Stuyvesant Town Class Action Parties Reach Settlement - Agreement Signed Today Provides $68.75 Million to Pay Damages; Total Tenants' Rent Recovery to Exceed $146.85 Million
NEW YORK, Nov. 29, 2012 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, co-lead counsel for the plaintiff tenants in the Roberts v. Tishman Speyer class action, announced they have signed an agreement with the defendants to settle all past rent overcharge claims and future rent claims raised in the action. The settlement was preliminarily approved today by Justice Richard B. Lowe, III, the Chief Justice of the Appellate Term, First Department. The agreement requires final court approval. A hearing on final approval is scheduled for April 9, 2013.
The settlement agreement signed today sets aside $68.75 million to compensate class members for rent overcharges from January 22, 2003, the start of the class period, through December 31, 2011, the end of the overcharge period.
"Once finally approved, today's $68.75 million settlement agreement, when combined with past refunds and rent savings the tenants have already received, will bring the total recovery in the lawsuit to at least $146.85 million," said Alexander Schmidt of Wolf Haldenstein, the plaintiffs' lead attorney. "There will also be future benefits," he added.
The past rent savings and refunds resulted from an interim agreement that was reached in the case in December 2009 between the plaintiffs and the two limited partnerships that currently own Stuyvesant Town and Peter Cooper Village, PCV ST Owner LP and ST Owner LP. Under that interim agreement $2.4 million in rent was refunded to class member tenants in 2010, and the tenants saved an additional $75.7 million in rent over the past three years, Schmidt said. Ronald Aranoff of Bernstein Liebhard, another of the plaintiffs' lead attorneys added "we believe this settlement provides an extraordinary recovery for our clients and we couldn't be happier for them."
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