Piedmont Execs' $5M Deal With Investor Class OK'd By Judge

Law360, Los Angeles (January 2, 2013, 9:52 PM EST) -- A Georgia federal judge on Wednesday preliminarily approved a shareholder group’s $4.9 million class action settlement with Piedmont Office Realty Trust Inc.'s officers and directors over claims they misled shareholders about the $175 million acquisition of six advisory companies that handled Piedmont's day-to-day operations.

Wednesday’s approval marked the beginning of the end to allegations that executives of Piedmont, formerly known as Wells Real Estate Investment Trust Inc., had violated the Securities Exchange Act by failing to report information about Piedmont's chances of being listed on a...
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