July 17, 2015

Ross Moskowitz quoted in "Fire Island Residents to Lose Their Homes to Make Way for a Dune"

THE NEW YORK TIMES | Three years ago, Hurricane Sandy destroyed dozens of houses across New York’s Fire Island and flooded many of the 4,500 homes. But what the hurricane spared, the federal government now plans to take. To restore the protective dunes that ran the length of the island and were flattened by the storm, the Army Corps of Engineers is set to build a new dune on the island, at a cost of $207 million.


Robert Plaze to Speak at Institute for the Fiduciary Standard's "Fiduciary Duty and the Investment Advisers Act of 1940 at 75"

Stroock Partner Robert E. Plaze will be speaking at Institute for the Fiduciary Standard's "Fiduciary Duty and the Investment Advisers Act of 1940 at 75" panel discussion in New York, NY. The event will take place August 11, 2015.

Is the Advisers Act still spry at 75 or is it showing its age? This panel of nationally recognized experts on fiduciary duties and the Advisers Act will address this question and the state of the law as applied today.

  • August 3-4, 2015 - Practising Law Institute's ERISA 2015: The Evolving World
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  • August 7-8, 2015 - Securities Experts Roundtable's 23rd Annual Conference and Membership Meeting
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  • August 11, 2015 - Institute for the Fiduciary Standard's Fiduciary Duty and the Investment Advisers Act of 1940 at 75 
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    Stroock Reports: Public Employee Law

    Welcome to the Summer 2015 issue of Stroock Reports – Public Employee Law. In this issue, we focus on the fight to protect public employee pensions and highlight recent court cases, including a Supreme Court case that may alter the way public sector unions collect dues and represent members. We also look at developments of interest to our public sector union clients, government relations clients and other friends of the firm.

    Our cover story –“Protecting Pensions and Contract Rights for Public Sector Employees” – provides an in-depth analysis of recent attacks on public employee pensions and the state and federal constitutional principles that protect them.

    This issue also continues to report on the developing Supreme Court landscape on the issue of agency shop fees in the public sector, as well as addresses the implications of the First Department’s decision on rescission of release-time certificates, the New Jersey Public Employment Relations Commission’s holding that New Jersey Transit Bus Operations could unilaterally install security cameras on buses, as well as recent developments in the arena of union discretion in collective bargaining.

    We hope you find the material informative.


    "CFTC Cross-Border Margin Proposal"

    On June 29, 2015, the Commodity Futures Trading Commission (“CFTC”) issued a proposed rule (the “Proposed Rule”) on the cross-border application of the margin requirements with respect to uncleared swaps to be adopted by the CFTC pursuant to Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). When the CFTC issued a proposed rule containing such margin requirements on October 3, 2014, the CFTC also issued an Advance Notice of Proposed Rulemaking (“ANPR”) containing three alternative approaches with respect to the potential cross-border application of the proposed margin requirements.

    The Proposed Rule is distinct from all three approaches set forth in that ANPR. Although the Proposed Rule was unanimously approved, two of the four Commissioners expressed skepticism as to its merits.

    This Stroock Special Bulletin describes the proposed compliance obligations set forth in the proposal, as well as the proposed tests to determine the status of a counterparty to a swap.


    "TCPA Verdict Used To Recruit Plaintiffs Through Social Media"

    On July 7, 2015, in King v. Time Warner Cable, Case No. 14-cv-2018, the Southern District of New York awarded $229,500 to a wrong-party Telephone Consumer Protection Act, 47 U.S.C. §§ 227, et seq., (“TCPA”), plaintiff. Since entry of the award, there has been extensive mainstream news coverage focused largely on the $229,500 damages figure.

    Piggybacking on this coverage, plaintiffs’ attorneys have turned to social media in an effort to capitalize on the client recruitment opportunity.


    "New York City Releases 2015/16 Real Estate Tax Rates"

    The City of New York has released the new real estate tax rates for tax year 2015/16, which began July 1, 2015 and will end June 30, 2016. The rate for Class 2 residential properties is up slightly, while the rate for

    Class 4 non-residential properties (i.e., commercial) is down slightly from last year. This Stroock Special Bulletin compares the annualized tax rates for tax years 2014/15 and 2015/16.


    "Roundtable: Bankruptcy & Restructuring"

    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.