PDF Email Page Print Friendly Page Contact
financial services: news
Summary Professionals Matters News Events Publications
Media Mention

11 Years’ War
March 1, 2014 -- The American Lawyer
The American Lawyer published the feature story "11 Years' War," which chronicled Herrick's successful defense of DataTreasury, a Long Island-based electronic check imaging patent holder, in two significant litigations. In the first, we defended the founder, chief executive officer, and general counsel of DataTreasury in a $15 billion lawsuit filed by a purported investor. In the second, we helped DataTreasury prevail in a 10-year, $100 million litigation with the company's former chief operating officer, who had sued over the value of 1.5 million stock options.
Press Release

Herrick Strengthens Bankruptcy And Finance Practices With Two New Partners
January 7, 2014
Herrick, Feinstein LLP announced today that two new partners, Robert L. Rattet and Meghan O’Reilly have joined the firm, effective January 1, 2014.
Press Release

Herrick Names Seven New Partners
January 6, 2014
Herrick, Feinstein LLP announced today that the firm has named seven new partners in a range of key practice areas, effective January 1, 2014.
Press Release

Herrick Helps DataTreasury Prevail in 10-Year, $100M Litigation With Former COO and Director
October 30, 2013
We successfully represented DataTreasury Corporation – a company founded on Long Island, which owns patents covering technology for the electronic imaging of checks - in litigation brought by plaintiff Michael Trimarco against his former employer. Mr. Trimarco had sued the company in 2003, claiming that he was entitled to the value of 1.5 million stock options which had been granted to him in 2002, and which he had asserted were worth more than $100 million.
Press Release

Download this File.
Former U.S. CFTC Commissioner Jill E. Sommers Gives Keynote Address at Herrick's Seventh Annual Capital Markets Symposium
October 2, 2013
Herrick held its seventh annual Capital Markets Symposium today, featuring a keynote address by former commissioner of the U.S. Commodity Futures Trading Commission, Jill E. Sommers.
Media Mention

Download this File.
Richard M. Morris quoted in Pensions & Investments article, “Hedge Fund, Private Equity Firms Feeling New Registration Push”
July 22, 2013 -- Pensions & Investments
Herrick Partner Richard M. Morris was quoted in a Pensions & Investment article, analyzing the SEC’s increasing focus on hedge fund and private equity firms. The SEC's interest in fee-related activity has some predicting increased oversight, including a possible move to register them as broker-dealers.
Media Mention

Is It Time to Hock the Art?
February 16, 2013 -- The Wall Street Journal
The Weekend Investor column explores the trend of wealthy investors turning to private banks for low interest loans using assets such as private planes or art collections as collateral. Herrick, Feinstein partner and chair of the Financial Institutions Practice Stephen Brodie is quoted about the increase in these types of transactions. “Art loans are far more common today than they were three or four years ago,” says Mr. Brodie.
Media Mention

Download this File.
Former Prosecutor Rosenfield on Insider Trading Arrests
January 18, 2012 -- Public Broadcasting System's Nightly Business Report
In a live interview on the evening's lead story, David Rosenfield discusses the filing of criminal insider trading charges by the Department of Justice against a number of people who had managed now-defunct hedge funds, and the SEC’s civil charges against the fund managers and two of the now-defunct funds. David notes that the charges were brought a year after a number of FBI raids, and he opines that the Department of Justice and SEC are looking to bring additional insider trading cases.
Media Mention

Download this File.
Steinhardt Pledges Picassos for Real Estate as Art Loans Surge
October 18, 2011 -- Bloomberg News
Howard Spiegler says that lenders that never before made loans using fine art as collateral are now considering such arrangements because they tend to appeal to high-net-worth individuals. Stephen Brodie, who chairs our lending practice and has experience in both art-backed loans and real estate development loans, notes that real estate development is usually financed by two- or three-year, variable-interest renovation loans, which carry relatively high interest rates because lenders fear getting a half-finished project as collateral. Howard and Stephen commented on a loan from JPMorgan Chase to a former hedge fund manager and art collector, who put up as collateral 20 pieces of fine art -- including paintings by Pablo Picasso and Jackson Pollock -- to borrow money to finance the purchase of commercial real estate.
Media Mention

Download this File.
Rajaratnam's Insider Trading Sentence
October 13, 2011 -- Public Broadcasting System's Nightly Business Report
David Rosenfield says the sentence of 11 years in prison that convicted insider trading defendant Raj Rajaratnam received is likely to deter other Wall Street traders who are contemplating violating securities laws. This segment notes that the sentence was a record for an insider trading case, but significantly less than what the prosecution had requested. To see David's segment, fast forward to the 5:23 mark.
Media Mention

Regulators Eye Chinese Wall for Reverse Mergers
September 13, 2011 -- Compliance Week
Irwin Kishner notes that the major stock exchanges' regulations regarding companies that want to go public in the U.S. via a reverse merger are attributable to some highly publicized frauds and collapses of share prices among Chinese companies that employed reverse mergers. The major exchanges now require companies that want to go public via reverse mergers to to file annual reports with the SEC, list for at least a year on a regulated exchange and maintain a minimum share price.
Accolade

Therese Doherty Appointed Member of New York City Bar Association’s Committee on Futures and Derivatives Regulation
August 10, 2011
Therese Doherty is appointed as a new member of the New York City Bar Association’s Committee on Futures and Derivatives Regulation. Therese will serve a three-year term, working with other leading lawyers on trading issues and the regulation of futures contracts and over-the-counter derivatives products. We congratulate Therese on joining this prestigious committee, whose published comments on legal and regulatory developments often have a significant impact on the financial markets.
Media Mention

