Judge tosses lawsuit over Empire State Building IPO; ex-stakeholders said they got bad deal
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 state 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 public offering that ushered the tower into the New York Stock Exchange.
Lawyers for both sides declined to comment Tuesday.
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 managing owners spurned better, all-cash offers for the skyscraper to package it with lesser-known properties and create a stock.