VEREIT Inc. and Vanguard Specialized Funds reached a settlement over a case filed by the latter in the United States District Court for the District of Arizona.
Pursuant to the settlement, Vanguard will dismiss all claims against VEREIT and other defendants, while VEREIT will pay $90 million to Vanguard in settlement of the claims.
Vanguard's case against the diversified real estate investment trust stemmed from the financial disclosures made by the company in October 2014 and March 2015, including restatements of certain of its previously issued financial statements in the March 2015 disclosure.
Vanguard held roughly 13% of VEREIT's outstanding shares at the end of the period covered by the case.
