Case Number: No. 1:12-cv-09350
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $8.25 million
Court: United States District Court for the Northern District of Illinois
Berger Montague served as co-lead counsel and obtained an $8.25 million settlement in this lawsuit on behalf of all holders of Prime Group Realty Trust’s (“PGRT”) Series B Cumulative Redeemable Preferred Stock (“Series B Shares”) during the class period against PGRT’s officers, certain members of its Board of Trustees, and Fiee Capital Partners, LLC (“Five Mile”), and certain of its affiliates.
The plaintiff claimed that the defendants breached their fiduciary duties to the class by transferring control of PGRT to Five Mile and forcing the plaintiff and class members to surrender their Series B Shares for inadequate compensation. PGRT agreed to sell voting control of the company to Five Mile by selling newly-issued common shares to Five Mile. Prior to such sale, PGRT had no publicly-issued common shares and the Series B Shares were PGRT’s only publicly-issued shares. PGRT and Five Mile merged, forcing a cash-out of the Series B Shareholders. The case was litigated in the United States District Court for the Northern District of Illinois.
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About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.