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Stock Market & Financial Investment News

News Breaks
July 8, 2014
06:02 EDTNYRTNew York REIT initiated with a Market Perform at JMP Securities
JMP Securities believes the risk/reward for shares of New York REIT is balanced at current levels. The firm started the stock with a Market Perform rating.
News For NYRT From The Last 14 Days
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August 19, 2014
13:11 EDTNYRTNew York REIT gets favorable ruling in Worldwide Plaza litigation
New York REIT announced that it received a favorable ruling in a suit initiated against NYRT by RXR Realty. RXR alleged that it suffered "lost profits" in connection with NYRT's purchase of Worldwide Plaza in October 2013. RXR had been in contract to purchase a 48.9% stake in Worldwide Plaza from the seller in 2013, but had not closed the acquisition. NYRT then agreed to purchase such interest in Worldwide Plaza, and RXR immediately sued to enjoin the sale to NYRT. Justice Shirley Kornreich of the Supreme Court of the State of New York denied RXR's motion for an injunction in October 2013, and the Appellate Division, First Department then denied RXR's application for an emergency stay of the sale. NYRT closed the acquisition of its stake in Worldwide Plaza, including a future option to buy the property in its entirety, on October 31, 2013. RXR then filed an amended complaint against the seller of Worldwide Plaza and NYRT for disgorgement of an alleged $200M profit NYRT obtained on the deal. The seller and NYRT filed motions to dismiss the amended complaint earlier this year. On August 12, Justice Kornreich dismissed all of RXR's claims against the seller and dismissed RXR's disgorgement claims against NYRT, permitting only a limited claim against NYRT for RXR's cost of producing due diligence-related material to proceed.

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