WSJ : Drugmakers Halt Autoimmune Trials After Deaths, Life-Threatening Side Effe

Drugmakers Halt Autoimmune Trials After Deaths, Life-Threatening Side Effects
Trial freezes by Novartis and Bristol Myers have triggered race to understand why promising autoimmune treatment turned risky

  • Novartis and Bristol Myers Squibb paused clinical trials for their experimental autoimmune CAR-T therapies due to serious safety concerns.
  • Federal rules do not require drugmakers to immediately disclose clinical trial pauses to the public, giving companies discretion over what they share.
  • Information about clinical trials can be commercially competitive, so companies guard it closely.

Bristol Myers Squibb told regulators, researchers and patient-advocacy groups in early June that it had paused closely watched drug research because of life-threatening side effects. It took three months for the company to share that with the broader public.

Novartis paused research into a similar therapy last month, which it confirmed only after a Wall Street analyst noticed while scouring a database. It took a week for the company to reveal that three study patients had died.

Novartis and Bristol Myers are both studying their own new forms of faster-to-produce CAR-T therapy for autoimmune diseases, a promising new area of drug research that re-engineers a person’s own cells to attack disabling conditions such as lupus or rheumatoid arthritis.

In Novartis’s trial, three people died of a rare complication in which the immune system overreacts. Bristol Myers’ zola-cel pause, announced this week, followed a different complication called ICANS, a form of brain inflammation. Both are known complications of CAR-T therapy, which is already on the market to treat some cancers.

“As part of routine safety surveillance,” a Bristol Myers spokesperson said in response to an inquiry, “we voluntarily paused enrollment and treatment.”

Drugmakers aren’t required to tell the public when an experimental treatment turns dangerous. Federal rules require companies to report cases such as these to regulators on a tight clock, but there is no equivalent requirement to alert outside parties such as doctors, prospective patients or investors unless the company thinks the information is material to its bottom line. That gives drugmakers discretion over when to say if they spot problems—even when hundreds of patients are already enrolled in a study or deciding whether to sign up.

“We’re suffering from a lack of shared knowledge,” said Sue Chrysogelos, who participated in a CAR-T study for a different drugmaker to treat her scleroderma.

Information about clinical trials can be commercially competitive, so companies guard it closely. When trials are paused without disclosure, though, patients can get stuck waiting without much clarity about the potential risks of participating.

“For the patients who are in line for this stuff, it’s that balance of are they holding out hoping that they can still get into the trial and is it worth the risk,” Chrysogelos said.

Novartis is studying its therapy rap-cel in eight autoimmune trials, including in multiple sclerosis and rheumatoid arthritis—a broad bet that has enrolled more than 500 patients. Bristol Myers’s safety signal emerged in a trial of zola-cel in patients with a type of lupus, but the company has halted studies into other autoimmune conditions that cause inflammation and muscle weakness.

It took a Wall Street analyst noticing something odd in a database to surface the halted research.

Sami Corwin, who covers biotech for William Blair, was doing a routine check of clinical trials last week when she saw that a slate of studies testing therapies in autoimmune diseases had gone dark. She started calling around. A colleague noticed that Bristol Myers’s trials had frozen, too. By the weekend, her team had confirmed pauses at both companies.

Corwin published a research note that got picked up by a trade publication and shortly thereafter, Endpoints News reported the deaths in Novartis’s trial.

Novartis hadn’t told Corwin the cases were fatal when she asked about the trial pause, Corwin said. “That was news to me.”

The company hasn’t answered questions about whether the deaths in Novartis’s studies occurred in one clinical trial or across several. It is unclear whether the people died as a result of taking the drug or from underlying conditions.

“Broader communication about trial events is balanced with the need to preserve the integrity of ongoing trials,” a Novartis spokesman said, adding that the company was “analyzing all data to understand potential factors contributing to recent events.”

A Bristol Myers spokesperson described its cases as “transient and reversible” and said none was fatal.

For decades, treating autoimmune diseases such as lupus and rheumatoid arthritis has meant a lifetime of drugs that suppress the immune system and wear down the body. CAR-T has offered the possibility of a single treatment that resets the immune system for life.

In an early Bristol Myers study of just over 100 patients, more than 90% of patients with treatment-resistant autoimmune disease went into remission without needing further treatment, the company said last year.

