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Real Estate
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April 04, 2024
Real Estate Fraudster Wins 3rd Circ. Bid To Testify
The real estate agent who helped ex-NFL player Irving Fryar in a scheme to defraud several banks out of $1 million in mortgages was wrongly denied the ability to testify on his own behalf at a hearing over alleged violations of his supervised release, the Third Circuit ruled in a precedential opinion Thursday.
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April 04, 2024
MLB's Athletics To Play In Sacramento Before Move To Vegas
The Oakland Athletics will play the 2025 to 2027 seasons in Sacramento's 14,000-capacity minor-league ballpark while their planned stadium in Las Vegas is built, the franchise and Major League Baseball announced Thursday morning, officially making this season the team's last in Oakland after 57 years.
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April 04, 2024
Md. Lessee Owes Tax On Gov't Property, Appeals Court Says
A lessee of government property in Maryland that was sublet to other users was correctly denied a partial property tax abatement, the state appeals court has said, even though some subtenants were government entities.
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April 04, 2024
MV Realty Abusing Ch. 11 Process, Bankruptcy Court Told
State prosecutors, federal agencies and consumer advocates have told a Florida bankruptcy judge that MV Realty is using the Chapter 11 process to avoid enforcement and enshrine a set of predatory agreements designed to extract millions in junk fees from homeowners over the next 40 years.
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April 04, 2024
Surfside, Fla., Condo Collapse Victims To Get Additional $4.8M
A Florida judge signed off Thursday on an additional $4.8 million distribution to the victims of the deadly collapse of the Champlain Towers South condominium after the receiver overseeing the defunct condominium association told the court the association had fewer financial obligations and tax liabilities than expected.
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April 04, 2024
Project Owners Eager To Sell Energy Tax Credits, Report Says
Project owners are pursuing new financing strategies that would support the early sale of their clean energy tax credits as more projects in their initial development stage this year seek to capitalize on the incentives as early as possible, a report released Thursday said.
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April 03, 2024
Nationstar Adds 'Junk Fee' For Loan Payoff Quote, Suit Says
A proposed class hit Nationstar Mortgage LLC with a suit alleging the mortgage servicing firm illegally charges homeowners a "junk fee" for written payoff quotes in violation of the Fair Debt Collection Practices Act.
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April 03, 2024
Mortgage Co. Targeted In News Report Hit With RICO Suit
United Wholesale Mortgage LLC, its parent company and its CEO were hit with a proposed class action Tuesday in Michigan federal court accusing them of scheming with mortgage brokers to steer borrowers into more expensive loans the same day that Hunterbrook Media, a new journalism and hedge fund outfit, published its first investigative piece focused on the company.
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April 03, 2024
Chubby Checker Boyhood Home To Sell In Ponzi Receivership
The childhood home of acclaimed '60s rock-and-roller Chubby Checker will get a new owner after a Texas federal court found that a sale is in the best interest of a receivership in a $185 million alleged Ponzi scheme involving two precious metals dealers who swindled senior citizens.
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April 03, 2024
NY Bank, Investors Want Derivative Suits Merged, Paused
New York Community Bancorp Inc. and several of its investors asked a New York federal judge to consolidate and stay the investors' derivative shareholder suits against the bank.
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April 03, 2024
Judge Wary Of Atty's Bid To Cut Sentence For Hiding Assets
A Seventh Circuit judge appeared skeptical Wednesday of an Illinois lawyer's contention that she should not have received an abuse-of-trust sentencing enhancement for helping her brother conceal more than $350,000 in bankruptcy assets, noting she deposited them in her attorney trust account and attempted to assert attorney-client privilege to hide her conduct from the trustee.
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April 03, 2024
Broker Says Developer Won't Pay Finder's Fee On $24M Loan
A South Carolina real estate developer has failed to fork over a finder's fee to his broker on more than $24 million in financing for a mixed-use project on the coast of North Carolina, according to a newly filed federal complaint.
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April 03, 2024
US Bank Beats $100M Suit Over Role As CDO Trustee
A New York federal judge has freed U.S. Bank from a more than $100 million conflict-of-interest lawsuit brought by a group of mortgage-backed CDOs, which accused the bank of obstructing their efforts to sue over underlying mortgage bond losses tied to the 2008 financial crisis.
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April 03, 2024
Reba McEntire's Ex-Hubby Loses Bid To Cancel Farm Name TM
The ex-husband of country star Reba McEntire has lost a bid to cancel the trademark "Starstruck Farm" after the man who bought the property kept the name, with a Tennessee federal judge finding that McEntire's former husband, Narvel Blackstock, has not met his burden regarding likelihood of confusion or bad faith to profit off the name.
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April 03, 2024
5th Circ. Unsure Miners Can Escape Pecan Farm Flood Verdict
Fifth Circuit judges on Wednesday suggested that the owner of an open gravel mine on the bank of the Colorado River could have a tough time in its bid to avoid responsibility for devastating flooding at a pecan farm across the river.
