Disputed Ownership of $106 Million Pablo Picasso Sculpture
Representing Leon D. Black, co-founder of Apollo Global Management, in an international dispute over the ownership of Pablo Picasso’s "Bust of a Woman” plaster sculpture.
Matters
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 buy out 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 a 2012 date that the parties had previously discussed. 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. The valuation date decision was affirmed, with costs, by the Appellate Division, Second Department.
Commercial Lease Disputes
Represent a major U.S. bank in various commercial lease disputes. Recent representations include obtaining the pre-answer dismissal of a complaint filed by a former landlord in connection with a dispute over post-occupancy obligations.
Board of Managers – Construction Defect Litigation with Sponsor
Representing the Board of Managers of a two-building condominium in Brooklyn Heights in a dispute with the building’s sponsor over a myriad of alleged constructions defects and instances of non-compliance with the offering plan.
Trust Administrator – Breach of Contract
Negotiated favorable settlement on behalf of a provider of specialized administrative and corporate governance services to resolve claims of breach of contract, gross negligence and fraud related to administration of trust in connection with a portfolio of student loan backed notes.
Counsel and Law Firm – Successful Appeal of Contempt of Court Ruling
Secured a favorable ruling from the Second Circuit on behalf of attorneys and their law firm in their appeal of a district court’s ruling holding them in contempt of court and sanctioning them for the alleged failure of their clients, the Republic of Iraq and Iraq's Ministry of Industry, to comply with a post-judgment discovery order. Finding that our clients had been given insufficient notice of the charges, and that the district court exceeded the bounds of its discretion when, under the circumstances, it proceeded to sua sponte find the attorney appellants in contempt, the Second Circuit vacated the order of contempt against our clients. In vacating the contempt finding, the Second Circuit also ruled that the attorneys had appellate jurisdiction even after the underlying case against their clients had settled and the judgment satisfied, a previously open question of law in this Circuit.
Lender – Times Square Hotel Enforcement Action
Represented the lender of a $65 million loan to fund the acquisition of a Times Square area hotel following the alleged breach of a provision in the loan agreement requiring that a restaurant tenant servicing the hotel be opened to the public by a specific date. This litigation was ultimately settled favorably after hard fought litigation.
Property Owners – Real Estate Brokerage Dispute
Represented property owners in litigation and negotiated settlement arising from a real estate broker's alleged breach of fiduciary duty while acting on our clients' behalf to broker four properties located in New York City's East Village and Lower East Side.
TIC Interest Holder – Real Estate
Represented tenant-in-common interest owner in substantial portfolio of Manhattan properties in connection with arbitration and litigation as to disposition of interests.
Futures Commission Merchant – Class Action
An FCM in a class action lawsuit defending against claims alleging that the firm engaged in, or assisted, a scheme to manipulate the prices of palladium and platinum futures contracts traded on NYMEX.
REIT – Real Estate Litigation
Represented an affiliate of a leading REIT in winning summary judgment: (a) in an adverse possession action brought by the owners of adjacent property; and (b) in a separate real estate breach-of-contract suit arising out of an agreement sell property in Manhattan.
Asset Management Company – Investment Suitability
Represented an investment advisory company in defense of action by former client with respect to investment losses.
Global Manufacturer
Representation of a global manufacturer in prosecution of claims against former key employees and competitor for breaching fiduciary duty, raiding workforce, and misappropriating confidential information.
Real Estate Opportunity Fund – Enforcement of Guaranty
Represented a real estate opportunity fund in obtaining summary judgment in lieu of complaint against guarantors.
Global Manufacturer – Trade Secret and Unfair Business Practice Litigation
Successful representation of a global manufacturer in litigation to enforce restrictive covenants against former high-ranking employees.