A Delaware law firm is spearheading the case on a contingency-fee basis. Under the sliding scale, it would get 20 percent of a recovery up to $10 million, and 35 percent of a recovery topping $20 million.
The 8-year-old firm, which focuses on investing in early-stage Midwestern tech companies, this week filed plans with the Securities and Exchange Commission to raise $50 million to $100 million for the new fund.
Kite Realty Group Trust now sports a whopping 8.5 percent annual dividend yield—by far the highest of any publicly traded firm in Indiana—a reflection of the cold shoulder investors are giving retail real estate companies as internet sales soar higher.
Former CEO Kevin Modany and former Chief Financial Officer Daniel Fitzpatrick tried to settle the case last year, but SEC commissioners rejected the deal. Another settlement conference is scheduled for May.