Disclosure of Environmental Liabilities

NYSDOH Revises Vapor Intrusion Guidance to Add Volatile Petroleum Compounds

Brownfields, Disclosure of Environmental Liabilities, Environmental Due Diligence, Navigation Law, New York Brownfield Cleanup Program, NY State Superfund, Underground Storage Tanks, vapor intrusion /

In February 2024, the New York State Department of Health (NYSDOH) updated the decision matrices to its “Guidance for Evaluating Soil Vapor Intrusion in the State of New York” (” VI Guidance) to  include 13 volatile petroleum  compounds .  Previously, the NYSDOH decision matrices only assessed potential human health risks for contaminated vapors associated with […]

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Governor Hochul Signs Bill Amending the Property Condition Disclosure Act

Disclosure of Environmental Liabilities /

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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EPA Issues Enforcement Discretion Memo for Routine Civil Violations Arising from COVID-19 Pandemic

Air Pollution, CERCLA, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, enforcement, Environmental Due Diligence, Hazardous Waste, oil spills, Water Pollution /

Update: EPA has created a frequently-asked questions about covid-19 webpage that is available Here. The federal Environmental Protection Agency has issued a Memo announcing that it will temporarily exercise enforcement discretion for certain civil violations where the non-compliance was a result of the COVID-19 pandemic. Contrary to news articles in such publications  as E&E News, The

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Remedial Program Reform Proposals for EPA Administrator Pruitt

Brownfields, CERCLA, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, Hazardous Waste, Lender Liability, PCBs /

Regulatory reform is at the centerpiece of the Trump Administration’s plan to stimulate economic growth. During the presidential campaign, candidate Trump vowed to rollback a variety of Obama Administration Climate Change Initiatives but said little about EPA remedial programs such as the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or superfund). Based on

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Lender that Sold Contaminated Property Agrees to $1.4MM Settlement

CERCLA, common law, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, Lender Liability /

We have previously reported on instances where banks have incurred cleanup costs in connection with properties they have sold.  For some examples, click here, here, here, here and here The latest installment of this saga involves Bank of America (BOA) which agreed to pay $1.4MM as part of a settlement involving a dry cleaner property that a

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NYC Enacts New Disclosure Law for School Sites

Disclosure of Environmental Liabilities, Environmental Due Diligence /

On February 5th, New York City Mayor Bill de Blasio signed into law Int. No. 126-A (Local Law 12) requiring the Department of Education (DOE) promptly notify parents and other community groups of sampling results identifying elevated levels of in any public school or any proposed public school owned or leased by the DOE. The

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Bankruptcy Courts Rules Bank May Not Seek Cost Recovery for Contaminated Site Purchased in Auction Sale

consultant malpractice, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, Hazardous Waste, Lender Liability /

Pete Seeger’s popular song from the 1960s “Where have all the Flowers Gone?” has the haunting recurring lyrics “When will they ever learn”. This song came to mind when we came across another case of a bank taking title to contaminated property without doing any environmental due diligence. In this case, Suburban Bank and Trust

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EB-5 Program Can Provide Alternative Source of Funding for Brownfield Projects

Brownfields, Disclosure of Environmental Liabilities, Environmental Due Diligence /

In a prior post, we discussed how the EB-5 visa immigrant investor program was becoming an important source of construction funding. Since then, the EB-5 immigrant investor program has continued to undergo explosive growth. The popularity of EB-5 is partially because traditional forms of project financing remains difficult to obtain. However, the EB-5 program is

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Rep and Warranty Insurance Becoming More Common in M&A Deals

Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, environmental insurance /

The use of reps and warranties insurance (RWI) is becoming an increasingly popular risk allocation tool in corporate transactions. According to trade press reports, the volume of RWI doubled from 2011 to 2012, with the value of the insurance bound last year exceeding $4 billion. RWI covers losses related to breaches or inaccuracies in reps

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Bankruptcy Court Finds Kerr-McGee Engaged in Fraudulent Transfer in Tronox Spinoff

bankruptcy, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence /

[Updated to reflect April 3, 2014 settlement] In what may be one of the most significant cases involving the application of fraudulent conveyance laws and environmental liability, the bankruptcy court for the Southern District of New York held that Kerr-McGee had engaged in a fraudulent transfer when it spun off various assets in 2005 into

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