The U.S. District Court for the Southern District of New York granted final approval of the settlement of a class-action lawsuit filed against Brixmor Property Group Inc. by the Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds.

The suit was in connection with a review conducted by the company's audit committee. The company will pay $28 million to settle the claims, without any admission of liability.

The settlement provides for the release of Brixmor, its units and their respective current and former officers, directors and employees, among others, from any claims in connection with the litigation.

The institutional investors who elected to opt out of the settlement will not be bound by the release or receive any settlement proceeds.