A $121 million privately funded plan to renovate the Miami Marine Stadium was shot down Thursday by city commissioners who expressed concern about the no-bid process and said they may want to pursue a formal request for proposals or voter referendum on the issue.
Three bills filed Friday in the Florida Senate for its 2015 session take aim at reducing taxes levied on communications services and corporate income and rents, initiatives state lawmakers rejected earlier this year.
Burger King Worldwide Inc. has agreed to pay $8.5 million to settle a real estate company’s class action alleging the fast food giant sent unsolicited faxes to almost 100,000 recipients in violation of the Telephone Consumer Protection Act, according to documents filed Friday.
Mid-Continent Casualty Co. has asked the Fifth Circuit to review its reversal of an earlier decision that the insurer had correctly applied a contractual liability exclusion, arguing the panel mistakenly held that replacing two homeowners’ defective foundation represented property damage.
The $2.29 billion initial public offering of Paramount Group Inc., the largest-ever of a real estate investment trust, hogged the spotlight this week as eight other companies, including another REIT, made their public debuts and raked in a total of $1.9 billion in capital ahead of a short holiday week.
Bank of America Corp. is said to have reached a deal in a mortgage bond case with regulators to complete a stalled $16.7 billion settlement, while TIAA-CREF has reportedly made a $295 million apartment buy in Washington, D.C., and a Carlyle Group joint venture is said to be planning a condominium in Queens, New York.
A New York federal judge ruled on Friday that Consolidated Edison Co. of New York Inc. would have to pay part of an estimated $24 million in cleanup costs associated with a polluted former manufactured gas plant, finding that half of the plaintiffs hadn’t entered agreements that would limit their claims.
Two name partners with backgrounds in real estate and government work are leaving Newark, New Jersey-headquartered Genova Burns Giantomasi Webster LLC, with one of the attorneys citing differences over the management of the firm going forward.
A Delaware bankruptcy judge gave Irish Bank Resolution Corp. the nod Friday to sell loans secured by equity in Ireland's Blackrock Clinic to a company owned by beef mogul Larry Goodman, rejecting opposition from a hospital shareholder and saying the evidence the sale was fair was “overwhelming.”
Baker & McKenzie represented designer Hugo Boss AG in its lease, announced Friday by landlord broker CBRE Group, for nearly 74,000 square feet of space in New York, while Fried Frank Harris Shriver & Jacobson LLP counseled New Water Street Corp., the building’s landlord.
A New Jersey appeals court on Friday applied a state Supreme Court decision demanding clear language in arbitration provisions to free 22 condominium purchasers from arbitrating their claims that Kushner Cos. and others misled them into joining a waterfront community that wasn't developed as proposed.
Pebblebrook Hotel Trust has purchased a 264-room hotel in West Los Angeles for $78.7 million, the Maryland-based hospitality real estate investment trust said on Thursday.
A California appeals court on Thursday ruled against environmental activists fighting to delay the construction of a $477 million sports arena planned for downtown Sacramento, California, saying that the activists failed to prove the arena's erection violates state law.
Starwood Hotels and Resorts Worldwide Inc. said on Friday that it sold Sheraton on the Park, an Australian landmark in Sydney’s business district, to China-based Sunshine Insurance Group Corp. for AU$463 million ($399 million), marking the hotel giant’s latest streamlining of its portfolio.
Blackstone Group LP’s Asia real estate unit is purchasing General Electric Japan Corp.'s residential real estate division for more than 190 billion Japanese yen ($1.61 billion), the companies said Thursday.
The Eleventh Circuit on Thursday partially reversed a decision by the U.S. Tax Court, siding with a Florida resident's argument that $5.75 million he received from assignment of his position in a lawsuit should be treated as capital gains, but rejecting two deductions he claimed totaling more than $800,000.
