A $68.8 million settlement between tenants at the Manhattan apartment complex Stuyvesant Town-Peter Cooper Village and MetLife Inc. (MET) and CWCapital Asset Management LLC over rent overcharge claims won court approval.
Justice Richard Lowe of New York State Supreme Court, who granted preliminary approval in November, gave final consent in an order dated today, finding the agreement “fair, reasonable and adequate.”
The tenants sued MetLife and Tishman Speyer Properties LP in 2007, claiming the companies improperly forced at least one- fourth of the complex’s residents to pay market rents while the owners received more than $25 million in tax breaks. CWCapital gained control of the property after Tishman defaulted on its senior mortgage in 2010.
The ruling “effectively ends the litigation” and clears the way for about 27,500 tenants this year to receive settlement checks ranging from $150 to more than $100,000, law firms for the tenants, Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, said in a statement.
The case is Roberts v. Tishman Speyer, 100956/2007, New York State Supreme Court, New York County (Manhattan).
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