Liner LLP has enlisted a commercial and real estate litigator from McKenna Long & Aldridge LLP with experience handling breach of contract cases and appellate matters to reinforce its Los Angeles office, the firm announced Monday.
Virginia's attorney general on Monday dropped two JPMorgan Chase & Co. units from a $1.15 billion suit accusing them of selling toxic residential mortgage-backed securities to Virginia's retirement fund after he discovered that his predecessor had approved a confidential settlement precluding the claims.
Florida law firm Gursky Ragan PA fired back Thursday in a dispute over a contract to pursue open accounts for the nation's largest homeowners association, with a suit claiming it is owed more than $200,000 and was wrongly blocked from completing more than $1.2 million of work.
The Los Angeles Unified School District sued Wells Fargo in California federal court on Monday, saying the bank used racial discrimination to target people for subprime loans in violation of the Fair Housing Act, which cost the district millions in lost property tax revenues and put thousands of homes in foreclosure.
The progressive Fiscal Policy Institute on Monday proposed that the de Blasio administration institute a tax on high-end pieds-a-terre in order to bring in revenue from the many foreign buyers of luxury apartments in the city who do not pay personal income tax.
A recently unveiled plan by U.S. Sugar Corp. to develop 67 square miles in Hendry County, Florida, for residential and commercial use has drawn the ire of environmental groups that claim it is a thinly veiled attempt to increase the price of land slated to be bought by the state for Everglades restoration.
British Land Co. PLC has set new records for sales of apartments in London’s Mayfair district — which overlooks Buckingham Palace — selling 18 luxury flats for £210 million ($343.5 million), the London-based real estate investment trust said on Monday.
Lehman Brothers Holdings Inc. will pay a total of $350 million to its U.K. landlord and the Canary Wharf management company to settle claims stemming from Lehman’s broken lease for its Bank Street offices in London, according to a New York bankruptcy court filing Monday.
Real estate investment trust Parkway Properties Inc. said Monday it will spend $475 million to purchase 22 office properties, including three in Tampa, Florida, and that it will finance the transaction by offering 10 million shares of common stock.
Billionaire Ronald Perelman has reportedly spent $120 million on a Lenox Hill residential building, Silvercup Studios is relaunching a $1 billion expansion project in Queens and in Vienna, developer Raiffesian Evolution is set to sell its Promenada shopping center for €150 million.
A seismic shift is occurring in the office market that will impact existing office development and set future trends for all owners, developers, investors and tenants, says Antonio Calabrese, head of Cooley LLP’s real estate practice.
A California judge on Friday refused to toss Shell Oil Co.'s suit alleging a developer owned by Dole Food Co. Inc. is liable for $40 million in cleanup costs for land it bought from Shell decades ago, saying more evidence is needed to parse the contract at issue.
A subsidiary of Singapore-based real estate firm Keppel Land Ltd. is selling its stake in a 46-story Singapore office and retail tower to its real estate investment trust, Keppel REIT Management Ltd., for SG$710.1 million ($567.9 million), Keppel Land said Thursday.
St. Thomas Church has gotten $71 million from Hines and Goldman Sachs, while the San Pablo Casino may buy an adjacent hospital and Claremont is turning a Wall Street office building into condos with the help of a $52 million loan.
Bank of America Corp.'s attempt to overturn a New York federal jury's verdict that it defrauded Fannie Mae and Freddie Mac through an expedited mortgage-issuing program — prompting a $1.3 billion fine — defies "the evidence, the law and common sense," the government argued Friday.
The Pennsylvania Supreme Court on Friday approved a 6-month stayed suspension of a Pittsburgh lawyer for concealing about $1 million in shortfalls at various real estate firms caused by employee misconduct.
A Delaware bankruptcy judge Friday denied a bid from a shareholder of Ireland's Blackrock Clinic to be declared the purchaser of Irish Bank Resolution Corp. loans secured by shares in the hospital after the €24 million sale failed to close in connection with a dispute with his financial backer.
New York authorities on Thursday arrested a Westchester County businessman after investigators concluded he had fraudulently obtained more than $36 million in commercial real estate loans from Capital One Financial Corp. and engaged in a decade-long tax evasion scheme.
A New York state judge on Thursday said insurers can enforce flood exclusion provisions in policies regardless of any other cause or event that contributes to a loss, a ruling with possible implications for homeowners claiming Hurricane Sandy property damage was caused mainly by wind.
Ryan Kirkpatrick, general counsel at McCourt Global, a real estate developer that's active across the country, says he's seeing more complex joint ventures, and more capital players at the table means additional investment opportunities but also added legal challenges. Here, Law360 sits down with the man responsible for structuring the joint ventures for the former Dodgers owner's real estate firm.
It has become common practice in California to carve up ownership interests in entities that own real property among multiple parties so that no single party has a majority interest — in order to avoid tax reassessment. However, a proposed law could make the practice increasingly difficult, say Philip Hanaka and David Plantz of Buchanan Ingersoll & Rooney PC.
Nothing makes an in-house counsel feel like they are being nickeled-and-dimed more than receiving a $3.50, stand-alone invoice. Forcing anyone to spend time on a $3.50 invoice is, quite frankly, just not cool, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.
The Georgia Supreme Court’s ruling in Dillard Land Investments LLC v. Fulton County will prevent condemnors from using proceedings as tools to test the strength of their position as to the value of a property and will restrict judge-shopping in hopes of getting more favorable awards, says Monica Owens of Pursley Friese Torgrimson LLP.
In today’s economic environment, with a lack of financing for ground-up construction, the opportunities for investment in mixed-use properties lie in acquisition and operational optimization of existing, substantially developed projects. Meanwhile, developers and owners need to avoid the pitfalls that have plagued so many mixed-use projects, say Andrew Wharton of REH Capital Partners LLC and Michelle Tanzer of GrayRobinson PA.
California’s First District Court of Appeal recently doubled-down on its 2013 ruling in Jolley v. Chase Home Finance LLC, again holding that a residential mortgage servicer owed a borrower a duty of care when reviewing a loan-modification application. In doing so, however, the court did not address other — and perhaps more basic — questions, say Luke Sosnicki and Stephanie Yu of Dykema Gossett PLLC.
Recent decisions from the Texas Supreme Court and the Dallas Court of Appeals show that under Texas law, an insurer bears the risk of improper conduct by its insured in depositing a claim payment without obtaining the proper endorsement of all payees, says David Winter of Zelle Hofmann Voelbel & Mason LLP.
With bear sightings reported all over Florida for years, developers should include “bear-wise” community requirements in their subdivision restrictions, which gives the homeowners association a mechanism to enforce them, including the imposition of fines for violations, says Gary Kaleita of Lowndes Drosdick Doster Kantor & Reed PA.
A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.
It is highly unlikely that a subscription facility lender, absent unusual control or profit-sharing mechanics, could be deemed to hold an ownership interest in a private equity fund under the Volcker Rule solely as a result of the typical facility lending relationship, say attorneys with Mayer Brown LLP.
For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.