Investors' $8M Five Mile Merger Settlement Gets Go-Ahead

By Tom Zanki (May 27, 2015, 7:32 PM EDT) -- An Illinois federal judge on Tuesday approved an $8.25 million settlement between a class of former real estate trust shareholders and Five Mile Capital Partners LLC, ending a suit that alleged Five Mile breached its fiduciary duties when it merged with a real estate investment trust.

U.S. District Judge Matthew F. Kennelly also awarded the plaintiffs $2.75 million for attorneys' fees, reimbursed class counsel $393,320 for expenses, and approved a $10,000 service award for lead plaintiff and former Prime Group Realty Trust shareholder Patricia Fox for her efforts on behalf of the class.

The settlement follows more than two years of...

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