October 6, 2015

Stephen Newman quoted in "Californians' Love of Class-Action Lawsuits to be Tested by Supreme Court"

LOS ANGELES TIMES | The Supreme Court's conservative justices have long been skeptical of class-action lawsuits that may be profitable for trial lawyers but can be costly to companies. However, judges in California have leaned the other way, fearing consumers and employees will be shortchanged if they cannot sue as a class.

The long-running East Coast-West Coast DirecTV dispute resumed when the high court heard the satellite service provider's bid to block a class-action suit in Los Angeles over early cancellation fees, which is one of five class-action cases set to be decided in the Supreme Court’s new term – four of which come from California.

Regarding the cases, Stephen J. Newman, a partner in Stroock's Financial Services/Class Action Practice Group, said, "It's remarkable. We've never seen this much interest by the Supreme Court in class actions. And part of that is due to the resistance from the West Coast."

  • October 2, 2015

    Brian Diamond quoted in "5 Trends to Watch in Real Estate Private Equity Deals"

    LAW360 | Competition for property deals remains tight among equity and debt investors, but with some markets stabilizing and the macroeconomic environment looking bumpy, some players are shifting their strategies.

    When additional equity is being brought in on the lending side, the banks are putting the proportions under the microscope and are more likely to lean toward mezzanine financing rather than preferred equity.

    Brian Diamond, partner and co-chair of Stroock's Real Estate Practice Group, said, "A traditional lender will always prefer straight equity and not having another lender into the mix, but it’s a competitive lending market...being that stringent will cost you deals."...Read More

    October 2, 2015

    Stroock Partner Lior Ohayon Honored by Private Funds Management as a Top 30 Under 40

    PRESS RELEASE | Lior J. Ohayon, partner and chair of Stroock's national Private Funds Practice Group, was selected to appear on Private Funds Management's 30 under 40 list for 2015. The prestigious list, which recognizes the 30 most influential private equity lawyers under the age of 40, spanned nine different cities across the U.S., Europe and Asia, and selected elite lawyers who represent the practice areas of fund formation, M&A, regulation, finance and tax. ...Read More

  • September 29, 2015

    Commercial Property Executive Ranks Stroock Among Top Real Estate Law Firms

    PRESS RELEASE | Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles, Miami and Washington, DC, announced that it has been ranked in Commercial Property Executive's 2015 list of Leading Real Estate Law Firms. ...Read More

    September 24, 2015

    Steven Rabitz quoted in "Prohibited Transaction, Reporting and Side Letter Considerations Under ERISA for European Hedge Fund Managers"

    THE HEDGE FUND LAW REPORT | A growing number of European hedge fund managers are actively seeking injections of capital from U.S. investors subject to The Employee Retirement Income Security Act of 1974 (ERISA). Hedge fund managers wishing to "cross-over" their funds into the ERISA regulatory sphere must, however, be cognizant of the increased and complex tangle of regulations and compliance obligations which have often deterred European managers from pursuing ERISA assets.

    According to Steven W. Rabitz, a partner and head of Stroock's Employee Benefits and Executive Compensation Practice Group, one means of addressing certain of ERISA's transactional restrictions is via the Qualified Professional Asset Manager (QPAM) exemption....Read More

  • September 16, 2015

    Ira K. Teicher Selected as a 2015 Daily Business Review Rising Star

    DAILY BUSINESS REVIEW | Ira K. Teicher, a partner in Stroock's Real Estate Practice Group, was selected as a Rising Star on the Daily Business Review's 2015 list, which recognizes the region's 40 most promising up-and-coming lawyers, under age 40, who have wielded influence in their practice areas in the region and beyond....Read More

    September 16, 2015

    Stroock Attorneys Recognized as Super Lawyers and "Rising Stars"

    PRESS RELEASE | Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles, Miami and Washington, DC, announced that 86 Stroock attorneys have been named to Super Lawyers for 2015. Among those listed are several first-time Super Lawyers, including Partners Charles E. Cantine, Chris Griner, Janna Manes and Kevin L. Smith.

    Ranked as "Rising Stars" were Partners Sayan Bhattacharyya, Jayme T. Goldstein, Andrew S. Lewner and Nicole M. Runyan; Special Counsels Brian I. Greene, Dina Kolker, Jeffrey Mann, Armando X. Ramirez and Jason M. Sobel; Associates Jonathan D. Canfield, Lucas T. Charleston, David M. Cheifetz, Brendan S. Everman, Matthew G. Garofalo, Crystal Y. Jonelis, Shaina S. Kamen, Daniel E. Martinez, Alisa M. Taormina and Stephen E. Underwood....Read More


Chris Griner to Speak at National Aerospace Foreign Direct Investment (FDI) Expo

Stroock Partner Chris Griner will be speaking at the Aerospace States Association and Department of Commerce's National Aerospace Foreign Direct Investment (FDI) Expo. The conference will be held on October 26-28, 2015 in Los Angeles, CA.

