Pastore & Dailey defeated a motion to dismiss, and a motion to stay filed by heirs to a large national retail fortune in connection with their alleged efforts to take over a Greenwich based alternative investment hedge fund. Pastore & Dailey also defeated a motion to stay the proceedings and a motion to dismiss certain particular claims. The case involves the purposeful deflection of a planned $1 Billion investment by a large UK fund into the Greenwich fund and related defamation.
Pastore & Dailey recently defended an investment banking firm client in a complex multi-million dollar suit brought against them in the United States District Court for the District of Nebraska. The Court granted Defendants Motion and dismissed all claims against our client.
In a high profile matter, Pastore & Dailey represented a senior executive of S&P, formerly McGraw Hill Financial Inc., in connection with claims brought by shareholders against S&P and its executives related to the financial services agency’s ratings of RMBS during the 2008 financial crisis. Cahill Gordon was co-counsel. The lower court rejected the shareholders’ arguments, and the New York Appellate Court affirmed and rejected the appeal in its entirety. The Court also found that the claims were barred under the six-year or three-year statute of limitations.
Pastore & Dailey was retained by one of Boca Raton’s top producing financial advisors. Our client brought hundreds of millions of dollars in assets to a major financial services company. Pastore & Dailey attorneys have brought a FINRA arbitration in the Boca Raton regional office.
Pastore & Dailey represented a mortgage servicing company in a financing transaction designed to allow the company to service a multinational bank. The transaction required expert and careful drafting and negotiation as it involved affiliates as well. Goodwin Proctor’s San Francisco office represented the lender.
Private- equity firm manager Dean Barr, along with his attorneys at Carmody Torrance Sandak & Hennessey LLP, successfully defended claims brought against him by the Milstein Family, the founders of Burlington Coat Factory and investors in Mr. Barr’s firm. The Milsteins had invested several millions of dollars in the fund before its ultimate decline, and claimed that the risks associated with the investment were misrepresented to them. The Connecticut District Court disagreed, and ultimately found that the Milsteins were sophisticated investors, were aware of the risks related to their investment and dismissed the claims brought against Dean Barr. Mr. Barr has retained Pastore & Dailey to bring claims of his own in Connecticut State Court against the Milsteins as well as his former partners.
The full article can be read here: https://m.greenwichtime.com/business/article/Greenwich-financiers-exonerated-in-dispute-with-12606578.php
A Pastore & Dailey client has recently been awarded thousands of dollars in legal fees under the Connecticut Unfair Trade Practices Act (CUTPA) in a dispute involving hedge fund founders. Pastore & Dailey, along with other attorneys, had won the trial in Connecticut State Court in 2016.
One of the leading international insurance companies in the world and one of the oldest broker-dealers in the United States have both recently tapped Pastore & Dailey as regulatory counsel in connection with SEC and FINRA examinations and advisory issues. In addition, Pastore & Dailey is currently working with one of the nation’s preeminent RIAs to lead its response to an SEC inquiry.
FINRA fined twelve of its largest member firms a combined $14.4 million for violation of its Rule 4511 and SEC Rule 17a-4(f) for their failure to keep hundreds of millions of electronic documents in a WORM or “write once, read many” format. The WORM format is designed to ensure that important firm records including customer records containing Personally Identifiable Information are not altered after they are written.
The firms included Wells Fargo & Co., RBC Capital Markets, LPL Financial, RBS Securities, SunTrust Robinson Humphrey, Georgeson Securities Corp and PNC Capital Markets. FINRA also found that these firms violated its Rule 3110, Supervision, and several other SEC recordkeeping provisions, Securities Exchange Act Section 17(a) and Rules 17a-4 (b) and (c), thereunder.
FINRA noted that such records must be maintained in order to ensure member firm compliance with investor protection rules and that over the last decade the volume of such data being stored electronically has risen exponentially. In a cybersecurity warning, FINRA stated:
there have been increasingly aggressive attempts to hack into electronic data repositories, posing a threat to inadequately protected records, further emphasizing the need to maintain records in WORM format.
P&D is pleased to note that its newest partner, John R. “Jack” Hewitt is one of the country’s foremost cybersecurity authorities, and a major part of his practice is advising broker-dealers, RIAs and banks on their adherence to SEC, FINRA, CFTC and state cybesecurity requirements. Among other things, he advises firms on information security programs, guides them through cyber-incidents and represents them in the event of a regulatory inquiry. Mr. Hewitt regularly conducts cybersecurity audits for broker-dealers and investment advisers, and was the SEC appointed independent outside consultant in the first major SEC cybersecurity enforcement action. He is the author of Cybersecurity in the Federal Securities Markets, a BloombergBNA publication, and Securities Practice & Electronic Technology, an ALM treatise. Mr. Hewitt is the Co-Chair of the American Bar Association, Business Section, White Collar Crime Subcommittee on Cybersecurity.
Click here to read FINRA’s official announcement.
A Pastore & Dailey client has recently been awarded thousands of dollars in legal fees under the Connecticut Unfair Trade Practices Act (CUTPA) in a dispute involving hedge fund founders.
