Richard C. Schoenstein

Partner and Co-Chair of Securities and Financial Services Litigation Group

P 212.216.1120   F 212.216.8001
1350 Broadway
New York, NY 10018

 

Richard C. Schoenstein

Partner and Co-Chair of Securities and Financial Services Litigation Group

P 212.216.1120   F 212.216.8001   rschoenstein@tarterkrinsky.com

An advocate, a litigator and a trial lawyer, Rich Schoenstein has more than 25 years of experience handling business and employment disputes, trials and appeals, arbitration and mediation, and internal and external investigations. Rich has represented clients ranging from individuals to very large corporations and financial institutions, partnering with his clients to address their emerging business needs, and handling contested matters arising in numerous industries and substantive areas of law. His diverse and extensive experience includes:

General Commercial Litigation

Rich handles disputes involving all manner of commercial contracts, allegations of business torts such as fraud and breach of fiduciary duty, real estate and construction disputes, professional liability matters involving brokers, accountants, attorneys and others, and insurance and reinsurance controversies. Rich practices in State and Federal Courts throughout the Country, with considerable experience in the New York State Supreme Court – Commercial Division, and the United States District Courts for the Southern and Eastern Districts of New York, as well as ADR venues such as JAMS and the American Arbitration Association. Rich is a trial lawyer and, when necessary, does not hesitate to take matters to verdict by a judge, jury or arbitrator.

Employee Mobility and Other Employment Matters

Rich regularly advises employers and employees alike on employment mobility issues, and has handled numerous conflicts involving restrictive covenants, potential breaches of employee fiduciary duties and/or the alleged misappropriation of trade secrets and other confidential information. Rich has represented clients in connection with high-profile relocations between companies such as IBM and Intel, Dannon and Chobani, Allergan and Nestle, Verizon and Telx, and BlackRock and Drake Management LLC. He has worked frequently in connection with the relocation of financial advisors and other financial services professionals, and in connection with law firm partnership and partner mobility matters.

Securities and Financial Services Litigation

Rich is the co-head of Tarter Krinsky & Drogin’s Securities and Financial Services Litigation Group. In that regard, Rich has for years represented clients ranging from individual officers and directors to public companies and financial institutions. He has handled everything from individual customer complaints and FINRA arbitrations, to securities matters pursued in the State courts, to class actions and multi-district litigation involving prominent controversies such as market timing and late trading, auction rate securities, limited partnership sales, and foreign exchange benchmarking.

Reputation and Experience

Rich is well known and highly regarded in the legal community. His accolades include a listing by Super Lawyers, a rating of AV® Preeminet™ by Martindale Hubbell®, and a ranking as Superb by AVVO. In addition to litigating matters as an advocate, Rich is often called upon to serve as a mediator, as a member of the Commercial Division’s panel of neutrals in New York County, or privately retained.

Rich began his legal career and served as Litigation Counsel at Cahill Gordon & Reindel LLP, and he has been a partner at Paul Hastings LLP and Satterlee Stephens LLP.

Representative Matters

General Commercial Litigation

  • 212 Fifth Avenue Venture LLC v. Town New Development Sales and Marketing, LLC, No. 650244/2017 (N.Y. Co.) – represented owner of luxury residential building in dispute with sales agent regarding termination of a sale agreement;
  • Paysafe Partners LP v. Merchant Payment Group LLC, AAA Case No. 01-17-004-8596 – represented payment processor in arbitration against former sales agent, procuring an award, obtaining a substantial award and dismissal of all counterclaims;
  • JSC VTB Bank v. Mavlyanov et al., No. 652516/2016 (N.Y. Co.) – represented Russian businessman in fraudulent conveyance litigation brought by Russian bank, and obtained Appellate Division reversal of preliminary injunction on grounds that no irreparable harm had been demonstrated and assertions of fraud were “sheer speculation” (154 A.D.3d 560);
  • Mountain Creek Acquisition LLC v. Intrawest U.S. Holdings, Inc., No. 651316/2011 (N.Y. Co.) – defended seller of destination resort in dispute arising from purchase and sale agreement; obtained favorable decision from the Appellate Division dismissing fraud and punitive damage claims (96 A.D.3d 633);
  • Cantor Fitzgerald & Co. v. Sorrento Therapeutics, Inc., No. 652633/2018 (N.Y. Co.) – represented clinical stage biotechnology company in defense of claims brought by purported financial advisor;
  • North American Automotive Services, Inc. v. Long Island Automotive Group, Inc., No. 14 CV 04258 (E.D.N.Y.) - represented sellers of automobile dealerships, successfully defeating motion for preliminary injunction to block transaction;
  • MxEnergy Inc. v. Rochester Gas & Electric Corp., 06 CV 6025 (W.D.N.Y.) – represented and obtained preliminary injunctions on behalf of energy company in dispute against local utility concerning marketing of energy supply (2006 WL 625845);
  • Representation of real estate developer in partnership disputes;
  • Representation of corporate trade company in arbitrations and litigation;
  • Representation of payment processor in arbitration;
  • Representation of numerous clients in partnership disputes and litigation.

