Generated by All in One SEO v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # Pastore A leader in corporate, litigation, and financial services law. ## Sitemaps - [XML Sitemap](https://www.pastore.net/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [5 Common Legal Claims: How RIAs Can Protect Themselves](https://www.pastore.net/5-common-legal-claims-how-rias-can-protect-themselves/) - As fiduciaries, Registered Investment Advisors (RIAs) must, at all times, serve the best interest of their clients and cannot place their own interests ahead of the interests of their clients. These obligations generally fall into two broad categories commonly referred to as the duty of care and duty of loyalty. The Duty of Care requires - [Pastore LLC Sponsors Digital Assets Connection 2023](https://www.pastore.net/pastore-llc-sponsors-digital-assets-connection-2023/) - Pastore LLC attended the Digital Assets Connection 2023 as a sponsor on June 7, 2023. This third iteration of the conference, which was formerly known as Crypto Connection, saw approximately 250 attendees, speakers, and sponsors join together for meaningful and innovative dialogue about the digital asset industry. Central topics included stablecoin and payment tokens, current - [Pastore LLC Succeeds Day Pitney LLP as Counsel in High Profile Private Equity Dispute Following Remand by the Connecticut Supreme Court](https://www.pastore.net/pastore-llc-succeeds-day-pitney-llp-as-counsel-in-high-profile-private-equity-dispute-following-remand-by-the-connecticut-supreme-court/) - Pastore LLC was recently retained by the plaintiff in a long-running dispute among members of a private equity firm. The case was initially filed in 2013 and resulted in a March 2018 jury verdict in plaintiff’s favor, with two appeals to the Connecticut Supreme Court following the jury trial. Pastore was retained to succeed Day - [Why Texas Is Becoming a Serious Rival to Delaware](https://www.pastore.net/why-texas-is-becoming-a-serious-rival-to-delaware/) - For nearly a century, “incorporate in Delaware” has been the reflexive advice given to American businesses, from Main Street startups to Fortune 500 giants. Delaware earned that position by having a specialized business court in the Court of Chancery, a deep bench of judges who do nothing but corporate law and a legislature that historically - [Pastore LLC Welcomes Its Summer Class](https://www.pastore.net/pastore-llc-welcomes-its-summer-class/) - Pastore LLC welcomes its 2026 Summer Class. The firm welcomes three Summer Associates and two Summer Law Interns. The Pastore Summer Associates are: Cyddni Smith, who has a degree from New York University in Economics, and is a second year at Pace University Elizabeth Haub School of Law. Darin Carlin, who has a degree from - [Pastore Attorney Tyler W. Rutherford Awarded the Rising Star Award](https://www.pastore.net/pastore-attorney-tyler-w-rutherfords-awarded-the-rising-star-award/) - Tyler W. Rutherford was recently awarded the Rising Star Award for the Private Sector at the 2026 Pace Haub Law Advocacy Program Gavel Gala. Mr. Rutherford is a proud graduate of Pace Law School and routinely gives back to the law school’s Advocacy Program. Mr. Rutherford regularly handles complex matters involving securities disputes, fiduciary duties - [Tyler W. Rutherford Admitted to the State Bar of Texas](https://www.pastore.net/tyler-w-rutherford-admitted-to-the-state-bar-of-texas/) - Pastore LLC is pleased to announce that Tyler W. Rutherford has been admitted to practice law in the State of Texas. This admission expands Mr. Rutherford’s multi-jurisdictional practice, which already includes Connecticut, New York, the U.S. District Court for the Southern District of New York, the U.S. District Court for the District of Connecticut, and - [Pastore LLC Represents Senior Vice President in Dispute With World’s Largest Asset Manager](https://www.pastore.net/pastore-llc-represents-senior-vice-president-in-dispute-with-worlds-largest-asset-manager/) - Pastore LLC recently represented a Senior Vice President of the world’s largest asset manager in an employment dispute involving senior managers involved with investor relations. Our attorneys worked closely with the client to navigate complex workplace dynamics, securities industry issues and engage in strategic negotiations with the employer. The matter involved the gathering of some - [Pastore LLC Ranked in Chambers USA New York Spotlight Guide 2026](https://www.pastore.net/pastore-llc-ranked-in-chambers-usa-new-york-spotlight-guide-2026/) - Pastore LLC has been ranked in Chambers USA New York Spotlight Guide 2026 and recognized as a leading small to medium-sized law firm offering a credible alternative to Big Law. Pastore LLC was selected based on an independent and in-depth market analysis, coupled with an assessment of the firm’s experience, expertise and caliber of talent. - [Pastore LLC Wins Unanimous Jury Verdict for Private Equity Investor](https://www.pastore.net/pastore-llc-wins-unanimous-jury-verdict-for-private-equity-investor/) - Pastore LLC represented a private equity investor and an active philanthropist in Greenwich based non-profits in a defamation case against a former candidate for the United States Senate and House of Representatives. After three weeks of jury selection and evidence, a jury in the Stamford Superior Court deliberated as to whether the defendant was liable - [Pastore Attorney Tyler W. Rutherford’s Article Published in the Westchester Lawyer](https://www.pastore.net/pastore-attorney-tyler-w-rutherfords-article-published-in-the-westchester-lawyer/) - Tyler W. Rutherford was recently published in the Westchester Lawyer, the journal of the Westchester County Bar Association. His article examines how Texas’s evolving financial and judicial infrastructure, including the TXSE, the Texas Business Court, and the NYSE’s expansion into Dallas, is reshaping the corporate law landscape traditionally dominated by Delaware. The article can be - [Pastore LLC Advises on $350 Million Notes Offering](https://www.pastore.net/pastore-llc-advises-on-350-million-notes-offering/) - Pastore LLC was retained by a national insurance broker in connection with a $350 million Notes offering by Bank of America. Pastore LLC served as counsel in Connecticut for the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as New York counsel. Cahill Gordon & Reindel LLP represented Bank of America. Pastore LLC delivered - [Connecticut Appellate Court Rules in Favor of Pastore LLC’s Hedge Fund Clients in Landmark Jury Trial Decision](https://www.pastore.net/connecticut-appellate-court-rules-in-favor-of-pastore-llcs-hedge-fund-clients-in-landmark-jury-trial-decision/) - In a complex dispute involving multimillion-dollar private equity investments and hedge fund ownership, the Connecticut Appellate Court ruled in favor of Pastore LLC clients over investors represented by Wiggin and Dana. The trial court consolidated two related actions and removed both cases from the jury docket just weeks before trial. Despite repeated filings including jury - [Pastore LLC Resolves Equity Dispute in Connection with Seven-Figure Company Sale](https://www.pastore.net/pastore-llc-resolves-equity-dispute-in-connection-with-seven-figure-company-sale/) - Pastore