Residential
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December 05, 2024
Real Estate Fintech Co. Lands $350M Blue Owl Investment
Real estate fintech company Splitero announced Thursday that it inked a deal with asset management firm Blue Owl Capital, which will use its managed funds to buy up to $350 million worth of home equity investments.
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December 05, 2024
Detroit Needs More Evidence In Census Row, Judge Says
A Michigan federal judge gave the city of Detroit another chance Thursday to prove the U.S. Census Bureau undercounted the city's population and negatively impacted its federal funding, telling the city it wouldn't have standing to sue the federal government without such evidence.
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December 05, 2024
Airbnb Customers Drop 'Assistance Fee' Suit Against Insurers
A proposed class of Airbnb customers permanently dropped a suit accusing two of the company's insurance providers of violating Washington state law by charging an "assistance fee" when selling travel coverage.
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December 05, 2024
Worker Claims Four Seasons Cheated Employees On Wages
A former Four Seasons employee said the hotel chain cheated Los Angeles employees out of wages, telling a California state court that employees weren't paid for all hours worked.
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December 04, 2024
Amazon, Others Settle With Calif. Over Ex-Criminal Hiring Bias
The California Civil Rights Department has announced it has reached individual settlements with Amazon, Ikea, the Los Angeles Dodgers and other employers over allegations they unlawfully rejected otherwise qualified job applicants based on their criminal history.
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December 04, 2024
Insurer Owes Coverage In Florida Keys Property Sale Dispute
A Florida state appeals court partially reversed a lower court's ruling that an insurer didn't owe two insureds a defense in an underlying suit accusing them of conspiring with a Key West property seller, finding Wednesday there were insufficient allegations to trigger a policy exclusion.
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December 04, 2024
Lowenstein Sandler Adds Real Estate, Capital Markets Attys
Lowenstein Sandler LLP has hired partners for its business litigation and capital markets and securities teams in New York City, the firm announced Wednesday.
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December 04, 2024
Building Contractor Agrees To End No-Hire Pacts
Guardian Service Industries Inc. has agreed to stop enforcing no-hire agreements in its contracts that prevent building owners and managers from hiring the service contractor's employees after pressure from the Federal Trade Commission and state enforcers.
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December 04, 2024
RealPage Says DOJ's Antitrust Markets 'Hide The Ball'
RealPage has urged a North Carolina federal court to throw out the government's antitrust case against it, arguing that enforcers have not shown that use of its software is raising rental rates in any part of the country and that landlords use it to offer competitive rents.
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December 04, 2024
Chase Will Settle Calif. Atty's Mortgage Rate-Lock Suit
JPMorgan Chase Bank NA has reached a tentative, individual settlement with an attorney suing it for allegedly gouging him and other borrowers with sham mortgage rate-lock deals, heading off a potential class action.
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December 04, 2024
Atlas Real Estate Biz Gets Initial OK On Data Breach Deal
A Colorado federal judge on Tuesday gave preliminary approval to a settlement between roughly 4,500 victims of a data breach and a real estate company that would see each proposed class member receive up to $5,000 in compensation.
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December 04, 2024
Homeless Vets Tell 9th Circ. To Deny Parking Access To UCLA
A class of homeless, disabled military veterans fought the Regents of the University of California's appeal of its rejected stay motion, arguing in the Ninth Circuit that the lower court made the right decision because the veterans urgently need supportive housing on a Los Angeles campus.
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December 04, 2024
Farmers Insurance Off Hook In Homeowner's Fire Loss Appeal
A California homeowner who alleged that an agent underinsured her scorched $3 million Malibu home cannot blame Farmers Insurance, a state appeals court affirmed, finding in a published opinion that the agent acted independently when obtaining a policy via a fire insurance pool for her client.
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December 04, 2024
Valley Sells $925M In Loans As Banks Shed CRE Loans
Lenders, especially banks under pressure from regulators, are now taking big steps to distance themselves from commercial real estate. Those strategies include selling even performing loan portfolios at a discount, as well as starting foreclosures to draw buyers.
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December 04, 2024
Cozen O'Connor Adds Condo, Co-Op Board Expert In NYC
Cozen O'Connor has added a real estate litigator from Tarter Krinsky & Drogin LLP as a New York City-based member of the firm's condominiums and cooperatives practice.
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December 04, 2024
NC Panel Reverses Prior Ruling Reviving Atty Meddling Claim
A split North Carolina appellate panel has walked back its ruling reviving a suit against a real estate attorney accused of helping meddle in a property ownership dispute, declaring after a second look that the claim against him doesn't actually exist under state law.
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December 04, 2024
Senior Living Community Lands $473M Bond Financing
A group of developers has secured $473 million in bond financing for the development of a 350-bed senior living facility in Irvine, California, a record-breaking financing deal, according to JLL, whose capital markets group arranged the matter.
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December 03, 2024
Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law
A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.
