Residential
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September 03, 2024
7th Circ. Upholds Arbitration In Menards Hidden Fees Suit
The Seventh Circuit on Tuesday upheld a decision to compel arbitration in a proposed class action claiming that home improvement retailer Menards used a hidden pickup service fee to manipulate its prices, saying the company provided "reasonably conspicuous" notice of its terms on the page where the lead plaintiff completed her online order.
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September 03, 2024
Moody's Says CMBS Delinquencies May Top Pandemic Highs
Delinquencies for commercial mortgage-backed securities increased for the 10th month in a row when the rate hit 6.5%, Moody's has found, signaling CMBS delinquency rates may climb beyond the 8.3% pandemic peak before the end of 2024.
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September 03, 2024
IRS Should Be Bound By $2M Bankruptcy Deal, Justices Told
An Alabama real estate developer who sought bankruptcy protection and agreed to settle his tax debts for $2 million asked the U.S. Supreme Court to review a decision allowing the IRS to demand additional taxes from him, saying the agency shouldn't be allowed to back out of the deal.
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September 03, 2024
Multifamily Real Estate Co. Buys Ind. Apartment Community
Gray Capital bought a 384-unit Indianapolis, Indiana, Class A apartment community, acquiring its 11th apartment asset in the area, the multifamily investment company announced Tuesday.
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September 03, 2024
Ex-Miami Atty's Countersuit Tossed Due To Litigation Privilege
A Florida state judge has tossed an ex-Miami city attorney's countersuit against a constituent, saying her suit fighting real estate fraud allegations that she says led to her termination is barred by the state's litigation privilege doctrine in which absolute immunity protects certain statements made in court proceedings.
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September 03, 2024
Construction Spending Sees Summer Bump, Per US Census
Money doled out for construction projects in July was 6.7% higher than the U.S. Census Bureau's $2 trillion spending estimate that it provided in July 2023 when seasonally adjusted at an annual rate, the federal agency announced Tuesday.
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September 03, 2024
Former Aide To NY Gov. Indicted On Foreign Agent Charges
A former aide to New York Gov. Kathy Hochul and ex-Gov. Andrew Cuomo was arrested Tuesday on allegations of secretly acting as an agent of China's government in a yearslong political conspiracy to promote the interests of the Chinese Communist Party and reap millions of dollars.
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August 30, 2024
Property Plays: Sixth Street, Citadel, 49ers
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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August 30, 2024
New York Code Council, Officials Duck Natural Gas Ban Suit
A New York federal court dropped the New York Department of State, the New York State Fire Prevention and Building Code Council and several state officials from trade groups' challenge to the state's recent ban on natural gas in new construction.
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August 30, 2024
Steward Says It Has Deal To Avert Some Hospital Closures
Bankrupt hospital operator Steward Health Care System has a tentative agreement that would eliminate over $6 billion of claims against it, keep the majority of its 31 hospitals operating while saving three from potential closure and set it on a path to confirm a Chapter 11 plan, attorneys told a Texas bankruptcy judge Friday.
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August 30, 2024
Marcus & Millichap Unit Closes $95M Apartment Complex Sale
A subsidiary of brokerage Marcus & Millichap has arranged the $95 million sale of a Simi Valley, California, multifamily property.
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August 30, 2024
Condo Board Coverage Suit Over Maui Wildfire Gets Tossed
A Hawaii federal judge tossed an insurer's suit seeking to avoid representing a condo association and property manager after owners sent a letter blaming the association for illegally having insufficient insurance before the 2023 Maui wildfires decimated Lahaina, concluding matters were best left to Hawaii state court.
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August 30, 2024
Developer Closes $70.2M Wash. Multifamily Property Buy
Real estate developer, investor and operator Security Properties purchased a 159-unit Sammamish, Washington, multifamily property for $70.2 million, the company announced.
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August 30, 2024
PE Firm Bascom Snaps Up Bakersfield Complex For $56.6M
Bascom Group said it has acquired a 249-unit, build-to-rent property in Bakersfield, California, for $56.6 million, in its sixth purchase of 2024.
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August 30, 2024
Home REIT Sells 101 Properties For £18.5M
Home REIT PLC said Friday that it has sold more than 100 properties for £18.5 million ($24.4 million), as the struggling property investment trust looks to pay back its debts and inject working capital into the business.
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August 29, 2024
PNC Asks 4th Circ. To Reconsider HELOC 'Offset' Ban Ruling
PNC Bank has asked the Fourth Circuit to take another look at its ruling that extended the "offset" provision of the Truth in Lending Act, which prevents banks from using funds held in deposit accounts to offset credit card debt without the consumer's consent, to home equity lines of credit.
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August 29, 2024
CFPB Fines NewDay $2.25M Over VA Home Loan Practices
The Consumer Financial Protection Bureau levied a $2.25 million fine against NewDay Financial LLC on Thursday for allegedly deceiving active-duty service members and veterans seeking cash-out refinance loans on their home mortgages.
