Real Estate

  • January 18, 2017

    Pa. Appeals Court Upends Class Cert. Denial In Gas Lease Row

    A Pennsylvania appeals court issued a published ruling on Tuesday finding that Rex Energy Corp. could not rely on arguments over contract conditions to defeat class certification in a pair of disputes over bonus payments landowners claim they’re owed after agreeing to lease their properties for gas drilling.

  • January 18, 2017

    BP Can't Ditch Royalty Payment Suit So Soon, Court Hears

    Chieftain Royalty Co. urged an Oklahoma federal court Tuesday to deny BP America Production Co.'s motion to dismiss its proposed class action for allegedly underpaying royalties for all natural gas production from wells in the state, saying a similar class action that was denied certification 15 years ago doesn't preclude the suit.

  • January 18, 2017

    Feds, Chase Reach Deal In Mortgage Discrimination Case

    A JPMorgan Chase & Co. unit on Wednesday agreed in principle to settle claims that it charged black and Hispanic borrowers higher mortgage rates between 2006 and 2009, federal prosecutors said.

  • January 18, 2017

    High Court Says Fannie Mae Has Limited Path To Fed. Court

    The nation's high court on Wednesday reversed a Ninth Circuit ruling that found Fannie Mae can remove state suits to federal court, striking a blow to Fannie, which has argued that its charter allows it to bring suits to federal courts.

  • January 17, 2017

    Squire Nears Exit Of Suit Seeking Return Of $10M To City

    A California judge on Tuesday tentatively tossed a nonprofit’s suit claiming the city of West Covina unlawfully paid $10 million to Squire Patton Boggs LLP without the mayor’s signature for litigation over a car dealership land deal, saying the court can’t interfere with the city’s decision not to sue the firm.

  • January 17, 2017

    Fighting Irish Ask 1st Circ. To Uphold Arbitral Fault Finding

    The University of Notre Dame urged the First Circuit on Tuesday to uphold a Massachusetts federal judge's confirmation of an arbitral finding that a builder and developer were at fault for problems at a London dormitory, saying the judge rightly recognized the finding as final.

  • January 17, 2017

    Chicago Condo Defect Suit Should Be Covered, 7th Circ. Told

    A slew of developers and contractors that worked on a Chicago condominium building urged the Seventh Circuit on Monday to uphold a lower court's ruling that Westfield Insurance Co. must defend them in construction defect litigation, asserting that the underlying suit alleges multiple forms of covered property damage.

  • January 17, 2017

    Real Estate Group Of The Year: Gibson Dunn

    Gibson Dunn & Crutcher LLP’s real estate work last year included counseling clients through financings and other deals connected to transformative development projects on both sides of the country, helping earn a spot among Law360’s Real Estate Groups of the Year.

  • January 17, 2017

    Deutsche Bank Finalizes $7.2B MBS Settlement

    The U.S. Department of Justice finalized a $7.2 billion deal with Deutsche Bank AG on Tuesday, releasing new details about how Germany’s largest bank misled investors in selling subprime mortgage-backed securities that led to the 2007 financial crisis.

  • January 17, 2017

    Golfsmith Gets Court OK For $22M Sale Of Corporate Campus

    Bankrupt sporting goods retailer Golfsmith International Holdings Inc. received court approval Tuesday on its request to sell its corporate headquarters in Austin, Texas, for $22.5 million, pending some alterations to the order.

  • January 17, 2017

    Philly OKs Rezoning For $3.5B Schuylkill Yards Project

    The Philadelphia City Planning Commission on Tuesday signed off on two rezoning bills crucial to the first stage of Brandywine Realty Trust and Drexel University’s proposed Schuylkill Yards project, a 14-acre project estimated to cost $3.5 billion.

  • January 17, 2017

    Deloitte Exec Says New Lease Rules Require Heavy Lifting

    Upcoming rules that will require companies to have all of their leases on the books are causing companies to scramble and figure out how best to gather and analyze massive amounts of data that traditionally have been relegated to footnotes, Deloitte managing director Sean Torr told Law360 in a recent interview.

  • January 17, 2017

    Alleged International RE Bribe Con Man Denies NY Charges

    A man accused of tricking relatives of former United Nations head Ban Ki-moon into paying him $500,000, money that was supposed to serve as a bribe to pave the way for an $800 million building complex in Vietnam, denied fraud and money laundering charges in Manhattan federal court Tuesday. 

  • January 17, 2017

    Real Estate Rumors: Leser, Bed Bath & Beyond, HA Langer

    Abraham Leser has reportedly scored $120 million in CMBS financing for a Brooklyn building, Bed Bath & Beyond is said to have leased 76,000 square feet in New York, and HA Langer has reportedly dropped $11 million on 100 Chicago condos.

