CNL Hotels & Resorts Inc. Federal Securities Litigation

The Firm was lead trial counsel in this settled action filed in 2004 asserting federal securities law claims under the 1933 Securities Act involving a $3.0 Billion real estate investment trust.  The Litigation was settled in 2006 by: (1) the establishment of a $35,000,000 Cash Settlement Fund; and, (2) by CNL entering into revised agreements in connection with a proposed Merger between CNL and its affiliate which Plaintiffs estimate reduced the amount to have been paid by CNL and its stockholders in connection with the merger by over $225 Million.  On August 1, 2006, the Court granted final approval of the Settlement, noting that "Plaintiffs’ counsel pursued this complex case diligently, competently and professionally" and "achieved a successful result." The Court also concluded that, "a substantial benefit [was] achieved (estimated at approximately $225,000,000)" and "this lawsuit was clearly instrumental in achieving that result."

Case No. 04-cv-1231 (U.S.D.C. M.D. Fla.)