LLC recently secured a favorable settlement for a client involved in a partnership dispute regarding his equity in a Connecticut company he co-founded. The disagreement was resolved in connection with the seven-figure sale of the business. Our client’s interest in the company was challenged during the negotiation of the sale, prompting a dispute over - [Pastore LLC Obtains a $51M PJR Involving the Largest Real Estate Development in Westchester and a Greenwich Based Real Estate Developer](https://www.pastore.net/pastore-llc-obtains-a-51m-pjr-involving-the-largest-real-estate-development-in-westchester-and-a-greenwich-based-real-estate-developer/) - Pastore LLC on behalf of its client, a 49% shareholder in a development and construction management firm (the “Company”), together with Pullman & Comley, LLC, counsel for the Chapter 7 Trustee for the Company in the SDNY, obtained a Prejudgment Remedy authorizing the attachment of $51,215,793.42, which includes $1,500,000 in punitive damages. The claims involve - [Pastore LCC Claims Jury Trial Was Wrongfully Denied](https://www.pastore.net/pastore-lcc-claims-jury-trial-was-wrongfully-denied/) - Pastore LLC represents a co-founder of an investment firm in challenging a $10.4 million judgment in Connecticut superior court, arguing that the trial court improperly denied his right to a jury trial. The dispute centers on whether both parties had provided mutual written consent to a jury trial before the court unilaterally removed the case - [Pastore advises on purchase of 4 parcels of land in middle country Greenwich](https://www.pastore.net/pastore-advises-on-purchase-of-4-parcels-of-land-in-back-country-greenwich/) - Pastore LLC represented the purchasing entities on three parcels of land on North Street in Greenwich, which are contiguous with a pre-existing parcel. This allowed the purchasing entities to combine all four parcels. The transaction involved a sale by a real estate fund based in Connecticut and the equitable redemption of a strict foreclosure. Pastore - [Understanding the FTC’s New “Click-to-Cancel” Rule](https://www.pastore.net/understanding-the-ftcs-new-click-to-cancel-rule/) - The Federal Trade Commission’s newly finalized Click-to-Cancel rule, part of its amendment to the Negative Option Rule, significantly raises the bar for businesses offering subscriptions, memberships, and other recurring billing arrangements. The goal: eliminate the common barriers consumers face when trying to cancel ongoing charges. The rule goes into effect on May 14, 2025, and - [Pastore LLC Challenges SEC in High-Stakes Second Circuit Appeal](https://www.pastore.net/pastore-llc-challenges-sec-in-high-stakes-second-circuit-appeal/) - Pastore LLC represents the CEO of a technology company and the company before the Second Circuit in a high-stakes SEC enforcement appeal. The case challenges a Connecticut federal judge’s reliance on post-trial “new facts” to impose a $441,000 judgment, including disgorgement and civil penalties. Pastore, hired after Cozen O’Connor handled the trial, argued that the - [Lessons for Fitness Developers: Legal Roadblocks in Zoning and Land Use Disputes](https://www.pastore.net/lessons-for-fitness-developers-legal-roadblocks-in-zoning-and-land-use-disputes/) - The legal battle over a proposed Life Time Fitness facility in Stamford, Connecticut, offers critical lessons for fitness developers, gym owners, and investors navigating zoning laws and community resistance. The case, High Ridge Real Estate Owner, LLC v. Stamford Board of Representatives, underscores the legal roadblocks that can arise when trying to develop fitness facilities, - [Connecticut’s Amended Data Privacy Law: What Health Clubs Need to Know](https://www.pastore.net/connecticuts-amended-data-privacy-law-what-health-clubs-need-to-know/) - The Connecticut Data Privacy Act (CTDPA) has introduced new compliance requirements that impact fitness clubs, gyms, and wellness centers operating in the state. The law, which became effective on July 1, 2023, and was amended in October 2023, establishes strict consumer data protection rules, particularly for businesses that handle sensitive health information. For health clubs, - [Pastore Retained in Two Separate National Advisory Disputes](https://www.pastore.net/pastore-retained-in-two-separate-national-advisory-disputes/) - Pastore has been retained by partners at PwC and Grant Thornton in connection with disputes involving compliance work, Morgan Stanley, Citi Bank and other large financial institutions. Calling on Pastore’s broad depth of experience in corporate governance, securities compliance and technology law, Pastore has been selected to handle disputes that have connections to New York, - [Pennsylvania Jury Awards Plaintiff’s $29M in Fraudulent FINRA Filings Case](https://www.pastore.net/pennsylvania-jury-awards-plaintiffs-29m-in-fraudulent-finra-filings-case/) - In a significant ruling for the financial services industry, the Pennsylvania Superior Court ruled on a dispute involving allegedly defamatory regulatory filings by Bryan Advisory Services, LLC (“BAS”) against two financial advisors. This case raised a serious question as to whether courts, rather than FINRA, has the authority to preside over disputes involving FINRA registration - [Pastore Defeats Motion to Dismiss in AAA Arbitration](https://www.pastore.net/pastore-defeats-motion-to-dismiss-in-aaa-arbitration/) - In a multimillion dollar arbitration based in Chicago, Pastore successfully defeated a motion to dismiss that was brought by a large international accounting and advisory firm. The motion to dismiss sought to eliminate claims that were plead in equity and were outside the controlling Partnership Agreement. Pastore represents a former Principal of the large firm, - [ESG Data Assurance Requirements: 10 Steps to Prepare for the Legal Implications](https://www.pastore.net/esg-data-assurance-requirements-10-steps-to-prepare-for-the-legal-implications/) - Research shows a substantial percentage of companies are not prepared for the environmental, social and governance (ESG) data assurance requirements. Only 25% of companies feel they have the ESG policies, skills and systems in place to be ready for independent ESG data assurance. This is despite the fact that two-thirds of companies must disclose such - [How Connecticut NIL Agents Get Paid](https://www.pastore.net/how-connecticut-nil-agents-get-paid/) - With the rise of Name, Image, and Likeness (NIL) opportunities for student-athletes in Connecticut, the role of NIL agents has become increasingly important. These agents help athletes navigate endorsement deals, sponsorships, and other business ventures. However, many student-athletes and their families may wonder how NIL agents get paid in Connecticut and what rules govern these - [Pastore LLC Welcomes Summer Class](https://www.pastore.net/pastore-llc-welcomes-summer-class-2/) - On Wednesday, June 5th, Pastore LLC welcomed our summer class to the firm. Kacey Hartmann has returned to the office as a Summer Associate after starting with Pastore as a Law Clerk in January of 2024. She received her Bachelor of Science in Political Science at Auburn University in 2022 and recently finished her second - [Ripple Labs Inc. Ordered to Pay $125 Million for Unregistered Token Sales](https://www.pastore.net/ripple-labs-inc-ordered-to-pay-125-million-for-unregistered-token-sales/) - On August 7, SDNY Judge Analisa Torres ordered Ripple Labs Inc. (“Ripple”) to pay $125 million and enjoined Ripple from future violations of securities laws. This high-profile ruling addressed the SEC’s motion for remedies and entry of judgment on Ripple’s Section 5 violations, stemming from the 2020 lawsuit regarding unregistered sales of Ripple’s XRP token. - [Pastore Retained in Two New SEC Matters](https://www.pastore.net/pastore-retained-in-two-new-sec-matters/) - Pastore LLC has been retained in two separate SEC matters. One matter is an appeal to the Second Circuit arising from an SEC civil action that seeks disgorgement due to alleged false statements under 15 U.S.C. § 78u(d)(5). Another involves an SEC investigation into a publicly traded retail store. Pastore has a thriving securities practice - [Pastore Wins Jurisdictional Dispute in Corporate Governance Action](https://www.pastore.net/pastore-wins-jurisdictional-dispute-in-corporate-governance-action/) - Pastore has successfully obtained jurisdiction over the CEO of an national logistics company in a dispute between founders of the company. The CEO had previously claimed that service was improper over him in Connecticut and that there was no personal jurisdiction over him within the state despite owning property in Connecticut and the fact that - [Pastore Successfully Defends Client in SEC Inquiry: No Charges Brought](https://www.pastore.net/pastore-successfully-defends-client-in-sec-inquiry-no-charges-brought/) - Pastore LLC successfully persuaded the SEC not to bring charges against a former senior executive of a publicly traded national retail chain. Pastore represented the client throughout the SEC’s fact-finding inquiry into possible securities violation by the retail company. Pastore attorneys Paul May and Tyler Rutherford defended the SEC OTR in New York. At the - [Pastore Successfully Defends Grievance Complaint Arising From Algorithmic Securities Trading Platform](https://www.pastore.net/pastore-successfully-defends-grievance-complaint-arising-from-algorithmic-securities-trading-platform/) - Pastore LLC represented an attorney and hedge fund manager in a disciplinary hearing related an algorithmic securities trading platform and sophisticated investment transactions. The client was accused of fraud and breach of contract, resulting in arbitration before the American Arbitration Association. Following the arbitration, the matter was brought before the State Grievance Committee in Connecticut - [Tyler W. Rutherford appointed to the Securities Litigation Committee of the New York City Bar Association](https://www.pastore.net/tyler-w-rutherford-appointed-to-the-securities-litigation-committee-of-the-new-york-city-bar-association/) - Pastore LLC congratulates Tyler W. Rutherford on his recent appointment to the Securities Litigation Committee of the New York City Bar Association, where he will serve a three-year term alongside esteemed members of the Bar. He has been a frequent author on sophisticated securities related issues. - [Pastore Files Federal Complaint in AI Venture Capital Dispute](https://www.pastore.net/pastore-files-federal-complaint-in-ai-venture-capital-dispute/) - Pastore has been retained by the author of the leading text used at Harvard in the “Starting a Private Investment Firm” course to pursue business torts committed by his former AI Venture Capital Fund General Partner and its affiliated individuals. The defendants, spanning Colorado and Texas, are alleged to have purposefully manipulated the client to - [Legal Essentials for Fitness Influencers: Navigating the Complexities](https://www.pastore.net/legal-essentials-for-fitness-influencers-navigating-the-complexities/) - In the rapidly expanding world of fitness influencers, understanding and adhering to legal standards is crucial. As influencers transition from fitness enthusiasts to public figures, their legal needs become more intricate and vital to their continued success and brand integrity. Intellectual Property Rights. Fitness influencers often create unique workout routines, slogans, and branded content. Protecting - [Legal Challenges for Fitness Influencers](https://www.pastore.net/legal-challenges-for-fitness-influencers/) - As a fitness influencer, the journey to stardom on social media is as challenging as it is exciting. Understanding the legal landscape is crucial in safeguarding your interests and ensuring your career thrives amidst the dynamic demands of content creation and brand collaborations. Here are key insights to help you navigate these challenges: Understanding Contracts: - [Big Changes in Unemployment Benefits: What Connecticut Employers Need to Know](https://www.pastore.net/big-changes-in-unemployment-benefits-what-connecticut-employers-need-to-know/) - The unemployment and severance law landscape is constantly evolving. Connecticut's legislature recently passed Public Acts 21-200 and 22-67, aiming to enhance the financial stability of the Unemployment Insurance (UI) Trust Fund following the COVID-19 pandemic. Companies that operate in Connecticut should prioritize these changes, implemented on Jan. 1, 2024, as they profoundly impact employers and - [Digital Assets: A Brief Summary of the Current Legal Landscape](https://www.pastore.net/digital-assets-a-brief-summary-of-the-current-legal-landscape/) - Since Bitcoin’s creation in 2009, cryptocurrency and digital assets have skyrocketed in both popularity and value. Today, the global cryptocurrency market cap is roughly $2.78 Trillion.[1] This quick growth has led to people and entities attempting to fraudulently enter the market and perform illegal activities under the guise of a mysterious new asset class. As - [Pastore LLC Wins Motion to Remand in SDNY Involving Largest Real Estate Development in Westchester](https://www.pastore.net/pastore-llc-wins-motion-to-remand-in-sdny-involving-largest-real-estate-development-in-westchester/) - Pastore LLC, along with Davidoff Hutcher & Citron LLP and Levitt LLP, moved to remand an Adversary Proceeding originally pending in the Complex Litigation Docket in the Connecticut Superior Court in Stamford. Although the case was pulled from the docket by the original bankruptcy filing, a SDNY bankruptcy judge ordered it returned for “equitable” remand. - [Resolving Partnership Disputes in the Fitness Industry](https://www.pastore.net/resolving-partnership-disputes-in-the-fitness-industry/) - In the dynamic fitness industry, partnership disputes can emerge from differences in business vision, management styles, or financial expectations. Effectively resolving these disputes is critical for maintaining the operational health of any fitness business. Here’s how disputes can be navigated through legal strategies: Negotiating Operating Agreements and Shareholder Agreements The foundation for preventing and resolving - [Pastore Attorney Tyler W. Rutherford Quoted By Slate Concerning Sam Bankman-Fried’s