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Real Estate
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August 02, 2024
Real Estate Recap: Grants Pass, Population Data, CMBS Risk
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including city and state reactions to the U.S. Supreme Court's ruling on homeless encampments, a new proptech venture leveraging population data for investors and developers, and one BigLaw leader's view of which sectors are most sensitive to commercial mortgage-backed securities distress.
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August 02, 2024
Navajo Restrict Radioactive Transport On Reservation Lands
For the next six months, no radioactive material can be transported across the Navajo Nation's reservation without prior agreement with the country's largest federally recognized tribe, according to an executive order signed by President Buu Nygren.
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August 02, 2024
Colo. Appeals Panel Rejects Lower Tax Rate For Hospital
A Colorado rehabilitation hospital should be classified as a commercial property for tax purposes because it was predominantly designed for its services and not for residency, a state appeals court said, reversing a state assessment board.
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August 02, 2024
Insurers Seek Quick Win In $2M Injury Coverage Suit
An AmTrust Financial unit and a Hartford unit each told a New York federal court that the other must solely cover a Manhattan property owner in a construction worker's $2 million injury action, disagreeing over whether the owner is an additional insured under the Hartford unit's policy covering a lessee.
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August 02, 2024
Ex-Loeb Tax Atty Latest Addition To Kilpatrick's NY Team
A former Loeb & Loeb LLP attorney is bringing his experience in U.S. federal tax matters and real estate transactions to Kilpatrick Townsend & Stockton LLP, the firm announced Thursday.
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August 02, 2024
Prosecutors Back NJ Judicial Privacy Law's Constitutionality
Daniel's Law is a "commonsense" measure necessary to counter the surge in threats and violence against judges and law enforcement officers, and it places only a "modest" burden on commercial data brokers, federal prosecutors told a New Jersey federal court weighing the future of the law.
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August 02, 2024
Land Sale Deals Allowed In Colo. Eminent Domain Dispute
A Colorado appeals court ruled against the city of Westminster in its eminent domain action, ruling that three comparable sales contracts and an adjacent land parcel's $51.5 million purchase and sale contract can be admitted as evidence in a valuation trial.
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August 02, 2024
Ohio Board Finds Park's Oil, Gas Production Area Tax Exempt
Space at a park in Ohio that is leased to a private entity to produce oil and gas is entitled to a property tax exemption, the state Board of Tax Appeals ruled Friday, saying the lessee's operations were incidental to the park's public purpose.
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August 02, 2024
3 Real Estate Investors Cop To $119M Mortgage Fraud Scheme
A trio of real estate investors has admitted to running an extensive, multiyear conspiracy to defraud Fannie Mae by getting the company to purchase or fund $119 million worth of mortgage loans so they could acquire residential and commercial properties, the U.S. Department of Justice announced Thursday.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 01, 2024
Lewis Brisbois Slams RICO Claims Alleging 'Sham' Suits
Lewis Brisbois Bisgaard & Smith LLP has urged a California federal judge Tuesday to toss Chinese investors' accusations that its attorneys filed lawsuits to cover their failure to read "draconian" contract terms that led the investors to lose their $92.5 million stake in a $2.5 billion Los Angeles mixed-used development.
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August 01, 2024
Cos., Military Housing Lender Seek Early Wins In Loans Suit
Developers of military housing and a lender for such housing filed dueling summary judgment motions in New York federal court Wednesday, each seeking a quick win in a suit accusing the lender and others of defrauding the developers of hundreds of millions of dollars in project proceeds.
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August 01, 2024
Latham, Ellenoff Rank Among Top Firms For July IPOs
Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.
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August 01, 2024
Deals Rumor Mill: BNP Paribas, Blackstone, Honeywell
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of. Here, Law360 breaks down the notable deal rumors from the past week.
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August 01, 2024
Insurer Wants Quick Win In NBA Team's Virus Coverage Suit
The Sacramento Kings' insurer said it is entitled to an early win in a coverage dispute over pandemic-related losses that the basketball team and its arena operator incurred, telling a California federal court that the losses don't meet the policy requirement of "physical loss or damage" to property.
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August 01, 2024
Judge Denies Bid For Financial Info Of Miami Official's Wife
A Florida federal judge rejected a bid by two property developers seeking financial records of a Miami commissioner's wife in a garnishment hearing, saying Wednesday their claim isn't supported, although withholding them could work against the official claiming his salary can't be used to pay a $63.5 million judgment.