Those results supported its move into the larger trials that were paused.

Dr. Anca Askanase, who is working on the trial in which Bristol Myers noticed the adverse events, said she has received a letter from the company outlining details about the trial pause. She declined to share more information because she had signed a confidentiality agreement with the New Jersey-based drugmaker.

“We’re really holding our breath to learn more because there is a lot of interest,” said Askanase, rheumatology chief at the Hospital for Special Surgery in New York City. “Every piece of information is critical.”

The lack of detail has alarmed advocacy and research groups that typically stay in regular contact with both companies.

Luke Evnin, chair of the San Francisco-based Scleroderma Research Foundation, said he understood that potential legal and regulatory exposure might make the companies cautious about what they say—but that he would be “surprised if they don’t have to come up with an answer for everybody.”

Doctors running the trials are hunting for answers of their own, particularly around what sets the paused therapies apart from similar ones already in wide use for oncology. In conventional CAR-T, a patient’s cells are grown in a lab over several weeks and infused back, a process that allows them to do most of their growth outside of the body.

Novartis’s manufacturing platform compresses that growth process into as little as a day, said Oppenheimer analyst Kostas Biliouris, selecting immune cells engineered to multiply aggressively once inside the body, which might be what’s triggering a dangerous immune response.

Novartis didn’t respond to The Wall Street Journal’s questions about the company’s manufacturing platform.

Bristol Myers disputes that its own therapy has the same issues. The company said it uses a different platform that takes roughly five days and is designed to let cells stabilize before infusion.

WSJ : Oura’s IPO Reveals High Growth for Smart-Ring Maker The fitness tracker re

Oura’s IPO Reveals High Growth for Smart-Ring Maker
The fitness tracker recently turned profitable and posted 74% revenue growth in nine months ended in June

  • Smart-ring maker Oura made its IPO paperwork public on Thursday and aims to list on the Nasdaq as soon as this month.
  • Oura posted revenue of $1.21 billion and a profit of $60.8 million for the nine months ended June 30.
  • The company has five million paying members and reported gross margins of 89% on memberships for the nine-month period.

Smart-ring maker Oura made its IPO paperwork public on Thursday, offering a view of the high margins and committed user base behind the buzzy fitness tracker.

The San Francisco-based company is aiming to list on the Nasdaq as soon as this month. It is expected to fetch a valuation well above the $11 billion mark achieved in a funding round last year, The Wall Street Journal previously reported.

For the nine months ended June 30, Oura posted revenue of $1.21 billion, up 74% from the same period last year. The company said it recently turned profitable and earned $60.8 million in the period, up from $1.6 million in the same period last year.

Founded in Finland in 2013, Oura is popular among health and longevity enthusiasts. In recent years, the company has signed high-profile deals with sports leagues and celebrity ambassadors, and it cited the Defense Department as a key revenue generator.

Its rings track metrics such as heart rate, temperature and sleep quality and retail for $349 to $499. Subscribers then pay $5.99 a month, or $69.99 a year, for full access to insights on their health. The company said it has five million paying members.

The filing revealed a lucrative—and sticky—subscription business. Gross margins on memberships were 89% in the nine months ended June 30, the company said. Subscribers opened the Oura app more than 3.5 times a day on average in the first three quarters of the fiscal year, it said.

In the nine months ended June 30, hardware sales accounted for about 80% of revenue, and subscriptions made up the remaining 20%.

The company provided details on what would be an enviable user base for most companies: 72% are women, 42% of subscribers are ages 30 to 45, and 31% are under 29.

Oura pitched itself as a health-intelligence platform rooted in data from the rings. It said it has collected nearly 42 billion hours of biometric data.

In a section disclosing risks to investors, Oura said its rapid growth might not be sustainable. “We expect our growth rate to slow over time,” it said.

The company also listed user retention, a competitive market and changes to tax-advantaged accounts as potential risks.

The filing lists 18 firms as underwriters, and Oura said Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies were the lead bookrunners on the deal. The list also includes Robinhood, the retail brokerage that has been trying to get a bigger role in IPOs so its customers can access the deals.

The filing doesn’t disclose yet the amount of money Oura intends to raise in the initial public offering, but it plans to list on the Nasdaq under the ticker OURA.

