Real Estate

  • October 30, 2014

    Charles Schwab Sues Law Firm Over 'Defamatory' Website

    Charles Schwab Corp.'s founder and his son sued a Beverly Hills law firm and one of its clients Thursday in California state court, accusing them of creating a website associating them with an infamous Indonesian dictator in order to gain an advantage in another suit over a real estate investment venture.

  • October 30, 2014

    Glaser Weil Can't Duck Malpractice Suit Under Anti-SLAPP

    A California appeals court on Thursday refused to end a $27.5 million malpractice suit targeting Glaser Weil Fink Howard Avchen & Shapiro LLP, dismissing the firm’s claims that the suit was barred under an anti-SLAPP statute because of its allegedly unusual circumstances.

  • October 30, 2014

    With Major Hurdles Cleared, LICH Barrels Toward Finish Line

    Fortis Property Group LLC and New York University's Langone Medical Center this week cleared one of the last hurdles to a controversial $240 million deal to redevelop Brooklyn's Long Island College Hospital. While the path forward is now clear, the two still face several months of negotiations over future development and must continue to woo wary stakeholders, experts say.

  • October 30, 2014

    Variant Gets Two-Week Breather From Foreclosure Action

    A Delaware bankruptcy judge on Thursday granted a preliminary injunction sought by real estate company Variant Holding Co. LLC, temporarily blocking a foreclosure sale of properties owned by one of its non-debtor subsidiaries.

  • October 30, 2014

    American Realty's Accounting Woes Spark 2 NY Class Actions

    A day after American Realty Capital Properties Inc. revealed accounting irregularities in recent earnings reports, the real estate investment trust was hit with two securities class actions in New York federal court Thursday alleging it misled investors about its financial health ahead of a $1.6 billion public equity offering in May.

  • October 30, 2014

    RE Rumor Mill: Steinway, DTE Energy, MWH Global

    Steinway is said to be taking 40,000 square feet on Avenue of the Americas in New York, while DTE Energy is reportedly in talks with Ann Arbor over the Michigan city's potential new Amtrak station and MWH Global is said to be reducing its Chicago office footprint.

  • October 30, 2014

    Title Ruling Can't Alter Gas Lease, Pa. Justices Told

    An Anadarko Petroleum Corp. unit has urged the Pennsylvania Supreme Court to uphold a decision finding that a gas lease agreement it inked with a Tioga County couple in 2006 remains valid as originally drafted despite the subsequent discovery of a deed restriction requiring legal action to resolve.

  • October 30, 2014

    Devon Energy's Oil Deed Suit Stays Dead In Texas

    A Texas appeals court on Thursday refused to revive a Devon Energy Corp. unit’s suit over oil and gas assets in Louisiana, saying a trial judge had properly dismissed the suit for lack of jurisdiction and allowing KCS Resources LLC to pursue attorneys’ fees.

  • October 30, 2014

    Deutsche Bank Fund Pulls In $168M For Warsaw RE Buy

    A fund managed by an investment arm of Deutsche Bank AG has received €133.4 million ($168.2 million) in financing from Deutsche Hypothekenbank AG for its recent purchase of an office and retail building in Warsaw, Poland, Deutsche Hypothekenbank said Thursday.

  • October 30, 2014

    Hilton, Plateno Partner To Open Affordable Hotels In China

    Hilton Worldwide Holdings Inc. and Plateno Hotels Group said Thursday that they are teaming up to open more than 400 hotels in China under the Hampton by Hilton brand, in a move expected to fill a gap that exists in the mid-scale hotel market.

  • October 30, 2014

    NYC Drug Treatment Co. Hit With TRO In Medicaid Fraud Suit

    A New York City substance abuse treatment company accused of ongoing Medicaid fraud involving kickbacks from its outpatients was hit with a temporary restraining order on Wednesday that prevents the organization from evicting residents in its short-term housing facilities who refuse to take part in the alleged scheme.

  • October 30, 2014

    DOJ, AllQuest's Doc Dispute In $264M FCA Suit Rages On

    The U.S. Department of Justice and AllQuest Home Mortgage Corp. traded barbs in Texas federal court Wednesday in a discovery war stretching back to May in which each seeks to compel the other to cough up loan files in a $264 million False Claims Act suit.

  • October 30, 2014

    Wells Fargo's Contested $281M Force-Placed Deal Approved

    A Florida federal judge on Wednesday gave the final nod to a $281 million settlement reached by Wells Fargo Bank NA and Assurant Inc. in a suit over their force-placed insurance practices, despite objections last week from homeowners worried about how much of the money would reach class members.

  • October 29, 2014

    Nossaman Dodges Malpractice Suit In Hospital’s Leasing Row

    A California appeals court on Wednesday refused to revive a hospital operator’s suit accusing Nossaman LLP and an ex-partner of legal malpractice and breach of fiduciary duty in a property lease dispute, ruling the claims are blocked by a one-year statute of limitations.

  • October 29, 2014

    Triaxx Funds Object To JPMorgan's $4.5B RMBS Deal

    A group of funds known as the Triaxx entities will object to JPMorgan Chase & Co.'s proposed $4.5 billion settlement with 21 major institutional investors in residential mortgage-backed securities, Triaxx's lawyer said Wednesday, several weeks after the funds dropped their objections to Bank of America Corp.'s $8.5 billion RMBS deal.

  • October 29, 2014

    HSBC Gets Final OK For $32M Deal Over Force-Placed Policies

    A Florida federal judge on Wednesday granted final approval to HSBC Bank USA NA and three insurers' $32 million settlement of a class action accusing them of overcharging more than 250,000 homeowners for force-placed insurance, overcoming earlier concerns to okay the deal.

