Judge nixes lawsuit over Empire State Building IPOJuly 22, 2014 @ 10:00 am
NEW YORK (AP) -- A judge says thousands of onetime investors in the Empire State Building can't sue over their claims they were shortchanged by the deal that turned the iconic skyscraper into a public stock.
A Manhattan judge dismissed the investors' lawsuit in a ruling made public Monday.
The judge said terms of a $55 million settlement last year barred the lawsuit over the October stock offering.
A lawyer for some of the plaintiffs said they planned to appeal. A lawyer for real estate magnates Peter and Anthony Malkin, who spearheaded the stock offering, declined to comment.
The lawsuit was filed on behalf of roughly 3,000 people who held Empire State Building shares that were sold privately in 1961. It said the Malkins spurned better offers for the skyscraper to create the stock.
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