June 25, 2015

Yousuf Dhamee quoted in "Tiered Management Fees May Help Hedge Fund Managers Attract Institutional Investors"

The Hedge Fund Law Report | Hedge fund managers competing for institutional investors are under constant pressure to lower fees. In addition, to keep the manager incentivized even as assets under management rise, investors increasingly seek to prevent the management fee from becoming a profit center for the manager.

  • June 18, 2015

    Sky Moore quoted in "China has Hollywood-Size Ambitions for Film Industry"


    Chinese companies are ramping up investment in the foreign entertainment industry, as the country seeks to boost "soft power" by crafting films which appeal to global audiences, according to industry officials who were attending the Shanghai International Film Festival.

    Though Chinese studios have become more attuned to commerce and still face strict government controls over content deemed politically sensitive or pornographic, cashed-up Chinese companies have grander ambitions than the domestic market, making investments in U.S. studios, signing co-production deals with other countries and seeking global box office success.

    Schuyler M. Moore, a partner and head of Stroock's Entertainment Practice Group, attended the film festival and told reporters, "There's clearly more (Chinese investment) coming. In fact, there’s a lot more coming."

    ...Read More

    June 15, 2015

    Stroock Bolsters Real Estate Land Use and Development Practice with Addition of John B. Egnatios-Beene

    Press Release | New York, NY, June 15, 2015 – John B. Egnatios-Beene has joined the national Real Estate Practice Group of Stroock & Stroock & Lavan LLP as special counsel in the New York office. His practice focuses on New York real estate development with an emphasis on land use, zoning and related environmental issues.

    Mr. Egnatios-Beene joins Stroock from the New York City Board of Standards and Appeals where he was General Counsel. In that capacity, Mr. Egnatios-Beene provided advice to the Commissioners of the Board concerning the New York City Zoning Resolution, the New York City Building Code, the New York State Multiple Dwelling Law, and general administrative law matters. He also spent several years as in-house counsel at the New York City Department of Buildings.

    ...Read More

  • June 14, 2015

    Paul Shelowitz quoted in "Judge's Decision Favors Honua Kai Developers"

    THE MAUI NEWS | Dozens of buyers of units at the Honua Kai Resort & Spa in Kaanapali, Hawaii sought to cancel their purchase contracts and the return of tens of thousands of dollars in down payments after the Great Recession struck in the third quarter of 2008. They claimed fraud, and among other things, that the developer had failed to disclose the existence of the nearby Lahaina Wastewater Reclamation Facility.

    Over the course of years, all of the lawsuits were settled, except the case of James and Cheryl DeMarco of Huntington Beach, California. Recently, an Oahu judge has ruled in favor of the developer in the DeMarco case, potentially ending what could become a cautionary tale for real estate investors in Hawaii.

    Paul A. Shelowitz, a partner in Stroock's Litigation Practice Group, is representing the defendant in the case and said that the court ruled the sewage treatment plant was adequately disclosed in the developer's public reports and property reports that the DeMarcos received.

    ...Read More

    June 11, 2015

    Ben Diehl quoted in "CFPB Ruling Adds New Front In Administrative Law Fight"

    LAW360 | On June 4, 2015, Consumer Financial Protection Bureau Director Richard Cordray made the decision to uphold an administrative ruling against PHH Mortgage Corp. and jacking up the firm’s penalty highlights concerns the industry has about the bureau’s appeals process, which adds to a growing battle over federal agencies’ administrative proceedings.

    Regarding the way the CFPB handles administrative appeals, Benjamin Diehl, special counsel in Stroock's Financial Services/Class Action and Government Relations Practice Groups, said that it "might be one of the issues that the court of appeals might be asked to consider."

    ...Read More

  • June 4, 2015

    Stroock's Representation of Zappos.com, Inc. Highlighted in Los Angeles Daily Journal article "Class action against Zappos for data breach dismissed."

    Los Angeles Daily Journal | After a failure to reach a settlement due to disagreement over attorney fees, online retailer Zappos.com, Inc. claimed a full defense verdict this week in a years-long class action lawsuit pursued by a group of consumers who alleged harm from a 2012 data breach.

    Partners Julia B. Strickland, Stephen J. Newman and Brian C. Frontino of Stroock's Financial Services/Class Action Practice Group represented Zappos.

    ...Read More

    June 3, 2015

    Stroock Increases Number of Attorneys and Practices Ranked by The Legal 500 United States 2015

    The Legal 500 United States | Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles, Miami and Washington, DC, announced that it has once again been recognized in The Legal 500 United States with 11 practice area rankings and 44 attorneys....Read More


Chris Griner to Speak at American Conference Institute's Forum on "Industry's Insider Threat & Security Compliance"

Stroock Partner Chris Griner will be speaking at American Conference Institute’s Industry Forum on Insider Threat & Security Compliance. The conference will be held on July 22, 2015 in Washington, DC.

