American Realty-Tied REIT Ends Investor Suit In $15M Deal
By Dean Seal (February 6, 2020, 6:55 PM EST) -- A New York federal judge has granted preliminary approval of a $15 million deal that would put money back into the pocket of a hospitality-focused real estate investment trust formed by the sponsor of American Realty Capital Properties.
The deal approved Wednesday resolves derivative claims brought by shareholders in Hospitality Investors Trust Inc. who accused AR Global Investments LLC, the sponsor of the embattled American Realty, and a variety of companies and individuals under its umbrella of entering into compensation agreements that hurt HIT.
The various American Realty-affiliated defendants continue to deny all allegations of wrongdoing, but agreed to provide $15.1...
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