Fairfield Connecticut Building Expert Directory

S&P Near $1 Billion Mortgage Ratings Settlement With U.S.

January 14, 2015 — Tom Schoenberg and Edvard Pettersson – Bloomberg
Standard & Poor’s is close to a settlement of about $1 billion with the U.S. for allegedly misleading investors about its ratings of mortgage-backed securities before the subprime crisis, a person familiar with the matter said. The McGraw Hill Financial Inc. (MHFI) unit and the Justice Department may agree to settle the case as early as this quarter, according to the person, who asked not to be identified because the negotiations are confidential. The Justice Department has secured settlements worth tens of billions of dollars during the past two years from mortgage lenders and banks it blamed for the 2008 financial crisis. Those companies generated unprecedented amounts of shoddy mortgages that were packaged and sold to investors as securities, many of which turned out to be worthless despite their investment-grade ratings. Mr. Schoenberg may be contacted at tschoenberg@bloomberg.net; Mr. Pettersson may be contacted at epettersson@bloomberg.net Read the court decision
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Reprinted courtesy of Tom Schoenberg and Edvard Pettersson, Bloomberg

Properly Trigger the Performance Bond

January 05, 2017 — David Adelstein – Florida Construction Legal Updates
A performance bond is a valuable tool designed to guarantee the performance of the principal of the contract made part of the bond. But, it is only a valuable tool if the obligee (entity the bond is designed to benefit) understands that it needs to properly trigger the performance bond if it is looking to the bond (surety) to remedy and pay for a contractual default. If the performance bond is not properly triggered and a suit is brought upon the bond then the obligee could be the one materially breaching the terms of the bond. This means the obligee has no recourse under the performance bond. This is a huge downside when the obligee wanted the security of the performance bond, and reimbursed the bond principal for the premium of the bond, in order to address and remediate a default under the underlying contract. A recent example of this downside can be found in the Southern District of Florida’s decision in Arch Ins. Co. v. John Moriarty & Associates of Florida, Inc., 2016 WL 7324144 (S.D.Fla. 2016). Here, a general contractor sued a subcontractor’s performance bond surety for an approximate $1M cost overrun associated with the performance of the subcontractor’s subcontract (the contract made part of the subcontractor’s performance bond). The surety moved for summary judgment arguing that the general contractor failed to property trigger the performance bond and, therefore, materially breached the bond. The trial court granted the summary judgment in favor of the performance bond surety. Why? Read the court decision
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Reprinted courtesy of David Adelstein, Florida Construction Legal Updates
Mr. Adelstein may be contacted at dma@katzbarron.com

Consider Arbitration Provision in Homebuilder’s Warranty and Purchase-and-Sale Agreement

November 18, 2024 — David Adelstein - Florida Construction Legal Updates
When you enter into a contract with a homebuilder, particularly a tract homebuilder, please consider two things when it comes to dispute resolution: (1) your purchase-and-sale agreement likely contains an arbitration provision, and (2) your limited warranty agreement you get in connection with closing likely also reinforces the arbitration provision, especially with warranty claims governed by the limited warranty agreement. This dispute resolution is important because it means the homebuilder wants disputes resolved through the arbitration process and NOT through the litigation process (where the nature of disputes and allegations are public). Look, there are pros and cons with arbitration, no different than litigation. Arbitrating a dispute is not necessarily a bad thing, and with certain disputes, ideal. There is no right to appeal in arbitration, but the dispute should resolve itself quicker than litigation, and you’ll have more control over the decision maker, i.e., the arbitrator. Read the court decision
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Reprinted courtesy of David Adelstein, Kirwin Norris, P.A.
Mr. Adelstein may be contacted at dma@kirwinnorris.com

2019 Promotions - New Partners at Haight

January 15, 2019 — Haight Brown & Bonesteel LLP
Haight proudly announces the promotion of Renata Hoddinott, Sarah Marsey and Annette Mijianovic to Partner in January 2019. Renata and Sarah joined Haight’s San Francisco office in 2016. Renata relocated from a litigation firm in the Los Angeles area. She focuses her practice on professional liability, general liability, risk management & insurance law and transportation law. Before coming to Haight, Sarah was with a respected trial firm in Anchorage, Alaska. She handles a variety of complex matters in appellate law, food safety, construction law and general liability. Annette has been with Haight’s Los Angeles office for almost 12 years. Annette joined the firm as a summer clerk in 2007 and has continued to build her practice handling cases related to commercial litigation, products liability and transportation law. Reprinted courtesy of Haight Brown & Bonesteel LLP attorneys Renata L. Hoddinott, Sarah A. Marsey and Annette F. Mijanovic Ms. Hoddinott may be contacted at rhoddinott@hbblaw.com Ms. Marsey may be contacted at smarsey@hbblaw.com Ms. Mijanovic may be contacted at amijanovic@hbblaw.com Read the court decision
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Dave McLain included in the 2023 edition of The Best Lawyers in America

