A federal judge signaled Thursday he might fine Bank of America Corp. more than $1 million, a penalty amount favored by the institution, for defrauding Freddie Mae and Fannie Mac through a mortgage program.
A Miami woman on Wednesday sued a Barbados investment company claiming it has conspired to push her out of a real estate holding company once worth $800 million and has threatened and intimidated her in an attempt to coerce her to sell her shares in the trust.
A married couple sued Bank of America NA and Nationstar Mortgage on Tuesday in New Jersey federal court, accusing them of unfair and deceptive business practices that forced the couple into default and damaged their credit scores.
A New Jersey title company was hit with a putative class action suit in state Superior Court last month, alleging the firm and its owner charged real estate buyers excessive fees during the closing process.
A metal processing plant on Thursday argued that if the Texas Supreme Court affirms a jury’s damages award stemming from environmental contamination since cleaned up to meet regulatory standards, it will introduce industry confusion and create open-ended potential liability.
Liberty Insurance Underwriters Inc. filed suit in New York federal court Tuesday claiming it is not responsible to provide coverage for claims brought against Wiss & Co. LLP and some of its current and former employees who were involved in financing a failed luxury resort in Costa Rica.
The American Civil Liberties Union hit the Federal Housing Finance Agency with a suit alleging Freedom of Information Act violations in California federal court Thursday, claiming the agency has collaborated with the financial industry to block cities from using eminent domain to prevent foreclosures.
A small group of highly capitalized institutional investors will account for 84 percent of all institutional real estate investment in the near future, according to Preqin Ltd.'s latest data, tightening competition for the best properties and edging out newer, smaller fund managers.
A National Labor Relations Board administrative law judge found Wednesday that a California-based realty company’s mandatory employment documents for new and existing employees, which included an arbitration agreement containing a class waiver, violated federal labor law under D.R. Horton.
Kaufman & Co. LLC this week welcomed an experienced commercial attorney with a focus on intellectual property, real estate and media-related litigation and counsel to its recently opened New York City office.
The residential association of Miami hotel and condominium development One Bal Harbour emerged victorious Wednesday evening at a bankruptcy auction for the property's common areas with a $13.4 million bid.
Investment firm Land and Buildings called on BRE Properties Inc.'s board of directors Thursday to consider selling the company amid reports earlier this week that competitor Essex Property Trust has offered to buy the company for about $5 billion.
The head of the Massachusetts Gaming Commission announced on Thursday that he had recused himself from deciding if a Wynn Resorts Ltd. unit can score the state's Boston-area gambling license due to personal ties to the owner of the site for Wynn's proposed $1 billion casino.
Investors can't get any discovery yet for their $450 million mortgage-backed securities lawsuit against Goldman Sachs Group Inc., a New York state judge ruled during a hearing Thursday, saying he first needed a better idea of if he'd dismiss it.
The Westfield Group will buy the second half of the World Trade Center's retail space from The Port Authority of New York and New Jersey for $800 million, giving it full ownership of the space, the Australian real estate giant said Thursday.
A unit of MGM Resorts International has reached its first mitigation deal with a community near the site of its proposed $800 million casino in Massachusetts, after officials for the town of Ludlow on Tuesday approved the agreement.
The long-delayed $3.7 billion entertainment complex in New Jersey known as American Dream Meadowlands inched closer to reality Tuesday night, when a county authority approved several major financial pieces of the plan, including the issuance of up to $550 million in bonds.
Lenders who say they lost $767 million in a complex OppenheimerFunds Inc.-backed securities deal should have their allegations revived because they already have provable damages, the lenders' attorney told a New York appeals court panel during a hearing Wednesday.
A proposed $150 million minor-league baseball park for the Nashville Sounds on Tuesday night won several approvals from the city's Metropolitan Council and dodged an amendment that would have tacked a fee onto the baseball team's deal for every year in which construction was delayed.
A Minnesota district court brushed aside Swift County's argument that Congress cannot give preferential tax treatment to Fannie Mae and Freddie Mac without violating the Commerce Clause, the county said, claiming the trial court ignored U.S. Supreme Court precedent and obliterated the distinction between federal and state power.
State appellate courts provided sweeping decisions in 2013 affecting coverage rights under a variety of insurance policies. Practitioners can learn from K&L Homes Inc. v. American Family Mutual Insurance Co. and Capstone Building Corp. v. American Motorists Insurance Co., to name just two, say attorneys with Kilpatrick Townsend & Stockton LLP.
Arising in the context of a government lease, the Civilian Board of Contract Appeals' recent decision in Kap-Sum Properties LLC v. U.S. General Services Administration highlights the profound effect that unique federal changes clauses and disputes clauses have on a contractor’s options in the face of government delays and alterations to the contract, say attorneys with Arnold & Porter LLP.
A Georgia federal court recently ruled in Metro Brokers Inc. v. Transportation Insurance Co. that an all-risk insurance policy did not provide coverage for online fraudulent withdrawals from the company’s bank account. This decision offers guidance as to how a court may treat a policyholder’s claim under a traditional all-risk policy and the effect of broad computer fraud exclusions, says James Kitces at Robins Kaplan Miller & Ciresi LLP.
Two important events this year make clear that California's anti-deficiency statutes not only protect borrowers in nearly all circumstances when dealing with a residential loan but also trump any separate agreement the lender may have with a borrower for the payment of any deficiency following either a foreclosure or a short sale, say Sylvia Arostegui and Eunice Majam-Simpson of Nossaman LLP.
Two line items — overhead and profit — in roof replacement insurance claims are causing considerable debate in Texas, as neither Texas law nor the Texas Department of Insurance has provided determinative guidance. Use competitive roof replacement bids submitted by reputable roofing contractors, rather than estimates generated by computer software, to determine the appropriate claim measure, says Todd Tippett of Zelle Hofmann Voelbel & Mason LLP.
Even if the European economic recovery remains constrained, the global real asset rotation and navigation of the commercial real estate debt gap should continue to propel real estate investment up the risk curve in 2014. The growing participation of larger institutional players also signals larger deals in core markets, says Eric Rosedale, co-chairman of Dentons real estate group in Europe.
As conflicts have intensified over a number of California cities’ approaches to inclusionary housing, the courts have created a patchwork of law that has provided little practical guidance to local governments or developers, but recent actions by the governor and the California Supreme Court may be bringing things into focus, say attorneys with Morrison & Foerster LLP.
In light of "unlawful exactions imposed by municipality on developers" in regards to off-tract improvement contributions, developers are once again warned not to undertake negotiations with planning boards or governing bodies unless those contributions are specifically linked to improvements, says Henry Kent-Smith of Fox Rothschild LLP.
Given the Tax Court decision in G.D. Parker Inc. v. Commissioner of Internal Revenue, corporate structures involving the holdings of personal use U.S. real estate should be revisited. Several alternative structures might be feasible and may serve to reduce or avoid the Parker risk for new acquisitions, says Charles Kolstad of Venable LLP.
If industry executives did not suffer previously from heartburn when thinking about the Consumer Financial Protection Bureau’s complaint process, now is the time for them to reach for the antacids, says Brett Kitt, counsel with Greenberg Traurig LLP and former senior counsel at the CFPB.