Brookfield Will Pay $42.5 Million to Settle GGP Buyout Lawsuit

Brookfield Property Partners LP will pay $42.5 million to resolve shareholder litigation over the take-private buyout of former shopping mall operator GGP Inc. in March 2018, under a deal approved Tuesday by the Delaware Chancery Court.

Vice Chancellor Nathan A. Cook approved the deal from the bench, calling it an “excellent result after lengthy and hard-fought litigation.”

Cook also approved a $11.4 million fee award for the lead plaintiffs’ counsel, plus reimbursement for $146,000 in expenses. Incentive awards from $7,500 to $10,000 for the three lead plaintiffs, to be paid out of the attorneys’ fee award, also won approval.

Shareholders ...