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August 29, 2024
Building Codes Key Part Of Mitigating Insurance Risks
Property and casualty insurers have highlighted resilient building as a way to address burgeoning property risk, but experts told Law360 the government alone cannot be expected to improve insurance outcomes without engagement from state and local jurisdictions and private organizations on issues like building codes and federal grants.
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August 29, 2024
Counterclaims Cut From $12.1M Home Security Contract Suit
The home-security arm of Pennsylvania-based builder Toll Brothers has persuaded a Connecticut state court to trim some of the counterclaims from its litigation with Security Systems Inc., successfully arguing that the buyer of nearly 10,000 customer accounts hasn't shown that damages exceed the $1.5 million "attrition reserve" the company was already holding on to.
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August 29, 2024
Colo. Lawmakers OK Further Property Tax Rate Cuts
The Colorado Legislature approved a bill Thursday that would cut assessment rates and limit local property tax growth as part of an agreement to stop two ballot initiatives critics say would devastate funding for schools and other local services.
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August 29, 2024
Agency Says Homeowner's Appeal Question Is Too Late
An insurance agency pushed North Carolina's Supreme Court to toss a homeowner's appeal on whether the court erred by having heightened pleadings standards for punitive damages against corporations, arguing the deadline for debating the issue had passed.
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August 28, 2024
Top Massachusetts Real Estate News This Summer
Catch up on the hottest real estate news out of Massachusetts so far this summer, from a hotel refinancing and the promises of offshore wind projects to a housing bill and an update on the Boston life sciences market.
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August 28, 2024
Colo. House OKs Additional Property Tax Rate Cuts
The Colorado House approved a legislative package Wednesday aimed at limiting property tax increases by lowering assessment rates and capping local revenue growth, sending the measures to the state Senate.
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August 28, 2024
BofA Hit With Suit Alleging 'Exploitative' Trust Insurance Costs
A trust beneficiary accused Bank of America in Georgia federal court of charging a trust it manages "unnecessarily expensive" insurance coverage for a residential property, arguing the bank breached its duties both as a trustee and a fiduciary.
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August 28, 2024
Ohio Justices To Weigh School Board Tax Appeal Rights
The Ohio Supreme Court agreed Wednesday to hear a school board's claims that a law that limited the rights of school boards to appeal certain property valuation decisions to a state tax board offered them a path to appeal to county courts instead.
Expert Analysis
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Foreign Investment In Real Estate Is Getting More Complicated
Increasing federal scrutiny and a proliferation of new state laws targeting foreign investment in real estate may complicate or prevent transactions even by U.S. companies or funds that have shareholders or limited partners from China and other countries of concern, say attorneys at Akin.
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Virginia 'Rocket Docket' Slowdown Is Likely A Blip
After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.
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Home Equity Option Contracts Appear Ripe For Rating
Given that home equity option contracts share similarities with evolving asset types like litigation funding, and that courts continue to characterize them as real estate option contracts, it seems they are poised to be rated in the near future, say Darius Horton and Holly Spencer Bunting at Mayer Brown.
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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2 Critical Shortfalls In Fla. Condo Safety Amendments
New amendments to Florida's Building Safety Act provide condominium associations with more flexibility to comply with inspection deadlines, but vaguely defined extension criteria and unambiguous lines of responsibility warrant further legislative action, say Jordan Isrow and Andrew Ingber at Government Law Group.
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Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.
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Justices' Minn. Takings Ruling May Have Broad Impact
The U.S. Supreme Court's decision in Tyler v. Hennepin County that a Minnesota tax foreclosure violated the U.S. Constitution's takings clause may, beyond resolving a circuit split, influence well-established foreclosure laws across the U.S., say Emily Ladd and Gregory Nowak at Miller Canfield.
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Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
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Challenging Standing In Antitrust Class Actions: Rule 23
A recent Sixth Circuit decision in Fox v. Saginaw County that rejected the common attempt to use Rule 23 to sidestep Article III's standing limitations shows antitrust defendants' success in challenging standing will rest on happenstance without more clarity from the Supreme Court — which no litigant should be comfortable with, say Michael Hamburger and Holly Tao at White & Case.
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Key Limited Partnership Provisions During Market Downturns
With a recession potentially on the horizon, fund managers should carefully examine their funds' limited partnership agreements for items that may be affected by economic downturns, and assess whether modifications may be appropriate, says Matthew Posthuma at Ropes & Gray.
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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Fla. Foreign Real Estate Law Brings Broad Investment Risks
Last month, Florida became the latest state to enact legislation prohibiting Chinese investors from acquiring certain interests in real property, introducing significant legal uncertainty and consequences for real estate stakeholders and the private equity industry, say attorneys at Simpson Thacher.
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Prepping Your Business Ahead Of Affirmative Action Ruling
The U.S. Supreme Court's upcoming ruling on whether race should play a role in college admissions could potentially end affirmative action, and companies will need a considered approach to these circumstances that protects their brand power and future profits, and be prepared to answer tough questions, say Nadine Blackburn at United Minds and Eric Blankenbaker at Weber Shandwick.