LexisNexis® Legal Newsroom
    Prudential Slaps BofA With Fraud Suit Over $2B RMBS

    The Prudential Insurance Co. of America has accused Bank of America NA and its subsidiaries of fraudulently selling the company more than $2 billion in residential mortgage-backed securities, according to a lawsuit filed Thursday in New Jersey federal...

    NJ Senate OKs Bill To Balance Legal Fees In Lease Disputes

    The New Jersey Senate on Monday approved legislation that would require landlords to pay their tenants' attorneys' fees in legal battles if the tenants prevail, a bill that would prevent landlords from codifying legal-fee reimbursement in a lease...

    The Need For More Diversity In Mediation

    In our increasingly interconnected global marketplace, U.S. corporations could well profit from engaging alternative dispute resolution practitioners who are familiar with these diverse cultures. But problems in the development and retention of minority...

    Franklin Street Puts Down $158M For Atlanta Office Tower

    Massachusetts commercial real estate investment trust Franklin Street Properties Corp. has acquired a a 28-story office tower in Atlanta from Jamestown Properties for $158 million, Franklin Street announced in a securities filing Thursday. ...read more

    Texas Senate OKs Bill Requiring Deductibles To Be Clear

    A Texas bill that would impose new deductible disclosure requirements on property insurers easily won the state Senate's approval on Wednesday, after lawmakers tacked on an amendment that creates additional notice obligations. ...read more

    Omni Nabs $250M Prudential Loan For Hotel Trio

    TRT Holdings' luxury hotel chain Omni Hotels & Resorts has snagged a $250 million loan from Prudential Mortgage Capital Co. for three of its properties, in yet another major debt deal for Prudential Mortgage, according to a Monday announcement...

    Citigroup Strikes $730M Deal In Long-Running Investor Suit

    Citigroup Inc. will pay $730 million to settle an investor class action alleging it misled purchasers about its exposure to collateralized debt obligations backed by subprime assets, according to a settlement agreement filed Monday. ...read more

    Mortgage Processor Prommis Seeks Sale in Ch. 11

    Hit with declining receipts and a severe cash crunch, Prommis Holdings LLC, a provider of processing services for the residential mortgage industry, filed for Chapter 11 in Delaware bankruptcy court Monday in the hope of attracting a going-concern buyer...

    Fitch Settles Investor Suit Over Toxic MBS Vehicle

    Credit ratings agency Fitch Ratings Inc. on Monday settled a long-running shareholder class action over the collapse of a structured investment vehicle that may have held more than $1 billion in toxic mortgage-backed securities. ...read more

    Memorial Drops $200M In Texas, La. Oil Property Buy

    Houston-based oil and gas company Memorial Energy Partners LP will buy properties in Texas and Louisiana for $200 million, adding to its expanding drilling efforts in the Cotton Valley formation that traverses the states, the company said Monday. ...read...

    FHFA Had Right To Ax Clean Energy Program, 9th Circ. Says

    The Ninth Circuit ruled Tuesday that the Federal Housing Finance Agency had legally ended a program that financed renewable energy retrofits for houses, saying courts can't hear challenges to the agency's decision to deny mortgage financing for...

    How To Survive NYC Housing Court

    New York City housing court can be an emotional, frustrating place for attorneys and clients alike, and attorneys with experience in the institution say it takes a unique level of preparation and attention to detail to achieve success, particularly when...

    NYC Planning Commission OKs $2B Cornell Tech Campus

    The New York City Planning Commission on Wednesday approved Cornell University and the Technion-Israel Institute of Technology's plan to build a $2 billion science and technology campus on Roosevelt Island. ...read more

    Texas Landowner Seeks To Halt $2.4B Water Pipeline

    A Texas landowner on Monday filed suit in state court to stop progress on a $2.4 billion water pipeline that will cross his property, alleging the agency that approved it repeatedly violated Texas Open Meetings Act laws and that its decisions should be...

    Finally, 8 Factors Governing FIRREA Civil Penalty Awards

    The recent decision by the Central District of California in United States v. Menendez may finally give the government and FIRREA defendants a framework for their discussions. The ruling, in a small civil bank fraud case brought against an individual...

    Banking Giants Hit With Fraudulent Foreclosure Suit In NJ

    Nearly 100 foreclosed-upon homeowners accused Bank of America NA, JPMorgan Chase & Co., Wells Fargo Bank NA and other lenders of fraudulently originating or servicing mortgages through a controversial nationwide electronic mortgage tracking system...

    NJ High Court Eyes Class Action Over Atty Fees In Evictions

    Specific charges that apartment tenants are contractually bound to shoulder for attorneys' fees in evictions are illegal because those amounts exceed the real costs of the landlord's in-house legal counsel, an attorney for a putative class of...

    Fla. House Panel OKs Tax Breaks For Wind Damage, Energy

    A Florida House panel on Tuesday approved a bill that would exempt home improvements to increase wind resistance or install renewable energy devices from consideration in annual tax appraisals, acting on a constitutional amendment voters passed in 2008...

    A New Duty Of Care Owed To Calif. Borrowers

    In light of the California Court of Appeal opinion in Jolley v. Chase Home Finance LLC, borrowers embroiled in disputes with their lenders with respect to the lenders’ performance under a construction loan agreement — especially where the bank representatives...

    Property Co. UEL Values WBL At $953M In Latest Buyout Bid

    Property company United Engineers Ltd. on Tuesday ramped up its bid for the share of conglomerate WBL Corp. it doesn't already own, a move that came the same day it sealed shareholder support for the takeover that values WBL at $1.19 billion Singapore...

    Trustee Gets $26M Clawback Suit In Mortgage Ponzi Case Revived

    A Pennsylvania federal judge Monday overturned a bankruptcy court’s ruling that the trustee of a bankrupt home refinancing company implicated in a $65 million Ponzi scheme could not recover nearly $26 million in transfers made to numerous financial...

    Fla. Bank Sues Gated-Community Developers Over $19M Loan

    Florida Community Bank NA filed suit Monday in Florida state court seeking $16.9 million outstanding on a $19.3 million loan it made to the developers of the Rive Isle Golf & Nautical Estates gated community near Sarasota. ...read more

    Nixon Peabody Nabs Former US Sen. For Government Team

    Nixon Peabody LLP has lured former U.S. Sen. Scott Brown, R-Mass., to its Boston office, significantly boosting its government relations and government affairs practice, particularly for its financial services and commercial real estate clients, the firm...

    Oaktree, NFR Drop $240M On Wells Fargo-Leased Offices

    An Oaktree Capital Management LP unit and privately held National Financial Realty Inc. have teamed up to purchase a large office portfolio of mostly Wells Fargo Bank-leased properties across eight states from First States Investors B LP for $240 million...

    HSH Nordbank, UBS Settle Often-Cited $500M CDO Suit

    HSH Nordbank AG and UBS AG settled their $500 million lawsuit over a soured mortgage-backed securities deal Friday, after a New York state appeals court put the kibosh on the German bank's fraud claims in a decision often cited in similar securities...