Howard Hughes’ Heirs and GGP Reach Settlement
Ropes & Gray represented the heirs of moviemaker and aviation mogul Howard Hughes in a $230 million settlement with General Growth Properties Inc. (GGP), announced September 20, resolving a dispute over Summerlin, a 22,500-acre residential development in Las Vegas.
Under the terms of the agreement, GGP will pay $230 million to the Hughes heirs in exchange for a full release and settlement of all claims against GGP and its affiliates. The amount will be paid shortly after GGP's emergence from bankruptcy.
Boston-based partners Steve Hoort and Walter McCabe led the Ropes & Gray team representing the Hughes’ heirs.