>>> US After Hours Summary: OXM -18.1%, LULU -17.9%, GWRE -15.8%, ASAN -11.9%, P

After Hours Summary: OXM -18.1%, LULU -17.9%, GWRE -15.8%, ASAN -11.9%, PATH -7%, AMBA -5.8% lower on earnings; IOT +13.7%, SWBI +10.1%, PL +5.5%, DOCU +4.3% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AOUT +24.2%, CURV +14.8%, BBCP +14.4% (also initiates dividend), IOT +13.7%, SWBI +10.1%, PDEX +8.5%, PL +5.5%, DOCU +4.3%, NX +4%, ZS +0.7% (also to cut about 3% of workforce in restructuring move)

Companies trading higher in after hours in reaction to news: BSVN +2.5% (named winning bidder for 71% stake in Century Financial), BETA +2.1% (Director bought 25,945 shares worth ~$503K), GMED +1% (gets CE mark for Excelsius3D imaging system in EU and UK), S +1% (expands Wayfinder Frontier AI Services with OpenAI Daybreak models), BROS +0.8% (files mixed securities shelf offering), VICI +0.2% (increases dividend), WMB +0.1% (closes $5.5 bln Momentum Midstream acquisition), BEN +0.1% (reports August AUM), RCI +0.1% (new 12-year sublicensing agreement with Quebecor), NEE +0.1% (Dominion Energy and NextEra shareholders approve merger)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: EGAN -25%, OXM -18.1%, LULU -17.9%, GWRE -15.8%, ASAN -11.9%, PATH -7% (also names new CFO; also Ashim Gupta will remain COO and give up the CFO title), AMBA -5.8% (also partners with Capgemini on edge and physical AI enterprise deployments; also signs long-term distribution agreement with Macnica for edge AI products)

Companies trading lower in after hours in reaction to news: ADBE -2.2% (names Anil Chakravarthy as next CEO; Shantanu Narayen to become Executive Chair), FLEX -1.7% (to acquire EPC Power for $4.4 bln; deal to bolster AI data center and grid power capabilities), RGP -1.4% (CFO to step down), GD -0.9% (awarded a $194.1 mln modification to previously awarded Navy contract), AVEX -0.4% (expands Florida manufacturing), TMUS -0.2% (CFO to retire, names new CFO), RL -0.1% (COO to retire, names new COO), D -0.1% (Dominion Energy and NextEra shareholders approve merger), NDAQ -0.1% (reports August volumes)

FT : Star Citadel trader to step down amid tumult in energy markets

Star Citadel trader to step down amid tumult in energy markets
Chris Foster to leave role at Ken Griffin’s hedge fund after making billions of dollars trading natural gas in Europe

A star trader at Ken Griffin’s Citadel hedge fund, whose team made billions of dollars trading natural gas during Russia’s invasion of Ukraine, is stepping down amid the most volatile period for the asset class in years.

Chris Foster, who has traded natural gas in Europe at Citadel for nearly two decades, is stepping down from the role. Foster has built up the business in Europe to become one of the hedge fund’s most important profit centres and has led the team there for most of his career.

Oil and natural gas prices have surged since the start of the Iran war early in 2026, creating a tumultuous landscape for traders who have had to navigate frequent ups and downs in hostilities between the US and Iran. This week, renewed conflict hit the energy sector yet again, and European natural gas prices hit their highest levels in three years.

Foster will continue to work for the firm as a senior adviser to Sebastian Barrack, the head of Citadel’s commodities business. Since last year, the team focused on natural gas trading in Europe has been led by Stephen Carter and Adam Frame, whom Foster hired.

“I am incredibly grateful to Chris for his leadership and many valuable contributions in building our industry-leading European natural gas team,” Barrack said in a statement.

While Citadel’s commodity business made record-breaking hauls around the period of Russia’s invasion of Ukraine in 2022, the team has had more muted returns in 2025 and so far in 2026, the FT previously reported.

Trading natural gas and other energy assets has historically been one of the most lucrative corners of Citadel’s broader strategy, and it was among the first hedge funds to build large trading teams devoted to the sector. In 2023, Griffin estimated that the unit had contributed $30bn to the hedge fund over the years.

One of the firm’s most lucrative periods came in 2022, when Russia launched a full-scale invasion of Ukraine and energy prices increased across Europe.

