Real Estate

  • March 6, 2015

    Chartis Should Pay Fees In Condo Coverage Row, Court Hears

    A construction company urged an Oregon federal judge Friday to order Chartis Specialty Insurance Co. to pay its attorneys' fees in a dispute over the insurer's attempt to skirt coverage for defects at a Portland condominium complex.

  • March 6, 2015

    Deutsche Shareholders Seek High Court Review Of MBS Suit

    Plaintiffs in a dismissed securities class action against Deutsche Bank AG have asked the U.S. Supreme Court to review its claim over the bank’s €20 billion ($21.7 billion) exposure to risky mortgage assets during the financial crisis, saying the case resembles the landmark Omnicare matter pending before it.

  • March 6, 2015

    Law Firm Accused Of Fla. Bar Process, Public Records Abuse

    An attorney who served time 15 years ago for money laundering accused law firm Hand Arendall LLC of needlessly mentioning his felony conviction, accusing him of illegally representing their opposition in a foreclosure suit and of abusing the Florida Bar’s complaint process, according to a suit filed Friday.

  • March 6, 2015

    Mall Of America Owner Plans $4B World's Biggest Complex

    Mall of America owner Triple Five Group Ltd. is planning a new complex in Miami that would be the world’s largest entertainment attraction, a Triple Five spokeswoman confirmed Friday, and reportedly cost up to $4 billion.

  • March 6, 2015

    Brookfield Gets $208M From Wells For London Purchase

    Brookfield Property Partners LP has scored a £138 million ($207.5 million) loan from Wells Fargo Co. for its recent purchase of an office property in London, Wells Fargo announced on Friday.

  • March 6, 2015

    BlackRock Can't Stop Deal In BofA, US Bank RMBS Suit

    A New York federal judge on Thursday denied a bid by a group of institutional investors to wade into a class action residential mortgage-backed securities lawsuit against Bank of America NA and U.S. Bank National Association, saying a $69 million settlement of the suit won’t wipe out the intervenors’ claims.

  • March 6, 2015

    HAMP Doesn't Bar State Contract Claims, NJ Court Says

    The New Jersey Appellate Division on Thursday ruled that the Home Affordable Modification Program stipulation preventing borrowers from filing private lawsuits doesn't prevent state law claims for breach of related trial period contracts, but the court nevertheless dismissed a suit against Bank of America over lack of evidence. 

  • March 6, 2015

    Schiff Hardin Gets White Collar Boost With Ex-NY Prosecutor

    A former federal prosecutor has joined Schiff Hardin LLP's New York office, bringing white collar experience that ranges from mortgage fraud to emerging areas of cybercrime. 

  • March 6, 2015

    Ocwen Tries To Buck Tax Reporting Class Action

    Ocwen Financial Corp. on Thursday asked a California federal court to dismiss a proposed class action alleging the company failed to report home mortgage interest to the Internal Revenue Service because the relevant statute does not allow for private action.

  • March 6, 2015

    Family Blasts Gov't, Creditors In Iran-Owned Tower Spat

    A family seeking to intervene in a suit over assets from the sale of Iran's interest in a Manhattan tower blasted the U.S. government and existing judgment creditors on Friday, alleging they wrongfully tried to get around forfeiture case rules, and asked the court to set a deadline for any further opposition.

  • March 6, 2015

    Ex-S&P Exec Fights SEC Bid To Ax Suit Over In-House Courts

    Attorneys for former Standard & Poor’s Ratings Services executive Barbara Duka fired back against the U.S. Securities and Exchange Commission Thursday, telling a New York federal judge that a recent decision in a separate challenge to the agency’s use of in-house courts conflicts with prior rulings and should not factor into her case.

  • March 6, 2015

    Okla. Tribes Say US Lacked Right To Sell Timber Lands

    The Chickasaw Nation and the Choctaw Nation on Thursday asked an Oklahoma federal judge to rule that the U.S. Department of the Interior and other federal agencies violated federal law by selling timber lands they held in trust for the tribes.

  • March 6, 2015

    Raiders Renew Lease At Oakland Coliseum

    The Oakland Raiders have signed a short-term lease renewal to stay at the Oakland Coliseum, which provides some clarity for the team's short-term future but leaves open the question of where the team will end up in long term, Oakland officials announced on Friday.

  • March 6, 2015

    Sunoco Drops Local Zoning Exemption Bid For Pa. Pipeline

    A Sunoco Inc. subsidiary on Thursday dropped its bid to have a proposed pipeline that would ferry natural gas from western Pennsylvania to a Philadelphia-area refinery categorized as a public utility by state regulators, a move that would have exempted the project from local zoning decisions.

  • March 6, 2015

    Goodwin, Hogan Lovells Guide Retail REIT’s $250M Note Sale

    With plans to pay down some of its borrowings, real estate investment trust Retail Properties of America Inc. has tapped Goodwin Procter LLP to guide its $250 million public offering of senior unsecured notes underwritten by institutions advised by Hogan Lovells.

  • March 6, 2015

    BP, Chevron Off The Hook In La. Contamination Suit

    A Louisiana appeals court on Thursday affirmed a lower court's dismissal of a landowner's contamination claims against Chevron USA Inc., BP America Production Co. and two others, finding the landowner’s right to damages was not protected by the Louisiana Mineral Code.