Trial](https://www.pastore.net/pastore-attorney-tyler-w-rutherford-quoted-by-slate-concerning-sam-bankman-frieds-trial/) - Tyler W. Rutherford was recently interviewed and quoted in Slate Magazine’s recent breaking news article about the Sam Bankman-Fried’s criminal trial in the Southern District of New York. The article can be accessed here. Sam Bankman-Fried is the former CEO and Founder of FTX, which was previously one of the largest cryptocurrency exchanges in the - [Preparing for the Impending AI Regulations: A Legal View](https://www.pastore.net/preparing-for-the-impending-ai-regulations-a-legal-view/) - Due to artificial intelligence’s (AI) significant impact on business operations, companies must stay informed on evolving data privacy and transparency regulations. Recent research shows a steady increase in global AI adoption, with 35% of companies incorporating AI into their operations and another 42% considering it. Furthermore, 44% of organizations strive to integrate AI into their existing - [Navigating the New Frontier: The Rise of NIL Collectives in College Sports](https://www.pastore.net/navigating-the-new-frontier-the-rise-of-nil-collectives-in-college-sports/) - The landscape of college athletics has undergone a seismic shift with the introduction of Name, Image, and Likeness (NIL) rights, granting college athletes the unprecedented ability to profit from their personal brands. Amidst this transformation, a new concept has emerged at the forefront of the NIL era: NIL collectives. These entities, often formed by universities, - [Pastore Retained in Multi-Million Dollar Dispute Over Private Jet Fleet](https://www.pastore.net/pastore-retained-in-multi-million-dollar-dispute-over-private-jet-fleet/) - Pastore was retained by a billionaire and his company in connection with a dispute over the maintenance and ownership of a fleet of private jets. The new action, filed in Federal Court in Connecticut, involves Wheels Up and Delta Airlines and alleges breach of contract and unfair trade practices concerning N79B aircraft. - [Are Your Website Terms of Service & Privacy Policies Enforceable? Turns out not as much as you might think.](https://www.pastore.net/are-your-website-terms-of-service-privacy-policies-enforceable-turns-out-not-as-much-as-you-might-think/) - In late January, the N.D. of California (Chen J.) rendered a decision that may have wide impact on the enforceability of Website Terms of Service across the Internet and Metaverse. Does this sound the death knell for “informed” click-through consent to either terms of use or data privacy policies? It very well may….and a close - [Key Regulations Concerning NIL Deals](https://www.pastore.net/key-regulations-concerning-nil-deals/) - Since the NCAA's policy change in 2021 allowing college athletes to profit from their Name, Image, and Likeness (NIL), both states and schools have scrambled to adopt regulations to govern these deals. While specific rules can vary widely depending on the jurisdiction and institution, several key regulations have emerged as common themes across the country. - [Navigating the New Cybersecurity Rules: What Companies Need to Know](https://www.pastore.net/navigating-the-new-cybersecurity-rules-what-companies-need-to-know/) - Public companies must report their cybersecurity risk management, governance and strategy on their annual filings for fiscal years ending on or after Dec. 15, 2023, to comply with the recently imposed Securities and Exchange Commission (SEC) rules. In the U.S., almost all publicly traded companies with a focus on consumers and a large number of - [What Standard of Care Applies When Engaged in Fitness Activities?](https://www.pastore.net/what-standard-of-care-applies-when-engaged-in-fitness-activities/) - The fitness industry, while promoting health and wellness, is not immune to legal challenges. Businesses in this sector, particularly in states like Connecticut, need to be vigilant about potential litigation, especially concerning negligence and contract breaches. This article aims to guide fitness facility operators on how to mitigate these risks, incorporating real case examples and - [7 Myths About Contesting Election Night Outcomes in Connecticut](https://www.pastore.net/7-myths-about-contesting-election-night-outcomes-in-connecticut/) - It’s rare, but it happens. And sure enough, it did recently in Bridgeport, Conn.: a court-ordered redo of a mayoral election after allegations of misconduct that led state legislators to consider changes to the voting system. Like all states, Connecticut has strict laws regarding elections—and even more stringent laws for contesting election night outcomes. Yet, - [Personal Financial Data Rights Rule: Strategies for Financial Institutions](https://www.pastore.net/personal-financial-data-right-rule-strategies-for-financial-institutions/) - Financial institutions are vulnerable to the complex and dynamic regulatory landscape. Forty-two percent of organizations cited facing regulatory issues and compliance changes within the next 2-5 years as a top challenge. Financial institutions must be adaptable and remain informed on the latest industry regulations to operate effectively. An example is the new Personal Financial Data - [Understanding the Legal Landscape and Navigating Challenges](https://www.pastore.net/understanding-the-legal-landscape-and-navigating-challenges/) - Mid-sized businesses, often viewed as the backbone of many economies, enjoy several advantages due to their scale and flexibility. However, their position in the marketplace can also make them susceptible to various legal challenges. Understanding the landscape of business litigation can be instrumental in helping these enterprises prepare for, respond to, and navigate legal disputes. - [Understanding Connecticut's Legal Landscape for Health and Fitness Businesses](https://www.pastore.net/understanding-connecticuts-legal-landscape-for-health-and-fitness-businesses/) - Introduction The health and fitness sector is a rapidly growing industry, particularly in Connecticut, where there's a burgeoning market for everything from gyms and yoga studios to dietary supplements. However, this growth comes with its share of legal complexities, often specific to the state of Connecticut. At Pastore LLC, we offer specialized legal services in - [Beyond Privacy Consent: How ‘Delete Act’ Changes Game for Companies](https://www.pastore.net/beyond-privacy-consent-how-delete-act-changes-game-for-companies/) - Companies provide data privacy consent to consumers as part of a “safe harbor” practice, but time may be running out. After all, the common ritual of privacy consent is flawed. Let’s say a consumer goes online and wants access to some information on your company’s website. Up pops a window with a privacy consent form - [Managing Legal Issues in the Health and Fitness Industry](https://www.pastore.net/navigating-legal-challenges-in-the-health-and-fitness-industry/) - The health and fitness industry is booming, driven by a collective focus on well-being, technology advancements, and an increasingly health-conscious consumer base. However, this growth often brings a complex landscape of legal challenges that mid-sized companies need to navigate. At Pastore LLC, we specialize in both corporate litigation and transactional matters, and we're here to - [Appellate Attorneys Increase ROI](https://www.pastore.net/appellate-attorneys-increase-roi/) - Many think of appellate attorneys only after a court case has been won or lost at the trial level, but ensuring from the start that your trial team includes an attorney with strong appellate expertise can translate into real savings for your bottom line. Hiring an attorney with deep appellate experience protects the investment you - [Why Looming Crypto Lull Will End](https://www.pastore.net/why-looming-crypto-lull-will-end/) - Crypto will reach its potential in the next two years. For those who may think that is a long time, remember that this burgeoning digital asset industry has percolated in the background since the first block of bitcoin was mined in 2009. For those who may think that it is way too soon amid today’s - [Connecticut State Court Reduces Award by More than Half in Alternative Investment Hedge Fund Dispute](https://www.pastore.net/connecticut-state-court-reduces-award-by-more-than-half-in-alternative-investment-hedge-fund-dispute/) - In a hotly contested alternative investment hedge fund dispute involving a billionaire family office, the Connecticut Complex Litigation Court recently reduced an award after trial by more than half. In a motion to modify, Pastore LLC argued that requiring their clients to pay this amount plus interest would be excessive, due to a settlement payment - [4 Legal Insights: How to Fund a Crypto Startup](https://www.pastore.net/4-legal-insights-how-to-fund-a-crypto-startup/) - The most recent cryptocurrency winter has ended, and the next bullish cycle has begun. But not everything has been forgotten. The government may attempt to regulate this burgeoning industry through the courts, as more tokens, exchanges and venture capital firms fail to pass muster. The short list of collapses in 2022—BlockFi, Three Arrows Capital, Celsius - [S.D.N.Y. Issues Ruling Regarding Cryptocurrency Regulation – The Ripple Effect](https://www.pastore.net/s-d-n-y-issues-ruling-regarding-cryptocurrency-regulation-the-ripple-effect/) - The U.S. District Court for the Southern District of New York recently issued a significant ruling regarding cryptocurrency regulation. In 2020, the U.S. Securities and Exchange Commission (the “SEC”) sued Ripple and two executives concerning Ripple’s XRP token and the sale thereof. The SEC alleged the XRP token was an unregistered security; thus, their sales - [7 Questions to Ask Potential Business Partners About the Firm](https://www.pastore.net/7-questions-to-ask-potential-business-partners-about-the-firm/) - Business partnerships can be very successful when they work. These alliances are utilized to monetize relationships that bring in top-line revenue. They can also serve as a catalyst for more opportunities that will lead to top and bottom lines. Almost half (44%) of companies create alliances for new ideas, according to BPI Network. Harvard Business - [12 Questions to Ask Potential Business Partners About Themselves](https://www.pastore.net/12-questions-to-ask-potential-business-partners-about-themselves/) - Business is another word for relationship. And that is where things get interesting. Like marriages, many business partnerships fail. To compound matters, there is also a greater likelihood that it will end in a legal proceeding. As an executive, how can you sidestep both negative outcomes? Well, you can start by selecting better business partners. - [How to Break Impasse With 50/50 Business Partnership](https://www.pastore.net/how-to-break-impasse-with-50-50-business-partnership-2/) - Most business partnerships don’t last. Harvard Business Review says the fail rate for corporate alliances ranges in the 60% to 70% neighborhood. So, would a 50/50 business partnership improve your odds? Maybe. Fewer “voices” could make things easier or more challenging. The reasons for the breakup, regardless of the number of partners, have remained consistent - [Business Partnerships: How to Improve Odds of Survival?](https://www.pastore.net/how-to-break-impasse-with-50-50-business-partnership/) - Whether it involves two parties or more, a business partnership has followed a certain convention of thought for decades. Start with a comprehensive business plan and a business partnership agreement with clear, understandable metrics that capture the sense of accomplishment for your alliance. Systems and procedures should be part of the overall structure built for - [3 Keys to Launching Legal Cryptocurrency ICO](https://www.pastore.net/3-keys-to-launching-legal-cryptocurrency-ico/) - Money is going digital. In 2013, you could count the number of active cryptocurrency coins on both hands. Today, there are 8,832 active coins and tokens, according to CoinMarketCap. Launching a successful Initial Coin Offering (ICO) continues to be the main mechanism for bringing these digital assets to the marketplace. In cryptocurrency, an ICO is - [The Howey Test: Would Your Crypto Offering Pass or Fail?](https://www.pastore.net/the-howey-test-would-your-crypto-offering-pass-or-fail/) - Before you launch your next crypto token, you should see if you can pass the test. It is not the smell test with investment bankers. The Howey test will help you understand if your crypto is one of many digital securities which would present more legal responsibilities, such as disclosure and registration requirements. The U.S. - [7 Ways to Align Executive Pay with Dodd-Frank](https://www.pastore.net/7-ways-to-align-executive-pay-with-dodd-frank/) - Connecting executive compensation with financial performance took a while to implement—and it wasn’t easy. Toward the end of last year, the U.S. Securities and Exchange Commission voted 3-2 to accept the “clawback” rules, which are intended to discourage senior leadership from making risky corporate decisions for short-term gain, resulting in restated financial statements. In short, - [6 Ways to End Partnership Disputes](https://www.pastore.net/6-ways-to-end-partnership-disputes/) - Business partnerships are not always meant to last. And that includes the successful ones. Countless reports pin the fail rate at around 70% in the first year. A lack of a detailed partnership agreement upfront usually plays a role. Some partners want to work on the business, while others may want to work in the - [5 Reasons Why Your Non-Compete Agreement Doesn’t Work](https://www.pastore.net/5-reasons-why-your-non-compete-agreement-doesnt-work/) - The Federal Trade Commission is considering making non-compete agreements a federal issue by banning them. According to research, one in five employees have a non-compete, which is about 30 million Americans. The FTC claims a ban would lead to better job opportunities and increase wages by $300 billion a year. Companies would have to find - [5 Reasons Why Business Partnerships Fail](https://www.pastore.net/5-reasons-why-business-partnerships-fail/) - William Proctor and James Gamble figured out how to do it in 1837. Ben Cohen and Jerry Greenfield found out that success could be sweet in 1978. Larry Page and Sergey Brin started their own brand of digital domination in 1998 before most knew what they were talking about. Today’s stock market is filled with - [Pastore represents leading New York University in Investment Contract](https://www.pastore.net/pastore-represents-leading-new-york-university-in-investment-contract/) - Pastore advised a well-known New York public college foundation with respect to the endowment investments totaling in excess of $100 million. Pastore advised the university foundation on a new investment management agreement with Bank of America, and helped them negotiate a more balanced contract for both parties involved. - [Stock Options: What Corporate Execs Should Know About Amended Rule 10b5(1)](https://www.pastore.net/stock-options-what-corporate-execs-should-know-about-amended-rule-10b51/) - Corporate executives and other “insiders” are forbidden from trading on material, non-public information. When it comes to stock options, every public filing and formal announcement from a publicly traded firm comes with a blackout period for “insiders.” So, how can executives realize their earned gains without the threat of insider trading? The U.S. Securities and Exchange - [How to Use Specific Allocation Cost Basis to Manage Capital Gains Taxes on Cryptocurrency Gains](https://www.pastore.net/how-to-use-specific-allocation-cost-basis-to-manage-capital-gains-taxes-on-cryptocurrency-gains/) - The cryptocurrency reporting rules have changed but compliance requirements have not been made any clearer. The recent changes in the tax reporting requirements have left crypto platforms, brokers, and traders with minimal guidance and exposed buyers and sellers to a potential tax trap. This note illustrates a process by which taxpayers who engage in virtual - [Pastore LLC Welcomes Summer Class](https://www.pastore.net/pastore-llc-welcomes-summer-class/) - On Thursday, May 18th, Pastore LLC welcomed our summer class to the firm. Garrett Borden has returned to the office as a Summer Associate. He started with Pastore as a Law Clerk in January of 2023. He took a break for his finals at Quinnipiac University School of Law and to relocate to New Haven, - [3 Ways Crypto Prepares for Looming Regulation](https://www.pastore.net/3-ways-crypto-prepares-for-looming-regulation/) - Uncle Sam is taking “internet money” seriously. As a result, elected officials are spending more time talking about crypto. Do you know what that means? Regulation will follow the buzz. In an interview with Yahoo!, U.S. Rep. Jim Himes (D-Conn.) characterized the current crypto climate as a showdown with Securities Exchange Commission Chairman Gary Gensler: - [Business Tax Records Here’s The Why and How of Documenting Shareholder Loans](https://www.pastore.net/business-tax-records-heres-the-why-and-how-of-documenting-shareholder-loans/) - Generally, the IRS accepts a taxpayer’s statement of taxable income simply by matching the taxpayer’s declarations in the return with the third party information the IRS has on file. Once that taxpayer is operating a business, however evaluation of the taxpayer’s income and expenses is largely on the honor system. That is, unless and until - [Pastore LLC Counsel in Large SDNY Bankruptcy Case Involving Multi-Billion Dollar Development, the Largest in Westchester County History](https://www.pastore.net/pastore-llc-counsel-in-large-bankruptcy-case-involving-multi-billion-dollar-development-the-largest-in-westchester-county-history-and-another-development-which-is-the-most-expensive-per-square-feet/) - Pastore LLC has been tapped as counsel in two related bankruptcy matters in the Southern District of New York (formerly presided over by Judge Drain, who also presided over the Purdue Pharma Bankruptcy). The first matter involved a residential development in Bronxville, New York that is the most expensive per square foot development in Westchester. - [A Track Record of Success: Pastore LLC has Successfully Argued Financial Services Appeals Before Second Circuit, Third Circuit and Eighth Circuit](https://www.pastore.net/a-track-record-of-success-pastore-llc-has-successfully-argued-financial-services-appeals-before-second-circuit-third-circuit-and-eighth-circuit/) - The Second Circuit affirmed a jury verdict obtained by Pastore in a federal securities fraud case. This concluded a contentious, multi-year litigation, defeating claims of fraudulent inducement and securities fraud brought against two hedge fund executives by a billionaire family office special purpose investment vehicle. The billionaire family office, the heirs to and founders of a - [SEC Proposes Two New Cybersecurity Regulations](https://www.pastore.net/sec-proposes-two-new-cybersecurity-regulations/) - What You Need to Know Summary of New Proposed Rule 10 Proposed Rule 10 would require all Market Entities (everyone but small broker-dealers) – referred to in the Rule as Covered Entities - to adopt written policies and procedures to address cybersecurity risks. These written policies and procedures must include the following: Periodic - [Regulation Could Pave the Way for Blockchain Settlement of Securities Transactions](https://www.pastore.net/regulation-could-pave-the-way-for-blockchain-settlement-of-securities-transactions/) - While the U.S. ponders crypto and blockchain regulation, large institutional investors are building the infrastructure necessary to handle the possible private and sub-chain transaction methods likely coming with Web 3.0. Legislation is desperately needed to give certainty to entrepreneurs and large institutions planning for the block sub-chain and to the crypto industry generally. One likely - [Pastore represents founder of only Private Mountain Ski Club on the East Coast in Federal Court Settlement](https://www.pastore.net/pastore-represents-founder-of-only-private-mountain-ski-club-on-the-east-coast-in-federal-court-settlement/) - Pastore LLC represented the founder of the only Private Mountain Ski Club on the East Coast in connection with a dispute in Federal Court. The Club, which is the East Coast version of the Yellowstone Club, is located in southern Vermont. The dispute centered around UCC Article 9 and the complex assignment of interests in - [SEC Examination Priorities 2023 Review](https://www.pastore.net/sec-examination-priorities-2023-review/) - The SEC’s Division of Examinations (“EXAMS”) has published its priorities for 2023. EXAMS is responsible for overseeing registered investment advisers, exempt reporting advisers, broker-dealers and other SEC-regulated entities. Understanding the publication will help examined practitioners prepare themselves for the future and avoid unexpected noncompliance. EXAMS articulated the priorities to promote their four primary goals: (1) - [Pastore Represents Alternative Investment Hedge Fund Founders](https://www.pastore.net/pastore-represents-alternative-investment-hedge-fund-founders/) - Pastore LLC represents two founders of a Greenwich based hedge fund in connection with investments into the GP and interference with their relationship with a large capital source. The case is scheduled for a jury trial on March 6th, 2023. - [Pastore Advises Private Equity Fund in Connection with Continuing Proceedings as a Result of $1 Billion Portfolio