Aquino v. Schanzer (Cedar Realty Trust Preferred Stockholder Settlement)
Preferred (Series B and C) stockholders of Cedar Realty Trust, Inc. sued CEO Bruce Schanzer, Cedar, and Wheeler Real Estate Investment Trust over the liquidation process following Wheeler's acquisition of Cedar, in a class action pending in the Circuit Court for Montgomery County, Maryland (Case No. C-15-cv-25-000731). A stipulation of settlement proposing an $8.5 million cash payment to the preferred-stockholder class was executed June 10, 2026, with notice of the proposed settlement published August 3, 2026; final court approval remained pending as of this entry.
Why it matters
The case is part of a recurring pattern of litigation over how REIT preferred stockholders are treated in a merger or liquidation, when common-stock sponsors and acquirers structure a transaction in a way preferred holders allege shortchanges their liquidation preference. The proposed settlement offers a benchmark figure for resolving this category of claim short of trial.
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