Download this File.
Galleon's Rajaratnam convicted on all counts
May 11, 2011 -- CNBC
David Rosenfield tells a live network audience that the government scored a huge win in getting convictions on all 14 counts related to Raj Rajaratnam's trading activities. David says that based on the convictions, he envisions more insider trading cases, more use of wiretaps in financial investigations and an empowered and energized Department of Justice. He adds that traders should avoid talking to employees of companies -- making their trading decisions on information already in the public domain -- or, at the very least, to use extreme caution when having those discussions and acting on information gleaned. To see David's portions of this segment, go to the 0:35 and 6:45 marks.
Media Mention

Download this File.
If Mortgage Fraud Was Rampant, Why Aren't Criminal Charges?
May 6, 2011 -- Fox Business.com
David Feuerstein says the Department of Justice filed a civil action -- but not criminal charges -- against Deutsche Bank in connection with the residential mortgage meltdown as a result of the higher burden of proof in criminal cases, the government's failure to convict Bear Stearns executives in an earlier criminal case, and Deutsche's possible defenses. Those defenses, David says, could include the possibility that mortgage brokers and borrowers provided the bank with false information.
Media Mention

Download this File.
Justice Department Sues Deutsche Bank AG (NYSE: DB) for 'Reckless Lending'
May 5, 2011 -- Money Morning
Analyzing the federal government's civil suit against Deutsche Bank, which alleges it defrauded the FHA by making FHA-backed residential mortgage loans to people who were not eligible, David Feuerstein suggests the government would have filed criminal charges if it were more confident in its case. He notes that the statute under which the suit was filed, the False Claims Act, allows for either criminal or civil litigation, or both.
Media Mention

Download this File.
Have lying mortgage bankers met their match?
May 4, 2011 -- CNNMoney.com
David Feuerstein casts skepticism on the strength of the government's civil suit against Deustche Bank -- filed as a result of the mortgage meltdown -- and suggests that if the Department of Justice had a stronger case, it might have filed a criminal action.
Media Mention

Download this File.
Welcome Mr. Congressman
April 27, 2011 -- Legal Bisnow
Mike McMahon's arrival at Herrick and work in Congress and the New York City council are profiled. This item notes that Herrick is the only firm in New York with two former members of Congress, and that Mike's government relations-centric practice will touch on the real estate, financial services, transportation and environmental sectors and will focus on infrastructure issues, among others.
Media Mention

Download this File.
Rajaratnam Goes to Trial
March 7, 2011 -- CNBC's Power Lunch
David Rosenfield tells a live network audience that Raj Rajaratnam, an insider trading defendant, faces an uphill fight, but could potentially be acquitted. His roadmap to possible acquittal is his defense team's attacking the credibility and motivations of the cooperators who will testify against him, and the team convincing the jury that wiretapped conversations are snippets taken out of context to bolster an overzealous prosecution's case.
Media Mention

SEC Rule Has Swaps Traders Running Scared
January 12, 2011 -- Hedge Fund Alert
Patrick Sweeney notes that a new SEC rule -- which traders did anticipate -- covers security-based swaps for the life of the contract. Pat notes that under the newly promulgated rule, traders can be liable in cases of ordinary disputes about calculating values or netting cash payments.
Media Mention

Download this File.
SEC Fixed or Still Broken?
December 10, 2010 -- CNBC's Power Lunch
The SEC was extremely negligent in its handling of the Madoff scheme but has improved markedly since then, David Rosenfield tells a live network audience on the two-year anniversary of Madoff's arrest. David says more and better staff, specialization in the SEC's units, and a new chair and director of enforcement have made the SEC far more effective.
Media Mention

Download this File.
Wall Street Witch Hunt
November 23, 2010 -- CNBC's Power Lunch
In this live network segment, Jason D'Angelo says the public wants the government to be aggressive in investigating and prosecurting insider trading cases, but he cautions against over-reaching. He says he sees some instances of the government's expanding the definition of insider trading and notes that the whistleblower provisions of Dodd-Frank give the government more resources but believes most of the civil and criminal prosecutions will be based on traditional insider trading methods.
Media Mention

Download this File.
How to strengthen the CPA/attorney relationship
November 1, 2010 -- Accounting Web.com
Brian Raftery says he often refers high-net-worth clients to CPAs, especially when their personal tax needs are more sophisticated than the tools they are using. This article notes that Brian is also a CPA, and he says he tries to match clients' personalities and tax needs with accountants' personalities and capabilities.
Media Mention

Download this File.
Charity Fingers SEC For $20M Lost In Madoff Scheme
September 27, 2010 -- Law360
This story notes Howard Elisofon's and Herrick, Feinstein's representation of the Litwin Foundation, which sued the SEC based on the commissions actions and inactions in the Madoff fraud. The story notes that our firm has filed four suits on behalf of six victims.
Media Mention

Download this File.
The Phraseologist
July 12, 2010 -- The Commercial Observer
Gary Eisenberg's practice and outside interests -- including professional sports -- are profiled in this story in the New York Observer's real estate-related publication. The story, which ran in the paper's weekly Sit-Down space, which features professionals prominent in New York commercial real estate, alludes to Gary's colorful use of the language to describe various phenomena in the world of distressed debt and foreclosure and includes his predictions for where those markets are headed.
Media Mention

