The settlement is one of the largest securities actions involving a commercial real estate company in the US, real estate lawyers familiar with the case tell GlobeSt.com on condition of anonymity.
"These settlements, under the terms of their agreements, represent a positive step for the company and its shareholders," Craig Macnab, JDN's president and CEO, says in a prepared statement. "They eliminate the need for costly and protracted litigation and importantly, they allow management to focus all of its resources on building its business and increasing shareholder value."
The suit represents investors who had purchased JDN securities between March 28, 1997 and Feb. 14, 2000.
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