March 30, 2015

Controversial 1 Vanderbilt tower gets one stop closer to approval

In the News | On March 30, 2015, the city approved a plan to allow for dramatically larger office towers to the west of Grand Central Terminal, which will include a 1,400-foot-tall commercial building proposed by SL Green Realty Corp. known as 1 Vanderbilt. The plan will now move to the City Council, where members are expected to push back on elements of the developer’s proposal for a 64-story tower.

  • March 12, 2015

    Sky Moore quoted in "Hunan-Lionsgate Deal Could be Just the Beginning"

    CHINA DAILY | China’s Hunan TV & Broadcast Intermediary Co. Ltd. recently announced an agreement with Lionsgate Entertainment Corp, whereby Hunan will put up 25 percent of the combined $1.5 billion budget for co-productions and distribution over the next three years, making it the largest Chinese investment in Hollywood to date. ...Read More

    March 10, 2015

    Benjamin Diehl Selected to Law360 Banking Editorial Advisory Board

    LAW360 | Benjamin G. Diehl, special counsel in Stroock’s Financial Services/Class Action and Government Relations Practice Groups, has been selected to Law360’s Banking Editorial Advisory Board for 2015. The purpose of the editorial advisory board is to get feedback on Law360’s coverage and to gain insight from experts in the field on how best to shape future coverage....Read More

  • MARCH 3, 2015

    Stroock Hosts Forum on Asian Investments in New York City

    Press Release | Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles, Miami and Washington, DC, presented a Government Relations Forum today on the growth of Asian capital investment in New York City, with guests Daniel H. Rosen of RHG, Erik Horvat of Fosun International Limited, William M. Shanahan of CBRE, Inc. and Richard Siu of F&T Group. The event was held at the firm’s New York office....Read More

    March 2, 2015

    Chris Brewster and Anne Salladin quoted in "Chinese Buyers Appear Undaunted As CFIUS Toughens Up"

    LAW360 | Asian investors lead the pack when it comes to pursuing U.S. assets, surpassing the U.K. and other western countries despite the backdrop of sharp scrutiny and political pressure that looms particularly large over Chinese-led acquisitions....Read More


James Sammataro to Speak at the 6th Annual International Legal Symposium on the World of Music, Film, Television, and Sports

Stroock Partner James Sammataro will be speaking at the American Bar Association’s 6th Annual International Legal Symposium on the World of Music, Film, Television, and Sports in Miami Beach, FL on April 23-24, 2015.

  • April 6-7, 2015 (NY) and April 27-28, 2015 (IL) - PLI's 20th Annual Consumer Financial Services Institute
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  • April 7, 2015 - Straight Talk for Asset Managers and Their Counsel
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  • April 9-10, 2015 - 2015 Compliance & Risk Management Forum
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    "CFPB Strongly Signals its Intent to Ban or Severely Limit Class Action Waivers and Pre-Dispute Arbitration Agreements"

    On March 10, 2015, in a 700-page report and at a public field hearing, the Consumer Financial Protection Bureau made clear its intention to ban or severely limit class action waivers and pre-dispute arbitration agreements. The Dodd-Frank Act requires CFPB to report to Congress on the effects of arbitration clauses in consumer financial agreements, and the statute empowers CFPB to prohibit or limit such clauses on a going-forward basis, following a formal rulemaking proceeding.

    These actions indicate that CFPB intends to accelerate its pace toward issuing a formal rule.


    "More CFIUS Cases are Going to Full Investigation"

    The Committee on Foreign Investment in the United States (“CFIUS”) has released its Annual Report to Congress for calendar year 2013. CFIUS is an interagency committee that reviews foreign acquisitions of U.S. businesses that may affect national security.

    This Stroock Special Bulletin analyzes the Report, which provides a snapshot of foreign investment in the ever-broadening national security sector, and a rare glimpse into the CFIUS process.


    "Volcker Rule FAQ Clarifies SOTUS Exemption for Foreign Banking Entity Investors"

    Under the latest FAQ issued by the five regulatory agencies authorized to implement the so-called Volcker Rule, foreign banking entities seeking to invest in third-party covered funds may do so in reliance on the SOTUS exemption provided such entities (and their affiliates) do not participate in the marketing of the covered fund interests to U.S. resident investors.

    This Stroock Special Bulletin discusses the FAQ, which clarifies that a foreign banking entity may invest in a third-party sponsored or advised covered fund in reliance on the SOTUS exemption if neither the foreign banking entity nor its affiliates participate in the marketing of the third-party fund to U.S. resident investors.


    "How DOD Is Streamlining National Interest Determinations"

    The U.S. Department of Defense has released new guidance for the approval of national interest determinations ("NID"). Foreign-controlled companies holding facility security clearances and operating under special security agreements ("SSA") must obtain NIDs to perform on contracts that require access to proscribed information. An NID requires a determination by the government that the contractor’s access to proscribed information is consistent with the national security interests of the United States. Historically, NIDs have been so time-consuming that some companies prefer to forego the advantages of SSAs (e.g., shareholder representation) and pursue proxy agreements, which do not require NIDs, but also do not permit the level of shareholder involvement that SSAs allow.

    The new policy, effective as of Feb. 11, 2015, gives the DOD Defense Security Service ("DSS") more control of the NID process. DTM 15-002 appears to be a move in the right direction, as discussed below, though it may not fully resolve the issues that have plagued the NID process.