A California appeals court Wednesday upheld a lower court ruling dismissing 1st American Warehouse Mortgage Inc.'s bad faith suit over Topa Insurance Co.'s refusal to defend it in a lawsuit stemming from a soured real estate joint venture, saying 1st American's claim isn't covered under its errors and omissions policy.
An elderly woman's rent-stabilized lease cannot be sold to her Manhattan landlord to satisfy her bankruptcy debt, New York's top court ruled on Thursday, holding that such cut-rate leases amount to a public assistance benefit that is exempt from creditors.
Several beachfront property owners have sued Long Beach Township, New Jersey, and the state over the municipality's allegedly improper taking of easements for flood protection efforts, which they say runs afoul of the state's eminent domain law.
Inheritance and net-wealth taxes are the least successful wealth taxes in the European Union because they either have large exemptions or encourage taxpayers to shift wealth out of the bloc, says a European Commission report released Thursday that finds real estate taxes to be the best.
Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.
Landlords and tenants often forego a detailed letter of intent and go “straight to the lease” in an effort to streamline and expedite their office leasing transactions. However, in today’s tenant-favorable leasing market, a comprehensive letter of intent enhances the tenant’s ability to achieve key economic and other material terms, say Pamela Rothenberg and Christopher Iavarone of Womble Carlyle Sandridge & Rice LLP.
While credit card cases produced by far the largest recoveries for the Consumer Financial Protection Bureau, mortgages produced the most cases, which is not surprising since the CFPB receives roughly three times as many complaints about mortgages as it does about any other product, says Jon Eisenberg of K&L Gates LLP.
Our estimates indicate that some law firms spend up to $8,000 per attorney each year on print-related costs. Although we live in a digital world, hard copy printing will remain an important part of business for years to come. Changing technology, however, offers opportunities to improve efficiencies and save money, say Senthil Rajakrishnan and Ryan Mittman of HBR Consulting LLC.
In addition to establishing limits on the equitable mootness doctrine in bankruptcy, the Ninth Circuit’s Mortgages Ltd. decision last week confirms that the tightened federal pleading standards ushered in by Twombly and Iqbal do not give courts license to summarily disregard a party’s factual allegations at the pleading stage simply because they choose not to believe those allegations, say Steven Wilamowsky and Alix Brozman of Bing... (continued)
In addition to securities litigation, the financial crisis yielded many bankruptcy filings by parties connected to the issuance of mortgage-backed securities. MBS investors, however, have found some solace through increased recoveries in decisions reached in the Washington Mutual and Lehman Brothers bankruptcy cases, says Shan Haider of Perkins Coie LLP.
Unless the recent ruling in the Dewey & LeBoeuf LLP bankruptcy case is overturned on appeal or the New York Legislature amends the state’s fraudulent transfer and partnership laws, partners of New York firms will bear greater risk if their firms fail than will members of many non-New York partnerships. This risk factor might even affect decisions by prospective lateral partners about which firms to join, say attorneys with Arnold & Porter LLP.
A district court recently tossed the Department of Housing and Urban Development’s adoption of the disparate impact rule — a decision that serves as a significant stumbling block to the Obama administration’s efforts to regulate the banking and mortgage industries, and a significant weapon for those wishing to resist any application of the disparate impact theory in the context of Fair Housing Act claims, say attorneys with Bradley... (continued)
The removal and remand saga in Doyle v. OneWest Bank FSB, a class action originally filed in California Superior Court where the named plaintiffs purported to represent a nationwide class allegedly harmed by lender-placed insurance, is but one example of the larger issues inherent in the ongoing interpretation of the Class Action Fairness Act, say attorneys with BuckleySandler LLP.
Devonshire Real Estate & Asset Management LP v. American Insurance Company illustrates many of the issues insurers face over hail claims, particularly that a claim is almost never wholly presented with the initial measure — there always seem to be additional supplements forthcoming and new allegations of damage in litigation, says Brett Wallingford of Zelle Hofmann Voelbel & Mason LLP.