Sale](https://www.pastore.net/pastore-advises-private-equity-fund-in-connection-with-continuing-proceedings-as-a-result-of-1-billion-portfolio-sale/) - Pastore LLC continues to advise a large private equity general partner in connection with the sale by one of its sub funds of a substantial portion of its automotive dealership portfolio. Pastore LLC has advised the client on multiple issues with the sale, and most recently, on escrow issues arising from state regulatory matters as - [M&A Success: 4 Ways Companies Sidestep Regulatory, Emotional Challenges](https://www.pastore.net/ma-success-4-ways-companies-sidestep-regulatory-emotional-challenges/) - On paper, mergers and acquisitions look thrilling. Diversification. Expansion. Cost savings and larger margins—in less time with fewer dollars. The promise of M&A can be intoxicating. But here’s a sobering thought: 70% to 90% of mergers fail, according to the Harvard Business Review. For enterprise companies, regulatory hurdles can knock down the pending merger. Reuters - [Pastore Overcomes Summary Judgment Motion in Multi-Million Dollar Greenwich Hedge Fund Dispute](https://www.pastore.net/pastore-overcomes-summary-judgment-motion-in-multi-million-dollar-greenwich-hedge-fund-dispute/) - Earlier this month, Pastore successfully defended former hedge fund manager’s claims of unfair trade practices against investment vehicles established by heirs to a multi-billion dollar national retail company. Hon. Sheila Ozalis, presiding over the Stamford, CT Complex Litigation Docket, held that genuine issues of material fact exist as to whether defendants’ conduct was unfair and/or - [Pastore Alum Susan Bysiewicz Sworn in for Second Term as Connecticut LT. Governor](https://www.pastore.net/pastore-alum-susan-bysiewicz-sworn-in-for-second-term-on-lt-governor/) - Susan Bysiewicz, the former Secretary of State for the state of Connecticut, was a partner with Pastore (then Pastore & Dailey) for several years, running the firm’s office in Glastonbury, CT. She left to run for Governor, and has been elected now to her second term as Lt. Governor. While at the Firm, Ms. Bysiewicz - [How the SEC’s New Marketing Rule Affects Investment Advisors’ Advertising Awards and Third-Party Ratings](https://www.pastore.net/how-the-secs-new-marketing-rule-affects-investment-advisors-advertising-awards-and-third-party-ratings/) - On December 22, 2020, the Securities and Exchange Commission (“SEC”) announced new rules regarding advertising and marketing for investment advisors.[1] The SEC passed the new rules to synthesize and modernize their “Advertising Rule” and “Cash Solicitation Rule” into a new, singular rule designed to regulate investment advisers’ marketing communications.[2] This new rule, 206(4)-1, also known - [Pastore Negotiates Top Executive’s Separation from Publically Traded Boston Based Bio Tech Company](https://www.pastore.net/pastore-negotiates-top-executives-separation-from-boston-based-bio-tech-organization/) - Pastore LLC successfully negotiated the separation of C-suite executive from a publically traded Boston based bio-tech company. Key issues involved the vesting of stock options and related plan documents, adherence to Rule 144 in the disposition of stock and the scope of non-competition agreements under Delaware law. - [FTX’s Bankruptcy Shines Light on Selling Trade Claims](https://www.pastore.net/ftxs-bankruptcy-shines-light-on-selling-trade-claims/) - In the wake of FTX’s downfall and bankruptcy filing, more crypto companies are expected to file for bankruptcy.[1] With a tumultuous year in the crypto world, creditors have been left with billions of dollars worth of claims. Unfortunately, bankruptcy proceedings can take years to resolve, thus leaving a creditor in a state of limbo and - [Pastore Defeats Motion to Compel Arbitration](https://www.pastore.net/pastore-defeats-motion-to-compel-arbitration/) - In a decision issued November 9, 2022, the Connecticut Superior Court upheld Pastore’s position against a nationally recognized broker-dealer, holding that a FINRA arbitration provision agreed to by one’s parent does not bind a person that seeks to invalidate that very agreement. As the Court stated, plaintiff’s claims “are personal to her based on alleged - [Opportunity for U.S. Backed Digital Currency](https://www.pastore.net/opportunity-for-u-s-backed-digital-currency/) - Cryptocurrency (“Crypto”) is an easily accessible digital asset used for financial transactions.[1] Crypto has become a source of payment on virtual platforms and utilizes blockchain technology.[2] While digital transactions eliminate the need for intermediaries such as banks, credit card companies, or third-party payment processors, it is an unregulated and volatile field.[3] The recent events with - [Pastore partner recieves recognition by the American Lawyer and Martindale-Hubbell](https://www.pastore.net/pastore-partner-recieves-recognition-by-the-american-lawyer-and-martindale-hubbell-2/) - Joseph Pastore, the chairman of Pastore LLC, has been named a 2023 Top Rate litigator nationally by the American Lawyer and has received recognition as 2023 AV Preeminent from Martindale- Hubbell. Both publications evaluate attorneys from around the country using independent criteria. - [SEC Proposes Change to Cybersecurity Reporting Requirements for Public Companies](https://www.pastore.net/sec-proposed-cybersecurity-rule-changes/) - With the threat of irrevocable reputational harm and damage to consumer trust brought on by data breaches to public companies, the United States Security and Exchange Commission (“SEC”) recently proposed new cybersecurity reporting requirements. In March, SEC Chair Gary Gensler noted these new amendments will, “strengthen investors’ ability to evaluate public companies' cybersecurity practices and - [SEC ad rule may affect use of interactive analysis tools](https://www.pastore.net/sec-ad-rule-may-affect-use-of-interactive-analysis-tools/) - The new SEC advertising rule 206(4)-1 addresses the use of “interactive analysis tools” commonly used by investment advisers. In a recent article appearing in Regulatory Compliance Watch, Pastore associate attorney Paul Fenaroli weighs in on how this rule may affect the way advisers use these tools with their clients. Read the article here Source: Regulatory - [Pastore’s Managing Partner Leads Discussion with Congressman Jim Himes](https://www.pastore.net/pastores-managing-partner-leads-discussion-with-congressman-jim-himes/) - On September 23, the Connecticut Crypto Forum (the “Forum”) held an event at the University of Connecticut at Stamford. The Forum connects large and sophisticated capital pools with leading players and thinkers across the crypto, defi and Web 3.0 markets to strengthen investor knowledge, understanding and skill. Pastore LLC is proudly a Founder and Sponsor - [New York State Department of Financial Services Issues Consent Order Against Robinhood Crypto, LLC](https://www.pastore.net/new-york-state-department-of-financial-services-issues-consent-order-against-robinhood-crypto-llc/) - As interest in cryptocurrencies (“crypto”) continues to rise, businesses and investors are left wondering what regulations they must follow. While a broad regulatory framework is still nonexistent for the crypto industry, the New York State Department of Financial Services (“DFS”) recently imposed a $30 million fine on Robinhood Crypto, LLC (“Robinhood”), a wholly-owned crypto trading - [Will Delaware Order Elon Musk to Perform?](https://www.pastore.net/will-delaware-order-elon-musk-to-perform/) - Tech giant Elon Musk (“Musk”) has been making headlines recently for announcing the termination of his agreement to purchase the popular social media platform, Twitter, Inc. (“Twitter”). In a court filing on July 12, 2022, Twitter accused Musk of breaching an agreement to buy Twitter for $44 billion.