News & Publications

The First Circuit Court of Appeals recently affirmed a district court's ruling that three exclusions do not bar coverage under a management liability policy for a lawsuit filed by pension funds alleging that an investment firm "mismanaged and squandered money" the funds had invested. The appellate court in Scottsdale Insurance Co. v. Bryne upheld the $3 million policy limits award plus post-judgment interest, holding that the insurer failed to meet its burden of proof that [...]

Commercial mortgage-backed securities ("CMBS") loans and balance-sheet loans are not created equal. While there are many similarities between the two types of loans, the differences are material and important. Identifying and understanding these differences and the ways in which they may impact a borrower is essential to providing effective borrower representation.1 CMBS Loans Overview Generally CMBS loans are typically non-recourse loans that materially comply with a standardized set of requirements (e.g., single-asset borrower) and have [...]

It happens all the time in New York City. Someone buys an apartment relying, without further investigation, on statements made by a sales agent – and then learns, too late, that the statements were incorrect. According to a news report, it happened last year to a purchaser, who placed a $1 million down payment on a $10.5 million Chelsea condo after being told by the selling agent that the ceilings in the under-construction apartment would [...]