The International Trade Administration, SelectUSA, and the Aerospace States Association (ASA) are co-hosting the event to showcase the exceptional aerospace investment and business opportunities available in the U.S.

  • October 8, 2015 - GlamourGals Foundation: An Evening of Shopping at Henri Bendel
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  • October 18-21, 2015 - AIRROC 2015 NJ Commutations & Networking Forum
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  • October 19-20, 2015 - Corporate Counsel’s Hedge Fund General Counsel and Compliance Officer Summit
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  • October 1, 2015 | STROOCK SPECIAL BULLETIN

    "Updates on Principle-Based Reserving"

    This Stroock Special Bulletin provides an overview of developments regarding principle-based reserving legislation, the Process and Procedures Manual, which has been referred to the Principle-Based Reserving Implementation (EX) Task Force ("PBRITF"), a planned PBR pilot, the goal of which would be to aid in the

    implementation of PBR by reviewing the regulatory processes and company submissions and by making changes, if any, to the regulatory review process or VM instructions before the PBR effective date, and other relevant topics.

  • October 1, 2015 | STROOCK SPECIAL BULLETIN

    "New Regulated Investment Company Controlled Group Regulations and Fund of Funds Guidance"

    This Stroock Special Bulletin provides an overview of recently finalized Treasury regulations that clarify the “controlled group” rules that apply to regulated investment companies (“RICs”) for purposes of the three-pronged “25%” asset diversification test under Section 851(b)(3)(B) of the Internal Revenue Code of 1986, as amended. The new Treasury regulations impact any RIC that invests in or through a corporation (or an entity treated as such for U.S. tax purposes) in which the RIC has a 20% or greater voting interest.

    This Stroock Special Bulletin also provides an overview of Revenue Procedure 2015-45, which was issued at the same time as the new Treasury regulations.

    Revenue Procedure 2015-45 provides a safe harbor under which a RIC that invests in other controlled RICs as part of a “fund of funds” structure will, in the circumstances described in this Stroock Special Bulletin, be treated as satisfying the 25% asset diversification test of Code Section 851(b)(3)(B).

  • October 2015 | HABITAT

    "Whose Terrace Is It, Anyway?"

    Does the board have the right to use a unit owner's terrace in order to make repairs to the building? Probably. Does that right continue even if there are delays so that use of the terrace for work to the building exterior continues even after the end-date agreed to by the board? Again, probably.

    In Natalie and Geoffrey Richstone v.

    The Board of Managers of Leighton House Condominium, the court looked to the condominium's declaration and by-laws to decide not just whether the board had the right to use the terrace, but also whether the unit owners in fact had to remove their wood installations.

  • September 25, 2015 | STROOCK SPECIAL BULLETIN

    "FERC Proposes Expanding Disclosure Requirements for RTO and ISO Market Participants to Cover Broader Array of Information"

    On September 17, 2015, the Federal Energy Regulatory Commission ("FERC") issued a notice of proposed rulemaking inviting comments on new regulations that, if adopted, would require all entities that participate in markets administered by regional transmission organizations ("RTOs") and independent system operators ("ISOs") to identify a wider array of business relationships than currently required. The proposed rule is intended to improve FERC's ability to detect market manipulation.

    This Stroock Special Bulletin provides an overview of the proposed rule, which would replace each RTO's and ISO's existing affiliate disclosure requirements for its market participants with new tariff provisions requiring the identification of "Connected Entities." The proposed rule also would require each RTO and ISO market participant to obtain a Legal Entity Identifier ("LEI"), a unique identification assigned to single entities, for itself and its Connected Entities.

    The proposed rule would require all RTOs and ISOs to provide this information to FERC, and each of these entities would have the authority to audit this data. RTOs, ISOs, and FERC would rely on the information to identify, or rule out, potential market manipulation.


    "The Rejection and Modification of Collective Bargaining Agreements Pursuant to Bankruptcy Code Section 1113"

    A debtor seeking to reorganize will, during the course of its bankruptcy case, often seek to reject unfavorable contracts in order to ensure that the debtor obtains the fresh start that the chapter 11 process is intended to provide. Rejection of prepetition contracts is governed by section 365 of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"), with a significant exception.

    A collective bargaining agreement between a debtor and an employee union can only be rejected or modified in a chapter 11 case pursuant to the stringent requirements set forth in section 1113 of the Bankruptcy Code.