A proposed class action against homebuilder KB Home and mortgage lender Countrywide Home Loans Inc. alleges that the companies used fraudulent appraisal reports to artificially support prices of KB houses when the California real estate market started to crumble.
An appeals court has upheld a National Labor Relations Board ruling that a Connecticut real estate management firm violated national labor laws when it decided not to hire unionized employees of a newly acquired business.
Though Wall Street's biggest banks have already been hit hard by the subprime mortgage crisis, for some players in the industry, the worst is yet to come. A new report projects that providers of directors' and officers' liability insurance could face $3.6 billion in costs stemming from subprime-related litigation.
An antitrust class action accusing Commonwealth Land Title Insurance Co. of overcharging customers who refinanced their homes will proceed, now that a federal judge has granted class certification.
Ignoring noteholder protests, a federal bankruptcy judge has given homebuilder Tousa Inc. the go-ahead to draw upon $135 million to finance its Chapter 11 reorganization and keep operations up and running.
Only days after homebuilder Tousa Inc. ducked into Chapter 11, a group of noteholders is urging the judge to allow them to scrap the July 2007 refinancing that they say helped land the mortgage lender in bankruptcy in the first place.
A hedge fund with a stake in Countrywide Financial Corp. has told federal regulators it opposes Bank of America's planned buyout of the ailing mortgage lender, saying the merger would leave shareholders shortchanged.
Three affiliates of Countrywide Financial Corp., the mortgage lender Bank of America has agreed to buy in a $4.1 billion deal, were hit with a proposed class action accusing them of forcing their own insurance on Florida borrowers who were already insured.
The property management company for the Las Vegas Trump International Hotel & Tower has accused Donald Trump of ambushing it in the market for renting owners' units by forbidding the company to use the Trump moniker.
Homebuilder Tousa Inc. will file for Chapter 11 protection as part of a restructuring agreement it has already reached with more than half of its senior noteholders.
A bankrupt couple has filed a putative class action against Fidelity National Information Services Inc., accusing the financial data processing company of being the “secret puppetmaster” of creditors' attorneys in bankruptcy cases.
The judge overseeing New Century Financial Corp.'s bankruptcy case has granted the lender's third motion for extra time in Chapter 11, giving the company until next week to file an exclusive exit plan.
A teachers' retirement group may see its case against several parties involved in Homestore.com's $190 million accounting misstatements go up in smoke, after the Supreme Court remanded the lawsuit back to the Ninth Circuit on Tuesday.
As the battle over whether to seal the New Century examiner's report continues to rage, an update has been released that suggests the mortgage lender may have misled investigators regarding its post-petition cash collateral use.
The U.S. trustee overseeing New Century Financial Corp.'s Chapter 11 proceedings has supported a motion by the case examiner for more time to probe the lender, following news that the bankrupt company failed to hand over hundreds of thousands of e-mails.
Levitt & Sons LLC, the storied homebuilder that developed the first planned suburban community, received tentative permission from a bankruptcy judge to establish a $3.5 million revolving credit facility with Wachovia Bank NA, its lender and largest creditor.
A federal appeals court has overturned the 15-year prison sentence for the founder of an online real estate listings company, saying that the district court judge should not have presided over the case because he owned stock in a company connected to the alleged fraud scheme.
The U.S. Coast Guard announced Monday it will adopt a new rule that clarifies what buyers must do to qualify for the innocent landowner defense in cases where oil from private property may contaminate U.S. waters.
The U.S. Department of Labor has sued Fifth Third Bank, alleging that the bank hurt a Michigan pension fund it was co-managing by selling a $28 million property owned by the fund for only $4.5 million.
An examiner appointed by a bankruptcy court to probe New Century's accounting practices has urged the court for more time to complete his investigation, blaming the lender and its auditor for frustrating his efforts to get at the truth.