Residential
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April 11, 2024
11th Circ. Says Insurer Owes Defense In Home Damage Suit
A general contractor's insurer must defend it against claims that it abandoned the construction site of a custom-built home, the Eleventh Circuit ruled Thursday, rejecting the insurer's reliance on two exclusions barring coverage for damage to "that particular part" of property the contractor worked on and corresponding repairs.
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April 11, 2024
Proskauer Adds Kirkland Partner For Tax, Estate Issues
Proskauer Rose LLP has added to its private client services department a partner from Kirkland & Ellis LLP who specializes in developing domestic and international tax and estate plans for clients with very high net worth, the firm announced.
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April 11, 2024
Houston Atty Beats Real Estate Deal Malpractice Suit
In a split decision Thursday, a Houston attorney accused of malpractice was handed a win by the majority of a three-justice Lone Star State appellate panel that cleared her of negligence in connection with a 2014 contract inked between the owner of a property management company and a pair of apartment complex investors, finding that she obtained no "improper benefit" from representing both sides.
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April 11, 2024
Treasury Proposes Steeper Foreign Investment Law Penalties
The U.S. Department of the Treasury issued a notice Thursday proposing to sharpen its procedures and enforcement practices for reviewing foreign investment deals for national security issues, according to an announcement.
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April 11, 2024
Akerman Adds Another Real Estate Litigator In NYC Office
Akerman LLP has hired a litigator who focuses his practice on a range of real estate matters and is joining the firm's New York City office as a partner, the firm announced Wednesday.
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April 10, 2024
Nixon Peabody Hires 3 Attys For Boston Land Use Team
Nixon Peabody LLP hired three former Sullivan & Worcester LLP real estate attorneys based in Boston for its permitting and land use team, the firm announced Wednesday.
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April 10, 2024
NC Justices Doubt Homeowner's Attic Fall Suit Can Go To Jury
The North Carolina Supreme Court appeared likely Wednesday to rule against a homeowner who fell through an attic hole left by a builder, with the justices suggesting her actions may have played a part in her injury.
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April 10, 2024
DOJ, La. Nursing Home Owner Settle FHA Loan Fraud Claims
A Louisiana nursing home owner reached a deal with the U.S. Department of Justice to end a lawsuit accusing him of misusing funds and assets for his Federal Housing Administration-insured facilities before and after Hurricane Ida.
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April 10, 2024
McDonald Carano Leader Sees Parties Abusing Force Majeure
Force majeure provisions in construction contracts, which have been given increased attention since the onset of COVID-19, are now being abused by parties as a way to try to shirk responsibility, a construction leader at McDonald Carano LLP told Law360.
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April 10, 2024
KKR, Inovia Lead Rental Platform Guesty To $130M Series F
Short-term rental platform Guesty said Erdinast Ben Nathan Toledano & Co. advised as it has raised $130 million in its Series F funding round in a bid to grow its reach, with representatives from new investors KKR and Inovia Capital joining the company's board.
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April 10, 2024
Real Estate Fund Raising Still Muted With $14B Bagged In Q1
The biggest funds to close in the first three months of 2024 showed that investors are banking on multifamily, industrial and hospitality assets to net returns as the commercial real estate industry continues to hiccup, while capital raising overall is down compared to prior quarters.
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April 10, 2024
Eversheds Sutherland Gains Baker Hughes RE Ace In Houston
Eversheds Sutherland announced Wednesday that it had added a counsel to its real estate practice in Houston who joined after more than a quarter-century working in-house for energy technology company Baker Hughes.
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April 10, 2024
Real Estate M&A Is Down, But Perhaps Not For Long
Mergers and acquisitions activity in the U.S. real estate industry was quieter than usual in the first quarter of the year, with 14 transactions closing at a combined total of nearly $3 billion, but signs indicate that more deals may be coming down the pipeline.
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April 10, 2024
BigLaw Real Estate Varies Widely On Gender Diversity
In March, Women's History Month, Law360 looked at gender diversity among the real estate groups at 20 large law firms and found that those firms vary widely on that point.
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April 09, 2024
Quinn Emanuel, Davidoff Hutcher Sued Over Mansion Sale
The trustee for a bankrupt entity once owned by HFZ Capital Group has sued Quinn Emanuel Urquhart & Sullivan LLP and Davidoff Hutcher & Citron, seeking to claw back up to $2 million the firms allegedly fraudulently received from a $45 million Hamptons mansion sale linked to developer Nir Meir.
