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Real Estate
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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
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
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
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.
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October 21, 2024
Madigan Part Of 'Corruption At The Highest Levels,' Jury Told
Former Illinois House Speaker Michael Madigan and his loyal right hand Michael McClain engaged in an eight-year "campaign of bribery," leveraging his public office and leadership roles to steer business to Madigan's property tax law firm, enrich his allies with do-nothing jobs and maintain his considerable political power, prosecutors told an Illinois federal jury Monday.
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October 21, 2024
9th Circ. Doubts Calif. City Can Sue Over Housing Mandates
A Ninth Circuit panel expressed skepticism Monday that Huntington Beach, California, has standing to sue the state in federal court over California's housing mandates because it's an autonomous charter city, with one judge saying the city "is not some free floating entity that gets to do whatever it wants."
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October 21, 2024
Colo. Tenants Facing Eviction Are Entitled To Jury Trials
The Colorado Supreme Court ruled Monday that tenants in the state have a right to jury trials in eviction actions filed by their landlords if factual disputes exist in the case.
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October 21, 2024
Alaskan Tribes Ink Stewardship Land, Water Pacts With Feds
Three agreements between the federal government and Alaskan tribes and corporations are expected to advance efforts to safeguard salmon relied upon by Indigenous people for thousands of years, further sovereignty and improve easement management to public lands and waters, the U.S. Department of the Interior said.
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October 21, 2024
US, Land Donor Settle Fight Over $1.9M Cut To Deduction
The federal government settled a suit brought by a Louisiana partnership that accused the IRS of using a flawed appraisal to drive down its tax deduction for a land donation by nearly $1.9 million, according to Louisiana federal court filings.
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October 21, 2024
DC Moves To Buy NBA, NHL Arena In $800M Overhaul Plan
Washington, D.C., Mayor Muriel Bowser on Monday announced the introduction of legislation to buy Capital One Arena for $87.5 million to keep the Washington Capitals and Washington Wizards in town, after months of negotiations with Sidley Austin LLP advising the arena owner.
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October 21, 2024
French Co. Sues Woman Accused Of Stealing €100M
A French fashion company sued a former financial consultant Friday in Florida seeking to recover the €100 million it says the consultant — a self-proclaimed "visionary entrepreneur redefining luxury living" — embezzled before absconding to Miami and laundering the proceeds through real estate.
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October 21, 2024
North Carolina Hits Vacation Rental Co. With Robocall Lawsuit
North Carolina Attorney General Josh Stein filed suit against timeshare company Club Exploria LLC in North Carolina federal court, accusing the company of illegally spamming residents across the state with robocalls that sought to sell timeshares and vacation rentals.
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October 21, 2024
5th Circ. Asked To Nix Insurer's $2.2M Assault Coverage Win
A group of Texas trial lawyers urged the Fifth Circuit to reverse a Texas federal court's order permitting a bar's insurer to pay only its $1 million limit for a $3.2 million personal injury judgment, arguing the underlying plaintiffs made a valid presuit settlement demand.
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October 21, 2024
Judge Upholds Ginnie Mae's Authority To Vacate Bank's Lien
A Texas federal judge ruled that the Government National Mortgage Association didn't overstep its authority when it vacated a bank's lien on a loan worth tens of millions of dollars, rejecting Texas Capital Bank's bid for partial summary judgment.
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October 21, 2024
Public Can Access Road Used By Thoreau, Mass. Court Says
The public is still entitled to access portions of an 18th century road in the town of Concord once used by Henry David Thoreau and Ralph Waldo Emerson, a Massachusetts intermediate appellate court determined on Monday.
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October 21, 2024
Haynes Boone, ArentFox Schiff Advise $1B Paving Co. Deal
Haynes and Boone LLP represented Alabama road builder Construction Partners Inc. in its nearly $1 billion acquisition of Austin, Texas-based Lone Star Paving, which relied on advice from ArentFox Schiff LLP in the transaction.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
Timeshare Co. Preyed On Fla. Servicemember, High Court Told
A Florida U.S. Army soldier and his wife petitioned the U.S. Supreme Court on Friday to review their case against Bluegreen Vacations Unlimited Inc., disputing that his contract isn't legal under the Military Lending Act because the company used predatory tactics to sell him a timeshare.
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October 18, 2024
Fed. Circ. Says HUD Owes No More For Canceled Contracts
The Federal Circuit on Friday refused to grant a U.S. Department of Housing and Urban Development contractor costs and damages for the cancelation of contracts to sell foreclosed properties, saying HUD owed no more than the contractual minimums already paid.
Expert Analysis
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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In Debate Over High Court Wording, 'Wetland' Remains Murky
Though the U.S. Supreme Court's decision limiting the Clean Water Act’s wetlands jurisdiction is now a year old, Sackett v. EPA's practical consequences for property owners are still evolving as federal agencies and private parties advance competing interpretations of the court's language and methods for distinguishing wetlands in lower courts, says Neal McAliley at Carlton Fields.
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Ga. Law Creates Challenges For Foreign Ownership Of Land
Under Georgia's new law limiting certain foreign possessory interests in agricultural land and land near military properties, affected foreign persons and entities will need to do significantly more work in order to ensure that their ownership remains legal, say Nellie Sullivan and Lindsey Grubbs at Holland & Knight.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Insurer Quota-Sharing Lessons From $112M Bad Faith Verdict
In Indiana GRQ v. American Guarantee and Liability Insurance, an Indiana federal jury recently issued a landmark $112 million bad faith verdict, illustrating why insurers must understand the interplay between bad faith law and quota-sharing before entering into these relatively new arrangements, say Jason Reichlyn and Christopher Sakauye at Dykema.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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11th Circ. Ruling May Foreshadow Ch. 15 Clashes
The Eleventh Circuit's recent decision in In re: Talal Qais Abdulmunem Al Zawawi has introduced a split from the Second Circuit regarding whether debtors in foreign proceedings must have a domicile, calling attention to the understudied nature of Chapter 15 of the Bankruptcy Code, say attorneys at Cleary.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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What A Louisiana Ruling Means For Pipeline Crossings
After a Louisiana appeals court's recent ruling on a conflict between two pipeline projects, operators and developers should review pipeline crossings to ensure that they occur at safe distances — and keep in mind the value of crossing agreements for protecting both sides in case of a dispute, say attorneys at McGuireWoods.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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What Lies Behind Diverging US And UK Insolvency Trends
Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.