Real Estate

  • September 29, 2016

    Fannie, Freddie Exempt From Chicago Real Estate Sales Tax

    A federal judge on Thursday granted a motion for summary judgment to Fannie Mae and Freddie Mac and the Federal Housing Finance Agency in a suit seeking declaratory judgment that the city of Chicago cannot impose a transfer tax on the sale of homes owned by Fannie and Freddie to private buyers.

  • September 29, 2016

    US Bank, LA Near OK For $13.5M Deal On Foreclosed Homes

    A California judge said Thursday he's prepared to approve U.S. Bank's $13.5 million deal to end the city of Los Angeles' suit accusing the bank of letting foreclosed homes fall into disrepair, but won't do so until the lender finalizes a settlement with mortgage servicers it contends are actually responsible.

  • September 29, 2016

    Foundation Loses Rehearing Bid In Iran-Linked Tower Battle

    The Second Circuit on Wednesday slapped down a bid by 650 Fifth Avenue Co. and Alavi Foundation for a rehearing in a dispute with federal prosecutors and terrorism victims trying to seize the company’s New York City office tower.

  • September 29, 2016

    United Says $500M Tax Case Shouldn't Fail Over Atty Error

    When a trial court dismissed a lawsuit regarding a $500 million dispute over United Airlines' property valuation in Harris County, Texas, it did so based on a tax code technicality, against the intentions of the state Legislature and because of a lawyer's mistake, Texas' Fourteenth Court of Appeals was told Thursday in oral arguments.

  • September 29, 2016

    Proskauer Rose Nabs Ex-White & Case Funds Group Head

    Proskauer Rose LLP has hired the former global head of White & Case LLP's investment funds group, who counseled a $108 million social investment fund structured by JPMorgan and the Bill & Melinda Gates Foundation, the firm said Thursday.

  • September 29, 2016

    Bank To Pay $83M For Getting FHA Insurance On Bad Loans

    A major North Carolina-based bank will pay $83 million to resolve allegations it violated the False Claims Act by obtaining Federal Housing Authority insurance on risky ineligible mortgages, the U.S. Department of Justice said Thursday.

  • September 29, 2016

    Colony Capital Investor Sues To Block NorthStar Merger

    A Colony Capital Inc. shareholder filed a putative class action complaint in a Maryland court on Thursday, seeking to block a proposed merger with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp., claiming that the deal will leave Colony’s shareholders with a reduced share of a less valuable company.

  • September 29, 2016

    Paradigm Says No Need To Speed Up Tribes' Pipeline Appeal

    Paradigm Energy Partners LLC told the Eighth Circuit on Wednesday that there is no reason to speed up the Three Affiliated Tribes' appeal of a decision that blocked the tribes from interfering with the construction of a pair of pipelines underneath a lake on their reservation because the construction is already complete.

  • September 29, 2016

    3 Cos. Price IPOs Totaling $329M At Bottom Or Below Range

    Three companies, including a real estate investment trust and two biotechs, issued initial public offerings raising $329 million Wednesday at the bottom or below their projected price ranges, opting for less proceeds in order to complete deals in an improving but still shaky market.

  • September 29, 2016

    Chicago Public Housing Residents Can Press High Rent Suit

    An Illinois federal judge declined Wednesday to dismiss a putative class action brought by Chicago public housing residents who say that the city’s housing authority has failed to provide increased assistance for their utility bills as electric and gas prices rise.

  • September 29, 2016

    Experian Defeats Credit Data Misreporting Allegations

    Experian Inc. beat a proposed class action accusing the company of misreporting short sales as foreclosures with a confusing coding system when a California federal judge ruled Wednesday the credit tracking company had provided clear instructions to creditors on how to interpret its data.

  • September 29, 2016

    Insurer's Improper Denial Enough For Atty Fees: Fla. Justices

    The Florida Supreme Court on Thursday reinstated an award of attorneys' fees that a homeowner won against Omega Insurance Co. in a sinkhole damage coverage lawsuit, holding that an improper denial of insurance benefits, not bad faith, is the prerequisite for a fee award under state law.

  • September 29, 2016

    Pa. High Court Rejects Shareholder Liability To Contractors

    The Pennsylvania Supreme Court on Wednesday upheld a decision in a $1.5 million construction dispute that a shareholder of a development company does not have the same liability as an owner under a state statute governing payments to contractors.

  • September 29, 2016

    Tribe Seeks Win In Casino Fight With Ariz. Gaming Head

    The Tohono O'odham Nation has moved to prevail in its federal court suit against the head of Arizona's gambling department over the tribe's right to offer Las Vegas-style gaming near Phoenix, rejecting the contention that it committed fraud during the formation of a compact with the state.

  • September 29, 2016

    Hemsö Drops $175M On Swedish Properties

    Sweden-based real estate firm Hemsö has picked up a portfolio of properties in the Stockholm area from Nacka Municipality for roughly 1.5 billion Swedish krona ($174.7 million), according to an announcement on Thursday from Hemsö.

  • September 29, 2016

    Nixon Peabody Snags Ex-Manatt Real Estate Partner In LA

    A former Manatt Phelps & Phillips LLP partner who specializes in real estate, land use and environmental compliance has joined Nixon Peabody LLP in its Los Angeles office, the firm announced.

