disclosure

Governor Hochul Signs Bill Amending the Property Condition Disclosure Act

On September 22, 2023, Governor Hochul signed into law a bill that significantly amended the state Property Condition Disclosure Act (PCDA).  The changes become effective on March 20, 2024.  A The PCDA amends the traditional rule of caveat emptor which provides that a seller as no duty to disclose any information about a residential or […]

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Settlement Reached in Securities Class Action Suit For Inadequate Environmental Disclosure

The 2009 bankruptcy filing of Tronox, Inc. has spawned some interesting litigation. A trial commenced in May in the bankruptcy court for the Southern District of New York where a Litigation Trust formed as part of the Tronox reorganization plan is seeking $25B in damages from Kerr-McGee, a subsidiary of Anadarko Petroleum. Tronox, a manufacturer

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NJ Lawyers Raise Concerns About Transparency of LSRP Program

On May 7, 2012, the New Jersey Site Remediation Reform Act, N.J.S.A. 58:10C-1 et seq. (SRRA) became fully effective. With limited exceptions, all site remediation projects in the state of New Jersey regardless of when work began must proceed under the supervision of a Licensed Site Remediation Professional (LSRP) and without New Jersey Department of Environmental

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Bank Not Liable for Failing To Disclose Environmental Issues At Foreclosure Sale

In Rhima v JPMorgan Chase Bank, 2012 U.S. Dist.LEXIS 70492 (N.D.Tx. 5/18/02), plaintiff was the successful bidder at a foreclosure auction for a warehouse property. The advertised terms and conditions of the foreclosure sale offer indicated that bidders would be provided with environmental reports and access to the property for inspection but the sale was

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Consultant Not Liable to Residents of Housing Complex For Not Identifying Vapor Risks

A California state court dismissed a negligence claim brought against an environmental consultant by residents of the infamous Ujima Village low income housing complex for failing to identify health risks associated with a former oil storage facility. The 300-unit Ujima Village complex had been constructed on a portion of the former 122-acre Athens Tank Farm

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Bank Not Liable For Auction Sale of Contaminated Property

In Lusk v First Century Bank, 2012 W. Va. LEXIS 241 (Sup. Ct. 4/27/12), the plaintiff/petitioners purchased a commercial property at an auction foreclosure sale. The Notice of Trustee’s Sale and Regency’s advertising notice stated that the sale was subject to “environmental regulations” and that the property was being sold in an “as is” condition.

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Minnesota Supreme Court Clarifies Spoliation Rule In Mold Case

Can a person faced with environmental conditions posing potential health risks implement remedial measures without running the risk of being sanctioned for destroying evidence? This problem can arise when a consultant destroys soil or groundwater samples but what about a mold case where  the home itself is the evidence? This was the issue addressed in Miller

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A Lawyer, an Underwriter and an Appraisor-An Update

The title of this post sounds like a teaser to a bad joke but unfortunately it refers to the latest round of motions in two sprawling lawsuits involving a defunct planned community that was to be developed on what proved to be a part of a world war 2 bombing practice range. The defendants include

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NY Ethics Opinion May Erode Confidentiality for Sampling Results

In April 2009, the New York Rules  of Professional Conduct (Rules) for attorneys replaced the New York Code of Professional Responsibility disciplinary rules (Code).  Section 1.6 of the Rules now governs the obligations of lawyers involving confidential information obtained during or relating to representation of a current or former client Rule 1.6(a) provides that a

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Brokers in the Cross-Hairs For Environmental Disclosure

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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