NY Judge Tosses $600M Empire State Building Class Action

Law360, New York (July 22, 2014, 5:15 PM EDT) -- A New York state judge has tossed a $600 million class action alleging the Empire State Building's managers cheated investors by rolling up the building into a real estate investment trust, saying the suit is barred by a previous settlement agreement.

In a decision and order entered on July 17, Judge O. Peter Sherwood said that because investors didn't specify any offers that Malkin Holdings LLC — the manager of the Empire State Building — rejected after a $55 million class action settlement between the two parties was approved last year, their suit must be dismissed. The May 2013 settlement agreement...

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