The 44th District Court in Dallas dismissed all claims that Southwest filed last August against United over the pending sale of the University Park Shopping Center. Southwest Securities owned about 8.2% of the REIT's outstanding shares as of April 2001.
In a recent shareholder's report, the Houston REIT labeled itself as only a "nominal" party in the lawsuit, which also named as defendants FCA Corp., the REIT's investment manager, and certain other affiliates of the REIT.
The shareholder's report shows Southwest Securities also alleged the investment manager charged the REIT for salaries and other expenses and that certain affiliates of the REIT allegedly mismanaged its assets. The securities firm estimated minimum damages of $10 million.
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