Real Estate

  • August 07, 2020

    Fintech-Driven SPAC Leads 2 IPOs Tapping Market For $1.27B

    FTAC Olympus Acquisition, the fourth blank-check company formed by management of financial services business The Bancorp, led a pair of blank-check companies that set terms Friday for initial public offerings aiming to raise a combined $1.27 billion, according to regulatory filings.

  • August 07, 2020

    Chinese Investors Say Fla. EB-5 Fraud Suit Is No Sham

    Chinese investors urged a Florida judge Friday to reject a White House-connected real estate developer's request that the court strike down their lawsuit accusing him of a $99.5 million EB-5 visa fraud scheme, saying a seven-hour hearing only proved there are factual issues that must be tried in court.

  • August 07, 2020

    NY Court Affirms Asbestos Verdict, But Nixes $13M Award

    A New York appeals court has vacated $13 million in awards in a suit alleging that products made by Felt Products Manufacturing caused a woman to develop mesothelioma, but affirmed the jury's verdict that the company's products were at fault.

  • August 07, 2020

    SEC Fines Rialto $350K For Mischarging Its Own Funds

    The U.S. Securities and Exchange Commission has fined private equity real estate firm Rialto Capital Management $350,000 for recouping costs and expenses from the wrong investment funds, according to a settlement Friday.

  • August 07, 2020

    Taxation With Representation: Wachtell, Skadden, Latham

    In this week's Taxation With Representation, Marathon Petroleum sells Speedway in a $21 billion deal, Teladoc Health and Livongo ink a $18.5 billion merger, and a $16.3 billion Siemens buy creates the world's biggest cancer care provider.

  • August 07, 2020

    Real Estate Rumors: Hales Franciscan, Omninet, Estate

    Hales Franciscan is now reportedly hoping to sell all of its Chicago campus, Omninet Capital has reportedly leased out 28,800 square feet east of Los Angeles to Carmichael International Service, and Estate Investments Group is said to be hoping to build a 23-story mixed-use tower in North Miami Beach.

  • August 07, 2020

    Dallas Real Estate Developer Cops To Bribing Council Member

    A Dallas real estate developer has pled guilty to bribing a city council member over several years in order to win a forgivable loan of $650,000 from the city for his apartment complex project.

  • August 07, 2020

    Coronavirus Q&A: Cassin Real Estate Leader

    In this edition of Coronavirus Q&A, one of Cassin's real estate leaders discusses the challenges of building affordable housing amid the pandemic, but also the continued lending activity for those projects from Fannie Mae and Freddie Mac.

  • August 07, 2020

    Hotel Asks To Keep Deposit After Buyer Backs Out Over Virus

    The owners of a Pittsburgh boutique hotel and event venue want to keep a prospective buyer's deposit after the buyer walked away from the sale because of the COVID-19 pandemic, according to a lawsuit filed in Pennsylvania state court.

  • August 07, 2020

    NY Courts Say Eviction Pause Continues, For Now

    The New York Office of Court Administration on Friday said that a pause on evictions and most related proceedings remains in place, perpetuating an uneasy status quo for tenants, landlords and their attorneys.

  • August 07, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.

  • August 06, 2020

    DOJ Seeks $70M In Properties Tied To Ukraine Bank Fraud

    The U.S. government is trying to seize commercial real estate properties in Louisville, Kentucky, and Dallas valued at a combined $70 million, which it claims in suits filed Thursday were acquired using funds misappropriated from one of Ukraine's largest banks.

  • August 06, 2020

    9th Circ. Upholds Dismissal Of Cliven Bundy Criminal Case

    The Ninth Circuit has affirmed a judge's midtrial dismissal of charges against cattleman Cliven Bundy following revelations of exculpatory evidence, saying prosecutors' evidentiary misconduct was "flagrant," even if unintentional or a result of failures at other agencies.

  • August 06, 2020

    5 Firms Assist Intercontinental Exchange's $11B Ellie Mae Buy

    Intercontinental Exchange Inc. has agreed to buy cloud-based mortgage platform Ellie Mae from private equity firm Thoma Bravo for roughly $11 billion, including debt, in a deal guided by five law firms, the companies said on Thursday.

