Investor Sues Inland REIT Execs Over Manangement Fees
Law360, Chicago (March 4, 2015, 1:54 PM EST) -- An Inland American Real Estate Trust Inc. shareholder on Tuesday slapped the company’s top brass with a lawsuit in Illinois court alleging that they squandered company assets by paying excessive management fees and buying back stock at inflated prices.
Raymond Barta, who filed the suit as a shareholder derivative complaint on behalf on the REIT, accuses current and former Inland American officers and directors, led by CEO Thomas McGuinness, of breaching their duties to shareholders and wasting corporate assets through conduct that culminated in a confidential 2012 U.S. Securities and Exchange Commission probe that continues to this day.
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