Restructuring Consultants – Negotiations to Recover Unpaid Fees

Representing investment bankers in negotiations to recover over $1 million in unpaid fees for their consulting roles in the restructuring of a US-based financial services firm.

Real Estate Owners – “Baseball Arbitration” and Litigation over Valuation and Buy-out of NYC Shopping Center

Herrick delivered a major victory to real estate owners in a "baseball" arbitration that resolved a dispute between partners over the valuation of a New York City shopping center that they co-owned. Prior to Herrick's involvement, the opposing party had won the right to buyout our clients' interest in the retail center, with the purchase price to be set based on a neutral appraiser's determination as to which party's appraisal was more accurate. The firm achieved two decisive victories on behalf of our clients in New York Supreme Court, obtaining an order that the appraisal process move forward immediately and then that the "date of valuation" was to be current rather than locked in 2012 as the other side had argued. Thereafter, two months of extensive appraisal proceedings ensued, and our valuation was ultimately chosen over the opposing party's assessment, which was many millions of dollars lower.

Privately Held Manufacturer – All Claims Dismissed in JAMS Arbitration Initiated by Former CEO and Majority Shareholder

Achieved total victory for a promotional products manufacturer and distributor, defeating all claims asserted in an arbitration for breach of employment and shareholders agreements, breach of fiduciary duty, and shareholder oppression initiated by the company’s former CEO and former majority shareholder. The panel found that the claimant had indeed been properly terminated, referencing numerous instances in which the claimant charged the client for non-business related expenses or used company resources to conduct side businesses for the sole benefit of the claimant’s friends and relatives. Finding the remaining claims meritless, the panel ultimately found our client, as the prevailing party, entitled to recover the full costs of the arbitration, including legal fees.

Successful Challenge to Arbitration Award in $42 Million Dispute

Herrick successfully argued for the overturning of an arbitration award in a $42 million dispute over the proper distribution of an estate - an especially notable win for our client as arbitration awards are so difficult to vacate. Based on the arbitrator's violation of a little-known New York state law that invalidates arbitration proceedings held on a Sunday, the court ruled that the arbitration proceedings and award were void, and also found that the arbitrator had exceeded the scope of its power when it imposed a legal fee penalizing any party challenging the award when the parties had never agreed to such a provision. Additionally, the court found that the award involved distribution of estate assets which can only be distributed by the Surrogate's Court.

National Retail Brokerage Firm – Arbitrations

Representation of a national retail brokerage firm and its employees in over 75 arbitrations alleging various sales practice violations.

Manufacturer – Sexual Harassment Mediation

Represented a manufacturing company in the successful mediation of claims for sexual harassment and constructive termination.

Favorable Resolution in FINRA Arbitration Initiated by Former Managing Director

Herrick successfully defended a midmarket investment bank and brokerage in a FINRA arbitration initiated by a former Managing Director who alleged that our client had wrongly denied him commissions on deals in which he claimed to have been involved. The parties ultimately entered into binding mediation where virtually all claims against our client were dismissed and the matter was resolved with a minimal settlement that was a small fraction of the amount initially claimed.

Employees – SEC Investigation

Representation of multiple employees from a public company in an SEC investigation alleging misstatements in the company’s public filings. No charges were instituted.

Principal of Securities Brokerage – NASD Arbitration

Representation of the principal of a brokerage firm in an NASD customer arbitration for breach of contract.

National Retail Brokerage – NASD Arbitration

Representation of a national retail brokerage firm and a number of individual employees in NASD customer arbitrations alleging sales practice violations.

Securities Broker – FINRA Arbitration

A broker-dealer and its employees in a multi-million dollar FINRA arbitration brought by an introducing broker/investment advisor and his customers. The customers suffered losses in clearing accounts when their short positions became over-leveraged and they failed to meet margin calls, prompting their investment advisor to liquidate their positions. An arbitration panel in Denver rejected the claimants' attempt to blame our clients for the losses, dismissed all of the claims, ordered the expungement of the matter from the FINRA registration records, and awarded $500,000 in damages to our client. A federal district court denied the claimants' motion to vacate the award and confirmed it in all respects.

Retail Brokerage – NASD Arbitration

Representation of a national retail brokerage firm in an NASD customer arbitration alleging sales practice violations.

Independent Broker-Dealer – State and NASD Litigation

Representation of a national independent broker-dealer in a New York State civil litigation and in a related NASD arbitration against former employees to recover fees and restitution payments made by the firm as a result of the misconduct of its former employees.

Law Firm – Withdrawing Partners

Representation of a group of departing law partners who were sued in an arbitration by their former law firm for leaving with clients and staff. The case proceeded to a three-week hearing, and all claims were dismissed.

Financial Services Firm – FINRA Arbitration

Representation of a major financial services firm and one of its brokers in an arbitration brought by three customers seeking over $20 million in damages. Following 16 days of hearings before a FINRA panel, the customers received an award (less amounts awarded on our client’s counterclaim) of $28,430. The panel granted the broker’s request for an expungement of the matter from his CRD record.