  • August 06, 2020

    Citing Liu, 9th Circ. Nixes SEC's $15.5M Win In EB-5 Case

    The Ninth Circuit handed down an order Thursday reversing and remanding a $15.5 million judgment in an SEC enforcement action over an alleged EB-5 visa scam, citing this summer's high court ruling on the agency's disgorgement powers.

  • August 06, 2020

    Deals Rumor Mill: TikTok, Tencent, Japan Post

    A deal for TikTok could cost Microsoft up to $30 billion, Tencent aims to merge two of China’s top gaming-focused streaming companies, and Japan Post hopes to sell struggling Australian logistics business Toll Holdings. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • August 06, 2020

    Martha's Vineyard Artist Wins Copyright Claim In Porn IP Case

    An adult film producer and her distribution company violated a Massachusetts artist's copyrights when the feature-length movies they shot at the artist's Martha's Vineyard home captured many of her works adorning the seaside abode, a federal judge ruled Thursday.

  • August 06, 2020

    Oakland A's Say Calif. Allows Toxic Releases Near Future Park

    The Oakland Athletics baseball team said Wednesday the California Department of Toxic Substances Control has endangered the community near its planned new stadium by allowing a metal shredder facility to release toxic chemicals into the air and water.

  • August 06, 2020

    NRDC, Others File New Suit Over Project Review Process

    The Natural Resources Defense Council and a coalition of environmental groups on Thursday filed the latest federal court challenge against the Trump administration's proposal to update the National Environmental Policy Act to streamline project reviews, arguing the changes are ill-considered and unlawful.

  • August 06, 2020

    Steak 'N Shake Sues Wilmington Trust To Allow $50M Sale

    Steak 'n Shake Inc. has sued Wilmington Trust to force the bank to let it sell up to $50 million in property holdings, telling a New York federal court their credit agreement "unambiguously" gives the financially stressed restaurant chain the right to sell real estate for cash.

  • August 06, 2020

    APG To Pay $356M To Buy Out JV Partner In Real Estate Fund

    Dutch pensions manager APG said Thursday that it has agreed to purchase U.K. real estate company Hammerson's remaining 50% stake in their joint venture investment fund VIA Outlets for €301 million (roughly $356 million), giving APG a majority stake.

  • August 06, 2020

    Linklaters Lands Goldman Sachs, Schulte Roth Alum

    Linklaters' investment funds practice in its New York office gained a partner on Wednesday whose regulatory compliance expertise is informed by a decade of in-house experience that included a stint with Goldman Sachs.

  • August 06, 2020

    Coronavirus Litigation: The Week In Review

    Universities are pushing back on students' claims that they are entitled to refunds due to the inadequacy of remote learning, a New York federal judge struck down some federal limits to paid coronavirus leave, and Microsoft has been accused of breaching a lease when it opted not to reopen a store closed down due to the pandemic. 

  • August 06, 2020

    Real Estate Rumors: Nuveen, Pascal's Catering, Amazon

    Nuveen Real Estate has reportedly loaned roughly $60 million for two New Jersey industrial parks, an entity tied to Pascal's Catering is said to have bought a mixed-use property, and Amazon has reportedly finalized a lease for 235,240 square feet in Pennsylvania.

  • August 06, 2020

    Rocket Shrinks Target To Raise $1.8B In Paul Weiss-Led IPO

    Rocket, which owns digital mortgage business Rocket Mortgage and other Rocket brands, started trading Thursday after a downsized initial public offering steered by Paul Weiss Rifkind Wharton & Garrison LLP that priced below its expected range.

Expert Analysis

  • When Investor Talks Render Biz Judgment Review Unavailable

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    The Delaware Chancery Court’s recent decision in HomeFed amplifies the court's focus on discussions between controller and minority stockholders as the basis to conclude that business judgment review is unavailable, and suggests a trend toward a more restrictive judicial approach, say attorneys at Fried Frank.

