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Real Estate
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October 23, 2024
Judge Says Ex-Steward Hospital Nurse Row Out Of His Hands
A Texas bankruptcy judge Wednesday declined to order the new owner of former Steward Health Care hospitals in Massachusetts to take back changes to nurses' union contracts it assumed under his sale order, saying it wasn't up to him to make the call.
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October 23, 2024
Securities Claim Cut From Fraud Suit Against Calif. Developer
A California federal judge trimmed a securities claim from a Sonoma resident's suit against a real estate company embroiled in a fraud scandal and recommended that the rest of the claims be brought in state court.
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October 23, 2024
Where Harris, Trump Stand On Housing, Wall Street Landlords
In the run-up to the November presidential election, Kamala Harris has made housing one of the keystones of her campaign platform as she seeks to take on Wall Street landlords and tackle a nationwide housing affordability crisis, while Donald Trump believes illegal immigration is largely to blame for rising home prices.
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October 23, 2024
Ex-SEC Atty, Fintech GC Joins Stradling's Securities Team
Stradling Yocca Carlson & Rauth PC has added a former fintech general counsel and U.S. Securities and Exchange Commission attorney, reinforcing the firm's offerings for companies facing enforcement investigations or grappling with other compliance issues.
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October 23, 2024
Jones Day Brings Back RE Ace In Dallas From Winstead
Jones Day announced Wednesday that it is boosting its real estate offerings in Dallas with a returning attorney whose regional knowledge and industry experience will be a "real asset" to clients and who previously practiced in the area with Winstead PC.
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October 23, 2024
Ga. Firm Owner Denies SEC Ponzi Scheme Allegations
The owner of an Atlanta-area firm accused of running a multimillion-dollar "classic Ponzi scheme" has denied all wrongdoing, telling a Georgia federal judge he merely acted in reasonable reliance on others' advice and experience.
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October 23, 2024
2nd Circ. Backs Early Wells Fargo Win In $100M RMBS Case
The Second Circuit on Wednesday approved an early win for Wells Fargo in a lawsuit brought by Commerzbank AG alleging it lost $100 million investing in residential mortgage-backed securities, saying the German lender didn't have standing to sue.
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October 23, 2024
MVPs: Wachtell's Adam Emmerich & Robin Panovka
Adam Emmerich and Robin Panovka of Wachtell Lipton Rosen & Katz's real estate practice group guided Spirit Realty Capital Inc. in its $9.3 billion all-stock acquisition by Realty Income Corp., one of a string of multibillion-dollar acquisitions that earned the practice group leaders a spot as one of the 2024 Law360 Real Estate MVPs.
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October 22, 2024
'Dewberry' Ruling Doesn't Threaten Corporate Veil, Justices Told
An engineering company that won millions of dollars in a trademark case against a real estate developer that tried to use the "Dewberry" name for a hotel told the U.S. Supreme Court Tuesday to let that ruling stand, arguing that the Fourth Circuit ruling in its favor doesn't undermine the corporate veil.
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October 22, 2024
Copper Mining Co. Asks High Court To Toss Sacred Site Suit
A copper mining company that wants to build operations in a tribally sacred part of the Tonto National Forest has asked the U.S. Supreme Court to toss a challenge to a Ninth Circuit ruling that allows for the transfer of nearly 2,500 acres of land.
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October 22, 2024
NY Judge Trims HOA's Nuisance Suit Against Queens Stadium
A New York state court judge has pared a Forest Hills, Queens, homeowners association's nuisance suit against a local stadium owner accused of disturbing the neighborhood with lots of noise, traffic and crowds.
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October 22, 2024
Tribe, Feds Reach Deal Over National Preserve Site
The federal government, joined by the Pueblo of Jemez, called on the Tenth Circuit to amend its March 2023 ruling granting the tribe title to a portion of the Valles Caldera National Preserve after the parties reached a settlement agreement concerning how the title will be effectuated.
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October 22, 2024
NJ Panel Revives Casino Tax Break Amendment
A New Jersey state appeals court has reinstated an enhanced casino tax break measure that a trial court had deemed unconstitutional, reasoning that the judge neglected to analyze the measure's interplay with the law it amended.
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October 22, 2024
Insurer Wants Payback For Brick Drop On Pa. Law Firm
Bricks and debris fell from an old office building in downtown Pittsburgh, causing more than $51,000 in damage to the roof of Pisanchyn Law Firm, and the insurer of the property housing the firm told a Pennsylvania state court it wants payback.
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October 22, 2024
Wafer Factories Qualify For CHIPS Tax Credit In Final Regs
Semiconductor wafer production facilities will qualify for the 25% investment tax credit that incentivizes advanced chip manufacturing development projects under final regulations the U.S. Department of the Treasury released Tuesday.