Download this File.
Harry Markopolos, Madoff's Nightmare
April 16, 2010 -- Investor's Business Daily
Howard Elisofon calls Harry Markopolos a hero in this story, which describes the former fund manager's efforts to convince regulators that Madoff was a fraud. The story mentions our lawsuit against the SEC on behalf of Madoff's victims, and notes that Elisofon says Markopolos' informal investigation, findings, and numerous reports to the SEC will be a component of our case.
Media Mention

Download this File.
U.S. Sued Over SEC’s ‘Negligence’ in Madoff’s Fraud
March 18, 2010 -- Bloomberg News
This story notes that we sued the SEC on behalf of three clients -- a charity and two individual investors -- who lost money in the Madoff scheme. This was our firm's second round of suits against the commission, the first coming in 2009, and it follows by three months the SEC's motion to dismiss our first two complaints.
Media Mention

Download this File.
You Violated a Loan Covenant. Now What?
March 16, 2010 -- MSN Business on Main
Bruce Levine describes the three kinds of loan covenants, and analyzes how lenders and borrowers can work together to keep borrowers from defaulting. Part of that, he says, is having a realistic plan and showing the bank that circumstances are likely to improve.
Media Mention

Download this File.
BofA Lawyers Rebuked in Cabi Case
March 10, 2010 -- The Wall Street Journal
Bankruptcy judges tend to look with disfavor on creditors who are overly harsh with borrowers during difficult economic times, and those tactics can backfire, Stephen Selbst says.
Press Release

Download this File.
Herrick is significantly strengthening its Commercial Litigation Practice Group with the promotion of William R. Fried to partner.
February 2009
Bill Fried practices general commercial litigation with an emphasis on construction, real estate and business divorce disputes. He has extensive trial and appellate experience in state and federal courts. In addition to handling complex litigation matters for business clients, Bill counsels clients through negotiations, mediations, and arbitrations as an alternative to litigation. Herrick’s clients rely on Bill for his tenacity and resourcefulness to resolve difficult and intricate disputes.
Media Mention

Where is the money? In the new world of financing, it's all about who you know
February 8, 2010 -- Crain's New York Business
Ed Stevenson says companies considering hiring consultant to help raise capital should check a prospect's last five or 10 clients -- not just the handpicked few success stories that prospects inevitably offer -- and emphasize success billing rather than high monthly retainers.
Media Mention

Download this File.
SEC Invokes Immunity in Negligence Suit by Madoff Victims
December 16, 2009 -- The AmLaw Litigation Daily
The government's motion to dismiss our suit against the SEC on behalf of two Madoff investors claims the SEC acted with proper discretion and therefore has immunity, this item notes.
Media Mention

Download this File.
SEC Seeks Dismissal of Madoff Victims Negligence Suit
December 15, 2009 -- Bloomberg News
Howard Elisofon, our lead attorney in our suit against the SEC on behalf of two Madoff investors, says the government's motion to dismiss -- and the grounds on which the government relies -- come as no surprise. The government claims immunity and that it had discretion to act as it did in handling the Madoff scheme.
Media Mention

Download this File.
Start Date Is Critical in Ponzi Plan
November 24, 2009 -- The New York Times
Our motion on behalf of a Madoff investor -- which the Times and a disinterested attorney both called "novel" -- is highlighted in this story, which notes that the start date of the Madoff scheme may have a significant impact on the fortunes of entities that began investing with Madoff many years ago. Therese Doherty and John Oleske are both named in this story, which covers our attempts to recover money and protect the investor from a clawback action.
Media Mention

Download this File.
Hager faces lawsuit over $17 million mortgage loan from N. Richard Kalikow’s Alpha Capital
November 14, 2008 -- The Real Deal.com
Our lawsuit on behalf of a lender -- alleging breach of fiduciary duty and fraudulent inducement by a borrower whose terminally ill business partner personally guaranteed a real estate loan -- is noted in this story. William Fried is mentioned in the story, and Kerry Jardine was on the papers as well.
Media Mention

Download this File.
Going after borrowers gets personal: Lenders suing for more than $400 million in loan guarantees
November 2, 2009 -- The Real Deal
Borrowers who personally guarantee their real estate loans are off the hook if the lender takes the property back at the loan's face value at a foreclosure auction, Scott Tross says in this story about how lenders are going after borrowers' personal assets.
Media Mention

Download this File.
Lenders get more help with "extending and pretending" commercial mortgages
November 1, 2009 -- The Real Deal
Some lenders are extending maturity dates on commercial real estate loans and others are requiring that the borrowers put up more equity, Paul Shapses says. This story notes that new tax rules are giving lenders pause about revealing current values of outstanding debt and that, in turn, is causing them to consider extending the maturities.
Media Mention

Download this File.
Icahn offers to underwrite $6 bln loan to CIT
October 19, 2009 -- Reuters
Gary Eisenberg says that CIT and its board will be wary of Carl Icahn's offer to lend the struggling company $6 billion, based on the perception that he might be willing to lend the money to gain control of the board.
Media Mention

Download this File.
Lawyer Charged With Lying About Knowledge of Pump and Dump Scheme
October 16, 2009 -- The BLT: The Blog of Legal Times
Arthur Jakoby issues a statement on behalf of our client -- an attorney charged with participating in a pump-and-dump scheme -- noting that the client took full responsibility for his actions.
Media Mention

