 1 (212)
750-8300
|
|
media@kkr.com
|
|
|
SOURCE KKR Financial Holdings LLC