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Real Estate
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June 10, 2013
Small Banks Say Freddie Mac Fee Will Stifle Their Lending
A lobbying group for community bankers said Monday that a new fee Freddie Mac plans to impose on banks that don't generate a minimum number of mortgages each year threatens to increase mortgage industry concentration.
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June 10, 2013
Deals Rumor Mill: Google, SnapChat, Asia Pacific
Google is barreling toward the acquisition of a buzzed-about Israeli mapping startup that is expected to cost it more than $1 billion, while instant video messaging app SnapChat is poised to pull in $100 million in its latest funding round.
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June 10, 2013
ResCap, FGIC Reach Deal To Slash $5.5B Bankruptcy Claim
In a deal that will bring Residential Capital LLC closer to the end of its bankruptcy case in New York, the mortgage servicer announced a settlement Friday with Financial Guaranty Insurance Co. to reduce the bond insurer's claim from $5.5 billion to $596.5 million.
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June 10, 2013
2nd Circ. Upholds RSUI Win In Crane Collapse Coverage Suit
The Second Circuit on Monday affirmed a lower court's ruling that held insurer RSUI Indemnity did not have to cover a construction company for claims tied to a fatal 2008 crane collapse in Manhattan, finding RSUI had shown that a policy exclusion applied.
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June 10, 2013
Pa. Appeals Court Axes $18M Quarry Buyout Offer
The Pennsylvania Superior Court axed an $18 million real estate transaction involving a Wayne County quarry on Friday after finding that rights of first refusal granted to a property’s lessees could not be extinguished by bundling multiple assets together as part of a prospective sales agreement.
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June 10, 2013
FCPA Powerhouse: WilmerHale
With decades of experience tackling Foreign Corrupt Practices Act cases and a deep bench of attorneys who each handle both counseling and investigation, WilmerHale has become a go-to firm for foreign bribery matters.
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June 7, 2013
Goldman Slams NCUA's Revival Bid in $491M MBS Suit
Goldman Sachs & Co. urged a California federal judge on Friday to reject the National Credit Union Administration Board’s motion for reconsideration of a ruling dismissing several claims in its $491 million fraud suit over mortgage-backed securities the bank sold, saying such “extraordinary remedies” are not justifiable.
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June 7, 2013
NJ Can't Seize $140M In Housing Funds, Appeals Court Says
A New Jersey appeals court on Friday halted a statewide seizure of about $140 million in affordable housing funds for at least 45 days, ruling Gov. Chris Christie’s administration can’t take the municipal funds without implementing an appeals process and castigating lawmakers on both sides of the issue.
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June 7, 2013
TMG, Northwood Ink $122M Deal For Key Transbay Site
A joint venture of TMG Partners and Northwood Acquisitions LLC received the go-ahead on Thursday from a California bankruptcy judge to buy the site of a proposed office tower in San Francisco's Transbay District in a complex deal worth about $122 million.
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June 7, 2013
Appeals Court Revives Homebuilder's Drywall Coverage Suit
A Louisiana state appeals court Friday revived homebuilder Tallow Creek LLC’s suit against Western World Insurance Co. for coverage in Chinese drywall litigation, finding that the trial court may have violated a federal stay on the litigation by issuing a judgment in the case.
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June 7, 2013
IRS Questions Fla. Development's Millions In Tax-Free Bonds
The Internal Revenue Service has rejected claims from a massive central Florida retirement community that it qualifies as a political subdivision, bringing into question hundreds of millions in tax-free bonds it has issued through its community development district.
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June 7, 2013
Family Asks Texas High Court To Sink State's Claim To Beach
The Texas Supreme Court on Friday agreed to weigh in on a Galveston family's complaint that the state wrongfully laid claim to a private beach it owns, killing offers from developers ranging from $4.5 million to $10 million to buy the land.
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June 7, 2013
Calif. JV Buys Los Angeles Macy's, Plans $160M Renovation
A venture led by California developer The Ratkovich Co. has bought the 1.8-million-square-foot Macy's Plaza in Los Angeles and is planning a $160 million renovation of the retail, office and hotel complex, according to a Thursday announcement.
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June 7, 2013
Investors Confront PIMCO Exec Over $8.5B BofA Deal Talks
An attorney for investors challenging an $8.5 billion Bank of America Corp. mortgage-backed securities settlement grilled a Pacific Investment Management Co. executive during a New York trial Friday, insisting that the securities' trustee had only grudgingly cooperated in negotiations.
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June 7, 2013
Day Pitney Lures Ex-Kelley Drye Real Estate Pro In Conn.
A veteran commercial real estate attorney has rejoined Day Pitney LLP as a Connecticut-based partner after spending more than six years at Kelley Drye & Warren LLP, Day Pitney said recently.
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June 7, 2013
Ex-NJ Govs Ask LG To Redesign $300M Headquarters Building
Four former New Jersey governors have asked LG Electronics Inc. to reconsider the design of a planned 143-foot-high headquarters building in Englewood Cliffs, N.J., contending that the $300 million project could harm the scenic beauty of the state's protected Palisades region.