Citadel’s commodities team made an estimated $8bn that year, largely from European natural gas trades, which accounted for around half of the firm’s profits. The FT previously reported that Foster’s team made about $2bn alone during that period.

Citadel’s wild success in 2022 inspired rivals to pile into the asset class, and some of them have also followed the firm in buying up physical energy assets to aid their trading activities. One of the firm’s largest recent deals was its acquisition in March 2025 of Paloma Natural Gas, a Houston-based energy company now called Apex Natural Gas.

FT : UAE billionaire’s son revealed as buyer of £190mn London mansion Abbas Sajw

UAE billionaire’s son revealed as buyer of £190mn London mansion
Abbas Sajwani, son of the ‘Donald of Dubai’, set to make one of the UK’s most expensive purchases

The son of Emirati billionaire Hussain Sajwani is nearing a deal to purchase one of London’s priciest mansions for about £190mn.

The Regent’s Park property known as The Holme is being sold to Abbas Sajwani, according to people familiar with the matter, in what will be one of London’s most expensive house purchases ever. His father, Hussain Sajwani, is a longtime business partner of Donald Trump.

The FT reported the sale this month without identifying the buyer.

The deal comes less than two years after the current owner, whose identity is still not public, paid £139mn for the 40-bedroom residence. Before that the property was in receivership, having been owned by Saudi royals.

Located not far from the US ambassador’s home, The Holme has a four-acre private garden and is owned on a long lease from the Crown Estate.

Abbas Sajwani is buying the property on his own behalf, a person close to him said.

His father Hussain Sajwani is sometimes called “the Donald of Dubai” because of his links to the US president. Last year the pair announced a $20bn planned investment into US data centres over four years at a press conference, where Trump described Sajwani as a “great investor”.

Sajwani and Trump have known each other since 2011, when Sajwani’s property developer Damac and the Trump Organization built the first Trump-branded golf course in the Middle East. He has also invested in Elon Musk’s SpaceX and xAI.

According to Forbes, his wealth has tripled since 2024 to $15.3bn.

Abbas Sajwani’s website states that “at 26, Abbas Sajwani stands as the youngest billionaire in global real estate, having built a multibillion-dollar development company in under five years”.

His company AHS Properties is an “ultra-luxury” real estate developer based in Dubai. It announced this month that it had acquired Dubai’s Shangri-La five-star hotel for $300mn.

Despite the large price tag, the sale of The Holme falls short of the value gained by property developer and Reform UK party treasurer Nick Candy when he sold his Chelsea mansion for more than £275mn to Suneil Setiya, co-founder of trading firm Quadrature Capital, earlier this year.

Abbas Sajwani and Hussain Sajwani did not immediately return requests for comment.

UK Sotheby’s International Realty was involved with the current transaction, according to people familiar with the matter. It declined to comment.

WSJ : Volkswagen Shakes Up U.S. Leadership Again After Steep Sales Declines Auto

Volkswagen Shakes Up U.S. Leadership Again After Steep Sales Declines
Automaker’s North American chief executive is leaving the company after less than two years in role; veteran executive Marco Schubert to take over

  • Volkswagen named veteran executive Marco Schubert to lead its North American business starting in October, succeeding Kjell Gruner.
  • The leadership change comes as President Trump’s tariff and electric-vehicle policies collide with the automaker’s plans for the U.S. market.
  • Volkswagen estimates the annual hit to its business from Trump’s trade policies at the equivalent of $5.8 billion.

Volkswagen VOW3 0.49%increase; green up pointing triangle wants to make a fresh start in the U.S.—again.

The German automaker is shaking up its North American leadership for the second time in less than two years after President Trump’s tariff and electric-vehicle policies collided with the company’s plans for the large, lucrative U.S. market.

Volkswagen said Wednesday that veteran company executive Marco Schubert would take responsibility for its business in North America starting in October. Current boss Kjell Gruner, who joined Volkswagen in December 2024 after a stint at electric-vehicle startup Rivian, is leaving the company, it said.

The management change marks the latest attempt by the world’s second-largest carmaker to revive its underpowered American business, as it continues to struggle in other parts of the world. Volkswagen’s once-lucrative business in China has fallen prey to local competitors. In Europe, it is cutting tens of thousands of jobs and closing or repurposing factories.

