Archstone-Smith Trust (ASN) Announces Initial Settlement of Class Action Suits Relating To Merger
Archstone-Smith Trust (NYSE: ASN) has agreed in principle with various shareholder plaintiffs to settle all of the previously disclosed separate shareholder class action lawsuits that challenged the proposed merger with an entity jointly controlled by affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc.
Under the terms of the proposed settlement, all claims relating to the merger agreement and the proposed merger will be dismissed on behalf of the settlement class. The settlement is subject to court approval. In connection with the settlement, the parties contemplate that plaintiffs' counsel will petition the court for an award of attorneys' fees and expenses to be paid by Archstone-Smith, up to an agreed-upon limit. No amounts would be payable under the proposed settlement unless the mergers are completed.
Under the terms of the proposed settlement, all claims relating to the merger agreement and the proposed merger will be dismissed on behalf of the settlement class. The settlement is subject to court approval. In connection with the settlement, the parties contemplate that plaintiffs' counsel will petition the court for an award of attorneys' fees and expenses to be paid by Archstone-Smith, up to an agreed-upon limit. No amounts would be payable under the proposed settlement unless the mergers are completed.
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