Investors Sue Empire State Building Owners Over IPO

Law360, New York (March 1, 2012, 7:03 PM EST) -- Investors in the company that owns the Empire State Building filed a putative class action Thursday accusing Malkin Holdings LLC of breaching its fiduciary duty in connection with a planned $1 billion initial public offering and the creation of a real estate investment trust.

Malkin agreed to the terms of the proposed transaction, according to the suit. The deal aims to consolidate the company's holdings in various entities and leave Malkin with voting control over the REIT, without properly consulting the investors or considering reasonable alternatives...
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