NY High Court Gives Green Light To Inflated-Appraisal Suit

Law360, New York (November 22, 2011, 2:10 PM EST) -- New York's attorney general can proceed with a lawsuit accusing The First American Corp. and its eAppraiselT unit of colluding with the now-defunct Washington Mutual Inc. to inflate home values, New York's highest court ruled Tuesday.

In a 6-1 vote, the New York Court of Appeals upheld previous rulings that federal laws did not preempt the state's pursuit of claims of fraud and violations of real estate appraisal standards, according to the ruling written by Judge Carmen Beauchamp Ciparick.

"We conclude that federal law does not preclude the...
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