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Real Estate
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September 27, 2024
Real Estate Recap: Loving Or Leaving The Law Office
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including takeaways from a new survey of BigLaw firms that have either renovated their office or relocated entirely.
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September 27, 2024
New Orleans Inspector Indicted For Bribing Top City Official
A New Orleans resident and his home inspection company were indicted in Louisiana federal court Friday on charges that he operated a yearslong scheme of taking bribes to let unlicensed electricians work on hundreds of homes and bribing top city officials to look the other way.
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September 27, 2024
Osage Nation Says DOI Can't Avoid Its $4.9M Funding Suit
The Osage Nation is fighting a bid by the U.S. Department of the Interior to bring the tribe's $4.9 million lawsuit over self-determination to a quick end, telling a D.C. federal judge that he has the jurisdiction to rule on the case.
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September 27, 2024
Fla. Timeshare Biz Wins $1.3M Fee Award In False Ad Suit
A Florida federal judge has awarded more than $1.3 million in attorney fees to a timeshare company that prevailed in a lawsuit against a Wyoming company over a false advertising scheme encouraging customers to stop paying for their properties, after agreeing the marketers pursued an "exceptionally weak case" that would not succeed.
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September 27, 2024
La. Property Owners Fight Arbitration Of $40M Coverage Row
Dozens of companies seeking insurance payouts for damage caused by hurricanes Ida and Zeta urged a Louisiana federal court not to push their $40 million suit to arbitration, pointing to a clause in their policy allowing them to bring suit over money owed in any U.S. court.
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September 27, 2024
Constitution Permits Blocked Anti-Laundering Law, Panel Told
The U.S. government urged the Eleventh Circuit on Friday to reinstate the Corporate Transparency Act passed in 2021, arguing that the anti-money laundering law is within Congress' powers to regulate economic activity and necessary to have businesses report beneficial ownership to combat crimes like tax evasion and terrorist financing.
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September 27, 2024
NYC Affiliates Of Troubled Miami Office Owner File Ch. 11
Two entities related to The Gateway at Wynwood, an office building in a hip Miami neighborhood whose owner went bankrupt in July, are now themselves seeking Chapter 11 protection in New York, each claiming a bit over $52 million in liabilities.
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September 27, 2024
RealPage Wants DOJ Antitrust Case Moved To Tennessee
RealPage has asked a North Carolina federal court to transfer the government's antitrust case against it to Tennessee, where private litigation has been playing out over claims the software company helps residential landlords fix rental prices.
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September 27, 2024
Hurricane Helene Losses Could Exceed $5B: Market Analyst
The losses from Hurricane Helene, a Category 4 storm that slammed into Florida's panhandle Thursday evening, could exceed $5 billion and challenge insurers dealing with high reinsurance costs, according to an early estimate from the insurer credit rating company AM Best.
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September 27, 2024
Deal Cools Sale Broker's Beef With Cold-Cheese Pizzeria
A Pittsburgh cold-cheese pizzeria's beef with a real estate broker over the commission on what was almost a $2.1 million sale has cooled, with the parties telling a Pennsylvania state court they have settled the case.
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September 27, 2024
Ex-Conn. Police Chief Drops Atty Fee Ask After Lawsuit Win
The former police chief in Newington, Connecticut, dropped his demand for attorney fees after defamation claims against him were dropped and a state court judge ordered that, in order to collect, his lawyer may have to testify at an upcoming hearing.
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September 27, 2024
Homebuilder Says NC Developer Reneged On $62M Land Deal
Homebuilder Meritage Homes of the Carolinas Inc. accused a North Carolina developer on Friday of defaulting on a more than $61 million land development deal by failing to subdivide nearly 200 acres of land into a residential community with 785 lots.
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September 27, 2024
Miami Approves $12.5M Deal To End Little Havana Bar's Suit
The city of Miami has agreed to pay $12.5 million to settle claims from the owners of several popular Little Havana businesses who alleged city officials repeatedly harassed them and deliberately crafted ordinances to destroy their business rights.
