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Real Estate
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March 26, 2024
REIT Exec Tells 2nd Circ. To Toss $3.2M Judgment
The co-founder of a real estate investment trust told the Second Circuit to toss the $3.2 million judgment awarded in a former partner's 2014 suit, arguing that related jury instructions were "too confusing and prejudicial."
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March 26, 2024
Locke Lord Gains Real Estate Attorney From Boston Boutique
Locke Lord LLP announced the addition of a partner from the Boston-based real estate and commercial litigation boutique Nathanson & Goldberg PC, touting his combined litigation and transactional experience.
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March 26, 2024
NC Justices Find BofA Mortgage Fraud Suit Filed Too Late
The North Carolina Supreme Court has ruled that homeowners accusing Bank of America NA of fraud in a mortgage modification program filed their claims too late, finding they knew or should have known about the alleged fraud when their homes were foreclosed upon — four to seven years before they sued.
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March 25, 2024
LoanDepot Settles Appraisal Bias Suit After Scholar's Death
Mortgage company loanDepot has agreed to make policy changes and pay an undisclosed amount to resolve a Black couple's lawsuit claiming their Baltimore home was undervalued because of their race, just a couple of weeks after plaintiff Shani Mott, a scholar at Johns Hopkins University, died of cancer.
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March 25, 2024
Ex-LA Official Downplayed Role In Huizar Bribes, Jury Told
An FBI agent told California federal jurors in former Los Angeles Deputy Mayor Raymond Chan's criminal trial Monday that Chan denied facilitating bribes between then-city councilor Jose Huizar and a developer when initially questioned by investigators, despite evidence showing he helped orchestrate Las Vegas trips and loans to help Huizar.
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March 25, 2024
Conn. Justice Chides Legislature In Landlord Lien Case
Bemoaning what he perceived as an unclear statute and its unilluminating legislative history, Connecticut Supreme Court Justice Steven D. Ecker on Monday lamented having to make a significant policy decision about whether a city or a landlord should be financially liable for tenants displaced after fire damaged a large apartment.
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March 25, 2024
Lender Wins $44M Award In Shanghai Real Estate Feud
A California federal court has enforced a $44 million arbitral award issued to a British Virgin Islands lender as repayment for a loan to a Chinese entity to finance a Shanghai real estate project, rejecting arguments that the arbitration violated the parties' underlying agreement.
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March 25, 2024
Full 10th Circ. Stands By Revival Of Valero Pipeline Leak Suit
The full Tenth Circuit refused to budge from a panel's February decision that partly revived an Oklahoma cattle ranch's lawsuit seeking to hold Valero Energy Corp. liable for a pipeline leak that allegedly contaminated the ranch property.
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March 25, 2024
3rd Circ. Says NJ City Can't Stop Sale Of Failed Project's Sites
The Third Circuit tossed a New Jersey city's challenge of a bankruptcy court ruling that allowed the two local properties of a failed affordable housing project to be sold to a third party, according to an unpublished opinion Monday.
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March 25, 2024
Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest
A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.
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March 25, 2024
Atlanta Wants Ex-Eatery's 'Spurious' Demolition Suit Tossed
The city of Atlanta has asked a Georgia federal judge to dismiss a property owner's suit accusing it, its property review board and its police department of trying to illegally demolish the property, once set to become a Starbucks coffee shop, without proper notification.
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March 25, 2024
Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years
A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.
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March 25, 2024
Jury Hands Mortgage Co. $73K Win In Trade Secrets Fight
An Ohio federal jury has found that Revolution Mortgage owes just over $73,700 to competitor Equity Resources in a case where Equity accused its rival of misappropriation of trade secrets.
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March 25, 2024
'Infested Slum' Suit Warrants Class Cert., Conn. Justices Told
Former tenants of a Hartford apartment complex are urging the Connecticut Supreme Court to let them pursue class claims that the complex turned into a "mold and cockroach infested slum," arguing in a hearing Monday that a lower court focused too heavily on the differences between the conditions of each unit.
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March 25, 2024
BLM Adhered To Law In Granting Oil Lease Sales, Judge Rules
A D.C. federal judge has ruled in favor of the Bureau of Land Management in litigation brought by environmental groups seeking to challenge six oil and gas leases in the western United States, saying the agency did all that it was required to under the National Environmental Policy Act when it approved the lease sales.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Owens Corning Extends $3.9B Masonite Deal Review
Construction materials manufacturer Owens Corning has agreed to give antitrust enforcers more time to review a planned $3.9 billion deal to purchase door-maker Masonite International Corp.
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March 25, 2024
High Court Won't Weigh In On ND Mineral Rights Takings Suit
The U.S. Supreme Court on Monday declined to wade into a fight over oil and gas mineral rights underneath a North Dakota lake, rejecting former rights owners' argument that states' sovereign immunity does not protect them from takings claims in federal court.
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March 25, 2024
Northwind Breaks Office Lending Drought With $65M Loan
Northwind Group announced Monday it has loaned $65 million to the new owner of a 33-story Class A office building in Jersey City, New Jersey, known as Harborside 5, marking the first office loan the private equity firm has extended in three years.