Investors who lost $2.4m in Madoff scheme sue SEC
October 15, 2009 -- Financial Times
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Two Investors Sue SEC Over Madoff Probe
October 15, 2009 -- The Wall Street Journal
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Madoff Victims' Lawyer Elisofon Interview
October 14, 2009 -- Bloomberg Television
Howard Elisofon, appearing live, discusses our lawsuit against the SEC on behalf of two Madoff investors, and tells why we should prevail.
Media Mention

Download this File.
Suit Claims S.E.C. Failed to Detect Madoff Scheme
October 14, 2009 -- New York Times
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
SEC Sued by Madoff Investors for Missing Ponzi Scheme
October 14, 2009 -- Bloomberg News
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
S.E.C. Sued Over Madoff Fraud
October 14, 2009 -- New York Times DealBook
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Two Madoff victims file lawsuit against the SEC
October 14, 2009 -- Reuters
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Couple Sues SEC for $2.4 Million in Madoff Losses
October 14, 2009 -- The Associated Press
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Madoff Victims File Suit Against SEC
October 14, 2009 -- The AmLaw Litigation Daily
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Madoff victims sue SEC for 'negligence'
October 14, 2009 -- CNNMoney.com
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Swindled Madoff Investors Sue U.S. Gov't for Ignoring 'Smoking Guns' in Ponzi Scheme
October 14, 2009 -- ABC News.com
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Madoff Victims Sue SEC
October 14, 2009 -- CNBC's Power Lunch
As we held a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first of its kind in the nation -- John Oleske simultaneously appears live on network television to describe the suit, what relief we seek for our clients, and why we believe we will prevail.
Media Mention

Download this File.
Madoff Victims Sue SEC
October 14, 2009 -- The Business Insider
This story announces our suit on against the SEC on behalf of Madoff victims and notes that we were the first firm in America to file such an action.
Media Mention

Download this File.
Madoff Victim Speaks Out
October 14, 2009 -- Fox Business Channel
As we hold a press conference to announce our lawsuit against the SEC on behalf of Madoff investors -- the first such action in the nation -- Therese Doherty and our client Phyllis Molchatsky appear live on network television to announce the suit, describe the relief we seek, and discuss why we believe we will prevail.
Media Mention

Download this File.
The Madoff Exiles
September 27, 2009 -- New York Magazine
Howard Elisofon and our client Phyllis Molchatsky discuss how the firm -- on behalf of Phyllis -- came to file an action against the SEC over its actions and inactions in the Madoff fraud.
Media Mention

SEC Inspector General's Madoff Report, Senate Banking Committee Holds Hearings
September 10, 2009 -- Bloomberg Television
David Rosenfield appears live to analyze the SEC Inspector General's report on the SEC's failed investigations of the Bernard Madoff fraud, as well as the Senate Banking Committee hearings that the report triggered.
Media Mention

Corporate And Financial Institution Compensation Fairness Act of 2009 Threatens Unprecedented Regulation of Hedge Fund Performance Fees
August 12, 2009 -- The Hedge Fund Law Report
Rick Morris is quoted at length on the likely effects of passage of new legislation that contains say-on-pay provisions and regulations of fund managers' compensation.
Media Mention

Download this File.
DiPascali Fallout
August 12, 2009 -- CNBC
In light of the guilty plea of Madoff associate Frank DiPascali, David Rosenfield says the scope of the fraud appears wide and deep. Prosecutors are hoping that DiPascali will help them unravel how the fraud was perpetrated and who was involved.
Media Mention

Download this File.
New York Seeks Millions in Tax From Lehman
August 4, 2009 -- New York Times
Lehman's other creditors may object if New York City, which claims that Lehman owes the city more than $600 million in back taxes, attempts to move ahead of other creditors, Stephen Selbst tells the New York Times.
Media Mention

Download this File.
CIT Expects Loss of $1.5 Billion, May Seek Bankruptcy
July 21, 2009 -- Bloomberg News
CIT's acknowledgement in regulatory filings that it might have to seek bankruptcy protection despite an agreement with bondholders is to be expected because of securities regulations and concerns on the part of analysts, Rick Morris tells Bloomberg.
Media Mention

Download this File.
Madoff Gets 150 Years
June 29, 2009 -- CNBC Reports
David Rosenfield analyzes what factors a judge considers when pronouncing sentence in a white collar criminal matter, in this live segment about Madoff's sentence.
Media Mention

Download this File.
Victims Await Sentencing For Bernard Madoff
June 24, 2009 -- WCBS-TV
At a press conference where he announced that our firm filed seven new actions against the SEC, Howard Elisofon says the government should compensate Madoff victims because the SEC was negligent in how it investigated the fraud.
Media Mention

Download this File.
Madoff Victims Seethe at SEC
June 24, 2009 -- MyFox Channel 5
At a press conference announcing that we had filed seven new actions against the SEC on behalf of Madoff victims, Howard Elisofon says that the government should be held accountable and compensate the victims as a result of the SEC's negligence.
Media Mention

Download this File.
SEC rejects Madoff claim; investor may sue
June 24, 2009 -- Daily Finance
Our client, the Madoff victim Phyllis Molchatsky, has the right to sue the SEC now that the government has rejected her administrative claim, Howard Elisofon says.
Media Mention

Download this File.
SEC Won't Cover Investor's $1.7M In Madoff Losses
June 24, 2009 -- Law360
The SEC's rejection of our administrative claim on behalf of our client, the Madoff victim Phyllis Molchatsky, gives her legal standing to file a federal lawsuit against the SEC, alleging negligence in how it investigated the fraud, Howard Elisofon says.
Media Mention

