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J.C. Penney agrees to pay $4.5 million to settle 401(k) suit

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Avison Young’s Capital Markets Team Advises Dallas Investor in the $450 million Acquisition and Repositioning of J.C. Penney Company’s Headquarters in Plano, Texas

Avison Young’s Capital Markets Team Advises Dallas Investor in the $450 million Acquisition and Repositioning of J.C. Penney Company’s Headquarters in Plano, Texas*/

– NEW YORK–(BUSINESS WIRE)–Avison Young, the world’s fastest-growing commercial real estate services firm, served as exclusive strategic capital markets advisor to Silos Opportunity Partners, LP, to finance the $450 million acquisition and repositioning of the 1.8 million-square-foot headquarters for J.C. Penney Company and surrounding 45 acres of developable land in Plano, TX.Avison Young’s New York-based structured finance team arranged the debt and equity for this transaction on behalf of an affiliate of veteran Dallas Real Estate Investor Sam Ware.As arranged by the Avison Young team of John Bralower, Justin Piasecki, Peter Steier and Ethan Blum, the purchase was capitalized by a major Texas-based financial institution with additional capital from undisclosed sources.
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J.C. Penney employees win $4.5 million settlement for 401K losses in the Ron Johnson era

J.C. Penney employees win $4.5 million settlement for 401K losses in the Ron Johnson era*/

– J.C. Penney current and former employees who bought or held company stock in their 401(k) accounts during the Ron Johnson era will get some relief.A Texas federal judge preliminarily approved a $4.5 million settlement between Penney and a class of employees who claim they suffered retirement account losses due to false and misleading statements and/or omissions regarding Penney’s financial condition and prospects that caused the Plano-based retailer’s stock to trade at artificially inflated prices.The lawsuit stems from the much heralded attempts to transform Penney that started after activist investor Bill Ackman joined the board and included the hiring of Ron Johnson away from Apple to be Penney’s new CEO.
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J.C. Penney agrees to pay $4.5 million to settle 401(k) suit

J.C. Penney agrees to pay $4.5 million to settle 401(k) suit*/

– Department-store chain J.C. Penney is poised to pay $4.5 million to settle allegations over company stock in the firm’s 401(k) plan, following a district court judge’s preliminary approval of the settlement.Participants in the company’s 401(k) plan filed a lawsuit, Ramirez v. J.C. Penney Corp., in 2014 after allegedly losing hundreds of millions of dollars in aggregate due to a decline in the price of the company’s stock.The plaintiffs claimed plan fiduciaries knew the company stock, which was offered as an investment option, was an imprudent investment because it was artificially inflated in value, and therefore breached the company’s fiduciary duties.
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J.C. Penney sells Texas headquarters campus for $353 million

J.C. Penney sells Texas headquarters campus for $353 million*/

– J.C. Penney Co. Inc. JCP, -3.69% said Tuesday that it has sold its home office and the 45-acre Plano, Texas, campus it resides on for $353 million, before closing and transaction costs, to Dreien Opportunity Partners LLC.J.C. Penney said in a previous announcement that it would lease back about 65% of the space once ownership has transferred.Rental costs, according to Penney, will be offset by a reduction in maintenance expenses, property taxes and interest expenses after the retailer pays down debt using proceeds from the transaction.
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