  • March 6, 2015

    Judge Urged To Hold Chinese Drywall Co. Parents In Contempt

    Plaintiffs seeking to enforce a multidistrict litigation judgment over defective drywall manufactured by Taishan Gypsum Co. Ltd. have urged a Louisiana federal judge to hold its parent companies in contempt, alleging they ordered the Chinese drywall manufacturer’s defiance of a court mandate.

  • March 6, 2015

    CPPIB Drops $1.96B In First-Ever Student Housing Investment

    The Canada Pension Plan Investment Board has agreed to pay roughly £1.1 billion ($1.96 billion) for the Brandeaux Student Accommodation Fund's U.K. student accommodation portfolio, the companies said Friday, marking CPPIB's first foray into the world of student housing.

  • March 6, 2015

    Real Estate Rumor Mill: Blackstone, CBRE, Fried Frank

    Blackstone Group LP is reportedly in talks to buy Chicago's Willis Tower for $1.5 billion, while CBRE Group Inc. is said to be considering the acquisition of Johnson Controls Inc. property management unit, and Fried Frank Harris Shriver & Jacobson LLP’s Manhattan offices may relocate to its client and landlord's new Hudson Yards development project.

  • March 5, 2015

    US Bank Can't Revive $1.8B RMBS Suit Against Credit Suisse

    A New York state judge on Thursday refused to revive a settled $1.8 billion residential mortgage-backed securities lawsuit against a Credit Suisse unit brought by Assured Guaranty Corp., saying U.S. Bank NA’s attempt to intervene is too late.

Expert Analysis

  • Is Laminate Flooring The New Drywall For Insurers?

    Kristin S. Heres

    There are significant similarities between the Chinese drywall issues of yesteryear and the emerging concerns regarding Chinese laminate flooring — both drywall and flooring are installed indoors and involve the “off-gassing” of chemicals, says Kristin Heres of Zelle Hofmann Voelbel & Mason LLP.

  • Law Firm Tensions Mount In Africa — What Does It Mean?

    Steve Blundell

    Tensions are perhaps inevitable in a fast-growing market such as Africa where international law firms are gearing up for a greater level of market entry, and where the independent firms remain highly reliant on referrals from these same firms. But the questions facing both types of firms go to the heart of short-term expedient versus long-term strategy, says Steve Blundell of Redstone Consultants.

  • Inclusionary Housing And Its Takings Law Challenges

    Ross F. Moskowitz

    As Mayor Bill de Blasio highlighted in his recent state of the city address, New York City is poised to launch a mandatory inclusionary housing program. Among the potential legal issues raised by such programs are whether they constitute unconstitutional “takings” by the government, say attorneys with Stroock & Stroock & Lavan LLP.

  • EB-5 — A Global Crowdfunding Platform

    Preeya Malik

    Transcending the Silicon Valley notions of crowdfunding, the EB-5 investor visa program has allowed a new wave of cash injection for startups and businesses, one whose promise for new startups and commercial real estate projects is both enormous and untapped, say Shai Zamanian and Preeya Malik, co-founders of investment immigration services firm Step America.

  • Investing In NYC Real Estate? Get Ready For Rent Laws

    Blaine Z. Schwadel

    New York City rent regulation started as a form of emergency rationing during and after World War II. But housing is a political subject, especially in New York City, and the emergency hasn’t gone away in the last 70 years — at least not in the minds of those who keep renewing the confusing overlay of regulations, says Blaine Schwadel of Rosenberg & Estis PC.

  • Texas Claims Are Getting Nasti: The Insured’s Burdens

    Andrew A. Howell

    Nasti v. State Farm Lloyds confirms the insured’s ultimate burden in Texas hail claims to allocate damages between covered and excluded perils and show that its insurer acted in bad faith, says Andrew Howell of Zelle Hofmann Voelbel & Mason LLP.

  • A New Target For Distressed Investors

    Darius J. Goldman

    Although proceedings commenced only a month ago, Target Canada has piqued the interest of many savvy distressed investors for a number of reasons. Given that Target Canada leased 130 stores, landlords' claims will be a significant factor in creditor recoveries, and their actions should be monitored closely, says Darius Goldman of Katten Muchin Rosenman LLP.

  • Not Exactly A Solution To Creditors' Nightmares

    Robert K. Edmunds

    In commercial and real estate disputes, California courts have consistently refused to permit a creditor to recover the full amount of a debt following the debtor's breach of the settlement agreement. A decision in Jade Fashion & Co. Inc. v. Harkham Industries Inc. might suggest that forbearance agreements could be the solution, but creditors would be wise to view the ruling as muddying the waters rather than providing clarity, say... (continued)

  • Lenity And Deference On A Collision Course

    Michael Y. Kieval

    It is clear that at least two U.S. Supreme Court justices are willing to address the issue of deference to the agency interpretation of criminal or hybrid statutes. It is less clear whether the court is interested in curbing the use of administrative adjudication to make law. Both of these trends carry particular importance for the financial services industry, say attorneys with Weiner Brodsky Kider PC.

  • Defining Atty Fee Enforceability In Illegal Contracts

    Sylvia S. Arostegui

    California courts have previously enforced attorneys' fees provisions in a real estate purchase contract even though the underlying contract was illegal. However, in Mountain Air Enterprises v. Sundowner Towers, a state appeals court distinguished prior decisions and clarified when a party can recover attorneys' fees under a real estate purchase contract that is ruled to be illegal, say Sylvia Arostegui and Brendan Macaulay of Nossaman LLP.