Vereit announces settlement agreements with eight opt out entities
VEREIT announced that on September 30, October 1, and October 2, VEREIT and VEREIT Operating Partnership entered into Settlement Agreements and Releases to settle previously disclosed litigations with eight class action opt out entities serving as plaintiffs in several actions pending in the U.S. District Court for the Southern District of New York. The Opt Out Plaintiffs' claims arose out of the disclosures made by the Company in October 2014 and March 2015 regarding its financial statements, which included the Company's March 2015 restatement of certain of its previously issued financial statements. Pursuant to the terms of the Settlement Agreements, the parties have agreed that the Opt Out Plaintiffs will dismiss all claims against the Company and the other defendants with prejudice and the Company will pay the Opt Out Plaintiffs the sum of $85M in connection with the settlement of the claims. The Settlement Agreements contain mutual releases by both the Opt Out Plaintiffs and the Company, although the Company retains the right to pursue any and all claims against the other defendants in the Actions and/or third parties, including claims for contribution for amounts paid in the settlement. The Settlement Agreements do not contain any admission of liability, wrongdoing or responsibility by any of the parties.