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 nearly 30 years of experience handling business and employment disputes through 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, conflicts arising from real estate deals and corporate transactions, professional liability matters, 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 who 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 and a rating of AV® PreeminetTM by Martindale Hubbell® and Lawyers.com. 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 is the Host of the “Law Brief” Podcast series, covering current legal issues of interest and detailing how the impact our businesses and our lives.

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

  • Co-Head of TKD Securities and Financial Services Litigation Group.
  • 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
  • Former 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
  • New York Super Lawyers, 2014-2019
  • AV® Preeminet™ by Martindale Hubbell®
Community Involvement
  • Former 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
  • Host, “Law Brief" Podcast (2019-Present)
  • Presenter, “Recovering Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty." Strafford Webinars (October 2, 2019)
  • Instructor, Northeast Regional Basic Trial Skills, National Institute for Trial Advocacy (August 8-10, 2019)
  • Presenter, “Protecting Confidentiality and Trade Secrets and the Perils of Using Social Media," National Law Institute CLE Program (July 18, 2019)
  • Presenter, “Recovering Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty." Strafford Webinars (October 4, 2018)
  • 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

  • Law Brief: Tara Toevs Carolan and Rich Schoenstein Talk Returning to the Office – Considerations for Employers Bringing Back Employees

    Labor and Employment Partner Tara Toevs Carolan joins host and Litigation Partner Rich Schoenstein to discuss "Returning to the Office – Considerations for Employers Bringing Back Employees" on the latest episode of Law Brief. Tara and Rich explore the tough task of bringing back employees to the office while COVID-19 continues, surveying both the employees' rights and the duties of the employers. Listen to the episode.

  • Law Brief: Amy Goldsmith and Rich Schoenstein Discuss Cybersecurity for Virtual Business Operations

    Intellectual Property Co-chair Amy Goldsmith and special guest Brian Califano join Litigation Partner and host Rich Schoenstein to chat about “The Requirements of the SHIELD Act and Other Recommendations for Virtual Business Operations.” They delve into the implications of the recently adopted SHIELD Act in New York and other considerations for the online security of businesses and workers who are operating remotely.

  • Law Brief: Robert Freedman and Rich Schoenstein Discuss Future Care Planning for Special Needs Children

    On the latest episode, Trusts & Estates Partner Robert Freedman joins host and Litigation Partner Rich Schoenstein to discuss future care planning for special needs children. With his extensive experience in special needs law and planning, Bob Freedman provides insight into how to plan for the future for special needs children. They delve into the issues and challenges of making long term plans for special needs children. Listen to the episode.

  • Law Brief: Laurie Stanziale and Rich Schoenstein Explore Urban Living After COVID-19

    On the latest episode of Law Brief, Construction Partner Laurie Stanziale and Building Studio Architects’ Michael Goldblum and John Field join Litigation Partner and host Rich Schoenstein to explore Urban Living After COVID-19. With years of collective design and construction experience, they provide insight into the impacts of COVID-19 on urban living and the design issues affecting residential real estate in large cities.

  • Law Brief Podcast: Members of our COVID-19-Team Discuss Stimulus Programs for Businesses under the CARES Act

    COVID-19 team members Eli Rudolph and Simon Malinowski join Litigation Partner and host Rich Schoenstein to discuss the Coronavirus Aid, Relief and Economic Security Act’s (CARES Act) Relief for Small Businesses. Our COVID-19 team guides clients through the process of navigating resources offered under the CARES Act. In the latest episode, they discuss the financial relief available under the CARES Act, including PPP and EIDL loans, the eligibility guidelines, the ongoing requirements for companies who receive them, frequently asked client questions and anticipated forgiveness guidance that is still awaited. Listen to the episode.

  • Law Brief Podcast: Bill Weisner and Rich Schoenstein Discuss Replacing LIBOR

    Bill Weisner, Chair of the Real Estate Practice and Partner in the Construction and Commercial Finance Group joins Rich Schoenstein, host and Litigation partner to discuss replacing LIBOR.