  • Restructuring Tips For Single Asset Real Estate Debtors

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    Although reorganization is notoriously hard to achieve in single asset real estate bankruptcies, a category of Chapter 11 cases that will spike following the pandemic, strategic filing decisions by prospective debtors can aid in a successful restructure, says Victor Vilaplana at Foley & Lardner.

  • Key Issues For Buyers Of New Zealand Real Estate

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    New Zealand's apparent escape from the harshest consequences of the pandemic has led to increased interest in the country's real estate, but foreign investors should understand the country's land title system, conveyancing practice and comprehensive overseas investment regime, say William Fotherby and Chris Ashton at Meredith Connell.

  • Analyzing Upward And Downward Trends In Legal Tech

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    Advances in legal technology are often accompanied by bombastic overstatements, but it is important to separate the wheat from the chaff by looking at where various technologies stand on the hype curve, says Lance Eliot at Stanford Law School.

  • How Congress May Bail Out FERC On Tolling Orders

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    The D.C. Circuit's recent ruling in Allegheny Defense Project v. Federal Energy Regulatory Commission deals a major blow to FERC's use of tolling orders to forestall judicial rehearings, but Congress may soon come to the agency's aid, say Sandra Rizzo and David Skillman at Arnold & Porter.

  • Climate Change Litigation Looms Over Trump Enviro Overhaul

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    Updated regulations from the White House Council on Environmental Quality likely preclude government agencies from considering climate change in most National Environmental Policy Act analyses, making litigation over the revisions all but certain, say attorneys at King & Spalding.

  • Opinion

    ABA's New Guidance On Litigation Funding Misses The Mark

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    The American Bar Association should revise its recently approved best practices on third-party litigation funding as they do not reflect how legal finance actually works and could create confusion among lawyers, says Andrew Cohen at Burford Capital.

  • What Firms Should Ask Before Hiring Attorneys From Gov't

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    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

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    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Market Rebound May Curb Securities Class Actions, Damages

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    The stock market's dramatic recovery from its pandemic-prompted plunge may provide securities class action defendants an opportunity to rely on the Private Securities Litigation Reform Act’s rarely invoked bounce-back provision to ward off stock-drop claims, or sharply limit available damages, say John Schreiber and John Tschirgi at Winston & Strawn.

  • Opinion

    ABA Must Seize Opportunity To Respond To Bar Exam Chaos

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    The challenges of administering bar exams this year have put the future of the profession in jeopardy, but the American Bar Association at its ongoing annual meeting can adopt a resolution that would urge jurisdictions to take emergency actions with respect to licensure of new attorneys, says Nicholas Allard, former president of Brooklyn Law School.

  • What NJ Justices Got Right In Lost Promissory Notes Ruling

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    The New Jersey Supreme Court’s recent decision upholding an assignee’s ownership of a lost promissory note in Investors Bank v. Torres correctly enforces all parties' agreements and cleaves to state law allowing mortgage notes to be bought, sold, pledged or securitized with an original note or a lost-note affidavit, say Joshua Howley and Matthew Lippert at Sills Cummis.

  • How Pandemic Is Affecting The Pace Of Judicial Opinions

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    The COVID-19 pandemic has changed the way judges work, but how has it impacted the volume of work product they generate? Ben Strawn and Omeed Azmoudeh at Davis Graham investigate using data from the PACER federal courts registry.

  • 6 Steps For Law Firms Looking To Improve Their Culture

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    The COVID-19 crisis represents an inflection point for law firm culture, and smart firm leaders will take advantage of this moment to build innovation-welcoming environments that support partners, associates, business services teams and clients alike, say Jennifer Johnson at Calibrate Legal and Kathleen Pearson at Pillsbury.

  • Opinion

    NY Property Case Presents Sea Change For Oral Contracts

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    A New York state appeals court's recent decision in Korman v. Corbett fundamentally alters the state's real estate law, demanding caution from parties negotiating property sales as their oral agreements may now translate to enforceable contracts, says Massimo D'Angelo at Adam Leitman.

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