Four former executives convicted of running a Ponzi-like scheme through bankrupt real estate firm DBSI Inc. on Tuesday asked an Idaho federal court to toss the verdicts against them or grant a new trial, saying prosecutor missteps tainted the jury's decision.
New York City Mayor Bill de Blasio on Wednesday proposed legislation that would provide relief to city homeowners who rebuilt or repaired their homes after Superstorm Sandy and who are soon facing a huge increase in their property tax bills.
Bank of New York Mellon considers moving to New Jersey, Sony plans to get into real estate business, and New York plans to shut down Long Island College Hospital.
U.S. Bank NA was unable to escape claims in New Jersey federal court on Wednesday alleging negligence and failure to inform investors of defaults in its role managing two residential mortgage-backed securities trusts.
A Pennsylvania appeals court on Wednesday upheld the dismissal of separate class actions accusing two law firms of foreclosure abuses on behalf of banks, finding that the state consumer protection laws at issue didn’t apply to lawyers.
A Florida appeals court on Wednesday freed State Farm Florida Insurance Co. from covering property damage caused by body fluids that leaked from the dead body of a policyholder's neighbor, rejecting what it acknowledged was a novel argument: that the losses stemmed from an “explosion.”
National Investment Corp., the developer of the Breakwater barrier off the coast of Abu Dhabi, has inked a $259 million, 10-year loan from Abu Dhabi Commercial Bank PJSC to develop a Fairmont Hotels & Resorts Inc. project, the bank announced Monday.
Lamar Advertising Co. has received the go-ahead from the U.S. Internal Revenue Service to convert to a real estate investment trust, it said Wednesday, issuing its announcement days after a CBS Corp. advertising subsidiary said it too will convert to an REIT.
The Consumer Financial Protection Bureau announced on Wednesday a pilot program to determine if relying on electronic documents and other tools could make the mortgage closing process simpler, as part of a campaign to make it easier to buy a home.
Las Vegas entertainment giant Caesars Entertainment Corp. on Wednesday jumped into the bidding race for one of New York’s new gambling licenses, putting in its bid to develop a $750 million luxury resort casino in Woodbury, N.Y.
U.K. affordable fashion retailer Primark plans to open its first U.S. store in Boston's Downtown Crossing neighborhood, taking 112,000 square feet in a vacant building being developed by Millennium Partners, the parties announced Wednesday.
Arizona Gov. Jan Brewer on Tuesday vetoed legislation that would have added leased property to a property tax exemption for religious institutions, saying the bill would have compounded assessors' administrative burdens and may not actually benefit tenants.
Cincinnati Insurance Co. sued American Family Mutual Insurance Co. on Wednesday in Illinois federal court, alleging it has failed to pay for defense costs in an underlying construction defect suit against a real estate developer.
A New Jersey federal judge on Wednesday declined to toss racketeering charges against a pair of reputed Lucchese crime family associates accused of draining $12 million from a mortgage lender and forcing its bankruptcy but dismissed counts against two attorneys and another defendant.
Hedge funds have joined the rush to real estate deals and development in recent months to close the financing gap left by tightening bank standards, but attorneys say many aren't prepared for the disclosures and liabilities that come with the lucrative returns.
The Port Authority of New York and New Jersey on Wednesday postponed its vote on whether 3 World Trade Center should receive $1.2 billion in construction assistance, saying negotiations with Silverstein Properties Inc. have not yet reached an adequate conclusion.
A Safeway Inc. unit on Wednesday pushed the Pennsylvania Superior Court to slash an $18 million judgment over its cancellation of a shopping center lease, telling an en banc panel of the court that the money and interest awarded must be reduced to present value.
A Connecticut federal judge on Wednesday gave Fannie Mae and Freddie Mac another victory in a long judicial winning streak against state and local governments trying to collect local real estate transfer taxes, dismissing a class action brought by the city of Bridgeport.
A New York federal judge has nixed claims that Darwin National Assurance Co. acted in bad faith by imposing a higher flood deductible for Superstorm Sandy damage to a residential construction project, according to a ruling posted Tuesday.
