An electrical contractor that was working on the One57 apartment tower in Midtown Manhattan during its highly publicized tower crane collapse leveled a $27 million suit against the building’s owner on Friday, accusing the Extell Development Co. unit of delaying its work and forcing it to incur extra costs.
A California appeals court affirmed a lower court’s judgment that a seller’s broker wasn’t liable for an allegedly false statement, about an earthquake study, that was made in connection with a real estate transaction gone awry, ruling Friday that the seller’s broker doesn’t owe a fiduciary duty to nonclients.
A New Jersey federal judge sank a $90 million suit alleging Valley National Bancorp and Genova Burns Giantomasi Webster LLC defrauded real estate borrowers, ruling Friday that the plaintiff, a onetime owner of now-foreclosed properties, failed to state a Racketeer Influenced and Corrupt Organizations Act claim.
To hear real estate experts tell it, the next five to 10 years could see Miami transformed into a world center on par with New York, but only if it upgrades its infrastructure to keep up with development and ensure it is a desirable home for top talent.
Real estate investment trusts are experiencing a flurry of activity and posted solid gains in February thanks to growing confidence in the economy, and experts say mergers, public offerings and capital grabs are likely to continue to increase this year despite an uncertain tax future.
A Pennsylvania federal judge on Friday doled out an 18-month prison sentence to a Bucks County, Pa., lawyer convicted of conspiracy and fraud charges over mortgage loans to distressed homeowners, in a case in which she cut the government's $14 million loss estimate to about $400,000.
A New Jersey appeals court on Friday ordered the New Jersey Council on Affordable Housing adopt new affordable housing rules by May, saying the agency has so far flouted a previous court order setting a five-month deadline for adopting rules governing towns' affordable housing obligations.
Miami's burgeoning real estate development scene is likely to continue to rely heavily on foreign investment, which in a volatile world makes for great risk and opportunity, two local developers said at a real estate conference held Friday in the city.
Two major deals are taking place near New York's High Line as the Port Authority of New York and New Jersey looks to sell two parcels of land and L&L Holding and Prudential Financial Inc. snag an office building from The Related Cos. In Brooklyn, the controversial Greenpoint Landing project takes a step forward.
A Texas appeals court was asked Thursday to reconsider its decision that a foreign real estate investor lacking state business registrations cannot pursue litigation against Davis Cedillo & Mendoza Inc. for allegedly facilitating a secret $1.4 million loan the investor’s ex-partner secured against joint venture assets.
WFC Holdings Corp., a subsidiary of Wells Fargo & Co., recently asked the U.S. Supreme Court to review an Eighth Circuit decision finding the bank was not entitled to an $82 million tax refund because a real estate transaction lacked economic substance.
Former Jefferies & Co. Inc. managing director Jesse C. Litvak on Friday became the first individual to be convicted of Troubled Asset Relief Program fraud when a Connecticut jury found him guilty of a scheme to defraud customers on residential mortgage-backed securities trades.
A New York federal court on Friday approved a deal in which a whistleblower will get $63.9 million for tips leading to a False Claims Act settlement in which JPMorgan Chase & Co. agreed to pay $614 million over allegations it defrauded the U.S. government into insuring flawed home loans
BlackBerry Ltd. has sold a six-building campus in Texas that served as its U.S. headquarters to Toronto-based Brookfield Property Group for an undisclosed amount, it was announced Friday, as the struggling smartphone maker continues to shed assets to right itself amid dismal earnings.
A group of Colorado taxpayers who donated their land to a conservation reserve cannot decide for themselves the land’s “highest and best use” to determine the value of their tax deduction, the Tenth Circuit ruled Friday.
A joint venture comprising real estate finance and investment management firm PCCP LLC and real estate company Mountain Development Corp. has purchased Secaucus, N.J.'s One Harmon Plaza from New Boston Fund Inc. for $11.5 million, the companies said Friday.
A male in-house counsel once told me I had not been "nice" to him when I approached him about a business opportunity and would therefore not get the business. To add insult to injury, one of my male partners told me I should be flattered by the interest paid to me by the in-house counsel, says Paulette Brown, chief diversity officer at Edwards Wildman Palmer LLP.