  • Law Brief Podcast: Rachel Lin and Rich Schoenstein Explore Patenting Natural Ingredients

    Intellectual Property Counsel Rachel Lin joined Litigation partner and host Rich Schoenstein to discuss Patenting Natural Ingredients on the latest episode of Law Brief. Rachel and Rich talk about the circumstances under which a patent might be obtained for products containing or based on natural ingredients. Listen to the episode.

  • Law Brief Podcast: Scott Markowitz and Rich Schoenstein Talk Bankruptcy Basics and Recent Developments

    Scott Markowitz, co-chair of the Bankruptcy and Corporate Restructuring Group, and Rich Schoenstein, host and Litigation partner, talk Bankruptcy Basics and Recent Developments on the latest episode of Law Brief.

  • Law Brief Podcast: Roxanne Levine and Rich Schoenstein Discuss H-1B Visas – New Process and New (Upcoming) Deadlines

    Immigration partner Roxanne Levine joined Litigation partner and host Rich Schoenstein to discuss H-1B Visas – New Process and New (Upcoming) Deadlines in the latest episode of Law Brief, Tarter Krinsky & Drogin’s podcast series.

  • Law Brief Podcast: Gina Piazza and Rich Schoenstein Explore “Do Gift Cards Keep on Giving? How the Law Affects the Consumer, the Retailer and the State”

    In the latest episode of Law Brief, “Do Gift Cards Keep on Giving? How the Law Affects the Consumer, the Retailer and the State,” International and Retail partner Gina Piazza sat down with Litigation partner and host Rich Schoenstein to delve into all things gift cards.

    Gina and Rich discuss whether and when gift cards expire, the related obligations of retailers and how unused balances might constitute “abandoned property” that must be turned over to the state.

  • Law Brief Podcast: Giuliano Iannaccone and Rich Schoenstein Discuss The Concession Model in Department Stores

    Giuliano Iannaccone, chair of the International and Retail Groups and Rich Schoenstein, Litigation partner and podcast host, discuss The Concession Model in Department Stores on the latest episode of Law Brief. Giuliano and Rich talk about how retail brands and department stores are utilizing a concession model to attract shoppers, the benefits for both the brands and the stores entering into concession agreements and the legal challenges associated with such a model.

  • Law Brief Podcast: Robert Heim and Rich Schoenstein Explore “Here Comes the SEC”

    On this week’s episode of Law Brief, “Here Comes the SEC,” Litigation and Corporate & Securities partner Robert Heim joins Litigation partner and host Rich Schoenstein to discuss the Security and Exchange Commission (SEC). With his experience as a former Assistant Regional Director for the SEC, Robert Heim offers unique insight into the financial regulatory agency. Robert and Rich explain how an SEC investigation works and how a person involved as a witness or target might respond to such an investigation.

  • Law Brief Podcast: Laurie Stanziale and Rich Schoenstein Talk Construction and the Neighbors

    Construction partner Laurie Stanziale and Litigation partner and host Rich Schoenstein discuss Construction and the Neighbors in the latest episode of Law Brief, Tarter Krinsky & Drogin’s podcast series. Laurie and Rich talk about what to do when construction projects require access to neighboring property, negotiating agreements in that regard or, if necessary, resolving related disputes in court.

  • Law Brief Podcast: David Kleinmann and Rich Schoenstein Discuss New Workforce Mobility Act Bill

    In this special episode of Law Brief, Non-Competes Are Not So Bad! The Current Law and Why Proposed Legislation in Congress is an Overreaction, Restrictive Covenant co-chair and Labor & Employment partner David Kleinman and Litigation partner and host Rich Schoenstein discuss the Workforce Mobility Act, a new bill introduced in Congress that would ban the use of non-competes to restrain workers from taking new jobs. Rich and David survey the existing judicial landscape in this area and argue that the overreaching bill fails to make important distinctions that should be considered in evaluating restrictive covenants.

  • Law Brief Podcast: Charles Miller and Rich Schoenstein Discuss Unveiling the Corporate Veil

    In the latest episode of Law Brief, Tarter Krinsky & Drogin’s podcast series, Charles Miller, Litigation partner and Securities and Financial Services Litigation Group co-chair sat down with Litigation partner and host Rich Schoenstein to discuss Unveiling the Corporate Veil. In this episode, Charles and Rich talk about holding owners of corporations responsible for the corporate wrongs of the corporation, focusing on the essential elements of a successful claim to pierce the corporate veil.

