DLA Piper was hit with an $80 million lawsuit in New York state court on Friday by two Cayman Islands investment funds that say the law firm helped their investment manager misappropriate more than $36 million to cover payments owed by an investment vehicle that dealt in mortgage-backed securities.
A New York state judge has thrown out a proposed class action involving a prominent real estate developer that alleges Hess Corp. breached customer contracts by delivering tainted heating oil to New York City buildings, finding that plaintiffs failed to sufficiently allege they suffered a discernible injury.
An Ohio accountant was sentenced to more than three years in prison Friday for his role in filing fraudulent income tax refunds totaling more than $8.8 million and using the money to convince others to invest in a real estate venture.
A New York state judge has temporarily barred a Brooklyn attorney and two condominium developers he represents from participating in condominium- and securities-related work in New York during a suit against them over alleged construction defects in their new development, the state attorney general said Friday.
A New Hampshire gambling committee on Friday gave a key vote of support to draft legislation that would set up a new gaming authority and that envisions the awarding of a license to develop a casino in the state.
Goldman Sachs Group Inc. must face allegations it lied to HSH Nordbank AG about the quality of the loans in $110 million worth of mortgage-backed securities, a New York state judge has ruled, finding that it hadn't waited too long to sue under German law.
Gains made off the sale of residential property in Britain by investors who live outside of the country will be subject to a new tax beginning in 2015, Chancellor of the Exchequer George Osborne said Thursday in a speech to parliament.
Mississippi Insurance Commissioner Mike Chaney on Thursday attacked the Federal Emergency Management Agency's attempt to end his lawsuit challenging steep rate hikes planned for the National Flood Insurance Program, arguing that FEMA itself would benefit from an injunction on the premium increases.
The Fifth Circuit on Friday upheld a decision requiring Lexington Insurance Co. to defend a Louisiana parish against dozens of property owners who sued over the demolition of their houses in the wake of Hurricane Katrina but also found that a lower court erred in forcing the insurer to cover the parish for potential damages.
A D.C. federal judge approved a $153 million class action settlement Friday for investors who accused housing giant Fannie Mae and accounting firm KPMG LLP of putting out misleading financial reports, the largest such settlement in the D.C. Circuit since 1996.
Hotel builder Rida Development Corp. and private equity firm Ares Management LLC have struck deals securing the financing for a $335 million convention center hotel project in Houston and nailed down Marriott International Inc. as the manager, the companies announced Thursday.
The New York City Department of City Planning unanimously approved a plan to build a $53 million concert amphitheater on the same lot as Coney Island's iconic-yet-abandoned Child's Restaurant, a commission spokesman said Friday.
A Missouri federal judge on Wednesday dismissed American Safety Indemnity Co. from a coverage lawsuit over a gasoline pipeline leak, finding that the alleged property damage did not occur during American Safety's policy period.
The city of Aurora, Colo., asked a state judge Wednesday to toss a lawsuit brought by hotel owners trying to block tax incentives earmarked for an $824 million resort project, saying the group lacks standing.
Macy's and Bloomingdale's have both signed on to be anchor tenants in the massive Miami Worldcenter development planned for the city's downtown, the project's retail developers announced Thursday.
The New Jersey Tax Court said Friday that BASF Corp., the owner of a partially contaminated property, could deduct its remediation cost from the entire parcel's property tax bill, rejecting a local town's argument that deductions only apply to the polluted portions of the land.
I was recently the only female present as several lawyers, not at my firm, discussed future U.S. presidential candidates. “No one will vote for a woman” was the consensus they reached, oblivious to my female presence in their midst, says Dusty Elias Kirk, leader of Reed Smith LLP's real estate group.
A judge for a New York state court in Manhattan on Wednesday tossed a lawsuit brought by the New York City Council and public housing tenants seeking to stop Mayor Michael Bloomberg’s controversial Land Lease Initiative, saying the case was not ripe for review.
Los Angeles launched two suits Thursday accusing Wells Fargo & Co. and Citigroup Inc. of flooding minority neighborhoods with discriminatory mortgage loans that decimated local property values, sending property tax revenues down and government services costs soaring.
Chatham Lodging Trust bought the SpringHill Suites by Marriott in downtown Savannah's historic district for $39.8 million, the hotel real estate investment trust said Friday.
Condominium developers are turning to the buyer-financed model to fund the pre-construction and construction phases of their projects. But a recent Florida Supreme Court ruling complicates things for realtors and lawyers who do not identify and inform their buyers of the risks of this development model, says Andrew Hall of Hall Lamb and Hall PA.
Every appellate court to consider the issue has now rejected the National Labor Relations Board’s anti-arbitration position in D.R. Horton as out of step with the Federal Arbitration Act and the U.S. Supreme Court’s decision interpreting the statute in AT&T Mobility LLC v. Concepcion. And that growing consensus is a positive development for employers and employees alike, say Archis Parasharami and Scott Noveck of Mayer Brown LLP.
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.