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Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be “organic,” “green,” or “eco-friendly.” While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical. As a result of past disposal practices and spills of perc, many current and former dry cleaning sites are contaminated. By some estimates, 75% of dry cleaner facilities operated in past decades have caused environmental contamination. Cleanup costs range from tens of thousands of dollars to several million dollars.
Forest Park National Bank & Trust v. Ditchfield, 10 CV 3166 (N.D. Ill. May 21, 2010), presents a typical “dry cleaner contamination” fact pattern. In that case, a bank foreclosed on an Illinois residence, and then filed a lawsuit in federal court against the owners and operators of an adjacent strip mall and its dry cleaning tenant. The bank contends that after acquiring the residence, it learned that perc from the dry cleaner had leached into the soil and groundwater under the residence. Even though the residence is located on a block targeted by the city for a big redevelopment project, the bank claims that it has not been able to sell the property because of the perc contamination. The bank sought compensatory damages in excess of $100,000. Certain defendants filed a third-party complaint against their insurer alleging that it failed to provide defense and indemnity against the underlying suit.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?