Several people have told me that they had a lot of trepidation when they found out they would be working for a woman. To be effective, you need to be able to eliminate or address the conscious or unconscious bias colleagues may have about having a female boss, says Nancy Mitchell, chairwoman of Greenberg Traurig LLP's New York business reorganization and financial restructuring practice.
In this week's Taxation With Representation, Pennsylvania is the center of the M&A universe thanks to deals advised by Weil Gotshal, Reed Smith and Wachtell Lipton Rosen & Katz.
A New York judge on Tuesday refused to let a concrete contractor off the hook on claims that its negligence contributed to a deadly 2008 crane collapse in Manhattan, finding that dueling theories about what caused the accident need to be tested in court.
Cloud users must know how to use the cloud responsibly to prevent later difficulties with document production. When negotiating a cloud service agreement, users should look for certain services that will prove useful when responding to discovery requests, such as comprehensive search options, instant suspension of the auto-delete function, and preservation of metadata and embedded data, say attorneys with Sidley Austin LLP.
It is clear that the drafters of the real estate investment trust provisions in Rep. David Camp’s, R-Mich., tax reform discussion draft are not fans of the conversion of corporations to REIT status, spinoffs of REITs from operating companies, or the creation of REITs other than “traditional REITs.” The proposed provisions — intended to prevent the “erosion of the corporate tax base” — are clearly “overkill,” say attorneys with Goodwin Procter LLP.
The Office of the Comptroller of the Currency’s recent addition of a mortgage banking component to the Comptroller’s Handbook signals an intensified regulatory focus on mortgage banking activity. Banks would be well advised, however, to recognize that the reinforced focus is not the OCC’s alone, say Frank Mayer III and Jonathan Levin of Pepper Hamilton LLP.
As more and more Superstorm Sandy-related cases are filed, parties will be looking to a five-year-old New York Appeals Court case, Bi-Economy Market Inc. v. Harleysville Insurance Co. of New York — which permits insureds to recover consequential damages arising from an insurer’s bad faith breach of the policy if those damages were reasonably foreseeable and even if those damages exceed policy limits — for guidance, says Michael Richter of Joseph Hage Aaronson LLC.
The U.S. Supreme Court’s denial of certiorari in the Ninth Circuit case Tamer Salameh v. Tarsadia Hotel effectively offers hotel-condominium developers a safe pathway to publicly offering hotel-condo units out of the purview of federal and state securities laws. And with the current upswing in the real estate market, such developments are slowly beginning to pop up again in states like Florida and New York, say attorneys with Paul Hastings LLP.
The Consumer Financial Protection Bureau's recently announced expansion of rules under the Home Mortgage Disclosure Act will provide valuable information that could help keep the mortgage market fairer and more transparent. To be worthwhile, enhanced disclosure must provide data that is both accessible and meaningful — and in keeping with the rest of its user-friendly website, the CFPB’s HMDA website does provide easy access, says Bradley Girard, a student at Georgetown University Law Center.
In stark contrast to the changing environment for the majority of lawyers today, the evolution for the general counsel is driven less by necessity than by opportunity. Today’s GC may touch every aspect of his or her organization to solve challenges and propel the company forward, keeping the GC far ahead of what is expected of the average lawyer, says James Merklinger, vice president and general counsel of the Association of Corporate Counsel.
As reflected in a recent decision by the U.S. Bankruptcy Court for the District of New Jersey, in preparing loan documentation, it is important for practitioners to appreciate how applicable state law and bankruptcy courts will treat assignments of rents and whether, given that treatment, certain facts or structuring could alter whether and how the rents may be used in the event of the borrower’s bankruptcy, say attorneys with Alston & Bird LLP.
An exploration of the underpinnings of the First Amendment’s right-to-petition clause and the seminal case authority that has expanded its application to competitors’ efforts to protect market share will help educate business leaders on highly effective and legally permissible strategies to protect market share and how to spot when it is being used against them, says Jeffrey Gould, general counsel of The Saint Consulting Group.
In a recent Law360 guest column, Judge Wayne D. Brazil of JAMS shares the products of his research into decision analysis and gives several reasons why it is not a reliable tool for assessing the discounted settlement value of civil cases. Without question, however, his research has misinformed him, says Marc Victor, president of Litigation Risk Analysis Inc.