Apple REITs, DLA Seek To Toss $6B Investor Class Action

Law360, New York (July 16, 2012, 5:48 PM EDT) -- David Lerner Associates Inc. and Apple REIT Inc. filed separate motions in New York federal court Friday seeking to dismiss a $6 billion class action claiming they misled investors and inflated shares, arguing that the plaintiffs cannot show they have suffered any loss.

Investor materials clearly stated that the units investors purchased in various Apple REIT entities would be part of risky "blind pools" of long-term, illiquid investments in primarily hotel properties, the defendants said. DLA and Apple made it clear that these units would not...
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