March 06, 2023 — David M. McLain – Colorado Construction Litigation
Colleagues and friends: I am pleased to share with you that I have been recognized in the 2023 edition of The Best Lawyers in America for my work in construction law. This honor comes as a surprise and is a testament to the dedication and hard work of my team at Higgins, Hopkins, McLain & Roswell, LLC. As many of you know, my practice focuses on the defense of complex construction lawsuits on behalf of developers, general contractors, and other construction professionals. I have been fortunate enough to work with some of the largest home builders and general contractors in the state and country, regional and custom builders, and numerous insurance carriers over the years. Through these experiences, I have been able to gain valuable insights into the construction industry, and I am proud to be considered an expert in this field. Read the court decision
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Reprinted courtesy of David McLain, Higgins, Hopkins, McLain & Roswell
Mr. McLain may be contacted at mclain@hhmrlaw.com

Illinois Federal Court Applies Insurer-Friendly “Mutual Exclusive Theories” Test To Independent Counsel Analysis

November 09, 2020 — Jeremy S. Macklin - Traub Lieberman Insurance Law Blog
Insureds often request independent counsel when insurers agree to provide a defense subject to a reservation of rights, pursuant to which an insurer takes the position that certain damages may not be indemnifiable. Requests for independent counsel are often rooted in fear that a defense attorney who has a relationship with the insurer may be incentivized to defend the insured in a way that maximizes the potential for the insurer to succeed on its coverage defenses. As explained by the Illinois Supreme Court in Maryland Cas. Co. v. Peppers, 355 N.E.2d 24 (Ill. 1976), when a conflict of interest arises between an insurer and its insured, the attorney appointed by the insurer is faced with serious ethical questions and the insured is entitled to its own attorney. Illinois courts generally follow the rule that an insured is entitled to independent counsel upon a showing of an actual conflict. In Builders Concrete Servs., LLC v. Westfield Nat’l Ins. Co., No. 19 C 7792, 2020 WL 5518474 (N.D. Ill. Sept. 14, 2020), the U.S. District Court for the Northern District of Illinois recently addressed a dispute between an insurer and its insured about independent counsel. Westfield insured Builders Concrete Services (BCS). Focus Construction hired BCS as a subcontractor to perform concrete work on a new apartment building. BCS’ work included pouring concrete for structural columns, one of which buckled and failed. BCS sued Focus Construction for withholding payment, and Focus Construction counter-sued for breach of contract and negligence relating to BCS’ alleged faulty work that caused the column to fall. Focus Construction’s counterclaim alleged that the column failure damaged other parts of the building on which Builders did not perform work. Read the court decision
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Reprinted courtesy of Jeremy S. Macklin, Traub Lieberman
Mr. Macklin may be contacted at jmacklin@tlsslaw.com

Insurance Company Prevails in “Chinese Drywall” Case

June 17, 2011 — CDJ STAFF

The Louisiana Court of Appeals rejected an appeal to reverse a summary judgment granted to Louisiana Citizens Property Insurance Company. Terrence and Rhonda Ross contracted for a remodel of their home in which Chinese-made drywall was used. When the drywall emitted harmful gasses, the Rosses filed a claim under their insurance policy. This claim was rejected under four exclusions: for faulty materials, latent defect, loss by corrosion, and loss by pollution. After the claim was denied, the Rosses sued Louisiana Citizens.

In April 2010, the lower court granted a summary judgment, followed by a May, 2010 order dismissing the Rosses’ claims against Louisiana Citizens. The Rosses appealed this decision. In the court’s review, they agreed with Louisiana Citizens and the lower court on all counts. Although the Rosses maintained that the drywall was not defective (as it still functioned as drywall), the court ruled that its emission of sulfuric gases was a defect. Further, as it was in place for two years before this became evident, it was also a latent defect. Damage to the Rosses’ home consisted of corrosion damage caused by the pollutants in the drywall.

The Rosses made an additional claim that since their policy covered smoke damage, this should be covered, as the harm was done by sulfuric gases. The court noted that the contract specifies “fumes or vapors from a boiler, furnace, or related equipment,” none of which apply in this case.

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Maui Wildfire Cleanup Could Cost $1B and Take One Year

September 18, 2023 — James Leggate - Engineering News-Record
Hawaii Gov. Josh Green and Sen. Brian Schatz (D-Hawaii) have estimated at $1 billion the cost of cleanup after the Maui wildfires—which started Aug. 8 and killed at least 115 people and destroyed more than 2,200 structures. Officials planning the rebuilding of the parts of West Maui devastated by the wildfires are emphasizing safety and residents’ wishes over speed. Reprinted courtesy of James Leggate, Engineering News-Record Mr. Leggate may be contacted at leggatej@enr.com Read the full story... Read the court decision
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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES