Real Estate Trust Settles Investors’ Hidden Mortgage, Loans Suit

Sun Communities Inc. agreed to pay $2.3 million to resolve an investor lawsuit alleging the real estate investment trust concealed loans and a mortgage taken out by its top executive, and board members’ insider trading.

The proposed settlement class includes those who acquired Sun stock from Feb. 28, 2019, through Sept. 24, 2024, the investors leading the case said Thursday, seeking the US District Court for the Eastern District of Michigan’s preliminary approval of the deal. The agreement would end allegations that during this period, the Michigan-based REIT touted its financial performance while hiding a $4 million mortgage and loans ...