  • Law Brief Podcast: Laurent Drogin and Rich Schoenstein Talk “Deflating the Union Rat”

    In a recent episode of Law Brief, Tarter Krinsky & Drogin’s new podcast series, Labor and Employment chair Laurent Drogin joins Litigation partner and host Rich Schoenstein to talk about Deflating the Union Rat. Laurent and Rich discuss “Scabby” the Union Rat, the use of such protests by unions over the past 30 years and the current implications on labor disputes, picketing and the First Amendment.

  • Law Brief Podcast: Amy Goldsmith and Rich Schoenstein Discuss The Secrets of Trade Secrets and Confidential Information Disclosed

    Intellectual Property co-chair Amy Goldsmith joined Litigation partner and host Rich Schoenstein to discuss trade secrets and disclosing confidential information during a two-episode discussion on Law Brief, Tarter Krinsky & Drogin’s new podcast series.

    In the first of the two-part discussion, The Secrets of Trade Secrets, Amy and Rich talk about identifying and protecting trade secrets and confidential information. This part is focused on statutorily protected trade secrets – what they are and how to keep them private. 

    The second episode of the discussion, Confidential Information Disclosed, delves into defining and protecting trade secrets and confidential information, with an emphasis in this part on the latter, broader category, and what steps a company must take to protect its confidential information.

  • Law Brief Podcast: Rich Schoenstein and Mark Rosenberg Discuss Amazon’s Pilot Program for Patent Disputes

    In the latest episode of Law Brief, Tarter Krinsky & Drogin’s recently released podcast series, Intellectual Property partner Mark Rosenberg joins Litigation partner and host Rich Schoenstein to discuss Amazon’s Pilot Program for Patent Disputes. Mark and Rich talk about Amazon’s new pilot program to arbitrate patent disputes involving sellers on its platform, and the potential impact on the sellers, the patent owners and Amazon itself.

  • Tarter Krinsky & Drogin’s Podcast Series “Law Brief” Featured in Bloomberg Law

    Bloomberg Law Big Law Business reported on Tarter Krinsky & Drogin’s recently released podcast series, “Law Brief.” The series, hosted by Litigation partner and Securities and Financial Services Litigation co-chair Rich Schoenstein, features firm lawyers discussing how current issues in their practice areas affect business.

  • Tarter Krinsky & Drogin Launches New Podcast Series on Current Issues in the Law

    Tarter Krinsky & Drogin is pleased to announce the launch of a podcast that will cover cutting-edge and ever-changing legal issues and how they affect our businesses in a practical way. The podcast, called “Law Brief,” is hosted by Litigation partner Rich Schoenstein, and features other Tarter Krinsky & Drogin lawyers who will highlight current issues in their practice areas.

    Law Brief provides short discussions of current legal issues of interest, designed for non-experts on the go. The conversations are informal but informative, short but deep, and intended to expose all sides of the issues.

  • Thirty-Two Tarter Krinsky & Drogin Lawyers Named to 2019 Super Lawyers and Rising Stars Lists

    Thirty-two lawyers from Tarter Krinsky & Drogin have been named to the 2019 New York Super Lawyers and Rising Stars lists, a rise in Tarter Krinsky & Drogin attorneys awarded as top lawyers in New York. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Lawyers are selected through a process that includes independent research, peer nominations and peer evaluations.

  • Thirty Tarter Krinsky & Drogin Lawyers Named to 2018 Super Lawyers and Rising Stars Lists

    Thirty lawyers from Tarter Krinsky & Drogin have been named to the 2018 New York Super Lawyers and Rising Stars lists as top lawyers in New York. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Lawyers are selected through a process that includes independent research, peer nominations and peer evaluations.

  • 28 Tarter Krinsky & Drogin Lawyers Named to 2017 New York Super Lawyers and Rising Stars Lists

    This year, 28 lawyers from Tarter Krinsky & Drogin have been named to the 2017 New York Super Lawyers and Rising Stars lists as top lawyers in the state. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Attorneys are selected through a process that includes independent research, peer nominations and peer evaluations.

