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Archstone-Smith Settling Shareholder Lawsuits

DENVER-The locally based apartment REIT says it has tentative agreements to settle all previously disclosed shareholder class action lawsuits regarding its $22-billion buy-out by private equity.

By Brian K. Miller | Updated on August 20, 2007

(Read more on the multifamily market.)

DENVER-Archstone-Smith Trust says it has agreed in principle to settle all disclosed shareholder lawsuits regarding its $22-billion sale to an entity jointly controlled by affiliates of Tishman Speyer Real Estate Venture VII LP and Lehman Brothers Holdings Inc. The settlement, which would dismiss all such claims, is subject to court approval.

As part of the settlement, Archstone-Smith says plaintiffs will petition the court to have it cover everyone’s attorneys’ fees up to an agreed-upon limit if the merger is completed. A special meeting of Archstone-Smith’s common shareholders to vote on the merger and other transactions contemplated by the merger agreement has been scheduled for tomorrow (Tuesday, Aug. 21) at the Hyatt Regency Denver Tech Center.

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