The federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against nursing home operator Sunwest Management Inc. and former CEO Jon M. Harder over an alleged $300 million Ponzi scheme should not be removed from the case, a magistrate judge has ruled against the wishes of a group of secured creditors for Sunwest.
The bankruptcy judge overseeing the Chapter 11 case of Tarragon Corp. has signed off on the real estate developer's bid to tap up to $6.25 million in post-petition financing to keep its business afloat during its restructuring period.
Former KB Home Inc. CEO Bruce Karatz has been indicted over an alleged scheme to defraud company stockholders and investors of millions of dollars by backdating stock options for himself and other senior executives and deceiving the U.S. Securities and Exchange Commission, KB Home accountants and KB stockholders.
The creditors committee of bankrupt real estate developer WL Homes LLC, which operates as John Laing Homes, has objected to the debtors' request for post-petition financing, questioning the motives behind the proposed insider debtor-in-possession loan.
The U.S. House of Representatives has approved a controversial bill that would give bankruptcy courts the authority to modify the terms or reduce the principal balance of a homeowner's mortgage, while protecting lenders from investors when loan terms are altered.
Anticipating an upswing in land use lawsuits as demographic shifts and development threaten environmentally sensitive areas, Shook Hardy & Bacon LLP has launched a land use litigation practice out of its Miami office.
Creditors for Kimball Hill Inc. have endorsed the bankrupt homebuilder’s plan of liquidation, clearing the stage for the plan’s confirmation hearing Monday.
The U.S. trustee overseeing the bankruptcy of real estate developer Tarragon Corp. has objected to the hiring of investment bank Lazard Freres & Co. LLC, saying its fees are too high and it might have a conflict of interest.
State Farm Fire and Casualty Co. has been hit with a putative class action by policyholders who claim the insurer overcharged them for homeowners insurance by failing to take into consideration changes to their fire protection classes.
National Fire Insurance Co. of Hartford and Valley Forge Insurance Co. have asked a federal court to rule that an American International Group Inc. unit that issued an umbrella policy to a condo developer can't shift the burden of defending the company in a negligence suit to them, because their policies only cover claims related to subcontractors.
HomeBanc Mortgage Corp.'s motion to convert its Chapter 11 bankruptcy case to Chapter 7 has been granted, despite an objection from Fifth Third Bank that liquidation would jeopardize collection funds to which the bank says it is entitled.
A judge overseeing the liquidation of subprime mortgage lender SouthStar Funding LLC on Monday lifted a stay on foreclosures, allowing several financial institutions to take over more than two dozen delinquent borrowers' homes.
A bankruptcy court has confirmed the liquidation plan for defunct Levitt and Sons LLC, approving the dismantling of a storied homebuilder and development company credited with helping launch young families’ post-World War II migration to the suburbs.
WL Homes LLC, which does business as John Laing Homes, on Thursday filed a voluntary petition for Chapter 11 bankruptcy protection and almost immediately ran into a buzz saw of objections from banks to whom the debtors owe tens of millions of dollars.
Law firm Jones Day and real estate news Web site BlockShopper.com have reached a settlement in a trademark lawsuit that drew the attention of Internet free speech advocates across the country.
A federal judge has tossed a Florida man’s lawsuit accusing Holland & Knight LLP of misrepresenting him in a copyright dispute by withholding key information that led him to take a settlement offer.
Reversing a lower court ruling, a federal appeals court has found Ohio Casualty Co. responsible for indemnifying homebuilder Stanley Martin Cos. Inc. for the cost of repairing mold damage caused by a subcontractor.
With defunct real estate developer Levitt and Sons LLC only a week away from a hearing on its reorganization plan, the debtors and unsecured creditors have reached an agreement with Bank of America NA over its $102 million claim against the estate.
Time-share manager Westgate Resorts Inc. has been slapped with a pair of proposed class actions alleging that it failed to pay employees overtime.
Mid-Continent Casualty Co. has sued Greater Midwest Builders Ltd., seeking a judgment that it has no duty to defend or indemnify the developer in an underlying suit over allegedly defective townhomes because of certain insurance policy exclusions.