    Four Tarter Krinsky & Drogin attorneys were ranked on the Rising Stars list, which recognizes the top 2.5 percent of lawyers who either are under the age of 40 or have been in practice for 10 years or less.

  • Super Lawyers 2016 Recognizes 25 Tarter Krinsky & Drogin Lawyers

    New York Metro Super Lawyers has named 21 Tarter Krinsky & Drogin lawyers in 10 practices to its 2016 list.

  • Richard C. Schoenstein Joins Labor and Employment and Litigation Practices

    Tarter Krinsky & Drogin LLP is pleased to welcome Richard C. Schoenstein as a Partner in the Labor and Employment and Litigation Practices.

Events

  • Labor Law Amendments Mean New Wage Notices and Wage Statements for All Who Are Subject to Wage Parity

    While everyone’s attention was fixed on COVID-19 and the surrounding chaos, New York State Governor Andrew Cuomo signed the state budget for fiscal year 2020-2021, ushering in several new labor laws and amendments. Some of these such amendments concern the Home Health Care Worker Wage Parity Law (Wage Parity Law) and New York’s Wage Theft Prevention Act (WTPA).

  • ACT NOW. New Prevailing Wage Notification Requirements Are in Effect!

    Does your company perform “prevailing wage” work? If so, you now have additional obligations under New York’s Wage Theft Prevention Act (WTPA), which was amended by Governor Andrew Cuomo’s signing of the 2020-2021 state budget. Examples of prevailing wage work include non-union positions in construction or building service jobs.

  • Paycheck Protection Program Extended Through August 8, 2020

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Announces Main Street Lending Program Is Fully Operational

    The Federal Reserve Bank of Boston announced the Main Street Lending Program is “now fully operational, ready to purchase participations in eligible loans that are submitted to the program by registered lenders.”

  • SBA Issues New Interim Final Rule for Paycheck Protection Program– Guidance Your Business Should be Aware Of

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Internal Revenue Service Announces Relief for Qualified Opportunity Zone Investors

    On June 4, 2020, the Internal Revenue Service issued Notice 2020-39, which provides temporary relief to qualified opportunity funds (QOFs) and their investors as a result of the COVID-19 pandemic.

  • Federal Reserve Bank of Boston Modifies Main Street Lending Program

    The Federal Reserve Bank of Boston announced changes to the Main Street Lending Program (Program) to allow more small and medium-sized businesses to be able to participate in the Program. 

  • Federal Reserve Advances Towards Launching Main Street Lending Program

    The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending Program (Program). In addition, Program loan participation agreement, form borrower and lender certifications, and other required form agreements are now available on the Federal Reserve Bank of Boston’s Main Street Lending Program Forms and Agreements website. The Federal Reserve also updated its Frequently Asked Questions (FAQs), dated May 27, 2020.

  • Amendment to CARES Act and PPP Loan Forgiveness

    On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck Protection Program (PPP).

  • Alternative Loan Options For Certain Small Businesses, Non-Profits and Landlords in New York State

    For certain small businesses, non-profits and landlords who did not receive a Paycheck Protection Program loan or an Economic Injury Disaster Loan from the Small Business Administration, New York State is making available loans under the New York Forward Loan Fund (NYFLF). The NYFLF is a new economic recovery loan program aimed at supporting New York State’s small businesses, non-profits and landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.

  • Main Street Loans: How Much May a Company Borrow?

    Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be preparing for making loan applications with participating lenders when the Program commences.

  • SBA Releases Additional PPP Loan Review Guidance

    On May 22, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, published an interim final rule (the Review Guidance) to supplement previous Paycheck Protection Program (PPP) loan forgiveness guidance. The Review Guidance is intended to establish the standards by which the SBA will investigate whether a loan met program requirements and the circumstances under which it will be released from liability on a guarantee for such a loan.

  • SBA Releases Additional PPP Loan Forgiveness Guidance

    On May 22, 2020, the Small Business Administration, in consultation with the U.S. Department of Treasury, published an interim final rule to supplement previous Paycheck Protection Program loan forgiveness guidance.

  • SBA Issues Additional Guidance on Good Faith Certification

    Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.

