NY judge to OK Empire State Building settlement

A Manhattan judge says he'll give the go-ahead to a $55-million settlement in a lawsuit that had challenged a plan to offer public shares in the Empire State Building.

Judge O. Peter Sherwood told lawyers in court on Thursday that he'll approve the settlement in a written ruling.

The plaintiffs had accused the owners of the iconic skyscraper of misleading them about the financial impact of the proposed initial public offering.

The two sides reached a settlement late last year. But objections by a small group of investors had delayed final approval.

Real-estate magnates Peter Malkin and his son, Anthony, have sought to offer the public shares in their commercial holdings in the New York City area. The property includes the Empire State Building, the 102-storey landmark completed in 1931.

- AP