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March 25, 2024
Minn. Bill Seeks Tax Credit For Building Conversions
Minnesota would allow tax credits for certain costs related to the conversion of underutilized buildings to other commercial uses under legislation introduced Monday in the state Senate.
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March 25, 2024
Trump Gets Late Reprieve After Failing To Post $465M Bond
A New York appellate panel said Monday that Donald Trump can pause enforcement of the state attorney general's $465 million civil fraud judgment by posting just $175 million while he appeals, after the former president complained that he was unable to secure a bond for the entire amount.
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March 22, 2024
OCC Fines Sterling Bank's Ex-COO $150K For Lax Oversight
The former president of Michigan-based Sterling Bancorp Inc. has been ordered to pay $150,000 by the Office of the Comptroller of the Currency for allegedly failing to properly oversee the bank's Advantage Loan Program, which presented "high risks for fraud, money laundering, and lending misconduct."
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March 22, 2024
Prostitutes, Wiretaps, Payoffs: Key LA RICO Witness Tells All
A witness in former Los Angeles deputy mayor Ray Chan's racketeering trial testified Friday about trying to boost his high-end cabinetry business by procuring prostitutes for a city council member, paying more than $150,000 in bribes and attempting to give a city official $10,000 at Chan's behest.
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March 22, 2024
Feds Delay Community Lending Assessment Change To 2026
Federal banking regulators have pushed back a looming implementation date for part of their revamped community lending rules, delaying the roll-out of certain changes in a move that is raising fresh criticism of the rulemaking amid an industry-backed legal challenge.
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March 22, 2024
US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others
U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.
Expert Analysis
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Proactive Measures While NY Foreclosure Law Is In Limbo
While questions about the scope and constitutionality of New York's Foreclosure Abuse Prevention Act might not be resolved by courts for years, lenders, borrowers and other interested parties can take action to protect their rights and potentially expedite appellate review, say Allison Schoenthal and Andrew Kim at Goodwin.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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EB-5 Investment Period Clarification Raises More Questions
U.S. Citizenship and Immigration Services' recent clarifying guidance for EB-5 investors, specifying that the statutory investment period begins two years from the date of investment, raises as many questions as it answers given related agency requirements and investors' potential contractual obligations, says Daniel Lundy at Klasko Immigration Law Partners.
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How NY Residential Property Condition Disclosure Is Shifting
New York's recent significant amendments to the Property Condition Disclosure Act provide a new focus on the risk and damage from flooding, and the changes will affect the duties and standard of practice for real estate brokers, as well as liability and compliance for sellers and landlords, says Steven Ebert at Cassin & Cassin.
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Series
ESG Around The World: Japan
Japan is witnessing rapid developments in environmental, social and corporate governance policies by making efforts to adopt a soft law approach, which has been effective in encouraging companies to embrace ESG practices and address the diversity of boards of directors, say Akira Karasawa and Landry Guesdon at Iwata Godo.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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A Guide For Landlords Pivoting To Medical Office Buildings
The current commercial real estate landscape presents a unique opportunity for landlords, real estate developers and investors to accommodate the growing health care industry's need for office buildings, though proper navigation of complex regulations and leasing concerns is necessary, says Mehdi Sinaki at Michelman & Robinson.
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Series
Conn. Banking Brief: The Notable Compliance Updates In Q3
The most notable legal changes affecting Connecticut financial institutions in the third quarter of 2023 included increased regulatory protections for consumers, an expansion of state financial assistance for underserved communities, and a panoply of tweaks to existing laws, says Brian Rich at Barclay Damon.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Series
Mass. Banking Brief: The Notable Compliance Updates In Q3
Among the most significant developments in the financial services space in the third quarter of the year, the Massachusetts Supreme Judicial Court handed down a stunning endorsement of the state's fiduciary duty rule, and banking regulators continued their multiyear crackdown on unregistered entities, say attorneys at Mintz.
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NY Co-Ops Must Avoid Pitfalls When Navigating Insurance
In light of skyrocketing premiums, tricky exclusions and dwindling options, New York cooperative corporations must carefully review potential contractors' insurance policies in order to secure full protection, as even seemingly minor contractor jobs can carry significant risk due to New York labor laws, says Eliot Zuckerman at Smith Gambrell.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Insurance Rulings Continue Expansion Of Appraisal's Ambit
Two recent Illinois insurance cases allowing property damage appraisers to determine causation — Wysoczan v. Cambridge in federal court and Shelter v. Morrow in state appellate court — perpetuate a judicial trend that will result in a slower, more expensive and cumbersome appraisal process that resembles litigation, says Matthew Fortin at BatesCarey.
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Series
In The CFPB Playbook: The Bureau In The Courts
From defending the constitutionality of its funding and the scope of its rulemaking authority in the courts to releasing more nonbinding guidance, the Consumer Financial Protection Bureau had a busy summer. Orrick's John Coleman discusses all this and more in the second installment of quarterly bureau activity recaps by former CFPB personnel.