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June 7, 2013
Philly Unveils New Demo Standards In Wake Of Collapse
In the wake of Wednesday’s building collapse that left six dead and 13 injured, Philadelphia Mayor Michael Nutter swiftly announced new standards and initiatives for demolition projects in the city on Friday.
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June 7, 2013
Traffic Issues Raised With Apple's New Campus Plans
The draft environmental impact report for Apple Inc.'s proposed ring-shaped campus in the city of Cupertino, Calif., was released Thursday, voicing several traffic-related issues and calling for a possible reduction in density for the technology giant's plans.
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June 7, 2013
Wells Fargo Wins Jury Verdict In Mortgage Kickback Suit
A Maryland federal jury on Friday let Wells Fargo Bank NA and off the hook in a class action claiming it created a front organization funneling mortgage referrals from Long & Foster Real Estate Inc. to Wells Fargo in exchange for kickbacks.
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June 7, 2013
San Jose Housing Law Survives Developers' Challenge
California city ordinances requiring developers to set aside a percentage of units in new housing projects for low-income residents are protected under those cities' police powers, a California appeals court said in a published ruling Friday, remanding a developer association's suit challenging San Jose's inclusionary housing ordinance.
Expert Analysis
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Calif. Plumbs The Depths Of Water Damage Exclusions
The California Court of Appeal's recent decisions in Cardio Diagnostic Imaging Inc. v. Farmers Insurance Exchange and other cases demonstrate that the state stands ready to enforce water damage exclusions in property insurance policies according to their terms and is unlikely to entertain arguments seeking to render those provisions ambiguous, says Jose Umbert of Zelle Hofmann Voelbel & Mason LLP.
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A Brave New World For Bank Regulation
It is imperative for banks, thrifts and other financial institutions to address the heightened regulatory scrutiny and program risks presented by compliance with the Bank Secrecy Act, anti-money laundering laws and the Office of Foreign Assets Control. The details of some recent enforcement actions provide a compelling view of federal regulators’ current mindset, as well as where we are heading, say attorneys with Paul Hastings LLP.
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What The Future Holds For Fracking In NY
Two major decisions — one from a New York state appeals court on a municipality's ability to regulate natural gas exploration through home rule powers and another from a state agency on whether health effects of high-volume hydraulic fracturing have been sufficiently addressed — are expected in the spring of 2013 and will largely determine the extent to which fracking will occur in New York state, say attorneys with Nixon Peabody LLP.
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How Lawyers Benefit From Early Neutral Evaluation
Early neutral evaluation usually asks a retired judge to consider one party’s case, as if preparing to rule on summary judgment or presiding over a bench trial. Effective evaluation can supply a reality check on a case — it gives the lawyer the gift of seeing the case as others see it, says James Rosenbaum, a panelist with JAMS and former U.S. district judge for the District of Minnesota.
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Recession Not 'Extraordinary' Enough For Revising Ch. 11
A Ninth Circuit bankruptcy appellate panel recently held that a relapse into economic recession following a Chapter 11 debtor’s emergence from bankruptcy was not an “extraordinary circumstance” that would justify modifying a previously confirmed plan of reorganization. From a creditor’s perspective, In re Caviata Attached Homes LLC underscores the importance of testing a plan proponent’s assumptions, says David Marks of Jones Day.
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It’s A Wrap — Insuring Construction Projects: Part 2
For construction projects, wrap-up insurance programs can reduce the cost of insurance, provide coverage more suitable for the nature and risks of the projects, improve safety and risk management and help avoid disputes among the participants. Early consideration of several key issues that can arise with a wrap-up program can help ensure the successful management of risks on a wrapped project, says Daven Lowhurst of Jones Day.
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Sinkhole Insurance On Solid Ground — For Now
With all of the press that sinkhole collapse is getting lately, the question arises: Can it be long before the sinkhole exception to certain exclusions begins to disappear from insurance policies? Should losses mount, we might even see a specific “sinkhole exclusion” come onto the market, says Carl Salisbury of Kilpatrick Townsend LLP.
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Litigation Support At A Crossroads
Despite recession-driven cost pressures that have resulted in the downsizing of nonlawyer personnel at law firms, many litigation support departments are growing. In a recent survey, half of respondents indicated that their function has grown in size in the past three years, and more than half of respondents indicated that current staffing levels are inadequate for the projected needs of the coming year, say experts at Epiq Systems and Georgetown University Law Center.
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Unregistered Brokers May Bring Aiding And Abetting Liability
A pair of related U.S. Securities and Exchange Commission settled enforcement actions recently demonstrated the potential liability of using an unregistered consultant. While these cases involve a private equity manager and its funds, they are significant to all private issuers of securities — including investment, real estate, venture capital and private equity funds, as well as operating companies, say Peter LaVigne and Elizabeth Shea Fries of Goodwin Procter LLP.
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FCA Allows Treble Damages — 'But Treble What?'
The ability to seek treble damages is a key feature of the False Claims Act, yet few courts have asked a simple question: “Treble what?” In United States v. Anchor Mortgage Corporation, the Seventh Circuit resoundingly rejected the Justice Department’s long-standing approach to calculating damages in FCA cases. The implications for financial institutions and others facing FCA liability are significant, say attorneys with BuckleySandler LLP.