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July 23, 2014

Judge rejects lawsuit over Empire State Building IPO

  • The stakeholders — people who had held Empire State Building shares that were sold privately in 1961 — had said they lost more than $400 million in potential profits.

    • NEW YORK (AP) — Thousands of onetime investors in the Empire State Building can't sue over claims they were shortchanged by the deal that turned the iconic skyscraper into a public stock, a judge has ruled.

    The aggrieved stakeholders — people who had held Empire State Building shares that were sold privately in 1961 — had said they lost more than $400 million in potential profits when the managing owners rebuffed interested private buyers in order to sell public shares in the building immortalized in “King Kong” and “Sleepless in Seattle.” But a $55 million settlement last year barred them from suing further over the October initial public offering, the judge wrote as he dismissed their lawsuit in a ruling made public Monday.


     
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