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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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Victory in Second Circuit

On June 15, 2010, Justin Sher achieved a victory before the Second Circuit on behalf of its client, EasyLink Services Corporation, a public company based in Georgia.  The Second Circuit granted Justin Sher’s motion to remand the case, which involves a failed corporate merger, for the district court to reconsider its award of certain damages.  Read the decision here.

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Justin Sher Advises Other Law Firms on Handling Large Cases

On May 4, 2010, Justin Sher participated in a presentation hosted by Signature Bank’s Private Client Team entitled, “Preparing Small Law Firms to Handle Bigger Cases:  How to Navigate the E-Discovery Minefield While Controlling Costs.”  Mr. Sher discussed the importance of electronically stored information in complex commercial and white collar criminal cases and advised other law firms on how to collect, review and analyze such information efficiently and effectively.  View the presentation here.

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Victory in New York Appellate Division

On April 20, 2010, the First Department of the Appellate Division of the New York State Supreme Court ruled in favor of Justin Sher’s client, Dean Penna Corp., in a commercial dispute involving a luxury residence in Manhattan.  The First Department reversed the decision of the Supreme Court and reinstated all of Dean Penna Corp.’s claims against the defendant.  Read the decision here.

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Presentation on the Role of FINRA in Regulating Investment Advisers

On April 15, 2010, Justin Sher participated on a panel hosted by the New York American Inn of Court entitled, “Does a New Era of Ponzi Scheme Fraud Necessitate Heightened Regulation?”  Mr. Sher discussed proposals made by the Financial Industry Regulatory Authority (FINRA) to subject investment advisers such as hedge funds to greater regulation.  A transcript of testimony by FINRA’s chairman before Congress on this topic can be found here.

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