Fairfield Connecticut Building Expert Directory

Citigroup Reaches $1.13 Billion Pact Over Mortgage Bonds

April 09, 2014 — Dakin Campbell – Bloomberg
Citigroup Inc. (C) agreed to pay $1.13 billion to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. It took a $100 million first-quarter charge. The 68 securitization trusts covered by the settlement issued a combined $59.4 billion in mortgage-backed securities from 2005 to 2008, the New York-based bank said yesterday in a statement. The agreement covers 18 investors represented by Gibbs & Bruns LLP and trustees have until June 30 to accept the deal, the law firm said in a separate statement. The accord must be approved by the Federal Housing Finance Agency. Citigroup, the third-biggest U.S. bank, is resolving a portion of liabilities tied to mortgages it packaged and sold to investors in the run-up to the 2008 crisis. JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC), the two largest U.S. lenders, previously agreed to multibillion-dollar settlements with Gibbs & Bruns clients. Read the court decision
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Reprinted courtesy of Dakin Campbell, Bloomberg
Mr. Campbell may be contacted at dcampbell27@bloomberg.net

New York Court Rules on Architect's Duty Under Contract and Tort Principles

November 05, 2014 — Beverley BevenFlorez-CDJ STAFF
According to Traub Lieberman Straus & Shrewsberry LLP's blog, in a recent case, "which involved a five story expansion/conversion of an existing one story commercial building located in Brooklyn, New York," the architect was retained with obligations among five construction phases. Later, the condominium board alleged that construction defects existed and filed suit against contractors, engineers, and the architect. The Court granted the Architect's motion to dismiss the complaint, holding "that the allegations of negligence under the circumstances were based on construction defects and 'as such, sound in breach of contract rather than tort.' This was so, even though plaintiff alleged 'breach of a duty of care,' a traditional tort liability concept. The Court dismissed the breach of contract claim as well, holding that a 'successor in interest' argument should not be permitted to erode the firmly established privity requirement for an architect’s contract-based liability." Read the court decision
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Nomos LLP Partner Garret Murai Recognized by Super Lawyers

July 08, 2024 — Garret Murai - California Construction Law Blog
Nomos LLP Partner Garret Murai has been recognized as a 2024 Northern California Super Lawyers honoree in the area of Construction Litigation. This is the eleventh consecutive year that he has been recognized by Super Lawyers. Super Lawyers, an annual listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and personal achievement, is limited to no more than five percent (5%) of lawyers in a state who are selected through a multiphase process that includes a statewide survey of lawyers, independent research evaluation and peer reviews by practice area. Read the court decision
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Reprinted courtesy of Garret Murai, Nomos LLP
Mr. Murai may be contacted at gmurai@nomosllp.com

Investing in Metaverse Real Estate: Mind the Gap Between Recognized and Realized Potential

May 10, 2022 — Robert G. Howard, David W. Wright & Craig A. de Ridder - Gravel2Gavel Construction & Real Estate Law Blog
The Metaverse is an immersive world combining virtual reality and augmented reality, where users are represented by avatars and roam virtual spaces. It comprises a variety of platforms and environments that can be explored, experienced, and developed. Online social games like Second Life, Fortnite and Minecraft are among the first wave of successful Metaverse games. Now, Meta and Microsoft see the Metaverse as a place to play, live, and work. A JP Morgan white paper stated that opportunities in the Metaverse seem “limitless.” The bank predicted that virtual worlds will “infiltrate every sector in some ways in the coming years.” A March 31 report by Citi concluded that the Metaverse has the potential to become a $13 trillion opportunity by 2030, with total global users of between one and five billion. According to Citi, the Metaverse will become a significant part of the next iteration of the internet (referred to as Web3) enabled by a variety of existing and emerging technologies, including 5G connectivity, secure blockchain and payment platforms, crypto assets, cloud computing, artificial intelligence, 3D modeling tools and headset devices. A Land Rush, Virtually Speaking Not surprisingly, investors are speculating regarding the value and potential of “virtual land” within the Metaverse, where land sales in 2021 exceeded $500 million and attracted a lot of attention and hype. The Sandbox, Decentraland, Somnium Space and CryptoVoxels are the most active platforms and owners can build almost anything on their virtual parcels. The open-source Ethereum blockchain, with self-executing smart contract functionality, operates as the foundational layer for most platforms. Parcels of land in The Sandbox and Decentraland are purchased with cryptocurrencies (called SAND and MANA, respectively) on their platforms and can also be sold and purchased on secondary marketplaces like OpenSea. Reprinted courtesy of Robert G. Howard, Pillsbury, David W. Wright, Pillsbury and Craig A. de Ridder, Pillsbury Mr. Howard may be contacted at robert.howard@pillsburylaw.com Mr. Wright may be contacted at david.w.wright@pillsburylaw.com Mr. Deridder may be contacted at craig.deridder@pillsburylaw.com Read the court decision
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Boston Contractor Faces More OSHA Penalties

February 21, 2022 — Scott Van Voorhis - Engineering News-Record
The head of a Boston-based construction company that lost two workers in a fatal accident at a downtown Boston worksite last year now faces nearly $2 million in total fines after safety violations on a new project. Reprinted courtesy of Scott Van Voorhis, Engineering News-Record ENR may be contacted at enr@enr.com Read the full story... Read the court decision
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How Will Today’s Pandemic Impact Tomorrow’s Construction Contracts?