  • September 29, 2016

    Kasowitz Steers $99M NYC Buy, Gibson Guides $83M Loan

    Kasowitz Benson Torres & Friedman LLP represented Imperial Cos. on its $98.5 million purchase of dozens of Manhattan residential condos from private equity shop Ares Management LLC, while Gibson Dunn guided Deutsche Bank AG's $83 million loan for the purchase, according to records filed in New York on Wednesday.

  • September 29, 2016

    Real Estate Rumors: Madison, Pineapple Grove, Lonza

    Madison Development is said to have bought retail space at a New York condo building for $26 million, Pineapple Grove Associates has reportedly picked up a Florida mall for $12.5 million, and biotech giant Lonza is said to be adding 150,000 square feet to its Texas development project.

  • September 29, 2016

    Garrison JV Sells Senior Living Portfolio For $180M

    A joint venture of private equity shop Garrison Investment Group LP, Focus Healthcare Partners LLC and Grand Park Capital Management LLC has sold an 818-unit independent living portfolio located across four states for $180 million, according to an announcement on Wednesday from the venture’s broker Cushman & Wakefield Inc.

  • September 28, 2016

    Grant & Eisenhofer Can't Add To Fees From Fannie Mae Suit

    A New York federal judge on Wednesday again rejected Grant & Eisenhofer PA's bid for more fees for working with Bernstein Liebhard LLP in investor litigation against Fannie Mae over allegedly inflated financial reports, saying Grant has “no one to blame but itself” for failing to trigger the firms' fee-sharing agreement.

Expert Analysis

  • Oral Advocacy And 'Vocal Fry'

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    In a sneak preview of the fall edition of Legal Communication & Rhetoric, Professor Michael Higdon of the University of Tennessee College of Law explores the negative reactions to "vocal fry," the accusations of sexism those reactions have engendered, and what all this means for female attorneys.

  • Texas Says 'No Way' To One Way's Hail Damage Claim

    Jennifer L. Gibbs

    U.S. District Judge Sidney Fitzwater of the Northern District of Texas recently ruled in One Way v. Century Surety, granting summary judgment in favor of the insurer and dismissing One Way's claims with prejudice. This case demonstrates that failure to segregate physical damage attributable to covered perils from damage attributable to noncovered perils is fatal to the insured's recovery, says Jennifer Gibbs of Zelle LLP.

  • The Courtroom Where It Happened: Hamilton As A Lawyer

    Randy Maniloff

    Often lost in discussions about Alexander Hamilton is that he was an extremely important New York lawyer. He had an extensive law practice until his death in 1804 and he wrote what is considered to be the first treatise in the field of private law. Ultimately, Hamilton certainly did get "a lot farther by working a lot harder, by being a lot smarter, by being a self-starter," says Randy Maniloff of White and Williams LLP.

  • Why Have Lawyers Forgotten About The Middle Class?

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    Sorry, fellow lawyers, judges and legislators, but the jig is up. It’s time to show the public the cards up our sleeves and give them a chance to weigh in on the fairness of a system that touches so many aspects of their everyday lives, says Chas Rampenthal, general counsel of LegalZoom.

  • Tax Sales And Fraudulent Transfers: 2 Approaches

    Michael T. Benz

    With its recent ruling in Tracht Gut, the Ninth Circuit became the third federal appeals court to hold that real estate tax sales are for reasonably equivalent value and cannot be set aside as fraudulent transfers. This approach, however, is at odds with the Seventh Circuit’s approach in Smith, and raises questions about the scope of the U.S. Supreme Court’s opinion in BFP v. Resolution Trust, say Michael Benz and James Sullivan of... (continued)

  • The Right Time To Make A CFIUS Filing

    Stephen Heifetz

    Foreign investors in U.S. companies often must consider whether and when to seek clearance from the Committee on Foreign Investment in the United States. Comparatively little guidance is available on the "when" question. Stephen Heifetz and Alexis Early of Steptoe & Johnson LLP provide several possible answers.

  • Overhauling Law Firm Records Departments For A New Reality

    Raymond Fashola

    As automation increases, so do business challenges that impact overall law firm operations. Records departments are facing roadblocks associated with antiquated processes, ever-changing regulatory requirements, and emerging technologies. As a result, firms are reassessing the needs of their records department staffing models, says Raymond Fashola of HBR Consulting.

  • New York Sets Uncomfortable Cybersecurity Precedent

    Brian E. Finch

    New York's recently proposed cybersecurity regulations for financial institutions are very broad and expose senior officers and board members to all manner of penalties. One can expect that other states will follow with similar regulations, says Brian Finch, co-chairman of Pillsbury Winthrop Shaw Pittman LLP's privacy practice.

  • Unclaimed Property Law: What Oil And Gas Cos. Should Know

    Carol Lynn Thompson

    States have recently stepped up enforcement of unclaimed property laws to generate additional revenue and the oil and gas industry has become an attractive target. Because unclaimed property compliance obligations can be particularly complex it is critical that companies understand the current landscape and the best ways to navigate the audit process, say attorneys at Sidley Austin LLP.

  • Whose Line, Drawing Or Plan Is It Anyway?

    Amy Goldsmith

    Before entering a negotiation, it is imperative for architects and real estate owners to understand how copyright protection intersects with architectural works. Failure to recognize boundaries may lead to litigation over whether an architect may use the plans again or whether a developer may modify the plans if the architect’s services are terminated before the project is finished, say attorneys with Tarter Krinsky & Drogin LLP.