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The US is suing private equity giant KKR, accusing the investment group of “systematically flouting” its requirements to provide antitrust regulators and enforcers with standard pre-merger filings during a wave of deals in 2021 and 2022.

The lawsuit comes after lengthy settlement talks between KKR and the Department of Justice in which the two parties reached an impasse over the DoJ’s demands for a large monetary penalty and -installation of an agency monitor within the New York-based private equity pioneer, according to securities filings and people familiar with the matter.

The lawsuit is one of the last efforts by the DoJ’s antitrust unit to crack down on anti-competitive private equity dealmaking after Jonathan Kanter, its recently departed chief, cracked down on buyout groups that gobbled up large chunks of the economy. in America.

The enforcement action was challenged by KKR in a countersuit. The firm, which manages more than $500bn in assets, said the omissions in the filing were “unreasonable and unintended” and described the action as an attempt to “use up” the confusing filings. financial file on the eve of a leadership transition from President Joe Biden to president-elect Donald Trump.

The DoJ did not immediately respond to a request for comment on KKR’s countersuit.

This is a developing story