News


Lawsuit Over $341 Million Investment in Facebook Fund

On June 22, 2012, Sher Tremonte filed a lawsuit on behalf of its clients, a market research company and its principal, against a hedge fund and investment advisor over a proposed $341 million investment in a fund set up to buy private shares of Facebook.   Sher Tremonte’s clients are suing to recover the finder’s fee they were allegedly promised for introducing the investor to the fund.  Read the news article here.

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Sher Tremonte Obtains Freeze Order on Behalf of Victim of Internet Fraud Scheme

On December 12, 2011, Sher Tremonte successfully obtained a temporary restraining order that froze 17 bank accounts across the United States in connection with an alleged international fraud and money laundering scheme. Sher Tremonte’s client, a company based in Dubai, lost over $1.2 million after fraudsters hacked into the company’s e-mail account, sent bogus invoices and directed the company to wire funds to bank accounts in Hong Kong, Taiwan, Singapore and the United States. The fraudsters then attempted to launder the money by purchasing used cars from dozens of different companies located throughout the United States. The case is proceeding in the Commercial Division of the New York Supreme Court.

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Sher Tremonte LLP

On November 7, 2011, Justin M. Sher, the founder and Managing Partner of Sher LLP, and Michael Tremonte, formerly an Assistant U.S. Attorney in the Eastern District of New York and a partner at Cohen & Gresser LLP, opened the doors of their new firm, Sher Tremonte LLP.  Sher Tremonte provides highly skilled representation to individuals and companies in complex civil litigation, internal investigations and white collar regulatory and criminal matters.  Read the press release here.

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Victory in Southern District of New York

On June 6, 2011, Judge Laura Taylor Swain of the United States District Court for the Southern District of New York granted judgment in favor of Justin Sher’s client, a Taiwanese entertainment company, on its claims of civil RICO and fraud against a booking agency headquartered in South Carolina.  The court awarded treble damages and attorney’s fees.  Read the news article here.

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Dismissal in $40 Million Lawsuit

In a lawsuit in Delaware Chancery Court, all claims against Justin Sher’s client were dismissed.  The lawsuit involved a dispute over a $40 million investment by the billionaire owner of the Cleveland Browns.  A Forbes news article concerning the lawsuit and the dismissal of Mr. Sher’s client may be found here.

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Victory in Commercial Division

On October 8, 2010, Justin Sher successfully resisted an application to attach the assets of its client, W&M Import & Export Ltd., an apparel firm based in Brooklyn, New York. The attachment, sought by a national retail chain, would have frozen W&M Import’s bank accounts and threatened the viability of its business. Upon reviewing Mr. Sher’s submission, the plaintiff withdrew its application, and Justice Fried of the Commercial Division vacated the temporary restraining order. Read the order here.

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Report on Insider Trading

The Committee on White Collar Criminal Litigation of the New York State Bar Association, of which Justin Sher is a member, published a study on insider trading called, “Criminal Prosecutorial Discretion In Insider Trading Cases: Let’s Look at The Numbers.“ The study examines the factors that appear to determine whether a civil enforcement action brought by the Securities and Exchange Commission will be accompanied by criminal charges in insider trading cases. The study is linked here.

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Article on Securities Fraud

On January 12, 2011, the New York Federal Criminal Practice blog featured an article by Valerie A. Gotlib relating to a key decision by the U.S. Court of Appeals for the Second Circuit reversing a conviction for securities fraud. The case, United States v. Kaiser, 609 F.3d 556 (2d. Cir. 2010), is notable for multiple reasons and included an observation by the court that insider trading requires a “heightened level of scienter.” A link to the article may be found here.

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Presentation on Federal Jurisdiction

On December 2, 2010, Justin Sher participated in a national webinar and instructed other litigators from law firms across the country on the complexities of federal diversity jurisdiction. Read the description and outline here.

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Rare Relief In Southern District of New York

On August 16, 2010, Judge Laura Taylor Swain of the Southern District of New York granted Justin Sher’s unusual motion to serve a summons and complaint by e-mail. The case involved allegations that an American talent agency defrauded Mr. Sher’s client, a Taiwanese entertainment firm, by falsely claiming to represent a premier hip-hop artist. Mr. Sher argued that it was impracticable to find the physical location of one of the defendants and that, because the alleged fraudulent conduct took place over e-mail and the Internet, service by e-mail offered the best hope of notifying the defendant of the lawsuit. The court agreed. Read the order here.

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