GlobeSt.com UPDATE: JDN Settles Stock Suit for $46 Mil

ATLANTA-JDN Realty Corp., a locally based, New York Stock Exchange-traded firm, is settling a year-old, securities class action lawsuit for an aggregate $46 million. That is the total amount JDN will record as an expense on its second-quarter earnings results, the company says in a prepared statement.

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.”