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
  • New York Super Lawyers, 2014-2019
  • 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

  • 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

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®
  • 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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