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December 03, 2024
3 Investment Firms Unite To Inject Up To $300M Into Housing
Real estate investment platform Wrightwell wrapped up its most recent round of funding and made an agreement with Bain Capital Insurance and alternative asset management firm Saluda Grade to invest up to $300 million for the development of affordable housing.
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December 03, 2024
Insurance Execs Charged With $250M Fake Policy Scheme
An insurance company and two executives issued bogus insurance policies purporting to offer over $250 million in coverage to companies and homeowners, according to an indictment announced by the Manhattan district attorney Tuesday.
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December 03, 2024
Charlotte Housing Authority Wants Out Of Retaliation Suit
The public housing authority of Charlotte, North Carolina, has struck back against a former coordinator's retaliation and discrimination suit, arguing in North Carolina federal court that the suit should be tossed because there's an "extreme lack of non-conclusory facts" backing its claims.
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December 03, 2024
JV Nabs NYC Waterfront Property, $85M Construction Loan
A joint venture of Joyland Group and Prospect Development purchased an undeveloped Brooklyn, New York, waterfront property for $48.25 million, simultaneously securing an $85 million construction loan, according to a Tuesday statement from JLL, which arranged both deals.
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December 03, 2024
Fla. Court Urged To OK 'Offensive' $645K Deal In Firm's Ch. 11
A law firm debtor urged a Florida bankruptcy court Tuesday to approve a $645,000 settlement in its Chapter 11 to resolve a proposed fraudulent misrepresentation class action in state court against a former Miami insurance attorney, who called the potential deal "offensive" and said it's possible he'll be sued again.
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December 03, 2024
Data Brokers Get OK For Appeal Of NJ Privacy Law
A federal judge signed off Monday on data brokers' request to be allowed to appeal his ruling that New Jersey's judicial privacy and security measure known as Daniel's Law is constitutional.
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December 03, 2024
Duo Launch $1B Office-To-Resi Conversion Venture
Dune Real Estate Partners LP and developer TF Cornerstone announced Tuesday that the pair have launched Alta Residential, a $1 billion venture that will complete office-to-residential conversions in major metropolitan areas nationwide.
Expert Analysis
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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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Class Actions At The Circuit Courts: July Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers cases touching on pre- and post-conviction detainment conditions, communications with class representatives, when the American Pipe tolling doctrine stops applying to modified classes, and more.
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Expect CFPB To Enforce Warning Against 'Coercive' Fine Print
The recent Consumer Financial Protection Bureau warning against unenforceable terms "deceptively" slipped into the fine print of contracts will likely be challenged in court, but until then, companies should expect the agency to treat its guidance as law and must carefully scrutinize their consumer contracts, say attorneys at Ballard Spahr.
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How NJ Worker Status Ruling Benefits Real Estate Industry
In Kennedy v. Weichert, the New Jersey Supreme Court recently said a real estate agent’s employment contract would supersede the usual ABC test analysis to determine his classification as an independent contractor, preserving operational flexibility for the industry — and potentially others, say Jason Finkelstein and Dalila Haden at Cole Schotz.
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7th Circ Joins Trend Of No CGL Coverage For Structural Flaws
The Seventh Circuit, which recently held potential structural instability did not count as property damage under a construction company's commercial general liability policy, joins a growing consensus that faulty work does not implicate coverage without tangible and present damage to the project, say Sarah Abrams at Baleen Specialty, and Elan Kandel and James Talbert at Bailey Cavalieri.
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In The CFPB Playbook: Making Good On Bold Promises
The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.
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FBI Raid Signals Growing Criminal Enforcement Of Algorithms
The U.S. Department of Justice Antitrust Division's increased willingness to pursue the use of algorithmic pricing as a potential criminal violation means that companies need to understand the software solutions they employ and stay abreast of antitrust best practices when contracting with providers, say attorneys at Rule Garza.
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State Licensing Pitfalls Mortgage Servicers Must Beware
A recent enforcement action from the Washington Department of Financial Institutions demonstrates how subtle distinctions in state mortgage servicer licensing laws may come as a surprise to some companies, even if they never directly receive payments or interact with borrowers, says Clayton Swears at Hudson Cook.
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Keys To Strong Parking, Storage Contracts For NYC Buildings
Drafting and enforcing unambiguous parking and storage unit license agreements are essential tasks for co-op and condo boards in New York City, with recent cases highlighting how prudent terms can minimize potential headaches, say Matthew Eiben and Adam Lindenbaum at Rosenberg & Estis.
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Realtor Settlement May Create New Antitrust Pitfalls
Following a recent antitrust settlement between the National Association of Realtors and home sellers, practices are set to change and the increased competition may benefit both brokers and homebuyers, but the loss of the customary method of buyer broker compensation could lead to new antitrust concerns, says Colin Ahler at Snell & Wilmer.
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What Fla. Ruling Means For Insurer Managed Repair Programs
A recent Florida state court ruling in Fraga v. Citizens Property Insurance, holding that the insurer could not seek to add additional terms in its managed repair program consent form, should promote clear written contract terms that clarify the relationship between insurers, policyholders and contractors, says Chip Merlin at Merlin Law Group.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.