The real estate investment trust founded by Nicholas Schorsch announced a more than $1 billion settlement to end several lawsuits that accuse the firm of inflating financial results.

Vereit, formerly known as American Realty Capital Properties (ARCP), will pay $738.5 million of the class-action settlement, while Schorsch-led American Realty Capital will pay $225 million, according to a press release yesterday from Vereit.

ARCP’s former auditor, Grant Thornton, will pay $49 million, and its former chief financial officer, Brian Block, will pay $12.5 million.

"Vereit is pleased to enter into agreements that we expect will bring these litigations to a conclusion,” Vereit CEO Glenn Rufrano said in a prepared statement. “The company believes the settlements are in the company's best interest and that of its shareholders, as they eliminate the risk of adverse judgments at trial, put an end to timing uncertainties, and remove the burdens and costs of these litigations."

The agreement was formalized on Sunday via a memorandum of understanding, with court approval pending, the release said.

With $20 billion of assets, ARCP was the centerpiece of Schorsch’s American Realty Capital real estate empire. The lawsuits stem from a 2014 admission by ARCP that it had committed a $23 million accounting error. ARCP subsequently restated its financials, which led investors to sell off ARCP shares, causing ARCP’s market value to drop by about $3 billion. Lawsuits claimed that the firm had purposefully inflated its financial information to enable future acquisitions.

In July, Schorsch and American Realty Capital agreed to settle SEC charges that he and his firm wrongfully profited off of REIT mergers at the expense of their shareholders.