Download this File.
Madoff Victims Express Anger at SEC
June 24, 2009 -- WNBC-TV
At a press conference announcing that the SEC had rejected our initial administrative claim on behalf of a Madoff victims and that our firm had filed seven new claims, Howard Elisofon describes why the government should be held liable for the SEC's actions.
Media Mention

Download this File.
SEC rejects Madoff investor claim for damages
June 23, 2009 -- Reuters
The SEC rejected our administrative claim against the SEC on behalf of our client Phyllis Molchatsky, clearing the way for us to sue on her behalf in federal court. She is seeking money damages as recompense for what she lost with Bernard Madoff. The story also notes that we envision filing similar actions on behalf of other Madoff vicitims shortly.
Media Mention

Download this File.
Demystifying Madoff: L.I. Fraud Victims Find Strength In Numbers
June 18, 2009 -- Long Island Press
The SEC's negligence caused much of the loss suffered by many Madoff victims, John Oleske tells a group of Long Island-based Madoff victims.
Media Mention

Download this File.
Battling Giants–An Attorney Takes On The SEC
June 9, 2009 -- www.madoff-help.com
In a section of the Madoff victims' website called "Meet The Pros," Howard Elisofon does a question-and-answer on our firm's work in clawback counsel and defense and on our action against the SEC on behalf of individual investors who lost money in the Madoff scam.
Media Mention

Download this File.
Creativity Is The Key To Success
June 1, 2009 -- Mann on the Street
Herrick's bankruptcy practice is profiled in this cover story, focusing on the professional and personal creativity of the practitioners.
Media Mention

How Supreme Nominee May Side in Industry Fee Case
May 28, 2009 -- Ignites.com
Judge Sonia Sotomayor, nominated for the Supreme Court, does not appear to be pro-business, Jason D'Angelo says, but she has decided cases for business defendants and appears to appreciate the issues that mutual funds face. That will be especially important as the Supreme Court decides an excessive-fee case.
Media Mention

Target Madoff
May 23, 2009 -- Fox News Channel
Therese Doherty discusses clawbacks, and our client Phyllis Molchatsky discusses her action against the SEC, in this one-hour documentary on the Bernard Madoff scandal.
Media Mention

Download this File.
Victim Assistance: A novel legal complaint against the SEC could win Madoff victims a government bailout -- and a backlash from taxpayers
May 2009 -- NYinc
In the inaugural issue of this publication, Howard Elisofon and our client Phyllis Molchatsky discuss why they have commenced an action against the SEC to recover money lost in the Madoff swindle.
Media Mention

Download this File.
Lawyers: Madoff Investors Could Face Legal Action
April 23, 2009 -- Newsday.com
Howard Elisofon is quoted in this article about how some Madoff investors who received false profits could face legal action aimed at taking back money they withdrew before the Ponzi scheme was uncovered.
Media Mention

Download this File.
Madoff Strikes Again
April 23, 2009 -- CNBC
Howard Elisofon appears live to discuss the clawback letters that the SIPC trustee began sending to Madoff victims last Friday.
Media Mention

Trustee Seeking Return Of Withdrawn Funds
April 22, 2009 -- The Wall Street Journal
Howard Elisofon is quoted in this article about the request for Madoff investors to return money they withdrew in the six years before Madoff’s firm collapsed. Howard notes that this is an insensitive request since many lost more money from the fraud than they took out.
Media Mention

Download this File.
Investors continue with plan to force Madoff into bankruptcy
April 14, 2009 -- USA Today
Creditors' attempts to force Bernard Madoff into bankruptcy against the wishes of the Department of Justice and court-appointed trustee would give indirect investors -- those who invested through feeder funds -- "a central legal forum" they lack otherwise, Stephen Selbst says. He cautions, however, that the on-going criminal investigation may delay a new bankruptcy trustee while prosecutors decide whether to turn over records.
Media Mention

Download this File.
Morgan Stanley to pay $7 million in penalties
March 25, 2009 -- The Associated Press
Howard Elisofon is quoted in a story about FINRA's settlement with both Morgan Stanley and our client -- a branch manager at the brokerage -- of regulatory charges that both failed to supervise brokers.
Media Mention

Download this File.
Morgan Stanley Settles Claim Brokers Misled Retirees
March 25, 2009 -- Bloomberg News
Howard Elisofon is quoted regarding FINRA's settlement of regulatory charges against our client -- a branch manager for a major brokerage -- that he failed to supervise brokers in his branch office.
Media Mention

Download this File.
M. Stanley to pay $7.2 mln for misleading retirees
March 25, 2009 -- Reuters
Howard Elisofon discusses FINRA's settlement with our client, a Morgan Stanley branch manager who had faced regulatory charges of failure to supervise brokers.
Media Mention

Download this File.
Should the Gov't Bailout Madoff Victims?
March 17, 2009 -- CNBC's The Call
Therese Doherty advocates for government compensation for Madoff victims, in the form of tax relief, direct payments, or establishment of a victims' compensation fund, in this live debate.
Media Mention

Download this File.
Madoff Hearing Underway
March 12, 2009 -- CNBC's Squawk On The Street
David Rosenfield gives a live overview of the criminal case against Madoff as his plea hearing begins.
Media Mention

Download this File.
Too Late for Madoff to be Sorry
March 12, 2009 -- CNBC's Squawk On The Street
David Rosenfield opines that Madoff's mea culpa before the federal judge handling his criminal case will not lessen his eventual sentence.
Media Mention

