Latham & Watkins LLP didn't break the law when it refused to pay a portion of a $10.3 million judgment won by one of its clients in a real estate lawsuit to an auditor who testified at a deposition, since the auditor was a witness, not an expert, a California appeals court ruled Friday.
The Florida Supreme Court on Thursday affirmed a lower court's decision that Palm Bay, Fla., could not give its municipal code enforcement liens a superpriority status over a mortgage held by Wells Fargo Bank NA because it conflicts with state law.
U.S. District Judge Jed S. Rakoff on Friday vacated an earlier decision dismissing Dexia NV/SA's suit accusing JPMorgan Chase Bank NA of selling defective residential mortgage-backed securities, saying that a New York state court should handle the Belgian bank's $774 million claim.
A Florida pension fund can't use a special proceeding to get an upper hand in before bringing a shareholder derivative suit against McGraw-Hill Financial Inc. over the role of its affiliate Standard & Poor's in the mortgage-backed securities crisis, a New York state judge ruled Friday.
Fresno-based attorney Howard Sagaser can't use a state statute protecting free speech to escape a breach of loyalty lawsuit brought by former clients who accused him of using confidential information about a real estate deal to induce a lawsuit against the clients and his former firm, a California appeals court affirmed.
The Pennsylvania Supreme Court said Wednesday it would not hear an appeal of a decision that upheld the Pennsylvania Human Relations Commission's ability to intervene in private business transactions involving mortgages and other loans, and to levy fines against predatory lenders.
A California magistrate judge on Tuesday recommended certifying a class of borrowers claiming that mortgage lender PHH Corp. used a shady reinsurance scheme to rake in an unlawful cut of the premiums they paid for mortgage insurance, finding the U.S. Supreme Court's recent Comcast ruling didn't create a barrier to certification.
In the latest in a string of decisions related to New York's controversial “Scaffold Law,” a supreme court judge ruled Tuesday that the city can't escape liability for damage caused by a 2008 crane collapse on the Upper East Side, despite having transferred ownership of the property to another entity.
A Nevada federal judge on Wednesday dismissed a claim of unauthorized mortgage banker activity in a suit filed against Wells Fargo Bank NA by a group of real estate investors that put $13.4 million into properties owned by a convicted Ponzi schemer, ruling that the claim was preempted by federal law.
The Eleventh Circuit ruled Wednesday that the federal government and the U.S. Army Corps of Engineers properly managed the Central and Southern Florida Project for Flood Control in the Everglades, rejecting a challenge claiming Indian tribal lands suffered from excessive floodwater diversions.
A New York state judge Tuesday declined to dismiss a $330 million suit accusing a Deutsche Bank AG affiliate of making false statements about the quality of loans underlying its mortgage-backed securities, saying the suit fell within the appropriate statute of limitations.
A New York state judge on Wednesday ordered New York City to extend housing assistance to certain residents rendered homeless by Superstorm Sandy past a planned end date of May 31, saying the city failed to properly inform the victims that it would soon stop paying for their hotels.
The Second Circuit on Wednesday refused to revive a $62.5 million Liberty Mutual Insurance Co. suit alleging Goldman Sachs & Co. hid Fannie Mae’s exposure to toxic loans while underwriting the mortgage giant's securities deals in 2007, calling the case a "classic example of pleading fraud by hindsight."
Goldman Sachs Group Inc. CEO Lloyd Blankfein escaped having to testify in an investor class action accusing Goldman of using collateralized debt obligations to unload $1.2 billion in toxic subprime mortgage-related assets onto hapless investors, a New York federal judge ruled Tuesday.
A New York state judge on Friday threw out a $99 million lawsuit over allegedly defective mortgage-backed securities issued by Nomura Credit & Capital Inc., finding the majority investor in a loan trust waited too long to sue the bank for failing to repurchase securities.
A New York City developer should have brought its breach of contract claims against the owners of Sky Lofts LLC and S&Y Enterprises LLC in the companies' bankruptcy proceedings, a state judge ruled Monday, dismissing a $50 million suit against the companies with prejudice.