  • October 29, 2014

    Tax Court: Taxpayers Can't Write Off Withheld RE Gains Tax

    The U.S. Tax Court on Wednesday ruled that a couple couldn't lower their tax burden by deducting the portion of the proceeds from a 2006 property sale that was withheld for taxes because they didn’t give their title company a taxpayer ID number or proof of citizenship.

  • October 29, 2014

    Real Estate Heavyweights Team Up On $750M Debt Platform

    Mack Real Estate Group and a former Blackstone Group unit executive announced Wednesday that they have teamed up to create a new real estate debt lending platform, which a source familiar with the matter told Law360 will aim for a $750 million fundraising target.

  • October 29, 2014

    The Donald Says Trump Resorts Ch. 11 Plan Lacks Key Info

    Real estate mogul Donald Trump took aim Wednesday at the Chapter 11 plan disclosure statement for the casino operator that bears his name, arguing that Trump Entertainment Resorts Inc. doesn't reveal what it plans to do if it loses a court battle over use of the moniker.

  • October 29, 2014

    RE Rumor Mill: Zeckendorf, Landau, Max Delivery

    Arthur Zeckendorf is said to have secured $450 million in construction financing for a Park Avenue residential project, while Landau Real Estate reportedly purchased four Brooklyn residential buildings for $60 million and Max Delivery is reportedly opening a second location in Manhattan.

Expert Analysis

  • How To Manage Client Expectations During Litigation

    Mark E. Goodman

    Litigation is a fluid and amorphous process, subject to shifts in strategy based on constant flows of information and events, not the least of which are the reactions of opponents and those who don the black robes. If a client feels informed and part of the process, he or she will feel satisfied with services received — even if the result is not a good one, says Mark Goodman, co-chairman of Capes Sokol Goodman & Sarachan PC's litig... (continued)

  • Tips To Help Prevent Selective Rejection In Sale-Leasebacks

    Edward C. Prokop

    Buyer-landlords in multiproperty sale-leasebacks usually assume that the seller-tenant cannot selectively terminate sites from the lease, leaving the buyer-landlord with ownership of underperforming sites and no related rental stream. Unfortunately for buyer-landlords, bankruptcy courts provide an opportunity for seller-tenants to achieve exactly this result, say Edward Prokop and John Patrick White of Sidley Austin LLP.

  • DOL Whistleblower Decision Will Cause Employers SOX Pain

    Gregory Keating

    The result of the U.S. Department of Labor Administrative Review Board's decision in Fordham v. Fannie Mae will likely energize the plaintiffs bar and could make it more difficult for covered employers — and their contractors and subcontractors based on Lawson v. FMR LLC — to obtain dismissals of Section 806 whistleblower retaliation claims under the Sarbanes-Oxley Act, say attorneys at Littler Mendelson PC.

  • The Evolution Of ADR: 30 Years Of Change

    Maria M. Sypek

    As our legal system evolves and we understand more about how an effective court system should function, the role of alternative dispute resolution should also shift. For example, the growth of e-discovery — and the ballooning associated costs — has further pushed the special-master trend, say former U.S. Magistrate Judge John Hughes and former New Jersey Superior Court Judge Maria Sypek of JAMS.

  • 10 Key Points From The Final Risk Retention Rule

    Dan Ryan

    The final asset-backed securities risk retention rule effectively broadens the original proposal’s exemption from risk retention requirements for qualified residential mortgages, abandoning the proposal’s most stringent requirements to obtain exemption. It may, however, be too soon for the mortgage industry to celebrate, says Dan Ryan, chairman of PricewaterhouseCoopers LLP's financial services regulatory practice.

  • The RMBS Working Group: Is There Life After Eric Holder?

    Andrew W. Schilling

    Attorney General Eric Holder’s planned exit and a string of other high-level departures could lead some to believe that the U.S. Department of Justice’s aggressive pursuit of financial fraud cases may be behind us. However, there is evidence to suggest that the Residential Mortgage-Backed Securities Working Group may in fact be ramping up rather than winding down, say Andrew Schilling and Ross Morrison of BuckleySandler LLP.

  • The Significance Of 2nd Circ.’s Indian Harbor Decision

    Robert W. DiUbaldo

    The Second Circuit’s decision in Indian Harbor Insurance Co. v. The City of San Diego involving a pollution and remediation legal liability insurance policy reinforces that the mandates imposed on insurers by Section 3420 of the New York Insurance Law do not apply unless all of the various elements of the statute are implicated. This is not only relevant to a liability insurer’s ability to disclaim coverage based upon late notice, ... (continued)

  • Use Social Media For Legal Service Only As A Last Resort

    Steven Richard

    Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.

  • Economic Impact On Mortgage Lenders From Strip-Off Law

    Ilyse M. Homer

    Recent circuit court case law allowing “Chapter 20” debtors to strip off valueless junior liens on their homes may result in mortgage lenders having their junior-lien rights eviscerated, rendering them general unsecured creditors with no recourse to the collateral securing their indebtedness, say Paul Avron and Ilyse Homer of Berger Singerman LLP.

  • Oregon Spotted Frog Listing Will Have Wide-Ranging Impact

    Myles A. Conway

    The “threatened” listing of the Oregon spotted frog will affect water storage and diversion regulations, development activity and agricultural practices in several Oregon and Washington counties. In the implementation of this listing, federal regulators will need to balance the needs of the spotted frog with competing legal requirements that provide for the protection of other federally listed species, says Myles Conway of Marten Law PLLC.