NEW YORK CITY-More than 20,000 rent-regulated tenants in New York City scored a court victory on Monday as a federal appeals court upheld a settlement agreement that allows them to seek individual compensation for rent overcharges levied by their landlords.
The United States Court of Appeals for the Second Circuit ruled that the 2011 settlement of the tenants' class-action lawsuit against the Pinnacle Group, was “fair, reasonable and adequate,” according to the New York Times.
A group of tenants appealed the settlement in an attempt to overturn it, charging that it excluded certain types of claims.
The settlement amount could reach more than $10 million, depending on how many tenants make claims, said Richard F. Levy of Jenner & Block L.L.P., who negotiated the settlement on behalf of the tenants.
“These people have been waiting for a long time,” he said in response to the appeals court ruling. See story in the New York Times.
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