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Sculptor Capital Management (NYSE: SCU) announced the formation of a special committee of independent directors to explore third-party transactions aimed at maximizing shareholder value. The committee retained PJT Partners for financial advisory and Latham & Watkins LLP for legal counsel. Following a settlement with former executives over a books and records lawsuit, the company aims to provide additional company records. Chair Marcy Engel emphasized a commitment to a fair process, while Daniel S. Och expressed support for the initiative. No assurance of a completed transaction was given.
Sculptor's Independent Board Members and CEO Jimmy Levin addressed recent allegations from Dan Och in a court filing, mentioning a past incident from Levin's teenage years. Levin, exonerated 20 years ago following a thorough review, highlighted Och's prior support and promotions despite the past issue. The conflict escalated after Levin supported governance changes post a bribery settlement in 2016. Levin expressed disappointment in Och's actions, asserting that they would not deter the firm’s focus on client services and their mission.
Sculptor Capital Management (NYSE: SCU) has issued a statement addressing Dan Och’s recent court filing, labeling it as misleading. The company emphasizes its commitment to corporate governance and its efforts to recover from past government sanctions linked to Och. Sculptor highlights significant reforms undertaken after separating from Och, asserting that his actions will not distract from their mission to deliver results for clients and shareholders. As of August 1, 2022, Sculptor manages approximately $36.6 billion in assets.