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September 27, 2024
NY's Midtown Bus Terminal Clears Enviro Review Hurdle
The Port Authority of New York and New Jersey and the Federal Transit Administration said on Friday that the agencies have signed the final environmental impact statement for the replacement of Manhattan's Port Authority Bus Terminal, bringing the $10 billion proposed project closer to becoming reality.
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September 27, 2024
Life Sciences Firms Energize IPO Market As Recovery Builds
Initial public offerings are closing the year's third quarter on an upswing, led mostly by pre-revenue drug developers and select large companies that are seizing opportunities in friendlier capital markets buoyed by interest-rate cuts, generating momentum that experts say could carry over into next year.
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September 27, 2024
LA Plane Parts Maker Hits Ch. 11 With At Least $10M In Debt
A California-based aircraft parts maker, Skylock Industries, filed for bankruptcy reporting between $10 million to $50 million in both assets and liability as it faces litigation alleging that it owes half a million dollars in past-due rent, as well as a lawsuit seeking to collect a finder's fee on a $9 million loan.
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September 27, 2024
Insurer Says No Coverage For Conn. Firm's Data Breach
A Connecticut personal injury firm's insurance company says it won't foot the bill for claims stemming from a hacker breaking into the firm's email system and stealing over $750,000 from a client, saying the firm's professional liability policy excluded "cyber security events."
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September 27, 2024
Seward & Kissel Adds Ex-A&O Shearman Counsel In NY
Seward & Kissel LLP announced on Thursday the hiring of a former attorney at Allen Overy Shearman Sterling as special counsel in its real estate group out of New York.
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September 26, 2024
Cannabis REIT Beats Investor Class Action For Good
A New Jersey federal judge has allowed a cannabis-focused real estate investment trust and certain executives to permanently escape a proposed class action brought by the company's shareholders, finding the lawsuit failed to allege the defendants did not conduct proper due diligence on a major tenant accused of engaging in fraud.
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September 26, 2024
Sen. Warren Presses OCC, Fed For Tighter Leash On NYCB
Sen. Elizabeth Warren, D-Mass., demanded Wednesday that federal regulators slap New York Community Bancorp with a higher minimum capital requirement, calling out what she alleges has been lax oversight of the bank.
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September 26, 2024
Oil Co. Can Escape Most Claims In Shell Fraud Suit
A federal judge trimmed most of the claims from a lawsuit brought by a group of Western Pennsylvania landowners who say a Royal Dutch Shell PLC subsidiary fraudulently sold off $9.5 billion of its assets to avoid the possibility of being subject to a judgment in a separate lawsuit.
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September 26, 2024
Healthcare REIT Defeats Investor Suit For Good
An Alabama federal judge on Thursday permanently tossed an investor suit against a healthcare-focused real estate investment trust, Medical Properties Trust Inc., that alleged the trust hid the poor performance of four acute care hospitals it owns in Pennsylvania, saying the plaintiff's asserted theory in the suit "is somewhat Jekyll and Hyde."
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September 26, 2024
Pa. Supreme Court Upholds Taxes On Like-Kind Exchanges
A group of Pennsylvania real estate partners owe the state personal income tax assessed on their like-kind exchange, Pennsylvania's highest court ruled Thursday, with the majority upholding a lower court finding that the state Department of Revenue correctly issued the assessment.
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September 26, 2024
Colo. Property Tax Deferral Program Could Balloon, Panel Told
Use of a property tax deferral program in Colorado is expected to rise under a recent legislative change opening it to nearly all property owners, the state's treasurer told a legislative commission Thursday, calling the extent of the program's growth difficult to predict.
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September 26, 2024
Feds Send Message To Adams' City Hall: Buckle Up
The seizure of another of New York City Mayor Eric Adams' phones ahead of his corruption indictment Thursday and a prosecutor's cryptic vow to "hold more people accountable" suggest the landmark case may only just be getting started, experts say.
Expert Analysis
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.
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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.