General Growth seeks court approval of settlement in ERISA action

By Lisa Kerner

Charlotte, N.C., Sept. 3 - General Growth Properties, Inc. asked the court to approve a settlement in the consolidated Employee Retirement Income Security Act (ERISA) action, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

A hearing is set for Sept. 15.

Under the settlement, a $5.75 million payment will be made by the debtors' fiduciary liability insurance policy.

General Growth, a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings, filed for bankruptcy on April 16, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-11977.

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