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April 03, 2024
Colo. Judge Rejects Landlord's Bid To Toss Unfair Fee Suit
A Colorado state judge rejected a property management company's bid to toss a class action accusing it of charging unfair rental application fees, writing in an order that a Denver renter has done enough to allege the company violated a 2019 law aimed at protecting renters from inflated charges.
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April 03, 2024
5 Hotel Cos. Defeat Trafficking Claims, 2 Others Settle
An Ohio federal judge gave five hospitality companies early wins against a sex trafficking survivor's liability claims and dismissed two others following undisclosed settlement agreements, bringing an end to the survivor's suit alleging the companies should have seen warning signs and prevented what happened to her.
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April 03, 2024
Forchelli Appoints Environmental Practice Chair
Forchelli Deegan Terrana LLP has announced the hiring of a partner with experience in organizations such as Miller Environmental Group Inc. and New York American Water to chair its environmental practice group.
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April 03, 2024
San Francisco Leaders Back Ax Of Public Camping Ban
A coalition of San Francisco stakeholders has accused the city and California of overstepping their bounds in an amicus brief urging the U.S. Supreme Court to overturn an Oregon city's prohibition on camping in public spaces, discounting their "alarmist claims" that the ruling rendered jurisdictions powerless.
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April 03, 2024
Skanska Inks $1.4B Contract To Replace Seattle Bridge
Skanska and Washington's Department of Transportation closed a $1.4 billion bridge replacement contract that aims to update Seattle's Portage Bay Bridge so that it's up to "current seismic resiliency standards," the construction and development company announced.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
Connecticut Estate Withdraws Deadly Airbnb Blast Claims
The estate of a woman who died two years ago after the stove in an Airbnb property in Jamaica erupted into a fiery blast has withdrawn a Connecticut lawsuit against both the online service and the Texas-based owner of the retreat, with the maneuver coming just days after the owner challenged jurisdiction in the state.
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April 02, 2024
MV Realty Files Ch. 11 Plan Amid Growing Calls To Toss Case
MV Realty plans to reorganize in Florida bankruptcy court by firing its brokers and collecting millions in fees from about 34,000 U.S. homeowners over the next 40 years, even as more than a dozen states backed the U.S. Trustee's view that the case is a stall tactic against prosecutors.
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April 02, 2024
Ex-NY Court Atty Says DA Has No Evidence Of Corruption
A former appeals court attorney told a Manhattan jury Tuesday that the district attorney can't back up charges that she intended to benefit her husband when she gave a "basic, procedural fact" about the status of a case to his client.
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April 02, 2024
Rental Co. Sues Family Of Child Who Drowned On Property
A North Carolina beach vacation rental company, facing a negligence lawsuit brought by a father whose son died in one of its pools, has in turn filed suit against the deceased child's extended family members, claiming that any blame for the death should be on their shoulders.
Expert Analysis
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How Lease Obligations Can Affect Subchapter V Debt Cap
Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.
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Trends That Will Shape The Construction Industry In 2024
Though the outlook for the construction industry is mixed, it is clear that 2024 will bring evolving changes aimed at building projects more safely and efficiently under difficult circumstances, and stakeholders would be wise to prepare for the challenges and opportunities these trends will bring, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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11 Noteworthy CFPB Developments From 2023
Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.
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Insured Takeaways From 10th Circ. Interrelated Claims Ruling
The Tenth Circuit's recent ruling in American Southwest Mortgage v. Continental Casualty that multiple claims arising from consecutive audit years were interrelated — and thus subject to a per claim limit — creates a concerning precedent for policyholders, so companies should negotiate relevant policy language, says Michael Stockalper at Saxe Doernberger.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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4 International Arbitration Trends To Monitor In 2024
Global growth slowed substantially in 2023, and may continue into 2024 due to geopolitical instability, which could fuel four key trends in international arbitration in the coming year, including investor-state and commercial arbitration, an increase in arbitration out of China, and more, say Gregory Litt and Sharmistha Chakrabarti at Skadden.
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How DOI Aims To Modernize Resource Damage Assessments
The U.S. Department of the Interior's recent proposal to redesign its Type A rule for conducting natural resource damage assessment and restoration activities could lead to a more streamlined, flexible assessment process that would benefit both natural resource trustees and potentially responsible parties, says Brian Ferrasci-O'Malley at Nossaman.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Key Issues When Navigating A Tenant's Bankruptcy
In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.
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Ill. Justices Set New Standard For Analyzing Defect Claims
The Illinois Supreme Court's recent ruling in Acuity v. M/I Homes of Chicago has effectively changed the landscape for how insurers may respond to construction defect claims in the state, so insurers should carefully focus their coverage analysis on whether the business risk exclusions are applicable, say Bevin Carroll and Julie Klein at Kennedys.