In this class action, Chimicles & Tikellis LLP represented a class of unitholders seeking the dissolution of the partnership. Plaintiffs claimed, among other things, that the management fees that had been and were to be paid to the General Partners were excessive. The litigation was settled on very favorable terms whereby the General Partners agreed to implement a marketing program with regard to the thirteen properties owned by the Partnership. In addition, the General Partners agreed to implement a reduction of the management fees and to provide a special cash distribution to the General Partners. The settlement value exceeded $20 million.

   Friday, July 04th, 2008