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Real Estate
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April 30, 2024
Judge Says $4.5M Davis Wright Deal Should Be Approved
An Oregon federal magistrate judge has recommended approval of a $4.5 million deal resolving investor claims against Davis Wright Tremaine LLP for its role in endorsing an alleged real estate securities scheme.
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April 29, 2024
Pomerantz, Glancy Prongay Spar To Lead LexUrban Fraud Suit
Glancy Prongay & Murray LLP and Pomerantz LLP are vying to represent a proposed class of investors in a New York federal suit against real estate company LuxUrban Hotels, with Glancy Prongay accusing Pomerantz of "cobbl[ing] together" a would-be co-counsel group and Pomerantz defending its proposed lead plaintiffs as a proper "cohesive duo."
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April 29, 2024
6th Circ. Revives Co.'s Malpractice Suit Against Ohio Firm
The Sixth Circuit on Monday revived a Texas real estate developer's legal malpractice claim against an Ohio law firm, remanding the case back to a lower court to consider the viability of certain professional negligence claims.
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April 29, 2024
Zillow Fights Investor Cert. In Home Pricing Program Suit
Zillow urged a Washington federal court not to certify a class of shareholders amid an investor's suit alleging he was misled about the performance of its home-flipping program, arguing that the alleged misstatements had no bearing on stock prices.
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April 29, 2024
DC Property Manager Can't Duck Utility Fee Claims
A District of Columbia federal judge refused to toss a proposed class action lobbed by a former tenant against Bozzuto Management Co., leaving the property manager to face claims that its mishandling of utility charges violated consumer protection laws.
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April 29, 2024
Kemp Klein Adds Bankruptcy Atty In Mich.
Detroit-area-based Kemp Klein Law Firm has announced it hired a new bankruptcy-focused corporate lawyer to bolster its corporate, litigation and bankruptcy practices.
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April 29, 2024
US, Tribes Defend Water Rule Against States', Biz Groups' Suit
The federal government and several Native American tribes on Friday asked a North Dakota federal judge to toss a lawsuit by two dozen states challenging a rule defining the reach of the Clean Water Act's jurisdiction.
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April 29, 2024
Zoning Limits Cost Mich. Wineries $120M, Judge Told
A group of wineries told a federal judge Monday that a Michigan township's zoning restrictions have caused the vintners to miss out on $120 million in profits and stifled their growth, while the township's lawyer said the damages ask is unreasonable and unwarranted.
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April 29, 2024
Defendant Seeks Tribe's Confidential Data In Smoke Shop Suit
An entrepreneur being sued by the Cayuga Nation is arguing in New York federal court that he should be allowed to view "highly confidential" spreadsheets purportedly detailing revenue losses the tribe suffered due to an unlicensed smoke shop on tribal land, asserting he has no business ties to the store.
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April 29, 2024
Pa. Retirement Home Wants Ed Board Tax Challenge Nixed
The nonprofit owner of a retirement community in a suburb of Pittsburgh has filed a lawsuit against the local school board claiming that the board violated a soon-to-expire payment in lieu of taxes, or PILOT, agreement that was brokered almost 15 years ago.
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April 29, 2024
WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures
A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.
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April 29, 2024
Wash. Solar Co. Will Pay $465K To End Noncompete Suit
A Washington state judge has given a preliminary nod to a $465,000 settlement to end litigation accusing a residential solar energy equipment company of forcing workers to sign illegal noncompete clauses as a condition of employment.
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April 29, 2024
NY Real Estate Pro Is Latest Morrison Cohen Atty To Join Loeb
Loeb & Loeb announced the addition of another former Morrison Cohen attorney on Monday, this time a real estate partner with a record of success in the New York metropolitan area.
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April 29, 2024
Smith Gambrell Adds 4 Attorneys To New York Office
Smith Gambrell & Russell LLP has added four attorneys in its New York office, two through a merger with a firm that specialized in representing companies from German-speaking countries in the U.S., and two from the recently shuttered Ingram LLP.
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April 29, 2024
IRS To Open $6B 2nd Round Of Advanced Energy Tax Credits
The IRS will start taking applications May 28 from project owners seeking to get part of a $6 billion second round of tax credits for developments that will support the clean energy industry, such as solar glass manufacturing and metal recycling facilities, the agency said Monday.
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April 29, 2024
Supreme Court Declines To Hear 'Unusual' FCRA Case
The U.S. Supreme Court on Monday declined to take up PHH Mortgage Corp.'s call for review of a Fourth Circuit decision allowing a Marine Corps veteran to continue his Fair Credit Reporting Act claims that the company harassed him about his ex-wife's debt on a home they once shared.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
How Legos, 'Working Girl' Sealed $10B Sibling Rivalry Win
A father-son attorney team used Legos and an argument borrowed from the 1988 film "Working Girl" to help a Los Angeles jury understand how their client's own brother illegally stole his multibillion-dollar real estate business, leading to a $10 billion verdict for their client and his other brothers, the attorneys told Law360.
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April 26, 2024
Support For 9th Circ. Rehearing In Oak Flat Dispute Mounting
At least 100 religious and nonprofit groups, law scholars, Native American coalitions and tribes are urging the Ninth Circuit to consider a full panel en banc hearing on a challenge to block a copper mining company from destroying a sacred Indigenous religious site in central Arizona.
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April 26, 2024
5th Circ. Upholds Pecan Farm's Flood Win Against Sand Mine
A Fifth Circuit panel has upheld a more than $659,000 jury verdict against the owner of a sand and gravel mine after a "120-year flood" event severely damaged an Austin pecan farm, holding the evidence showed the company's large freshwater pit was responsible for the damage.
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April 26, 2024
HomeServices Brokerage Reaches Deal With Home Sellers
Berkshire Hathaway-owned brokerage firm HomeServices of America reached a deal Friday to settle claims that it forced a class of home sellers to pay inflated commissions, closely following the approval of a $418 million deal between the class and the National Association of Realtors.
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April 26, 2024
Wells Fargo Clients Seek Class Cert. In Race Bias Suit
Mortgage applicants accusing Wells Fargo of discriminating against borrowers from racial minorities with higher interest rates, worse terms and more scrutiny than white clients have asked a California federal judge to approve their class.
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April 26, 2024
Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims
Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.
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April 26, 2024
Truist Unit Survives Early Dismissal Bid In NC Poaching Suit
Truist Financial Corp. and its real estate finance arm can move forward with the bulk of their suit accusing three former executives of absconding for a competitor with several dozen colleagues in tow, after North Carolina's business court judge largely denied the defendants an early exit.
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April 26, 2024
Real Estate Authority: Homelessness, PFAS, Flood Zones
Law360 Real Estate Authority covers the most important real estate deals, litigation, policies and trends. Catch up on this week's key developments by state — as well as on U.S. Supreme Court arguments over local homelessness policies, real estate attorney reactions to new rules on "forever chemicals," and the U.S. Department of Housing and Urban Development's latest take on building standards in flood zones.
Expert Analysis
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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.
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.