In a sign of the company’s determination to fix its problems in North America, Schubert, unlike his predecessor, will report directly to Chief Executive Oliver Blume.

“We will intensify our commitment in the most important growth market for the Volkswagen Group,” Blume said in a statement.

The U.S.—with about 16 million total annual vehicle sales and a large potential for profit—has eluded Volkswagen for decades.

Sales of its namesake brand peaked in 1970, the heyday of the Beetle and the Bus, before it was overtaken by Japanese rivals that proved better at adapting to evolving American tastes. While the company has recovered some ground this century, particularly with its luxury brands Audi and Porsche, its group market share in North America hovers around 4%, far below its dominant position in other markets.

The past 18 months have been particularly tough. With just one small U.S. factory in Chattanooga, Tenn., Volkswagen imports most of the vehicles it sells in the U.S., making it one of the automakers worst affected by Trump’s trade policies. The company estimates the annual hit to its business at the equivalent of $5.8 billion.

Volkswagen’s group sales in the U.S. fell by around 14% last year, and another 7% in the first half of 2026 compared to the prior-year period.


“Our cars are becoming more expensive and therefore increasingly difficult to sell, not because they have become inferior but because the rules of the game have changed,” Blume said in a Q&A published on the company intranet last month.

For successive Volkswagen CEOs, modest U.S. sales have long signaled a growth opportunity waiting to be grasped—starting with wildly ambitious targets.

Martin Winterkorn, who ran the company from 2007 to 2015, fixed a goal of selling 800,000 vehicles in the U.S. The plan created pressure that the company has acknowledged contributed to its diesel-cheating scandal.

His successor Herbert Diess, an avowed fan of Elon Musk, pinned his hopes on redemption through EVs to hit a 10% U.S. market-share goal. His signature products included the U.S.-made ID.4 and the imported ID.Buzz, electric vehicles that struggled to find traction even before Trump withdrew Biden-era subsidies.

While past regimes at Volkswagen prioritized selling similar cars all over the world—often ones ill-suited to American tastes—Blume is prioritizing lineups tailored to different regions.

He has poured funds into Scout Motors, a project begun under Diess to revive a historic sport-utility-vehicle brand as an all-American EV startup. In the Trump era, the project has pivoted to extended-range EVs, a kind of hybrid that includes a small internal combustion engine alongside a big battery.

He is also focused on technology partnerships. Under Blume’s leadership, Volkswagen has committed billions of dollars to Rivian in exchange for access to the U.S. company’s cutting-edge vehicle electronics and software.

Tariffs have brought fresh urgency to the question of localizing production in America. In Chattanooga, Volkswagen only makes its Atlas and Atlas Cross Sport SUVs. A Scout factory under construction in South Carolina isn’t set to deliver vehicles before 2028.

In April, the company ended U.S. production of the ID.4. It said at the time it was exploring options to bring a new, high-volume vehicle to Chattanooga that would be focused squarely on American customer needs. It declined to give further details.

Tariffs also revived the old idea of a U.S. Audi factory, which was raised repeatedly by Winterkorn in the gangbuster years before dieselgate. With profit under pressure, though, a plan hasn’t come together yet.

The company’s appointment of Schubert, an Audi veteran, to its top U.S. job could make an American factory dedicated to the luxury brand more likely, said independent analyst Jürgen Pieper.

Last month Audi launched its first full-size SUV in New York, the Q9, a model it said was “inspired” by and designed for the American market, though it was largely engineered in Germany and will be made in Slovakia.

A broader, long-awaited U.S. strategy for the Volkswagen group has yet to emerge. This year, Blume has put his energies into a second major restructuring plan that could bring the total number of jobs cut on his watch up to 100,000.

He has also retired the 10% U.S. market-share ambition inherited from Diess.

“Of course, we’re currently feeling pressure from trade-policy issues,” Blume told reporters in March.

WSJ : China’s Moonshot AI Confidentially Filed Hong Kong IPO If successful, the

China’s Moonshot AI Confidentially Filed Hong Kong IPO
If successful, the listing could become one of the largest IPOs in Hong Kong in recent years

  • China’s Moonshot AI has confidentially submitted an application for an initial public offering to Hong Kong’s stock exchange.
  • The Beijing-based artificial-intelligence startup was valued at $50 billion in its latest private funding round.
  • The potential listing is subject to approval by Chinese regulators.

