Larry Schnapf

State Appeals Court Affirms Damage Award Against Bank for Sale of Contaminated Property

Lender Liability / By

A New Jersey Appeals Court refused to disturb a $248,928 damage award against a bank involving a sale of contaminated property. The plaintiff had argued that the trial court had erred in calculating the damages flowing from the bank’s breach of contract. In Ritschel v. Spencer Savings Bank,SLA, 2011 N.J. Super. Unpub. LEXIS 1257 (May 16, 2011), […]

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Consultants Survive Lawsuit For Negligent Investigation and Remediation of Brownfield Site

Brownfields, consultant malpractice, Environmental Due Diligence / By

Buyer agreed to purchase former oil field in 1996 to develop for residential complex.  Contract included 40 pages detailing  remedial obligations of parties. Buyer had five years to complete investigate of property and inform seller of contamination. If cleanup exceeded $30MM, seller could take over cleanup. Contract also provided that after completion of sellers’ corrective

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Brokers in the Cross-Hairs For Environmental Disclosure

Disclosure of Environmental Liabilities, Environmental Due Diligence / By

With property values continuing to plummet in the wake of the Great Recession, it is probably not surprising that brokers are increasingly finding themselves embroiled in lawsuits over scope of environmental disclosure. The risk is particularly heightened in states with Property Conditions Disclosure laws. Common issues involve mold, lead-paint, asbestos, radon, poor drinking water quality and leaking home

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$35MM Landfill Brownfield Project Derailed By Methane Gas

Brownfields, consultant malpractice, Methane Gas / By

Earlier this year, I discussed the BNY Mellon v Morgan Stanley Mortgage Corp where  the defendant/mortgage originator has been sued by the CMBS trust for a $80MM shopping center loan where methane gas issues led to a default. See detailed post at: http://lschnapf.blogspot.com/2011/07/cmbs-lender-kept-in-case-over-questions.html Now we have another case involving a $35MM development loan where a

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