Empire State Building Owners Sued Again Over $1B IPO

Law360, New York (March 16, 2012, 5:43 PM EDT) -- Shareholders in the company that owns the Empire State Building launched a proposed class action against it on Thursday ahead of a proposed $1 billion initial public offering on a new real estate investment trust they say was crafted to potentially rob investors of hundreds of millions and line owners' pockets.

The suit, the second filed this month in New York Supreme Court accusing Malkin Holdings LLC of breaching its fiduciary duty, claims the company unilaterally agreed to the deal's terms without consulting shareholders or considering other options....
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