Fairfield Connecticut Building Expert Directory

Decline in Home Construction Brings Down Homebuilder Stocks

December 11, 2013 — CDJ STAFF
The main gains in October construction were in commercial construction. The stock market has reacted to the slow-down by selling off homebuilder stocks, leading to a drop in their price. Deutsche Bank did not expect this to be the long term situation in U.S. homebuilding. The bank expects that the dip in residential construction “should reverse course given the ongoing improvement in permits for new construction.” Read the court decision
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Fannie-Freddie Propose Liquidity Rules for Mortgage Insurers

July 16, 2014 — Clea Benson and Zachary Tracer – Bloomberg
Ms. Benson may be contacted at cbenson20@bloomberg.net; Mr. Tracer may be contacted at ztracer1@bloomberg.net Private mortgage insurers looking to do business with Fannie Mae and Freddie Mac would have to hold minimum amounts of liquid assets under standards proposed by the companies and their regulator. To back loans packaged into securities by the U.S.-owned mortgage-finance giants, insurers would have to hold liquid assets worth at least 5.6 percent of their risk exposure, and possibly more depending on the quality of the loans they cover, according to the proposal released today by the companies and the Federal Housing Finance Agency. “Mortgage insurance counterparties must be able to fulfill their intended role of providing private capital, even in adverse market conditions,” FHFA Director Melvin L. Watt said in an e-mailed statement. Ms. Benson may be contacted at cbenson20@bloomberg.net; Mr. Tracer may be contacted at ztracer1@bloomberg.net Read the court decision
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Reprinted courtesy of Clea Benson and Zachary Tracer, Bloomberg

McDermott International and BP Team Arbitrate $535M LNG Site Dispute

April 02, 2024 — Mary B. Powers - Engineering News-Record
BP and Kosmos Energy are seeking “maximum recoverable damages” of about $535 million in binding arbitration with contractor McDermott International over a claim that it failed to meet contract obligations on subsea pipeline installation for an estimated $4.8 billion liquefied natural gas project off Africa. Reprinted courtesy of Mary B. Powers, Engineering News-Record ENR may be contacted at enr@enr.com Read the full story... Read the court decision
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The Harmon Hotel Construction Defect Trial to Begin

October 29, 2014 — Beverley BevenFlorez-CDJ STAFF
The trial involving the Las Vegas Harmon Hotel, which is currently being demolished piece by piece due to construction defects, is ready to begin six years after the defects were first discovered, reported the Las Vegas Review-Journal. It’s an unusual case for multiple reasons. The trial is expected to last a year, and the number of attorneys involved in the case required chairs to be removed from the galley to accommodate lawyer tables, which are wired with monitors and microphones. In addition, “two 80-inch monitors are being installed for the jury.” The Las Vegas Review-Journal further reported that “each party will have its own technology team to display the more than 3 million digitally stored pieces of evidence.” Michael Doan, the court’s information technology director, told the Las Vegas Review-Journal that the “paper list of that evidence fills more than 100 document-storage boxes.” The case “involves more than $400 million in damage claims.” Construction on the Harmon Tower was stopped after a “structural engineer hired by MGM Resorts determined the building was unsafe and could topple if an earthquake of a magnitude of 7.7 were to hit Las Vegas.” Read the court decision
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Construction is the Fastest Growing Industry in California

May 20, 2015 — Garret Murai – California Construction Law Blog
We wrote earlier about why construction workers are the happiest employees on Earth, and pointed to one possible factor: That construction, which was one of the hardest hit industries during the 2008 real estate collapse, has since bounced back. This past month, the California Employment Development Department (“EDD”) released data putting some numbers to that hypothesis. And the result: According to the EDD, over the past 12 months, construction was the fastest growing industry in California, adding more than 46,000 jobs within the last year, an increase of 6.9% from 667,000 workers in March 2014 to 713,000 workers in March 2015. Read the court decision
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Reprinted courtesy of Garret Murai, Wendel Rosen Black & Dean LLP
Mr. Murai may be contacted at gmurai@wendel.com

Detroit Craftsmen Sift House Rubble in Quest for Treasured Wood

March 19, 2015 — Chris Christoff and Alexandra Mondalek – Bloomberg
(Bloomberg) -- Detroit’s 70,000 abandoned homes are proving to be a trove for entrepreneurs who recycle century-old lumber, glass and brick into everything from terrariums to $4,500 guitars. “It’s like a treasure hunt,” said Craig Varterian, executive director of Reclaim Detroit, a nonprofit group that’s stripped and sold materials from almost 70 demolished homes. Floorboards and joists of early 20th century maple, walnut, hickory, fir and even chestnut are prized for their density and fine grain. As Detroit ramps up demolitions of vacant dwellings, Mayor Mike Duggan plans a reclamation center in a city-owned building to keep tons of rubble out of landfills and create jobs and merchandise. Recycling would become a centerpiece of the city’s blight-removal effort, which is struggling to maintain funding. Reprinted courtesy of Chris Christoff, Bloomberg and Alexandra Mondalek, Bloomberg Mr. Christoff may be contacted at cchristoff@bloomberg.net Ms. Mondalek may be contacted at amondalek@bloomberg.net Read the court decision
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As the Term Winds Down, Several Important Regulatory Cases Await the U.S. Supreme Court

September 03, 2019 — Anthony B. Cavender - Gravel2Gavel
The Supreme Court will be deciding some very important regulatory law cases in the new few weeks as the term winds down. CERCLA Circled Last week, the Court granted a petition to review a significant CERCLA case, Atlantic Richfield Company v. Christian, et al., decided by the Supreme Court of Montana on state law grounds. This case involves state litigation which could result in a cleanup whose scope is allegedly inconsistent with an ongoing and expensive federal CERCLA cleanup at the Anaconda Smelter site. CERCLA basically provides that no one may challenge an ongoing Superfund cleanup, yet this state common law proceeding seeking a cleanup of the plaintiff’s homes and properties arguably threatens the EPA-approved cleanup remedy. ARCO filed a petition for certiorari with the Supreme Court, which the Court has now granted despite the Solicitor General’s brief which argued that the Court should wait to see the results of the Montana trial. (It is unusual for the Court to reject the advice of the Solicitor General.) Read the court decision
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Reprinted courtesy of Anthony B. Cavender, Pillsbury
Mr. Cavender may be contacted at anthony.cavender@pillsburylaw.com

No Indemnity Coverage Where Insured Suffers No Loss

November 05, 2014 — Tred R. Eyerly - Insurance Law Hawaii
The insured subcontractor sought coverage under its Builder's Risk policy for loss despite already being paid under contract the amount sought under the policy. MKB Constr. v. Am Zurich Ins. Co., 2014 U.S. Dist. LEXIS 136096 (W.D. Wash. Sept. 24, 2014). MKB contracted with the Lower Yukon School District (LYSD) to place gravel fill for a new building pad upon which a school building would be placed in Emmonak, Alaska. The project site was built on tundra that melted in the summer, becoming marshy and pocketed by pools of standing water. LYSD provided the bidding contractors with information stating that settlements of 3 to 9 inches could be expected in areas with 30 inches of fill. The contract was awarded to MKB, who subsequently realized it had under bid the amount of gravel fill that would be required. The estimated difference in the amount bid and the amount that would be needed was 6,583 cubic yards. LYSD refused to increase the contract price. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

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