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August 01, 2024
Mother-In-Law Says Atty Misrepresented Property Investment
The owner of a Pittsburgh-based home care agency is suing her former son-in-law in Pennsylvania state court, claiming the attorney tricked her into investing in a real estate company then mismanaged its funds and withheld her share of the proceeds.
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July 31, 2024
Guo Judge Wants To Know If $26.5M Mansion Will Be Safe
A Connecticut bankruptcy judge has ordered an alleged shell company to explain whether it will stop funding a security detail at an uninsured $26.5 million New Jersey mansion that federal prosecutors and a Chapter 11 trustee are eyeing as an asset that could reimburse a Chinese exile's creditors and fraud victims.
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July 31, 2024
Top California Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of California so far this year, from homeless policy shifts and rent algorithm disputes to a $5 billion mixed-use project and a shareholder activist campaign.
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July 31, 2024
HSBC Says HUD Has Closed Fair Lending Probe
HSBC's U.S. banking arm said it is no longer facing a multicity fair lending investigation from federal housing authorities after an outside complaint that prompted the probe was withdrawn.
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July 31, 2024
Telecom Trespassing On Reservation Land, Oregon Tribes Say
Lumen Technologies Inc. is trespassing on territory that belongs to the Confederated Tribes of the Warm Springs Reservation and has been for years, according to a lawsuit accusing the telecom of continuing to operate on an expired lease instead of striking a new deal for miles of laid fiber.
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July 31, 2024
Union Effort Underway At DOJ's Civil Rights Section
Attorneys in the U.S. Department of Justice's Civil Rights Division are in the early stages of organizing a union, the union they're seeking to join confirmed Wednesday.
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July 31, 2024
Separate Easement Contribution Docs Critical, IRS Atty Says
Conservation easement donors must always keep separate documents from their donees that acknowledge the gifted property to qualify for a charitable tax deduction in the event the IRS requests such information during an audit, according to an agency counsel Wednesday.
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July 31, 2024
Mortgage Co.'s $300K Wage Deal Gets Initial OK
A California federal judge has given an initial stamp of approval to a $300,000 settlement between a mortgage company and a class of its employees, ending claims that the company failed to pay hourly wages or provide meal and rest breaks.
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July 31, 2024
Ga. Panel Strikes Sanctions Without Day In Court In HOA Row
A Georgia Court of Appeals panel said Wednesday a Fulton County trial judge wrongly entered sanctions against a woman without holding a hearing after she failed to attend depositions with an Alpharetta homeowners association.
Expert Analysis
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Consider 2 Alternative Exit Plans In RE Distress Scenarios
In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Calif. Housing Overhaul May Increase Pressure On Landlords
Two recently enacted California laws signal new protections and legal benefits for tenants, but also elevate landlords' financial exposure at a time when they are already facing multiple other hardships, says Laya Dogmetchi at Much Shelist.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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SEC Climate Rules Create Unique Challenges For CRE
The U.S. Securities and Exchange Commission's recently adopted final rules concerning climate-related disclosures for public companies are likely to affect even real estate companies that are not publicly traded, since they may be required to provide information to entities that are subject to the rules, says Laura Truesdale at Moore & Van Allen.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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How Retail Tenants Can Avoid Paying Rent Prematurely
When negotiating leases for spaces in shopping centers, retail tenants should ensure that the language specifies they only need to begin paying rent when the center is substantially occupied as a whole, as it can be difficult to modify leases that are executed without co-tenancy requirements or termination rights, say Joshua Bernstein and Benjamin Joelson at Akerman.
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Tips For Orgs Defending Against Daniel's Law Claims
With Daniel's Law recently amended to require courts to award statutorily defined damages to aggrieved parties, organizations should identify whether they are subject to the law and ensure they have implemented a comprehensive compliance program to better avoid litigation costs and reputational harm, say attorneys at Thompson Hine.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Illinois EV Charging Act Sparks Developer Concerns
A recent state law in Illinois requiring multifamily housing to provide facilities for electric vehicle charging raises significant concerns for developers over existing infrastructure that isn't up to the task, says Max Kanter at Much Shelist.