Investors Launch $600M Suit Over Empire State Building Deal

Law360, New York (February 10, 2014, 1:22 PM EST) -- Former investors in the Empire State Building launched a consolidated class action Friday against the executives in charge of the real estate investment trust that swallowed up the iconic building last year and issued an initial public offering, claiming the deal lost investors $600 million.

Meant to combine the allegations in a long string of lawsuits aimed at Malkin Holdings LLC and its officers since the IPO and REIT roll-up were announced in 2011, the consolidated complaint notably does not list Empire State Realty Trust as a defendant, aiming instead to allege unjust enrichment and breach of fiduciary duty against Malkin...

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