Magnuson found that Triple Five is entitled to buy a 27.5% stake in the Mall of America for $81.38 million from Simon Property Group and that Simon must then disgorge "net profits" it received from the Mall of America from 1999 to the present. The judge said the Ghermezians must pay within nine months for their new stake, which would boost the Ghermezians' mall ownership to 50%.

Simon Property Group said that the court's decision is "legally and factually wrong" and that it intends to "vigorously contest" it.

In the lawsuit, Triple Five claimed it was denied the opportunity to participate in a restructuring transaction that involved a sale by Teachers Insurance of half of its 55% interest in the Mall of America to Simon Property Group. The deal allowed Simon to increase its ownership from 22.5% to 50% and thus gain control of the property. The lawsuit argued that Triple Five should have had a shot at buying that stake.

Magnuson found that various entities and individuals other than Simon had violated fiduciary duties owed to Triple Five in connection with the deal.

"Although the Court found that Triple Five cannot make out a claim‚ against SPG, the Court ordered remedies that directly affect SPG's interest in the mall and may also directly affect entities not party to the lawsuit," said a statement from Simon Property Group (SPG) issued Thursday.

It is unclear how the ruling will affect the future of the Mall of America, which is gearing up for an ambitious new expansion phase.

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