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October 22, 2024
Winston & Strawn Boosts Transactions Team With NY Tax Atty
As Winston & Strawn LLP continues to build out its transactions team, the firm has hired a new attorney from Hunton Andrews Kurth LLP with a focus on the tax aspects of real estate financing.
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October 22, 2024
Madigan Ally's Favors Were '100% Legal,' Not Bribes, Jury Told
Counsel for an ex-lobbyist standing trial on public corruption charges alongside former Illinois House Speaker Michael Madigan told an Illinois federal jury Tuesday that the government is treating legal lobbying activity as bribery, and that his client did "100% legal favors" for Madigan to establish trust and maintain access to the powerful politician.
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October 22, 2024
Insurer Beats Sacramento Kings' COVID-19 Coverage Suit
A California federal court handed a win to the Sacramento Kings' insurer in a coverage dispute over pandemic-related losses that the basketball team and its arena operator incurred, finding that a contamination exclusion bars coverage.
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October 22, 2024
Housing Biz Engaged In 'Rent-To-Own' Fraud, Renters Say
A proposed class of renters has accused homeownership company Landis Technologies Inc., its affiliates and multiple investment firms in Pennsylvania federal court of running a fraudulent rent-to-own scheme.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
Real Estate Exec Guilty Of $77M WeWork Stock Fraud
A Manhattan federal jury on Tuesday convicted the former CEO of real estate investment firm Arciterra for trying to manipulate the price of WeWork stock via a $77 million tender offer on the cusp of the office-sharing company's bankruptcy filing in late 2023.
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October 21, 2024
Rocket Mortgage Faces DOJ Suit Alleging Refi Race Bias
The U.S. Department of Justice on Monday sued Rocket Mortgage and two appraisal companies in Colorado federal court for allegedly undervaluing a woman's Denver home because she was Black, asserting that the mortgage company then canceled her refinancing application when she reported the alleged discrimination.
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October 21, 2024
$77M WeWork Bid Was Fraud 'From Beginning To End,' Jury Told
New York federal prosecutors made their final pitch on Monday to jurors weighing the fate of the former CEO of real estate investment firm Arciterra accused of manipulating the market through a bogus $77 million tender offer to take control of WeWork, saying it was a sophisticated fraud and not a real play for control of the company.
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October 21, 2024
2nd Circ. Axes Claims Victoria's Secret Mogul Aided Epstein
The Second Circuit on Monday refused to revive a suit accusing billionaire developer and Victoria's Secret tycoon Leslie Wexner, his wife and four of their organizations of facilitating Jeffrey Epstein's sexual assault of a minor, finding the appeal improperly raised new arguments.
Expert Analysis
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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Maryland 'Rain Tax' Ruling May Offer Hope For Tax Credits
A Maryland state appellate court's recent decision in Ben Porto v. Montgomery County echoes earlier case law upholding controversial stormwater charges as a valid excise tax, but it also suggests that potential credits to reduce property owners' liability could get broader in scope, says Alyssa Domzal at Ballard Spahr.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.
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Shipping Containers As Building Elements Require Diligence
With the shipping container market projected to double between 2020 and 2028, repurposing containers as storage units, office spaces and housing may become more common, but developers must make sure they comply with requirements that can vary by intended use and location, says Steven Otto at Crosbie Gliner.
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7th Circ. Ruling Expands CFPB Power In Post-Chevron Era
The Seventh Circuit’s recent ruling in Consumer Financial Protection Bureau v. Townstone Financial interprets the Equal Credit Opportunity Act broadly, paving the way for increased CFPB enforcement and hinting at how federal courts may approach statutory interpretation in the post-Chevron world, say attorneys at Saul Ewing.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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NY Ruling Offers A Foreclosure Road Map For Lenders
A New York appellate court recently upheld a summary judgment ruling in favor of a commercial lender's foreclosure in U.S. Bank v. 1226 Evergreen Bapaz, illustrating the proofs lenders will need to prosecute a foreclosure action, especially where the plaintiff is an assignee of the originating lender, say attorneys at Sherman Atlas.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Tips For Lenders Offering Texas Home Equity Lines Of Credit
As interest in home equity lines of credit increases, lenders seeking to utilize such products in Texas must be aware of state-specific requirements and limitations that can make it challenging to originate open-end lines of credit on homestead property, says Tye McWhorter at Polunsky Beitel.
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Kentucky Tax Talk: Appeals Court Revisits Leases' Tax Effects
With better facts and greater emphasis on the Kentucky Constitution, Walgreen Co. may succeed in its latest Kentucky Court of Appeals challenge to a tax assessor's method of valuing leaseholds on real property for purposes of determining ad valorem tax, say Mark Sommer and Elizabeth Ethington at Frost Brown Todd.