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April 09, 2024
NYC Developers Get $270M In Financing For Brooklyn Project
The Gotham Organization, Monadnock Development and the Christian Cultural Center obtained $270 million in construction financing for the first phase of their mixed-use Innovative Urban Village project in Brooklyn, New York, according to an announcement.
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April 09, 2024
Hawaiian Electric Brass Hit With Suit Over Wildfire Preparation
A Hawaiian Electric Industries Inc. shareholder has alleged in a derivative suit that the company's executives and directors knew that it was not prepared for last year's deadly Maui wildfire, which caused reputational and financial damage to the company.
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April 09, 2024
NYC Developers Blame Tax Break Loss For Apartment Slump
The foundation application filings for multifamily housing in New York City declined significantly in March, which signifies a decline that began after the city's 421-A tax break expired in June 2022, the NYC developer trade group Real Estate Board of New York stated.
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April 09, 2024
Real Brokerage $9.2M Settlement Is Latest In Agent Fee Suit
The Real Brokerage Inc. will pay $9.2 million in a settlement to exit a class action in Missouri federal court over broker fees that prompted other big brokerages to change how they charge agent fees.
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April 09, 2024
Property Owners' Bias Claims Belong In Court, NC Justices Told
Three property owners urged the North Carolina Supreme Court on Tuesday to revive their claims that the city of Kinston targeted a Black community for house demolitions, contending that they shouldn't have to argue with City Council members before being able to sue.
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April 09, 2024
Ex-LA Deputy Mayor Says Jury's Chats Warrant Mistrial
Former Los Angeles deputy mayor Raymond Chan is calling for a mistrial following his bribery conviction, telling a federal judge the jury foreperson and two other panel members discussed the case outside the jury room, reaching a premature verdict that likely swayed other jurors.
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April 09, 2024
Pittsburgh Schools Sue To Force Countywide Reassessment
The school district serving the city of Pittsburgh has filed a lawsuit in state court to compel Allegheny County to conduct a countywide reassessment of real estate values, arguing that taxation starting from a 12-year-old base level is putting homeowners in some neighborhoods at an unfair and unconstitutional disadvantage.
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April 09, 2024
Detroit, Chicago Have Riskiest Multifamily Loans, KBRA Says
The cities of Detroit, Chicago, and Denver have the riskiest securitized multifamily loans among the largest metropolitan statistical areas, according to a report from Kroll Bond Rating Agency.
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April 09, 2024
NJ Justices To Hear If Philly Archdiocese Subject To NJ Court
The New Jersey Supreme Court will determine whether the Archdiocese of Philadelphia is subject to Garden State courts in a lawsuit alleging a former priest sexually abused a teenager at the former priest's Jersey Shore house decades ago.
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April 09, 2024
Embattled Houston Law Firm Files Ch. 11
Insurance law firm MMA Law Firm on Tuesday filed for Chapter 11 protection in a Texas bankruptcy court, weeks after a federal judge declined to toss a suit seeking class damages over the Houston firm's allegedly illegal efforts to solicit clients in hurricane-related property damage cases.
Expert Analysis
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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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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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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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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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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.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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What To Consider When Converting Calif. Offices To Housing
In light of California legislators' recent efforts to expedite the process for converting offices into residential buildings, developers should evaluate both the societal upsides, and the significant economic and legal hurdles, of such conversions, says Steven Otto at Crosbie Gliner.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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9 Consumer Finance Issues To Note From CFPB Report
A recent report from the Consumer Financial Protection Bureau highlights abusive consumer finance tactics that the agency uncovered during supervisory examinations over the last year — among the most significant issues identified: deceptive practices in automotive loan servicing, and consumer reporting and debt collection compliance failures, say attorneys at Troutman Pepper.
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Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
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Transaction Risks In Residential Mortgage M&A Due Diligence
As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.
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Ore. Warranty Ruling Complicates Insurance Classification
The Oregon Court of Appeals' recent TruNorth v. Department of Consumer and Business Services holding that a service contract — commonly referred to as an extended warranty — covering commercial property is subject to the state's consumer service contract laws raises regulatory questions for contract obligors, sellers and administrators, say attorneys at Locke Lord.