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, […]
JP Morgan Chase Actually Acquired “Toxic” Assets During the Great Recession Read More »
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
Remedial Program Reform Proposals for EPA Administrator Pruitt Read More »
The collective wit and wisdom from three decades of practicing environmental law (in no order of importance). 1.Thou shall not call the environmental lawyer the day before the closing 2. Thou shall not accept without further inquiry a Phase 1 reports that says there are no RECs 3. Thou shall be concerned when the Phase
THE TEN COMMANDMENTS OF ENVIRONMENTAL LAW Read More »
This interview occurred at the old Yankee Stadium in 2008 shortly after the last game was played. [youtube]https://www.youtube.com/watch?v=obhKtJQTLBo[/youtube]
EDR Commonground Interview On the State Environmental Due Diligence Read More »
The New York State Court of Appeals held that a PRP letter issued by the New York State Department of Environmental Conservation (NYSDEC) was sufficient to trigger an indemnity obligation under a purchase and sale agreement. While lower courts have found PRP letters to constitute “suits” within the meaning of a Comprehensive General Liability policy
NY Court of Appeals Finds PRP Letter Triggers Contractual Indemnification Read More »
Parties to commercial leasing transactions frequently overlook environmental issues because they believe that tenants who do not use large quantities of hazardous chemicals will not be exposed to significant environmental liability. Consequently, the parties may do little to no environmental due diligence and use obsolete or boilerplate lease provision that do not specifically allocate environmental
Principal New York State Environmental Laws Impacting Commercial Leasing Transactions Read More »
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
Lender that Sold Contaminated Property Agrees to $1.4MM Settlement Read More »
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
NYC Enacts New Disclosure Law for School Sites Read More »
The New York State Department of Environmental Conservation is proposing significant changes to its hazardous waste management regulations (6 NYCRR Parts 370-374 and 376). The proposed amendments are available here. The proposed changes will incorporate thirty-seven (37) amendments to the federal Resource Conservation and Recovery (RCRA) regulations that have been adopted by the federal Environmental
NYSDEC Proposes Amendments to Haz Waste Rules Read More »
The short answer is no. Environmental consultants routinely submit environmental questionnaires to property owners and their clients as part of the phase 1 process. Some consultants tell their clients that they are obligated to complete the questionnaire to be able to comply with EPA’s All Appropriate Inquires (“AAI”) rule. A few go as far as
Do Clients Have To Complete Consultant Questionnaires To Comply With AAI? Read More »