Download this File.
Madoff Admits to Ponzi Scheme
March 12, 2009 -- CNBC's Squawk Box
David Rosenfield weighs in on Madoff's likely lifetime incarceration and other aspects of the criminal case against him in a live segment from CNBC's set at the New York Stock Exchange.
Media Mention

Download this File.
Madoff Guilty Plea
March 12, 2009 -- CNBC's Squawk On The Street
As Madoff pleads guilty at the nearby federal courthouse, David Rosenfield gives live analysis of a number of facets of the criminal case against him.
Media Mention

Madoff Pleads Guilty
March 12, 2009 -- Fox News Channel's Fox & Friends
Howard Elisofon and our client, Phyllis Molchatsky, a Madoff victim, discuss her action against the SEC and her feelings about Madoff and how he victimized so many people.
Media Mention

Spotlight
March 9, 2009 -- CNN Headline News
Howard Elisofon and our client, Phyllis Molchatsky, appear live to discuss the Madoff case and Phyllis' complaint against the SEC in which she hopes to recover money she lost.
Media Mention

Madoff Plea Deal
March 6, 2009 -- CNBC Reports
David Rosenfield tells CNBC viewers why a plea deal in the Madoff case is likely and what a plea would mean to all parties.
Media Mention

Download this File.
Madoff clients' lawsuits look to others for recompense
March 4, 2009 -- USA Today
Howard Elisofon and our client Phyllis Molchatsky discuss why we filed an action against the SEC in the Madoff matter.
Media Mention

Download this File.
Daughter joins Gabelli's board, raising new questions
March 3, 2009 -- The Journal News
Louis Goldberg analyzes why a daughter joining the board of directors of a public company controlled largely by her father is legally and ethically sound, as long as the company discloses the relationship and meets all other relevant requirements as to composition of the board. Louis notes that many Fortune 500 companies are essentially family businesses, with familial relationships among officers and directors.
Media Mention

Download this File.
R. Allen Stanford Still Not Charged
February 19, 2009 -- CNBC
In a live appearance, Therese Doherty explains that investors need to do their own due dilligence and not count on the SEC to protect them fully.
Media Mention

Download this File.
Madoff’s Victims are Mad, Mad, Mad But Do They Have a Right To Be?
February 6, 2009 -- Wall Street Journal Law Blog
Stephen Selbst weighs whether Irving Picard, the Madoff bankruptcy trustee, acted properly in releasing the names of Madoff's victims. Although he understands that victims will not be pleased to be named publicly, Stephen notes that the bankruptcy code encourages openness in such matters because it sometimes can help trustees find more money to enlarge the pot of money from which restitution will be made.
Media Mention

Download this File.
Court papers detail Nicholas Cosmo's life, businesses
January 28, 2009 -- Newsday
This story notes that Herrick partner Arthur Jakoby represents Nicholas Cosmo, who was charged with running a Ponzi scheme on Long Island.
Media Mention

Download this File.
Cosmo Surrenders, Faces Mail-Fraud Charge in Alleged Scheme
January 27, 2009 -- Bloomberg News
This wire story, which was picked up in numerous publications nationally, notes that Arthur Jakoby represents Nicholas Cosmo, who was charged with running a Ponzi scheme on Long Island. The Herrick attorney arranged for Cosmo's voluntary surrender to authorities.
Media Mention

Download this File.
New City woman targets SEC for Madoff loss
January 23, 2009 -- The Journal News
Howard Elisofon discusses the etiology and legal basis for our complaint against the SEC on behalf of a Madoff victim, who appears on video in the newspaper's on-line version.
Media Mention

Download this File.
Victim: Madoff took 'all my money'
January 22, 2009 -- MSN Money
Howard Elisofon is quoted at length -- and appears in two video clips -- in this multi-media story about our client Phyllis Molchatsky, the first Madoff victim to commence an action against the SEC.
Media Mention

Download this File.
Madoff Trustee Picard May Take Five Years to Pay Back Investors
January 21, 2009 -- Bloomberg News
Joshua Angel discusses the proclivities of Irving Picard -- the court-appointed trustee in the Madoff bankruptcy -- and how they may affect his work on behalf of victims.
Media Mention

Download this File.
Feds put Madoff victims on hot seat
January 15, 2009 -- Crain's New York Daily Alert
Howard Elisofon warns that Madoff victims who redeemed principal and are considering applying for SIPC coverage may be giving the court-appointed trustee a road map to suing them to claw back the redemptions.
Media Mention

Download this File.
Lifting the Lid-Madoff clients fear getting shut out of refunds
January 8, 2009 -- Reuters
Howard Elisofon analyzes the hurdles that some Madoff victims may face as they seek redress from SIPC, and some strategies that might help them get relief.
Media Mention

Download this File.
Prosecutor: Madoff gifts included diamond necklace
January 6, 2009 -- USA Today
David Rosenfield tells USA Today that bail in federal criminal cases is to prevent defendants from fleeing or causing harm to the community, and that, by those standards, Madoff seems to be a candidate for bail, notwithstanding the public outcry against it.
Media Mention

Download this File.
Congress Probes SEC
January 5, 2009 -- CNBC Reports
David Rosenfield live, alongside former SEC Chairman Harvey Pitt, analyzes the SEC's failure to uncover the Madoff scheme.
Media Mention

