NEW YORK CITY—Could the legal troubles of Empire State RealtyTrust executives Peter Malkin and his son Anthony finally be over?They have moved largely toward that outcome with the dismissal oflawsuits brought against them by thousands of investors crying foulover the REIT's IPO last fall.

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Backers of the skyscraper-with-the-household-name charged theMalkins with cheating them out of as much as $410 million in profitwhen the Empire State Building and other Malkin-owned office andretail properties were taken public, according to BloombergNews.

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New York State Supreme Court Justice O. Peter Sherwood threw outthe lawsuits, saying the investors agreed not to sue the managersin settling a related case for $55 million last year.

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The investors argued in their suit, which was filed in December,that the Malkins wrongfully turned down higher offers for theskyscraper by itself in order to drive up the value of 17 otherMalkin-owned buildings by making the Empire State Building thecenterpiece of a REIT.

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The settlement didn't release their claims because the offerswere made after the pact was effective, according to the complaint.Sherwood said the Malkins's alleged refusal to consideralternatives was a “core element” of the suit that was settled,Bloomberg reports.

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ESRT sold 71.5 million shares for $13 each on Oct. 1. The saleculminated an almost two-year quest by the Malkins to take theskyscraper and 20 other New York-area properties public, a process marked by battles with longtime investors.

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Shares of Empire State Realty Trust rose 15 cents, or 1%, to$16.45 Tuesday afternoon. They had risen 27% in the past 12months.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.