Employee Mobility and Other Employment Matters

  • Representation of employers and employees in technology and financial sectors, and others, regarding potential departures or hirings, relevant contractual restrictions, and related legal concerns;
  • American Conference Institute v. Momentum Event Group, LLC et al., No. 651328/2013 (N.Y. Co.) – represented employer in action against former senior employees and their new competitive business; obtained decision following 8-day bench trial finding misappropriation of trade secrets and breach of fiduciary duty, and awarding monetary damages and injunctive relief;
  • Apple Mortgage Corp. v. Barenblatt, et al., No. 13 CV 09233 (S.D.N.Y.); Emic Corp. v. Barenblatt, et al., No. 153977/2016 (N.Y. Co.) – defended mortgage brokers who moved firms, obtaining summary judgment dismissing entirety of former employer’s $15 million lawsuit for breach of fiduciary duty, violations of the Computer Fraud and Abuse Act, and other alleged causes of action, and then obtaining dismissal of a subsequent state court action seeking to revive the same claims (162 F.Supp.3d 270);
  • The Dannon Company, LLC v. Federico Muyshondt, No. 18 CV 01567 (S.D.N.Y.) – represented employer in action asserting misappropriation of trade secrets and confidential information by former employee;
  • Thomson Reuters (Tax & Accounting) Inv. v. HomeActions LLC et al., No. 15 CV 03654 (S.D.N.Y.) – represented employer against former employee and parties to a license agreement in claims seeking enforcement of noncompetition and confidentiality provisions;
  • Defense of employers in disputes involving allegations of discrimination and/or harassment in the workplace, including proceedings before the EEOC or the New York State Department of Labor, and disputes in the courts. E.g., Dessources v. American Conference Institute, No. 12 CV 8105 (S.D.N.Y.) (obtained dismissal of associational discrimination claims on 12(b)(6) motion);
  • Representation of employers and employees in numerous matters involving defense of employers in wage and hour class actions and other litigation.