A New Jersey appeals court on Tuesday reversed a $3.9 million judgment awarded to a condominium association in its dispute with developer Portofino Waterfront Urban Renewal LLC over a condominium conversion project, saying the lower court improperly suppressed the developer’s pleadings.
A New York state appeals court on Tuesday tossed ACA Financial Guaranty Corp.'s $120 million action targeting Goldman Sachs over a mortgage-backed securities transaction gone sour, finding Goldman never guaranteed that an outside hedge fund was taking an equity position favorable to ACA.
A German bank can press ahead with allegations Bank of America Corp.'s Merrill Lynch lied about the role hedge fund Magnetar Capital LLC had in shaping a $60 million mortgage-backed transaction, a New York state judge ruled Tuesday.
A New Jersey appeals court on Monday blocked the state from taking some $140 million from municipal affordable housing trust funds after fair housing advocates argued the measure would siphon money from the state’s low-income and disabled residents and Hurricane Sandy victims.
The pros of using predictive coding far outweigh the cons. Given the heavy pressure on law firms and in-house counsel to reduce discovery costs, as well as the Justice Department's recent stance on the subject, it appears predictive coding will continue to emerge from the obscure world of legal technology to the mainstream of legal practice, say Michael Moscato and Myles Bartley of Curtis Mallet-Prevost Colt & Mosle LLP.
Although there are benefits to “going green” in the construction, development and operation of buildings, there are also risks unique to green building that will test the boundaries of coverage under typical liability insurance policies, say attorneys with Sedgwick LLP.
The Fourth Circuit recently issued a ruling in PCS Nitrogen Inc. v. Ashley II of Charleston that may limit the availability of the bona fide prospective purchaser defense. By narrowly construing one of the elements of the BFPP defense, the court has underscored the importance of strict compliance with all requirements of the defense, say attorneys with K&L Gates LLP.
Public-private partnerships have been used in a wide range of sectors to provide public services, from power plants and railroads to hospitals and sanitation plants. Yet there are a variety of potential contractual arrangements and the financing of a PPP can be complex, say Maryam Khosharay and Herbert Glaser of Haynes and Boone LLP.
A new Florida law will effectively permit business entities providing professional services to limit by contract the liability of their individual employees or agents. Attorneys with design professional clients — including architects, interior designers, landscape architects, engineers, surveyors and geologists — should expect requests for limitation of liability provisions in such contracts beginning July 1, 2013, say Keith Ramsey and Monte Starr of Holland & Knight LLP.
Many lawyers are asking whether placing electronically stored information in the cloud could inadvertently waive the attorney-client privilege and whether the government or a civil litigant could obtain ESI directly from a cloud service provider. In answering these questions, there are a number of aspects of the cloud worth considering, say Timothy Broas and Matthew Saxon of Winston & Strawn LLP.
In addressing trends in the current commercial leasing market, several patterns are apparent. For one, many property owners that have been able to survive foreclosure now face the specter of refinancing their property in the mixing bowl of loss of market value, lenders requiring a lower loan-to-value ratio, and reduced cash flow from the property, says Barry Katz of Arnstein & Lehr LLP.
Not every company can be the next Facebook. But thankfully, for many startups, generating one billion users is not the end goal, nor should it be. Enter “narrowcasting” — one of a few reasons to be optimistic about venture capital, despite the first quarter of 2013 being the slowest for fundraising since 2002, says David Kaufman of Thompson Coburn LLP.
Recently, the D.C. Circuit surprisingly overturned a decision that invalidated the U. S. Environmental Protection Agency’s attempt to veto a Clean Water Act “dredge and fill” permit, putting several construction projects under threat of losing permit authorization. Although the case specifically refers to a coal mining operation in West Virginia, it has serious implications beyond the coal industry and state, say attorneys with Dinsmore & Shohl LLP.
Data centers house the computer servers and equipment that allow you to use your computer at work and stream a movie through Netflix, 24 hours a day, seven days a week. With demand continuing to grow for the foreseeable future, this is one of the hottest, but least understood, real property types, says Michael Rechtin of Quarles & Brady LLP.