  • Second Circuit Enhances Enforcement of Arbitration Subpoenas in Federal Court

    The U.S. Court of Appeals for the Second Circuit (covering New York, Connecticut and Vermont) has issued an opinion that enhances the effectiveness of arbitration as an alternative to litigation. This ruling makes it easier to use the federal courts to enforce subpoenas issued by arbitration panels.

  • New York State Voting Leave Amended Again

    One year ago, voting leave in New York was expanded to provide three hours of paid voting leave to all employees, regardless of whether they had time outside of work to go to the polls. But this expanded leave was short-lived. As of April 3, 2020, Section 3-110 of the New York State Election Law detailing the time allowed for employees to vote has been amended to closely resemble its previous iteration. The amendments were announced as part of New York State Governor Andrew Cuomo's 2020-2021 state budget.

  • COVID-19 Update: Guidance and Forms

    Guidance and forms are now available for employers to use in documenting leave requests and complying with requirements under the new federal and state COVID-19 leave laws.

  • New York Paid Leave and Job Protection for COVID-19 Quarantine or Isolation Order

    On March 18, 2020, New York State adopted new legislation providing employees subject to the Coronavirus (COVID-19) quarantine or isolation order with immediate sick leave, disability benefits and paid family leave. These benefits apply to employees who cannot work (including an inability to work remotely).

  • Non-Essential Businesses Must Convert 75% of Workforce to Remote Working Arrangements by March 20

    New York State Governor Andrew Cuomo announced that his Executive Order 202.6 requiring non-essential businesses to keep 50% of their workforce offsite has been updated to increase that number to 75%. This means that if your business is deemed non-essential, you may only have 25% of your workforce working in the office or "onsite" starting Friday, March 20.

  • Richard Schoenstein Authors New York Law Journal Article on the Workforce Mobility Act: The Wrong Solution For Non-Compete Litigation

    Litigation partner Rich Schoenstein authored an article for the New York Law Journal’s special Litigation report titled, "The Workforce Mobility Act: The Wrong Solution For Non-Compete Litigation.”

  • Laurent Drogin, David Kleinmann and Rich Schoenstein Author Article on the Enforcement of New York Non-Compete Agreements

    Non-compete agreements generally are disfavored in New York, but courts will enforce them if they are reasonable in time, geographic scope and are intended to protect a company's "legitimate protectable interest(s)" as opposed to being simply anti-competitive. One question that has never been clearly answered is whether an employer's termination of an employee "without cause" will render a non-compete agreement unenforceable. In this article, Labor & Employment Chair Laurent Drogin and partner David Kleinmann, who are the co-chairs of the firm’s Restrictive Covenant practice, and Litigation partner Rich Schoenstein explore a significant decision handed down by the appellate court covering Manhattan and the Bronx impacting the enforcement of restrictive covenants.

  • Richard Schoenstein and David Kleinmann Author Law360 Article on How Restrictive Covenants Can Be Used With Balance

    Business and Employment Litigation partner Richard Schoenstein and Labor partner and Restrictive Covenant practice co-chair David Kleinmann published an article, “Restrictive Covenants: Looking Beyond the Criticism,” for Law360.

  • Game-Changer on Enforcement of New York Non-Compete Agreements

    In a recent decision in Buchanan Capital Markets LLC v. DeLucca, an appellate court in Manhattan placed the enforceability of non-compete agreements in jeopardy for New York employers.

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
  • New York Super Lawyers, 2014-2019
  • AV® Preeminet™ by Martindale Hubbell®
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
  • Host, “Law Brief" Podcast (2019-Present)
  • Presenter, “Recovering Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty." Strafford Webinars (October 2, 2019)
  • Instructor, Northeast Regional Basic Trial Skills, National Institute for Trial Advocacy (August 8-10, 2019)
  • Presenter, “Protecting Confidentiality and Trade Secrets and the Perils of Using Social Media," National Law Institute CLE Program (July 18, 2019)
  • Presenter, “Recovering Damages for Breach of Covenants Not to Compete or Solicit, Confidentiality and Fiduciary Duty." Strafford Webinars (October 4, 2018)
  • 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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