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Real Estate
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June 25, 2024
Warhol, Monet Artwork Forfeited To US In 1MDB Clawback
Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.
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June 25, 2024
Feds Transfer Nearly 12,000 Acres To Minnesota Tribe
A Native American tribe in northern Minnesota has added nearly 12,000 acres of forest land to its reservation following an agreement signed by the U.S. Forest Service.
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June 25, 2024
Wash. HOA Drops Water Damage Coverage Claims
A homeowners association agreed to drop its Washington federal case seeking up to $8.7 million in coverage for "hidden" water damage to its condos.
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June 25, 2024
$3M Broker Commission Deal Stayed To Await NAR Settlement
A Massachusetts federal court will not consider a $3 million settlement reached between home sellers and a multiple listing service over broker commission rules until after a decision on a much larger settlement in the separate sprawling case against the National Association of Realtors.
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June 25, 2024
NC Development Bill Violates UN Declaration, Tribe Says
A North Carolina tribe is fighting state legislation that it says does not assure protections over one of the most significant archaeological Native American discoveries in recent years, arguing its language violates international law and centuries-old treaties.
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June 25, 2024
Ariz. Lawmakers Say State Has No Interest In Monument Fight
The Arizona State Legislature says Gov. Katie Hobbs and Attorney General Kris Mayes can't show that they have an interest in lawsuits against President Joe Biden's proclamation designating an Indigenous site in the Grand Canyon region a national monument and they shouldn't be allowed to intervene in the litigation.
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June 25, 2024
DC Council OKs Tax Hikes On High-End Property, Payroll
Washington, D.C., would impose a special tax rate on high-end residential properties, boost the premium for the district's paid leave program and make other tax and spending changes under legislation passed Tuesday by the district council.
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June 25, 2024
Pot Cos. Push Back On Calif. City's Bid To Toss $5.4M Fee Suit
Six cannabis companies are fighting the California city of Cudahy's bid to dismiss a suit alleging that the city reneged on a promise to waive $5.4 million in fees accrued during the COVID-19 shutdowns, saying the motion largely disputes allegations that the court has to accept as true under a motion to dismiss.
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June 25, 2024
Lewis Baach Says Chrysler Building Landlord Bilked The Firm
International boutique Lewis Baach Kaufmann Middlemiss PLLC has sued the landlord for its former office space in the Chrysler Building in New York state court, saying RFR Holding LLC is refusing to return its $275,000 security deposit.
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June 25, 2024
Ariz. Court Slashes Value Of Low-Income Housing Complex
An Arizona housing complex subject to restrictions related to federal low-income housing tax credits was overvalued by a local assessor, the Arizona Tax Court said, slashing the valuation of the property by about three-fourths.
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June 25, 2024
Ore. Tax Court Affirms $13M Valuation For Lowe's Retail Outlet
The Oregon Tax Court affirmed the $13.4 million tax valuation of a Lowe's home improvement warehouse, rejecting the company's argument that the property should be valued as if it did not have a lease in place.
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June 25, 2024
Meadow Partners Raises $530M For Latest Real Estate Fund
Real estate investment manager Meadow Partners announced Tuesday it raised $530 million for the sixth installment of its flagship real estate fund, with capital commitments from a mix of new investors and longtime partners.
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June 24, 2024
EPA Says Army Corps Doesn't Belong In Pebble Mine Dispute
The U.S. Environmental Protection Agency is urging an Alaska federal judge to refuse a mining company's bid to amend a lawsuit in order to reverse an Army Corps of Engineers decision denying the controversial Pebble Mine project a permit.
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June 24, 2024
SEC Official Urges Banks To Report Commercial RE Risks
The U.S. Securities and Exchange Commission is closely monitoring the way banks with significant commercial real estate portfolios are communicating with investors about their exposure to the struggling market, the agency's director of its Division of Corporation Finance said in remarks posted online Monday.
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June 24, 2024
Lloyd's Seeks To Avoid Coverage For Beach Umbrella Death
Certain underwriters at Lloyd's, London told a South Carolina federal court Monday they should have no coverage obligations to a vacation rental owner over a wrongful death suit alleging that a woman was impaled by a "wind-driven" beach umbrella.
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June 24, 2024
Justices Will Weigh Liability Of Corporate Affiliates In TM Row
The U.S. Supreme Court will review whether a real estate development company's corporate affiliates should be responsible for a $46.6 million trademark infringement judgment — even though they were not defendants — in a case attorneys said Monday could have ramifications beyond the Lanham Act.