Mr. Griner will participate in the panel discussion "National Interest Determinations: How Recent Changes Have Affected the Timeframe, Process and Standard for Approvals."

  • July 15-16, 2015 - Financial Research Associates Investment Advisor Compliance Summit
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  • July 21, 2015 - American Conference Institute’s 2nd National Forum on CFIUS
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  • July 22, 2015 - American Conference Institute’s Industry's Insider Threat & Security Compliance
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    "Roundtable: Bankruptcy & Restructuring" by Ken Pasquale

    Bankruptcy litigation is a challenging and complex endeavour, requiring a variety of tactics and resolution mechanisms. For the parties involved, financial expectations can be at odds with the reality of the situation, and knowing when to compromise is essential. Recent months have seen a number of new developments emerge, and important new precedents evolve.

    Bankruptcy litigation is set to remain a popular tool for creditors in high-stakes bankruptcy cases, as a process which can provide a range of creative approaches and workable solutions for debtors, creditors and stakeholders alike.

  • July 1, 2015 | NEW YORK LAW JOURNAL

    "Tax Treatment of Condominiums—Under and Outside IRC §528"

    This column discusses the conditions that a condominium association must meet in order to qualify as a homeowners association under IRC §528, the tax-motivated reasons why a condominium association or board may choose not to elect §528 treatment, and what the tax consequences may be for a condominium association or board electing to be outside of (or not eligible for) the benefits of §528—at the federal, New York State and New York City levels.

    Importantly, given the pros and cons of electing §528 tax status, including the possibility of individual unit-owner tax liability, and the difficulty of revoking such status after a §528 election has been made, the board of managers of a condominium association should seek advice based on the association’s unique circumstances from a knowledgeable tax advisor prior to determining whether to elect IRC §528 tax treatment.

  • June 24, 2015 | LAW360

    "Is Your Customer Diverting Sensitive Goods To Russia?"

    As a consequence of the Russian conflict with Ukraine, the United States has sharply restricted trade with Russia, especially exports for use in Russia’s energy and defense sectors. The U.S. Commerce Department’s Bureau of Industry and Security, which regulates both commercial as well as “dual use” exports with military applications, has a “presumption of denial” on licenses to export controlled goods and technology to Russia for use in oil and gas exploration or production.

    Regardless of classification, licenses are now required for many products (reviewed on a case-by-case basis) if the exporter has knowledge that the exports may be used by military end users or for military end uses in Russia.

    Last year, the U.S. State Department’s Directorate of Defense Trade Controls announced a policy of denial for exports or re-exports of “any high technology defense articles or services” controlled under the International Traffic in Arms Regulations. Finally, among other controls, the U.S. Treasury Department’s Office of Foreign Assets Control has imposed broad restrictions on all trade with Crimea, and targeted sanctions on the Russian energy and banking sectors and numerous individuals, including major Russian business leaders and former military and political leaders in Ukraine.


    "FCC Votes On Pending TCPA Petitions"

    On June 18, 2015, the Federal Communications Commission (“FCC”) voted on 21 petitions relating to the Telephone Consumer Protection Act, 47 U.S.C. § 227, et seq. (“TCPA”). Of note, the petitions sought comment and clarification on three issues: (1) the definition of an automatic telephone dialing system (“ATDS”); (2) the applicability of the TCPA to calls made to recycled cellular telephone numbers, commonly referred to as “wrong party calls;” and (3) whether and in what manner consent may be revoked.

    While the FCC also provided an exemption for certain calls, such as fraud alerts, unfortunately, based on the FCC’s statements from the June 18th open meeting, the FCC’s ruling will make it even more difficult for businesses to comply with the TCPA.

    The content of this Stroock Special Bulletin is based upon the FCC’s oral recitation of its ruling at the June 18th open meeting; we are awaiting the written ruling.

  • June 8, 2015 | LAW.COM

    "Fifth Circuit Sharply Limits Discretion to Remand Proceedings Related to Chapter 15 Bankruptcy Cases"

    In a case of first impression, the United States Court of Appeals for the Fifth Circuit held that neither permissive abstention nor equitable remand under 28 U.S.C. §§ 1332(c)(1) and 1452(b), respectively, are available for proceedings related to bankruptcy cases under chapter 15 of title 11. The Fifth Circuit found that, notwithstanding certain anti-review provisions, it had appellate jurisdiction to review a district court’s decision to permissively abstain and equitably remand such a proceeding because doing so exceeded the district court’s statutory authority.

    In reversing the decision below, the Fifth Circuit resolved conflicting interpretations of the exception found in § 1332(c)(1) concerning chapter 15, and became the first court expressly to hold that the exception must also be read in connection with § 1452.