Securities and Financial Services

  • Defense of officers and directors in securities fraud litigation, including CNH Diversified Opportunities Master Account, L.P. v. Wehner, No. 13 CV 6708 (S.D.N.Y.) (prevailed on motion to dismiss the complaint against former CFO); In re China Natural Gas, Inc., No. 13-10419(SHL) (D. Del.); Kousa v. Wang, C.A. No. 7559(VCL) (Del. Ch.);
  • Donoghue v. HEP Investments LLC, No. 15 CV 05618 (S.D.N.Y.) – defense of claims under Section 16(b) of the Securities Exchange Act of 1934;
  • JSC VTB Bank v. Mavlyanov et al., No. 652516/2016 (N.Y. Co.); VTB Bank v. Mavlyanov, No. 650245/2017 (N.Y. Co.); JSC VTB Bank v. Mavlyanov et al., No BC624195 (Sup. Ct. Cal.) – represented Russian businessman in defense of claims by Russian bank, in multiple litigations in New York and California; obtained reversal by New York Appellate Division of order of attachment and preliminary injunction initially granted to the bank (154 A.D.3d 560);
  • PNC Bank, National Association v. Star Group Communications, Inc., No. 15 CV 05105 (D. N.J.) – represented guarantors in defense of claims by bank on defaulted loans; asserted lender liability counterclaims and survived the bank’s motion to dismiss;
  • Representation of clients in multidistrict litigation and mass actions, including In re Mutual Funds Investment Litigation, No. MDL 15861 (D. Md.) (market timing and late trading allegations); In re WorldCom, Inc. Securities Litigation, No. 02 CV 3288 (S.D.N.Y.) (accounting fraud allegations); and In re Prudential Securities Ltd. Partnership Sec. Litig., No. MDL 1005 (S.D.N.Y.) (limited partnerships);
  • Representation of financial services clients in internal investigations involving matters such as stock options grants, market timing and late trading of mutual funds, and share class sales practices;
  • Representation of prominent broker/dealer in matters relating to collapse of the auction rate security market.
Community Involvement
  • President of the Hofstra University School of Law Alumni Association Board of Directors
Education
  • Hofstra University School of Law, J.D., 1990
  • Managing Editor of the Hofstra Law Review
  • The Ohio State University, B.A., 1987
Admissions
  • New York
  • United States Supreme Court
  • United States Court of Appeals, Second Circuit
  • United States District Court, Eastern Districts of New York
  • United States District Court, Southern Districts of New York
Awards and Honors
  • Super Lawyers 2014-2018
  • AV® Preeminet™ by Martindale Hubbell®
  • Superb rating by AVVO
Community Involvement
  • President of the Hofstra University School of Law Alumni Association Board of Directors
Memberships
  • New York County Lawyer’s Association
  • Federal Bar Association
  • Federal Bar Council
Articles
  • “The Workforce Mobility Act: The Wrong Solution for Non-Compete Litigation,” The New York Law Journal (July 16, 2018)
  • “Restrictive Covenants: Looking Beyond the Criticism,” Law360 (June 13, 2017)
  • “Report on Proposed Amendments to the Federal Rules of Civil Procedure,” Co-Authored with other members of the New York County Lawyer’s Association (February 19, 2014)
  • “Defection at the Top: Lateral Partner Moves at the Executive or Director Level,” New York Law Journal (October 15, 2013)
  • “Restrictive Covenants in Employment Contracts Reviewed,” Society for Human Resource Management (September 15, 2010)
  • “Non-Authority for Non-Recruitment Covenants Under New York Law,” New York Law Journal (October 6, 2010)
  • “Director Independence and the Demand Requirement,” New York Law Journal (December 19, 2005)
  • “Is Rule 10(b)(5)’s Private Right of Action a ‘Super-Precedent’?,” New York Law Journal (December 5, 2005)
  • “Investigations of Mutual Fund Industry Still Gathering Steam,” New York Law Journal (March 8, 2004)
Speaking Engagements
  • Presenter, “Securities Litigation: What You Need To Know About a Rising Tide and An Active Bench.” Lawline (October 14, 2017)
  • Presenter, “Proving Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty.” Strafford Webinars (October 4, 2017)
  • Presenter, "Non-Compete Agreement Litigation Strategies," Strafford Webinars (August 15, 2017)
  • Presenter, “Restrictive Covenants and Non-Compete Agreements: Trends, Updates and Developments Explored,” The Knowledge Group (August 10, 2017)
  • Moderator, "Employee Mobility CLE," Hofstra University School of Law (October 22, 2014)
  • Presenter, "Negotiating Non-Compete Agreements," Institute for Strategic Negotiations (September 2013)

Quote I live by:
“Whenever you got business trouble the best thing to do is to get a lawyer. Then you got more trouble, but at least you got a lawyer.” Chico Marx (At the Circus)

News

Events

  • Tarter Krinsky & Drogin Announces CLE Program Series

    Tarter Krinsky & Drogin is pleased to announce the launch of its CLE program series, open to attorneys, clients and others interested in the topics. The programs, which each cover various areas of the law, reflecting the full-service nature of the firm’s practice, will be held at TKD’s office at 1350 Broadway. Advance registration is required. 

  • Richard Schoenstein to Speak at Strafford CLE Webinar on Restrictive Covenants in Employment Agreements

    Employment Litigation partner Richard Schoenstein will once again teach a Strafford CLE webinar, “Recovering Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty” on October 4. This program will guide employment litigators for proving damages after a current or former employee breaches a covenant not to compete with the employer, solicits the employer’s employees or customers, or discloses the employer’s trade secrets or other confidential information.

