12:13 PM EDT, 08/06/2024 (MT Newswires) -- KKR (KKR) is facing a shareholder lawsuit over payments to its founders, Henry Kravis and George Roberts, in a transaction allegedly tied to a tax receivable agreement, The Wall Street Journal reported Tuesday.

The lawsuit filed by a Steamfitters union local pension fund accuses the company of paying Kravis and Roberts without getting anything in return, the report said.

Kravis and Roberts were also named defendants alongside current KKR co-chief executive officers, Scott Nuttall and Joseph Bae, and other board members, according to the report.

The private equity firm expects to seek dismissal of the lawsuit, a company spokeswoman said, according to the report.

KKR didn't immediately respond to a request for comment from MT Newswires.

KKR shares rose 4% in recent trading Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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