Financial Institution – Junk Bond Dispute Mediation

Representation of a major financial institution in mediating a favorable settlement of a $135 million securities litigation. The plaintiffs alleged that the institution breached its duties as indenture trustee on a large junk bond offering.

Nedagro B.V. v. Zao Konversbank – Enforcement of Foreign Arbitration Award

Representation of a Dutch agricultural company in successfully pursuing enforcement of an international arbitration award under the New York Convention. (Nedagro B.V. v. Zao Konversbank, 23 U.S. Dist. Lexis 787 (S.D.N.Y. 2003))

S. Rothschild & Co., Inc. – Cybersquatter Eviction

Represented S. Rothschild & Co. in its successful UDRP arbitration against a cybersquatter to recover a domain containing our client's registered trademark. S. Rothschild & Co., Inc. v. Bao Shui Chen, NAF Decision (Dec. 29, 2007)

New York Residential Brokerage Company – Successful Mediation

Representation of a prominent New York residential brokerage company in a successful mediation against a civil rights suit alleging conspiracy with building owners to steer families with children away from apartments.

Las Vegas Conference Center Real Estate Investors – Arbitration Victory

Representation of one of three investor groups in an existing five million square foot conference and exhibit center in Las Vegas in a seven-week, three-panel arbitration over each investor group's rights and ownership in the project. The panel found that all parties to the transaction, except Herrick's clients, had engaged in wrongful conduct. The conference center, at its completion, will cost more than $1 billion to build and is planned to expand to 12 million square feet.

Real Estate Company – Significant Settlement in Legal Malpractice Dispute

Herrick negotiated a substantial settlement on behalf of a real estate holding company in a malpractice dispute with its former counsel over zoning analysis provided in connection with our client's acquisition of a valuable development property in Lower Manhattan.

Durst Fetner Residential Business Divorce

Represented Fetner in business divorce negotiations, and the buyout of the Durst family’s interests in the luxury rental building Epic, on West 31 st Street in Manhattan. The transaction was part of a $740 million business divorce between the Fetner and Durst families, the details of which were reported in the April 11, 2016 Wall Street Journal article “How Two New York Real-Estate Families Parted With Grace.”

Registered Investment Advisor – Business Divorce Dispute

Herrick represented the co-founder of a successful mutual fund RIA in a business divorce dispute with his partner brought in Pennsylvania state court. After the parties agreed to submit their claims to arbitration, Herrick's client prevailed following a two week hearing. The arbitrator found that our client's ex-partner had breached his fiduciary duties, and made a substantial award to our client.

NHL Player Ilya Kovalchuk – Contract Dispute

Advised Ilya Kovalchuk in an arbitration between the National Hockey League and the National Hockey League Players Association (NHLPA), and negotiations among the league, the New Jersey Devils and the NHLPA regarding his 17-year, $102 million deal with the Devils, which was rejected by the NHL because it violated its collective bargaining agreement.

Taxicab Management Company – Breach of Contract AAA Arbitration

Successfully arbitrated breach of contract claim on behalf of one of the largest taxicab management companies in New York City against a former client who breached seventeen taxi medallion management contracts.

International Arbitration – Business Dispute

Successfully represented an individual before the International Centre for Dispute Resolution (the international arm of the American Arbitration Association) in a dispute over the ownership and control of several companies whose operations span three continents. We negotiated a favorable settlement of our client's outstanding monetary obligations coupled with the sale of our client's interest in several businesses resulting in net payments to our client.

Brazilian Investment Firm – Construction Dispute

Representing the US-based subsidiary of a Brazilian investment firm in a construction litigation dispute with the architect and design firm that formerly oversaw renovations at a 12-story midtown Manhattan office building owned by our client.

Owner of Southampton Private Residence – Dispute with General Contractor

Representing the owner of a newly constructed private residence in Southampton, NY in an arbitration before the American Arbitration Association arising from a general contractor's claim for $1.4 million in damages for alleged non-payment of labor and materials. In addition to claims that the contractor's mismanagement caused significant damage to our client, we are also pursuing over $2 million in liquidated damages under the construction agreement between the parties.

Financial Advisory Group – FINRA Arbitration

Financial Advisory Group - FINRA Arbitration: Negotiated a favorable, but confidential, settlement on behalf of a premier wealth management group at a global financial services firm in FINRA arbitrations relating to disputes with their former employer.

FINRA Employment Arbitration

Representation of a broker-dealer in a complex employment arbitration brought by six former employees seeking over $10 Million in collective damages. This FINRA arbitration proceeded for 60 sessions, including 32 hearing days, and resulted in a virtually complete defense verdict for the firm, including for attorneys' fees. The award was confirmed in its entirety by the Southern District of New York.

Futures Commission Merchant – Software License Dispute

A futures commission merchant in an arbitration brought by a software developer to recover fees allegedly owed for the use of a platform to support OTC brokers in the fixed income and derivative markets.