Retiree announces intention to sue SEC for not uncovering alleged Madoff scam
January 5, 2009 -- IA Week
Our action against the SEC on behalf of a client who lost money in the Madoff fraud is noted in this story.
Media Mention

Download this File.
Madoff Investor Files Administrative Claim Against SEC Seeking $1.7 Million Damages
January 5, 2009 -- BNA Securities Regulation & Law Report
This story, reprised in two sister publications, notes that our client was the first victim of Bernard Madoff's fraud to commence an action against the SEC.
Media Mention

Download this File.
The Madoff Agenda
December 31, 2008 -- CNBC's Power Lunch
David Rosenfield, in a live appearance during the trading day, analyzes which of Madoff's victims will have access to relief from SIPC, Madoff's likely disclosures to federal authorities about his remaining assets, whether he likely acted alone, and whether an insanity defense might fly.
Media Mention

Download this File.
Madoff & His Hidden Money
December 30, 2008 -- CNBC Reports
David Rosenfield appears in a live, prime-time segment discussing Herrick, Feinstein's lawsuit against the SEC over its failure to adequately investigate the Madoff Ponzi scheme, what the litigation landscape may look like, and other Madoff-related topics.
Media Mention

Download this File.
2 More Investor Class Actions Filed In Madoff Case
December 29, 2008 -- Securities Law 360
This story notes that we were the first law firm to commence an action against the SEC on behalf of a victim of the Bernard Madoff fraud.
Media Mention

Download this File.
Market's ripe for flimflams, broker scams
December 28, 2008 -- The Star-Ledger
Arthur Jakoby discusses how rogue securities brokers who repeatedly thwart regulators' attempts to reign them in pose a danger to legitimate investors. He notes this phenomenon in an article about a longtime New Jersey swindler and how difficult economic times breed financial misdeeds.
Media Mention

Download this File.
Madoff Litigation Mounts
December 24, 2008 -- Fox Business Channel
In a live segment, Howard Elisofon describes our action against the SEC on behalf of a client who lost her life savings in the Madoff affair. Howard discusses sovereign immunity, why we believe our claim against the SEC can trump that likely defense, tax issues that Madoff's victims face and the possibility of the court-appointed receiver's seeking claw-back disgorgements.
Media Mention

Download this File.
Blame the Government? N.Y. woman suing SEC for losses in Madoff scheme
December 23, 2008 -- Fox News Channel
Howard Elisofon explains why our client is making a claim against the SEC and why, he believes, the claim can pierce the cloak of sovereign immunity.
Media Mention

Download this File.
Madoff Victim Sues SEC
December 23, 2008 -- CNBC's Power Lunch
Howard Elisofon describes our action against the SEC on behalf of a client who lost money she had invested with Bernard Madoff's funds. He analyzes why -- despite sovereign immunity -- he believes the SEC is vulnerable here.
Media Mention

Download this File.
New York investor sues SEC over losses in Madoff fund
December 23, 2008 -- Bloomberg News
Howard Elisofon explains why we commenced an action against the SEC on behalf of our client, an investor who was nearly wiped out in the Madoff affair. He discusses why the SEC is potentially liable for money damages despite its likely claim of sovereign immunity.
Media Mention

Download this File.
Investor tries to hold SEC liable for Madoff losses
December 23, 2008 -- Reuters
In a story picked up nationally and internationally, Howard Elisofon explains why we commenced an action against the SEC on behalf of our client whose life savings were nearly wiped out in a fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely defense of sovereign immunity and explains why we view the SEC as potentially liable for money damages.
Media Mention

Investor Who Lost Money in Alleged Scheme Seeks Relief From SEC
December 23, 2008 -- The Wall Street Journal
Howard Elisofon announces that we are the first law firm to commence an action against the SEC on behalf of a victim who lost money in the fraud allegedly perpetrated by Bernard Madoff. Howard discusses the government's likely claim of sovereign immunity and our belief that the SEC's actions leave it liable for money damages for failing to detect or contain the fraud.
Media Mention

Download this File.
Suing the Hedge Funds
December 22, 2008 -- CNBC's Power Lunch
In a live segment, Therese Doherty argues that hedge funds, financial advisors and other intermediaries are not necessarily liable for investors' losses in the Madoff matter because they appear to have met the industry's standard of care.
Media Mention

Download this File.
Meltdown far from over, new mortgage crisis looms
November 27, 2008 -- The Associated Press
Scott Tross predicts that mortgage woes will spread from the residential market to commercial, and that all parties in commercial mortgages will feel the pain.
Media Mention

Download this File.
General Growth mortgage deadline approaches
November 27, 2008 -- Reuters
Gary Eisenberg acknowledges that mall owner General Growth Properties might not avoid bankruptcy even if it negotiates extensions of loans about to come due, but cautions that in this environment, nothing is inevitable.
Media Mention

Download this File.
Global Retail Figures Tease, Fall Expected
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
Media Mention

Download this File.
Required: Empathy and Kleenex
November 9, 2008 -- New York Times
In this Fresh Starts column in the Sunday business section, Stephen Selbst examines the restructuring and workout job market for people laid off from financial services positions. He notes that professionals who put together the real estate finance deals that ultimately failed but understand collateral, and M&A bankers who have negotiating and deal-making skills, are best suited for the transition.
Media Mention

DOJ Seeks Credit Crisis Roots, Increased Probes Likely
October 14, 2008 -- Compliance Week
David Rosenfield is quoted about possible charges arising from the FBI's criminal investigation into the meltdown of the financial sector. He speculates that Congress may initiate legislation that would be analogous to the Patriot Act or Sarbanes-Oxley.
Media Mention