October 26, 2020 — Levi W. Barrett, Nathan A. Cohen & Mark A. Snyder - Peckar & Abramson
The emergence of COVID-19 has created a new set of challenges in the already complex world of negotiating construction contracts. In the pre-COVID-19 era, general contractors, construction managers and those negotiating on their behalf, needed to balance a variety of fairly well-established legal risks and exposures and commercial realities with the need to maintain a positive relationship with their counterparty. While many are rightfully concerned with addressing the impacts of COVID-19 to their on-going projects, those negotiating new contracts now are undoubtedly cognizant that they are negotiating in the midst of an unpredictable future that is tipping the historical negotiating balance. The following presents some crucial areas to focus on when negotiating and drafting your contracts in this new era. Contract Terms Through the COVID-19 Lens Contractors should examine proposed new contracts carefully to identify rights that afford COVID-19 protections and identify contractual obligations that create COVID-19 commercial risks. Specific attention should be paid to those sections relating to force majeure/excusable delay, emergencies, changes (including changes in law), contingency, suspension and termination, site investigation as well as all representations and warranties. The paramount concern in examining these provisions is to ensure that they not only entitle the contractor to relief for those unknown events, emergencies and changes, but that they also contain sufficient entitlement for the contractor to obtain both time extensions and financial compensation for unknown impacts of a known event – the COVID-19 pandemic. Reprinted courtesy of Levi W. Barrett, Peckar & Abramson, P.C., Nathan A. Cohen, Peckar & Abramson, P.C.and Mark A. Snyder, Peckar & Abramson, P.C. Mr. Barrett may be contacted at lbarrett@pecklaw.com Mr. Cohen may be contacted at ncohen@pecklaw.com Mr. Snyder may be contacted at msnyder@pecklaw.com Read the court decision
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Traub Lieberman Partner Kathryn Keller and Associate Steven Hollis Secure Final Summary Judgment in Favor of Homeowner’s Insurance Company

April 02, 2024 — Kathryn Keller & Steven A. Hollis - Traub Lieberman
Traub Lieberman Partner Kathryn Keller and Associate Steven Hollis obtained summary judgment on behalf of a major homeowners’ insurer in a breach of contract action in the Ninth Judicial Circuit in and for Osceola County, Florida. The underlying claim involved a water loss in a bathroom of the Plaintiff’s property allegedly resulting in substantial damage to the home. The claim had been reported by Plaintiff’s counsel. The Plaintiff had retained counsel and two vendors before giving notice to the insurer. In addition, the insurer’s field adjuster was not provided the opportunity to inspect the plumbing parts that had been allegedly damaged. Specifically, the drainage system had been completely removed and replaced. The insurer retained an engineer, who concluded that the removal of the original plumbing components hindered the ability of the engineer to determine their conditions prior to removal. Meanwhile, the surface conditions of the white PVC pipe appeared bright and shiny as compared to other piping. The insured had also failed to provide a signed, sworn proof of loss within sixty days after the loss. Reprinted courtesy of Kathryn Keller, Traub Lieberman and Steven A. Hollis, Traub Lieberman Ms. Keller may be contacted at kkeller@tlsslaw.com Mr. Hollis may be contacted at shollis@tlsslaw.com Read the court decision
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Brooklyn Atlantic Yards Yields Dueling Suits on Tower

September 03, 2014 — Erik Larson – Bloomberg
Forest City Ratner Cos., the initial developer of Brooklyn’s $4.9 billion Atlantic Yards project surrounding Barclays Center arena, exchanged lawsuits with the Swedish construction firm Skanska AB (SKAB) over claims of design flaws and delays in building a stalled residential tower. The lawsuits, filed today in Manhattan state court, focus on a contract for the 34-floor “modular” residential high-rise building under construction next to the arena for the National Basketball Association’s Brooklyn Nets that opened in 2012 as the centerpiece of the former rail yard and a symbol of the New York borough’s resurgence. Skanska, a Stockholm-based firm that has grown to become New York’s second-largest building contractor, seeks at least $50 million in damages for changes to the building that were made without consultation, according to its complaint. Brooklyn-based Forest City Ratner blames Skanska for the project’s problems, citing “tens of millions of dollars” in cost overruns caused by a lack of skill and a failure to adhere to terms of the 2012 contract. Read the court decision
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Reprinted courtesy of Erik Larson, Bloomberg
Mr. Larson may be contacted at elarson4@bloomberg.net

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