Empire State Building Owner, Investors Ink Truce Over IPO

Law360, New York (November 5, 2012, 2:50 PM EST) -- The company that owns the Empire State Building has agreed to pay investors $55 million as part of a proposed settlement of class claims alleging breach of fiduciary duty in connection with a planned $1 billion public offering and the creation of a real estate investment trust.

The deal, reached at the end of September and made public Friday in a filing with the U.S. Securities and Exchange Commission, would settle claims that Malkin Holdings LLC embarked on the new course of business out of self-interest, failing to obtain an independent representative for the investors and unilaterally agreeing to the transaction...

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