  • January 17, 2017

    IRS Finalizes Corporate-Level Tax On Certain REIT Transfers

    A new Internal Revenue Service regulation to impose a corporate-level tax on certain property transfers to real estate investment trusts and regulated investment companies will go into effect Wednesday.

  • January 17, 2017

    Olshan Frome, Jameson Babbitt Steer $270M Amazon Deal

    Olshan Frome Wolosky LLP represented a joint venture of TriStar Capital's David Edelstein and RFR Holding in its purchase of an Amazon.com Inc. mixed-use building in Seattle from Jameson Babbitt Stites & Lombard PLLC-counseled Schnitzer West LLC for roughly $270 million, according to an announcement from Olshan Frome on Tuesday.

  • January 17, 2017

    Palm Beach Companies Urge Court To Toss $50M EB-5 Suit

    Three companies behind a botched Palm Beach real estate project urged a Florida federal court on Friday to toss a suit brought by foreign nationals who allege they were fraudulently duped into investing $50 million into the project in the hopes of gaining U.S. residency, saying the investors were aware of the project’s risks when they signed up.

  • January 17, 2017

    Senate Dems Won’t Negotiate CFPB's Makeup, Schumer Says

    Senate Democrats will not negotiate to replace the Consumer Financial Protection Bureau's single-director leadership with a commission structure similar to that of other financial regulatory bodies, the party’s leader in that chamber said Tuesday.

  • January 13, 2017

    Moody's To Pay $864M To US, States Over Crisis-Era Conduct

    Moody’s Corp. said Friday it has agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states over the ratings agency’s work on residential mortgage backed securities and other products whose crashes led to the financial crisis.

  • January 13, 2017

    Ex-Title Agent Pleads Guilty In $6M Fake Mortgage Scam

    A Panama City, Florida, title agent on Friday pled guilty to charges that she participated in a scheme to rip off banks by setting up fraudulent third-party purchases of more than $6 million worth of properties in northwest Florida.

Expert Analysis

  • It’s Time To Change The Law Firm Business Model

    Lucia Chiocchio

    Every year, statistics reveal very little change in the number of women and minorities in the ranks of partnership. So how do law firms change this painfully slow rate of progress? It takes more than adding a diversity policy or a women’s leadership program to the current law firm business model, says Lucia Chiocchio, co-chair of Cuddy & Feder LLP's telecommunications and land use, zoning & development groups.

  • Substantive Consolidation Remains Alive And Well

    John G. Loughnane

    Two recent opinions in Lassman v. Cameron Construction and Spradlin v. Beads And Steeds Inns concerning the law of substantive consolidation serve as an important reminder of the significant equitable power that bankruptcy courts wield. That power affects the fate not only of debtors and their creditors but the rights and obligations of related parties and their creditors as well, says John Loughnane of Nutter McClennen & Fish LLP.

  • Amended Rule 37(e): 1 Year Later

    Samantha Southall

    After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • Retail Trends: Outlets As Destination Centers

    In this episode of Fashion Counsel, Arent Fox LLP partner Anthony Lupo and retail consultant Steve Birkhold (former CEO of Lacoste, Diesel, BEBE and Earl Jeans) discuss factory outlets — the nation’s fastest developing retail sector. Increasingly, outlets are “destination centers,” offering entertainment and amenities, not just retail stores. But they may raise special legal issues for participants.

  • How NY Developers Request Access To Neighboring Property

    Stanziale_Laurie_TarterKrinsky.jpg

    Construction, repairs and renovations in New York City often require access to neighbors' property. Co-op and condo building boards should take the time to fully understand the different types of access that developers might request, say Laurie Stanziale and Steven Troup of Tarter Krinsky & Drogin LLP.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • Clearing The Air: Pollution Notification In Florida

    Daniel H. Thompson

    Last month, an administrative law judge struck down the Florida Department of Environmental Protection's proposed "Public Notice of Pollution," which would have required that pollution be reported to government officials and property owners in affected areas. Industry opposition to the rule suggests that future notice requirements will continue to be hotly debated, says Daniel Thompson of Berger Singerman LLP.

  • New Tax Regulations Impact Many Partnership Transactions

    Jeffrey Goldman.jpg

    The U.S. Treasury Department recently issued several new final, temporary and proposed regulations under code sections 704, 707 and 752 which significantly affect the taxation of many partnership transactions. Prospective transactions, including joint ventures taxed as partnerships, should be carefully structured to navigate the hazards of these regulations, say Jeffrey Goldman, Steven Grob and Robert Nelson of Dykema Gossett PLLC.