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June 24, 2024
Justices End Irish Landowner's Fight Against $23M Clawback
The U.S. Supreme Court on Monday declined to hear a challenge by Irish businessman Sean Dunne and his ex-wife Gayle Killilea to a Chapter 7 trustee's roughly $23 million avoidance action win, leaving intact a Connecticut jury verdict and a Second Circuit rejection of the onetime couple's claims.
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June 24, 2024
Nev. Restaurant Co.'s COVID Suit Is Kept Alive
A group of insurers can't avoid a restaurant holding company's bid for coverage of COVID-19-related losses, a Nevada state court ruled, finding that the state supreme court's ruling on the subject didn't control the action because of an infectious disease endorsement in the company's policies.
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June 24, 2024
Ill. Landowners Challenge FERC Moves On $7B Power Line
Illinois residents, farmers and landowners launched a fresh challenge to the $7 billion Grain Belt Express high-voltage power line, telling the D.C. Circuit that when the Federal Energy Regulatory Commission approved an amended negotiated rate authority, it ignored clean energy giant Invenergy's unsanctioned purchase of the project in 2020.
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June 24, 2024
Ex-Chicago Alderman Gets Two Years For Boosting Law Firm
An Illinois federal judge on Monday sentenced former Chicago Alderman Ed Burke to two years in prison and fined him $2 million for using his official position to steer tax business to his personal law firm, closing what prosecutors called "another sordid chapter" in the city's history of public corruption.
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June 24, 2024
IRS Finalizes Limits To Partnership Conservation Easements
The Internal Revenue Service finalized rules Monday that curb the conservation easement tax deduction claimed by certain partnerships, with some changes to last year's proposed version, such as limiting the opportunity for entities to adjust their tax returns to avoid the new restrictions.
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June 24, 2024
Mortgage Co. Fights To End Borrowers' RICO 'Smear' Suit
United Wholesale Mortgage has urged a Michigan federal judge to toss a putative class action claiming it violated the Racketeer Influenced and Corrupt Organizations Act by forcing brokers to originate loans through UWM, arguing the suit is an illegitimate "smear" attempt to tarnish UWM's reputation to benefit hedge fund short-sellers.
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June 24, 2024
Red Roof Ignored Years Of Trafficking, Victim Tells Ga. Jurors
The corporate owners of two metro Atlanta Red Roof Inn locations knew about and ignored trafficking at the hotels, a woman who said she had been trafficked at the two hotels and others in the surrounding area for six years told Georgia federal jurors Monday.
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June 24, 2024
Julie Chrisley To Be Resentenced, But Convictions Stand
The Eleventh Circuit on Friday upheld the tax evasion and fraud convictions of former reality TV stars Todd and Julie Chrisley, but ordered a Georgia federal judge to resentence Julie Chrisley after finding that the judge failed to fully explore her discrete role in the $36 million scheme.
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June 24, 2024
Landlord Says Insurer Botched Coverage For $1M State Deal
A Colorado landlord is accusing an insurance broker and carrier of secretly adding an endorsement to its policy to bar coverage for a $1 million settlement the landlord entered into to resolve a state investigation over alleged misuse of tenant funds.
Expert Analysis
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8 Fla. Statutes That Construction Cos. Should Prepare For
In this article, Jason Lambert at Hill Ward discusses a number of recent bills out of the Florida Legislature targeting construction companies in the Sunshine State that have been sent to the governor for signature, at least some of which will have broad impacts that affected companies should prepare for ahead of the July 1 effective date.
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Opinion
Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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Understanding The IRC's Excessive Refund Claim Penalty
Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.
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Bankruptcy Ruling Shifts Lease Rejection Claim Calculation
A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Do Not Overstate Fla. Condo Termination Ruling's Impact
A close look at the unique language at issue in Avila v. Biscayne, in which a Florida appellate court deemed a condo termination to be invalid, shows that the case is unlikely to significantly affect other potential terminations, say Barry Lapides and Edward Baker at Berger Singerman.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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How 3D Printing And Prefab Are Changing Construction
The growing popularity of trends like 3D printing technology and prefabrication in the construction industry have positive ramifications ranging from reducing risks at project sites to streamlining construction schedules, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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Wave Of Final Rules Reflects Race Against CRA Deadline
The flurry of final rules now leaping off the Federal Register press — some of which will affect entire industries and millions of Americans — shows President Joe Biden's determination to protect his regulatory legacy from reversal by the next Congress, given the impending statutory look-back period under the Congressional Review Act, say attorneys at Jenner & Block.
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Class Actions At The Circuit Courts: April Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses three notable circuit court decisions on topics from the Class Action Fairness Act to consumer fraud — and provides key takeaways for counsel on issues including CAFA’s local controversy exception and Article III standing to seek injunctive relief.