Empire State Building Investors Seek to Block Settlement
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A group of investors in the company that controls the Empire State Building sought to block a settlement which would allow the iconic New York skyscraper to be included in a real estate investment trust.
Empire State Realty Trust Inc., which has applied to become a REIT, agreed in September to pay $55 million to investors who sued claiming the company and Malkin Holdings LLC, the supervisor of the company that holds the title to the tower, breached their fiduciary duties.