A California federal judge refused to grant a quick win Wednesday to a Credit Suisse-owned mortgage servicing company in a lawsuit accusing it of misreporting interest paid by its customers, saying the proposed class action alleged sufficient injuries to proceed.
A New York federal judge on Thursday denied U.S. Bank's bid to preclude Royal Park Investments from damages and from representing a putative class suing over allegedly toxic residential mortgage-backed securities, saying Royal Park’s discovery delays didn’t merit such measures, because its tactics hadn’t prejudiced U.S. Bank.
The owners of several residential apartment buildings asked a California federal court Wednesday to block Airbnb from allowing their tenants to rent out apartments on its website, saying they will likely prevail on claims that rowdy guests are costing them money and disturbing residents, harms that will continue without the court’s assistance.
Residential mortgage-backed securities trustees and Lehman Brothers Holdings Inc. squared off in New York bankruptcy court Thursday on the value of claims submitted in the wake of the financial crisis, with the trustees arguing that their “straightforward breach of contract claims” are worth $11.4 billion, while the shuttered bank argued they’re worth $2.38 billion or less.
A New York state judge ruled largely against two developers of an open-air mall who were sued by investors over $250 million that the investors say they're owed, finding on Wednesday that the developers owe damages based on the investors’ formula but saying the amount would be resolved in a battle of experts.
A California state appeals panel has reprimanded a property management company and its attorneys, ordering them to cover expenses an ex-worker incurred fighting an appeal the panel said the company "orchestrated" to delay trial.
A tribal corporation that provides risk-sharing self-insurance was granted a quick win in New Mexico federal court Thursday against a Blackfeet Nation housing entity over the jurisdiction of a coverage dispute involving damaged housing, winning a bid to bar any further litigation of the matter in the Blackfeet Tribal Courts.
Real estate website Zillow on Wednesday again asked an Illinois federal court to shut down a proposed class action that alleges its “Zestimate” tool misleads customers, saying that a new amended complaint suffers from the same defects that led to a previous dismissal of the suit.
A subsidiary of Marriott International Inc. has sold The Sheraton Centre Toronto Hotel for approximately CA$335 million ($269 million), according to a Wednesday filing with the U.S. Securities and Exchange Commission.
Katie Couric has reportedly sold her New York Park Avenue apartment for $8.25 million, real estate investment firm ESG Kullen is said to have dropped $17.9 million on 118 condo units in Florida, and auto insurance firm Windhaven has reportedly bought a Florida office complex for $10.35 million.
A California bankruptcy judge on Wednesday appeared close to approving a multimillion-dollar settlement between Bank of America Corp. and a family that won a $46 million judgment after being plunged into “a Kafkaesque nightmare” by an illegal foreclosure, even as he derided the deal as a “hostage situation” in court.
The federal government filed a complaint in Utah federal court Wednesday against the Uinta Valley Shoshone Tribe, a group the government doesn’t recognize as a tribe, alleging it has illegally sold hunting and fishing licenses for use on the Ute Indian Tribe’s reservation.
As a Credit Suisse AG unit sought to upset a nearly $288 million judgment that held the bank liable for alleged bad faith in the refinancing of a Las Vegas luxury real estate property, a Texas appellate panel on Wednesday questioned whether the bank had a duty to review a property appraisal.
A neighborhood group sued the U.S. Army Corps of Engineers, the U.S Environmental Protection Agency and the Massachusetts Department of Environmental Protection in federal court Tuesday over the proposed development of property in the town of Lynnfield, claiming they haven’t given the group a fair chance to voice environmental concerns.
The U.S. Department of the Interior said Tuesday that it has reached a deal with the Confederated Tribes of Warm Springs in Oregon to take part in the $1.9 billion Cobell land buyback program, the first such agreement under the department’s revised buyback policy.
Singapore real estate investment trust ESR-REIT has reached a deal to buy various warehouses, factories and dormitories in Singapore from water treatment firm Hyflux Membrane Manufacturing (S) Pte. Ltd. for SG$95 million ($70 million), according to an announcement from ESR on Wednesday.
Investors tweaked their class certification bid Tuesday in their suit against Bank of New York Mellon Corp. over $1.12 billion in residential mortgage-backed securities, adding a time constraint to the class definition after a New York federal judge denied their first attempt for being too vague.
Deutsche Asset Management is said to have picked up a California warehouse for $27.2 million, Maxx Properties has reportedly scored a $41.3 million loan for a Phoenix multifamily purchase and Jamestown is said to have picked up a Florida grocery-anchored shopping center for $34.25 million.
The Seventh Circuit on Tuesday threw out a bid by Wrigley Field-area rooftop owners for a rehearing of their case accusing the Chicago Cubs of breaching a contract to prevent the obstruction of stadium sightlines, with all of the judges on the original appellate panel denying the petition for rehearing.
Sullivan & Cromwell LLP represented data center REIT CyrusOne Inc. in connection with its $100 million equity investment, announced Wednesday, in Chinese data center operator GDS Holdings Ltd., which had counsel from Simpson Thacher & Bartlett LLP.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.
In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.
Financial Crisis Anniversary
After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.
Hamer v. Neighborhood Housing Services of Chicago questions whether the time limit on a district court’s authority to extend the deadline for filing a notice of appeal is jurisdictional. Based on the questions at argument before the U.S. Supreme Court last week, the court appears likely to adhere to the principle articulated in some of its recent cases, says Eric Miller of Perkins Coie LLP.
While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.
The U.S. Securities and Exchange Commission's recent enforcement action against Maksim Zaslavskiy and his two companies firmly establishes the commission’s assertion of authority over digital currencies. But it is important to note that the SEC’s recent foray into digital currencies is not the first assertion of regulatory authority in this arena, say attorneys with Kirkland & Ellis LLP.
Companies' reluctance to litigate Consumer Financial Protection Bureau claims has allowed the bureau to establish a value for its claims based on what it can extract from companies seeking peace rather than what it can prove in a neutral federal forum. Several recent examples demonstrate that when a company has sound defenses, litigating can dramatically improve outcomes compared to settlement, say attorneys with Williams & Connolly LLP.
Critics of legal tech companies will often say, “Trust a reputable attorney that understands you, your situation and the law.” As an attorney, I wholeheartedly agree. But from the consumer’s perspective, the message seems out of touch with the digital age, says Jeff Unger, founder of the law firm eMinutes.
The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.