Co-op shareholders can't intervene in tenants' class action.


In 2007, rent-regulated tenants in buildings owned by Pinnacle Group sued landlord, claiming violations of the Racketeer Influenced and Corrupt Organizations law (RICO), rent-stabilization laws, and consumer protection laws. In 2010, the court declared that the case was a class action by rent-stabilized and rent-controlled tenants. Co-op shareholders of four Pinnacle buildings then asked the court to join the lawsuit and participate in settlement negotiations. The...

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