  • Richard Schoenstein to Speak at Lawline Webinar on Securities Litigation

    Richard Schoenstein will be a featured speaker at the Lawline webinar, “Securities Litigation: What You Need to Know About a Rising Tide and an Active Bench.” The webinar will address trends in the filing of securities class actions and will review legal developments impacting securities litigation.

  • Richard Schoenstein to Speak at Strafford CLE Webinar on Proving Damages for Breach of Covenants

    On October 4, Employment Litigation partner Richard Schoenstein will serve as a panelist for the Strafford CLE webinar, "Proving Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty: Pursuing Lost Profits, Clawback Compensation, Inducement Payments, Loss of Good Will and Other Damages.” 

  • Richard Schoenstein to Speak at Strafford CLE Webinar on Non-Compete Agreement Litigation Strategies

    On August 15, Employment Litigation partner Richard Schoenstein will serve as a panelist for the CLE webinar, “Non-Compete Agreement Litigation Strategies: Leveraging Trial Techniques, Identifying Causes of Action, Preparing for Defense Theories and Counterclaims” for Strafford. For more information or to register, click here.

  • Richard Schoenstein to Speak on Restrictive Covenants and Non-Compete Agreements

    Employment Litigation partner Richard Schoenstein will be a panelist for The Knowledge Group’s webinar, “Restrictive Covenants and Non-Compete Agreements: Trends, Updates and Developments Explored.” The program will review legislative trends and court decisions involving restrictive covenants and non-compete agreements.

  • Richard Schoenstein to Present on Proving Damages for Breach of Covenants

    Richard Schoenstein will present for the Strafford webinar “Proving Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty.”

Education
  • Hofstra University School of Law, J.D., 1990
  • Managing Editor of the Hofstra Law Review
  • The Ohio State University, B.A., 1987
Admissions
  • New York
  • United States Supreme Court
  • United States Court of Appeals, Second Circuit
  • United States District Court, Eastern Districts of New York
  • United States District Court, Southern Districts of New York
Awards and Honors
  • Super Lawyers 2014-2018
  • AV® Preeminet™ by Martindale Hubbell®
  • Superb rating by AVVO
Memberships
  • New York County Lawyer’s Association
  • Federal Bar Association
  • Federal Bar Council
Articles
  • “The Workforce Mobility Act: The Wrong Solution for Non-Compete Litigation,” The New York Law Journal (July 16, 2018)
  • “Restrictive Covenants: Looking Beyond the Criticism,” Law360 (June 13, 2017)
  • “Report on Proposed Amendments to the Federal Rules of Civil Procedure,” Co-Authored with other members of the New York County Lawyer’s Association (February 19, 2014)
  • “Defection at the Top: Lateral Partner Moves at the Executive or Director Level,” New York Law Journal (October 15, 2013)
  • “Restrictive Covenants in Employment Contracts Reviewed,” Society for Human Resource Management (September 15, 2010)
  • “Non-Authority for Non-Recruitment Covenants Under New York Law,” New York Law Journal (October 6, 2010)
  • “Director Independence and the Demand Requirement,” New York Law Journal (December 19, 2005)
  • “Is Rule 10(b)(5)’s Private Right of Action a ‘Super-Precedent’?,” New York Law Journal (December 5, 2005)
  • “Investigations of Mutual Fund Industry Still Gathering Steam,” New York Law Journal (March 8, 2004)
Speaking Engagements
  • Presenter, “Securities Litigation: What You Need To Know About a Rising Tide and An Active Bench.” Lawline (October 14, 2017)
  • Presenter, “Proving Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty.” Strafford Webinars (October 4, 2017)
  • Presenter, "Non-Compete Agreement Litigation Strategies," Strafford Webinars (August 15, 2017)
  • Presenter, “Restrictive Covenants and Non-Compete Agreements: Trends, Updates and Developments Explored,” The Knowledge Group (August 10, 2017)
  • Moderator, "Employee Mobility CLE," Hofstra University School of Law (October 22, 2014)
  • Presenter, "Negotiating Non-Compete Agreements," Institute for Strategic Negotiations (September 2013)

Richard Schoenstein

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