Investors are unhappy with the judge’s view, confirming Malkin’s immunity.
Attorneys for the Malkin family are asking Judge O. Peter Sherwood to dismiss the most recent suit brought by investors in the Empire State Building, claiming the family is legally immune from this kind of litigation as part of their $55 million settlement that was reached in November 2012, The Real Deal reports.
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In December 2012, the US Securities and Exchange Commission allowed Malkin to convert the 103 story building into a REIT, the Empire State Realty Trust, which investors were not happy about.
In the current suit, the investors are alleging they lost $410 million in potential profit because ESB managers Peter and Anthony Malkin refused to entertain offers plaintiffs say would have generated a higher return than what they received when the Malkins eventually rolled the Empire State Building into a new real estate investment trust, Bloomberg News reported.
The transfer of the Empire State Building to the REIT came in at $1.89 million, far below the $2.2 billion that had already been offered for the building.
Judge Sherwood said he believed the Malkins are immune from the new suit, under the previously reached settlement, which he oversaw and approved, according to Bloomberg.
Anthony Malkin, owner and president of Malkin Holdings, is estimated to have a net worth of $10 billion.