Lenders Force Quick Sales In Chapter 11 Amid Credit Crisis
October 13, 2008 -- Dow Jones Newswire
Stephen Selbst is quoted in a story about how lenders are increasingly seeking quick sales of assets by their debtors in Chapter 11 bankruptcy, and how judges are reacting to that.
Media Mention

Download this File.
Gov Considers Many Scenarios with Bailout Tools
October 10, 2008 -- GlobeSt.com
This article quotes Gary Eisenberg on the possible pitfalls and shortcomings of the government's $700 billion rescue of the financial services industry.
Media Mention

Download this File.
Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
Media Mention

Download this File.
Politics Threaten Federal Rescue Plan
September 25, 2008 -- GlobeSt.com
Elizabeth Holtzman is quoted in a story on the $700 billion plan to rescue struggling Wall Street firms, opining that Congressional insistence on oversight, transparency and possible judicial review is necessary and not driven by partisan politics.
Media Mention

Download this File.
Opening The Vaults; Is Bank Secrecy Over?
July 2, 2008 -- ABC.com
David Rosenfield is quoted regarding the possibility that tax evasion is merely the tip of the iceberg in the case involving secret foreign bank accounts held by US citizens.
Media Mention

Download this File.
Ruined by 401(k) Predators
July 2, 2008 -- Business Week
Howard Elisofon is quoted regarding allegations that financial advisers took advantage of retirees and damaged their retirement savings.
Media Mention

Fred Leighton Tries To Wrest Jewels from Merrill
May 7, 2008 -- Bankruptcy Law 360
Josh Angel is mentioned regarding Herrick's representation of Fred Leighton Holdings in its bankruptcy and dispute with Merrill Lynch.
Media Mention

Jeweler Blames Bankruptcy on Merrill Subprime Woes
April 17, 2008 -- Bankruptcy Law 360
Herrick's representation of Fred Leighton Holdings in its bankruptcy and its dispute with Merrill Lynch is noted in this story.
Media Mention

Download this File.
Big Block Leasing Activity Taps the Brakes
December 5, 2007 -- The Real Deal
Richard Brown is quoted regarding how financial services companies have become more cautious about leasing large blocks of office space because of fears driven by uncertainty in the credit markets.
Media Mention

Dubai Fund to Back Clean Energy
December 5, 2007 -- Financial Times
This story discusses a $150 million investment by a Dubai-based sovereign wealth fund into a newly formed private equity fund managed by Herrick, Feinstein client Sindicatum Carbon Capital.
Media Mention

Download this File.
Citigroup Buys Parts of a Troubled Mortgage Lender
September 3, 2007 -- The New York Times
This story discusses the purchase by Citigroup -- which Herrick represented -- of a mortgage lender that had announced it was ceasing operations.
Media Mention

Download this File.
The Big Comedown
September 1, 2007 -- Retail Traffic
Scott Tross is quoted in a story regarding investors' concerns with CMBS loans.
Media Mention

KPMG Charges May Be Dismissed
June 28, 2007 -- The Journal News
Arthur Jakoby is quoted regarding the possibility that former KPMG executives will have their federal tax-related charges dismissed.
Media Mention

Download this File.
Bear Sterns Likely to Face Hedge Fund Lawsuits
June 28, 2007 -- The New York Times
Scott Tross is quoted in a story that examines the likelihood that Bear Sterns will be sued over the collapse of one of its hedge funds and the possible defenses it might raise.
Media Mention

Mortgage Fraud Skyrocketing in Jersey
June 17, 2007 -- The Star-Ledger
Jaimee Katz Sussner is quoted on the proliferation of mortgage fraud in New Jersey, and authorities; and attorneys' attempts to curb it.
Media Mention

Galvin Files Complaint Against Lydia Capital
April 13, 2007 -- HedgeWorld Daily News
Aismara Abreu is mentioned as counsel to Lydia Capital in this story about a lawsuit.
Media Mention

Court Ruling May Broaden Auditor Liability
March 19, 2007 -- Compliance Week
James Moss is quoted on recent federal appellate decisions that found that auditors could be liable under securities laws for their failure to correct false financial statements.
Media Mention

Blackstone Analysis: Private Equity Funds Going Public
March 16, 2007 -- CNBC
Dan Etna, live on network television, discusses the recent trend in private equity funds going public, with a focus on Blackstone.
Media Mention

Class Action Lawyers Pounce on Subprime Crisis
March 14, 2007 -- Reuters
Scott Tross is quoted in this story about potential class action litigation against lenders and possibly their auditors and bankers, and possible defenses against investors' claims arising from the subprime meltdown.
Media Mention

The Outlook For Distressed Commercial Debt in 2007
January 2, 2007 -- CNBC's Squawk Box
Scott Tross is part of a panel discussing how much commercial debt will become distressed in 2007, and the market for buying and selling that paper.
Media Mention

Biovail Puts Short-Seller Fight Under Spotlight in the Media
March 25, 2006 -- The Wall Street Journal
Howard Elisofon is quoted in an article that analyzes litigation issues that arise when a company sues various funds for allegedly spreading rumors about the company and selling its shares short.
Media Mention

Distressful Opportunities
February 20, 2006 -- Barron's
Scott Tross is quoted in a story that examines how delinquent and defaulted commercial loans are purchased by funds and opportunistic investors.