A Kansas federal judge on Tuesday tossed the National Credit Union Administration board’s state-law claims alleging UBS Securities LLC misrepresented the risk of about $2 billion in residential mortgage-backed securities it sold to two now-defunct credit unions, finding the claims were time-barred.
Subscription facilities have become attractive financing opportunities for a wide range of funds throughout the private equity, real estate, energy, infrastructure and mezzanine debt space. With even the most basic subscription facility, a fund can borrow to “bridge” the time between the making of an investment or the payment of expenses and the calling of capital at a later date to repay the borrowing, say Mary Touchstone and Julia Kohen of Simpson Thacher & Bartlett LLP.
The State Bar of California has decided to follow New York's lead and require prospective attorneys to record 50 hours of pro bono service in order to be eligible for admission. While we applaud the intentions behind these initiatives, there are a number of reasons why state bars should limit any mandatory pro bono requirement to this context, rather than extend it to licensed attorneys as some have suggested, say attorneys with the Association of Pro Bono Counsel.
The latest decision in California's ongoing big-box retail battle came from a state appellate court in California Clean Energy Committee v. City of Woodland, which invalidated the approval of a development project. The reversal highlights a number of important California Environmental Quality Act compliance issues — not least among them mitigating "urban decay" and energy impacts, say Benjamin Rubin and Robert Thornton of Nossaman LLP.
The Third Circuit recently ruled in Thompson v. Real Estate Mortgage Network that a successor company can be held liable for remedying Fair Labor Standards Act violations committed by a predecessor company. In light of this highly visible and expanding precedent, case law is clear that liability may apply even when successor employers are bona fide purchasers and specifically disclaim in agreements any liability for legal claims against the predecessor, say Patrick McCarthy and Kevin Skelly of Day Pitney LLP.
The lesson arising out of a Sixth Circuit ruling in 1st Source Bank v. Wilson Bank & Trust for a junior secured party taking a security interest in accounts (or anything else, for that matter) is to make certain that the collateral is something that will not likely be subject to a prior security interest in proceeds. The riskiest situations will naturally involve accounts receivable, general intangibles, instruments, deposit accounts and investment property, says David Peterson of Lowndes Drosdick Doster Kantor & Reed PA.
The Federal Circuit recently ruled that the Department of Housing and Urban Development could not sidestep federal competition requirements by using cooperative agreements, instead of procurement contracts, to outsource its contract administration services. Federal contractors should remain vigilant and determine whether their agencies’ use of cooperative agreements gives rise to a potential protest, say Carlos Aksel Valdivia and Gunjan Talati of Reed Smith LLP.
The First Circuit’s decision in In re SW Boston Hotel Venture is significant for lenders because it demonstrates that a lender’s right to post-petition interest may change during the course of a bankruptcy case. Importantly, it provides a precedent for lenders to obtain post-petition interest, even when they happen to be undersecured on the date of the filing of the petition, say Hugh McCullough and Bradley Duncan of Davis Wright Tremaine LLP.
There has been a dramatic change in how public relations professionals interact with the news media to promote or protect a law firm’s brand and reputation. But content is queen and has a bright future in law firm PR — it all begins with a plan that should include goals, performance indicators and a system of assessment, say Paul Webb, director of marketing at Young Conaway Stargatt & Taylor LLP, and Kathy O'Brien, senior vice president at Jaffe PR.
In keeping with commercial real estate guarantors’ expectations of what it means to sign a “bad boy” guaranty, the Southern District of New York’s ruling in CP III Rincon Towers v. Cohen has turned the tide against recent decisions that purport to apply “plain language” in a way that causes commercially unreasonable and absurd results, say Janice Mac Avoy and Gregg Weiner of Fried Frank Harris Shriver & Jacobson LLP.
Among the most significant changes being made to the Russian Civil Code is the introduction of the security trustee concept, which will strengthen syndicated lending and asset-backed security structures involving Russian collateral, and will bring the Russian legal system into harmony with the most developed legal systems in the world in this area, says Alexey Kukharev of Orrick Herrington & Sutcliffe LLP.