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VEREIT gets preliminary court approval for class-action, derivative settlements

VEREIT Inc. received preliminary approval at an Oct. 3 court hearing for the settlements of a class action and a derivative action brought against the company, then known as American Realty Capital Properties Inc., and certain former executives involving financial misreporting in 2014 and 2015.

Both settlements are subject to final court approval at a hearing scheduled for Jan. 21, 2020.

The single-tenant real estate investment trust said the total amount of the class-action settlement is roughly $1.03 billion.