JP Morgan Chase Actually Acquired “Toxic” Assets During the Great Recession

During the Great Recessions, the term “toxic assets” became a cliché. It was used to describe loans and other financial instruments that had fallen significantly and for which there is no longer a functioning market. The presence of these so-called toxic assets on their balance sheets caused many banks to fail. As it turned out, …

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OER Adopts Rule Easing Path For Removing E-Designations From Properties

The New York City Office of Environmental Remediation (OER) recently adopted revisions to its regulations governing the E-Designation program that will make it easier for property owners to remove the hazardous materials E-Designation (Haz Mat E). We previously discussed the E-designation program in a Post covering the tools available for developing contaminated sites. Pursuant to Section …

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Trump Administration Infrastructure Plan Proposes CERCLA Amendments

Earlier this week the Trump Administration unveiled its “Legislative Outline for Rebuilding Infrastructure in America”.  Among the proposals were three amendments to the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) that are designed to incentivize redevelopment of contaminated properties. The proposal can be viewed Here.  Since this document is an overview, it does not …

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Court Rules that “Hoosick Falls” SOL exception applies to Hoosick Falls Litigation- Duh!

Sweener v. St.-Gobain Performance Plastics Corp. 2018 U.S. Dist. LEXIS 19893 (N.D.N.Y. Feb. 7, 2018),  is the first reported decision interpreting CPLR  § 214-f-the 2016 amendment to the New York statute of limitations applicable to personal injuries or property damage resulting from latent effects of exposure to toxic substances. This lawsuit is one of several …

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NY Governor Proposes Another BCP Tax Credit Deferral

[Editors’ Note- The final Budget that was approved at the end of March did not include the BCP Tax Credit Deferral ]. In his recent budget proposal, Governor Cuomo proposed a three-year BCP tax credit deferral. The proposed deferral which is located in Part S of Revenue Article VIII is similar to that enacted in …

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NYSDEC Clarifies COC Deadline for 38 BCP Sites

As regular readers of this blog are aware, the the 2015 amendments to the New York State Brownfield Cleanup Program (BCP) created three deadlines for applicants to obtain Certificates of Completions (COCs) depending when the site was accepted into the BCP. Generation 1 (Gen1): sites accepted on or before June 22, 2008 have to obtain COC …

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NYSDEC To Finally End Voluntary Cleanup Program

In 1994, the New York State Department of Environmental Conservation (NYSDEC) established an administrative voluntary cleanup program (VCP) in which landowners, prospective purchasers and other parties could investigate and/or remediate sites that are contaminated with hazardous substances and petroleum under the supervision of the NYSDEC (See “Organization and Delegation Memorandum #94-32, Policy: Voluntary Cleanup Program”). …

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