China’s Moonshot AI has confidentially submitted an application for an initial public offering to Hong Kong’s stock exchange, people familiar with the matter said.

The Beijing-based artificial-intelligence startup’s latest private funding round values it at $50 billion, The Wall Street Journal has reported.

Moonshot declined to comment on the IPO plan. Chinese tech-focused publication LatePost and Reuters had previously reported on the confidential IPO filing.

A rising star on China’s increasingly competitive AI scene, Moonshot jolted the industry in July with its new large-language model Kimi K3, whose performance rivals that of some top-tier American offerings.

If successful, the listing, which is subject to approval by Chinese regulators, could become one of the largest IPOs in Hong Kong in recent years.

Chinese AI companies have accelerated fundraising activities following the IPOs of two AI model developers, Z.AI and MiniMax, in Hong Kong in January. Another high-profile startup, DeepSeek, is seeking a listing next year in Shanghai, and was valued at around $74 billion in its latest funding round, the Journal reported last month.

Founded by Yang Zhilin in 2023, a graduate of Carnegie Mellon University and China’s Tsinghua University, Moonshot counts HSG, Alibaba and Tencent among its investors.

WSJ : Leon Black Sues House Committee Over Epstein Probe Billionaire won’t appea

Leon Black Sues House Committee Over Epstein Probe
Billionaire won’t appear before House panel, claims it cannot compel him to turn over nondisclosure agreements with women

  • Leon Black is suing the House Oversight committee and refusing to turn over some nondisclosure agreements.
  • The lawsuit claims the committee’s subpoenas are invalid because they exceed its authority by seeking private information.
  • Black was subpoenaed to return for questioning after declining to answer some questions during a June interview.

Leon Black is suing the House Oversight Committee probing his ties with Jeffrey Epstein and refusing to turn over some nondisclosure agreements, arguing the panel and its chair have overstepped their authority.

Black, the co-founder of Apollo Global Management, was scheduled to appear Thursday before the Oversight Committee for a second round of questioning. He won’t appear. Instead, he filed a lawsuit in federal court against the committee and its Republican chair, Rep. James Comer (R., Ky.).

“The Committee is on a fishing expedition that oversteps its authority,” one of Black’s lawyers, Susan Estrich, said in a statement. “This is no longer about finding the truth about Epstein. It is about trying to destroy Mr. Black.”

A spokeswoman for Comer didn’t immediately respond to a request for comment.

The committee has been investigating the government’s handling of the Epstein case and questioning some of the sex offender’s associates. Black, who was one of Epstein’s biggest financial clients, has said he didn’t know about Epstein’s crimes, never abused a woman and wasn’t blackmailed by Epstein.

In June, Black appeared for questioning by the committee but the session was cut short when he left abruptly. The committee subpoenaed him to return for more questioning and to turn over nondisclosure agreements.

Republicans and Democrats said the subpoenas were the result of Black declining to answer some questions during his June interview, particularly about nondisclosure agreements. “We believe that information is vital to our investigation,” Comer said at the time. Black’s legal team called the subpoenas a political stunt.

Black’s lawsuit, filed in the U.S. District Court for the District of Columbia, claims the subpoenas are invalid because they exceed the committee’s “delegated authority in seeking private information that bears no legitimate connection” to the committee’s legislative purpose.

In his lawsuit, Black said the committee overstepped its authority by asking Black about NDAs that weren’t related to Epstein. Black turned over one NDA he reached with a former girlfriend where Epstein played a consulting role, but declined to provide NDAs with other women.

The committee’s request would expose women “who value their privacy, who have no known or public connection to Epstein, who bargained for confidentiality and have refused to release it, and who have no ability to protect themselves and their privacy before the Committee,” the suit states.

The lawsuit also cites Black being questioned about who in his social circle has NDAs as another example of the committee’s overreach. His lawyer, Estrich, said Black was willing to answer questions about his payments to Epstein but that Black and his legal team understood the committee planned to ask Black questions beyond his ties with Epstein.

Black stepped down as Apollo’s chief executive in 2021 after an outside law firm hired by Apollo found that he paid Epstein $158 million for his tax-planning and estate services. The review by law firm Dechert found no evidence that Black was involved in Epstein’s criminal activities.