[1] Musk and his lawyers have asserted that - [Pastore LLC Represents Investment Bank Before Third Circuit](https://www.pastore.net/pastore-llc-represents-invest-bank-before-third-circuit/) - Pastore LLC represented one of the Nation’s largest investment banks before the Third Circuit on a case involving the scope of a bankruptcy court’s subject matter jurisdiction. White & Case represented an issuer of private debt, arguing that bankruptcy court subject matter jurisdiction extends to disputes involving a reorganized debtor. Law 360 has issued several - [The Modernized Marketing Rule for Financial Advisers](https://www.pastore.net/the-modernized-marketing-rule-for-financial-advisers/) - On November 4, 2022, compliance with the amendments to the advertising and cash solicitation rules in Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Marketing Rule), which the Commission issued on December 22, 2020 will become mandatory. Since the advertising and cash solicitation rules were adopted (Rule 206(4)-1 in 1961 and Rule 206(4)-3 in - [Is the SEC kicking Crypto when it is down?](https://www.pastore.net/is-the-sec-kicking-crypto-when-it-is-down/) - Coinbase Global Inc. (“Coinbase”) is facing an SEC probe into whether it improperly allowed trading of digital assets that should have been registered as securities. Although there have been several court rulings and position statements by the SEC regarding digital assets, it has not halted the trading on crypto exchanges. While the SEC scrutiny of - [Pastore Sponsors Connecticut Crypto Forum](https://www.pastore.net/pastore-sponsors-connecticut-crypto-forum/) - The Connecticut Crypto Forum has recently been created to advance education and knowledge in this new asset class. The forum will connect large and sophisticated capital pools with leading players and thinkers across the crypto, delfi, and Web 3.0 market to strengthen investor knowledge, understanding, and skill. The mission of the forum is to build - [Pastore Calculates RAUM of over $1 Billion for Registered Investment Advisor](https://www.pastore.net/pastore-calculates-raum-of-over-1-billion-for-registered-investment-advisor/) - This past month, Pastore LLC assisted a registered investment advisor (RIA) with the filing of its Form ADV. In connection therewith the firm assisted the RIA in its calculation of regulated assets under management (RAUM), which totaled over $1 billion. The Securities and Exchange Commission (SEC) uses RAUM as its measurement of assets for registration - [Is Cryptocurrency Regulation here yet?](https://www.pastore.net/is-cryptocurrency-regulation-here-yet/) - Is Regulation here yet? The Evolving State of Case Law and the Appropriate Characterization of Crypto as a Security or Not. For some investors, part of the appeal of tokenized assets is that the sector has been able to dodge regulations from institutions like the U.S. Securities and Exchange Commission (“SEC”), the U.S. Department of - [Pastore Cybersecurity Client Defeats Travelers Insurance in Connection with Refusal to Honor Insurance Policies](https://www.pastore.net/pastore-cybersecurity-client-defeats-travelers-insurance-in-connection-with-refusal-to-honor-insurance-policies/) - On June 3, 2022, Pastore LLC won an important motion against Travelers Insurance and several of its affiliates. Pastore LLC is representing a company that provides cybersecurity education that brought an action against its insurance provider for its failure to defend it in a regulatory action, as specified by its insurance policy. Pastore worked to - [Pastore Argues Against White & Case in $650MM Financial Services Case Before Third Circuit](https://www.pastore.net/pastore-argues-against-white-case-in-650mm-financial-services-case-before-third-circuit-2/) - Arising from a $650 Million financing dispute, Pastore LLC, representing a large national investment bank, argued at the Third Circuit on September 29th. The argument was in person in Philadelphia. Pastore LLC has brought a FINRA arbitration to collect the investment banking fee. White & Case had sought to enjoin the securities arbitration in the - [Pastore LLC Welcomes Senior Counsel and Summer Class](https://www.pastore.net/pastore-llc-welcomes-senior-counsel-and-summer-class/) - On Tuesday, May 31st, Pastore LLC welcomed senior counsel and our summer class to the firm. Pastore LLC is pleased to welcome Robert Knight as Senior Counsel. Mr. Knight has a wide range of legal experience. Bob was an elected official Municipal Judge serving two four-year terms. Indiana US Senator Richard Lugar, then Mayor of - [Weighing the Carbon Footprint of Cryptocurrency](https://www.pastore.net/weighing-the-carbon-footprint-of-cryptocurrency/) - Cryptocurrency (“Crypto”) is a virtual form of currency that functions through a decentralized system to record transactions and uses encryption, rather than an entity such as a bank, to verify transactions.[1] Crypto’s first mark on the digital world was in 2009 through Bitcoin, which remains the best-known form of Crypto today.[2] Crypto is created through - [S.D.N.Y. Grants Pastore’s Motion for Alternative Service Against International Cryptocurrency Corporation](https://www.pastore.net/s-d-n-y-grants-pastores-motion-for-alternative-service-against-international-cryptocurrency-corporation/) - Pastore LLC represents a financial services company in a cryptocurrency contract dispute with a Uruguay joint-stock company with its principal place of business in Sao Paulo, Brazil. In an effort to effectuate service of process against the Uruguayan company, Pastore LLC filed a Motion for Alternative Service with the United States District Court for the - [Tokenized Assets: What are They and how are They Regulated?](https://www.pastore.net/tokenized-assets-what-are-they-and-how-are-they-regulated/) - As the decentralized world of blockchain continues to grow, tokenized assets have caught the eye of investors and regulators alike. Tokenized assets may be fungible or non-fungible. Fungible tokenized assets are interchangeable and indistinguishable such as Bitcoin and other cryptocurrencies (“Crypto”). Non-fungible tokens (“NFTs”) are unique tokens that are non-divisible and cannot be replaced because - [Congratulations to Joseph M. Pastore III, Recipient of the 2022 AV Preeminent Rating Award](https://www.pastore.net/congratulations-to-joseph-m-pastore-iii-recipient-of-the-2022-av-preeminent-rating-award/) - Pastore LLC proudly announces that for the 12th consecutive year, Martindale-Avvo has awarded the 2022 AV Preeminent Rating to Managing Partner, Joseph M. Pastore III. This honor is the highest possible rating in both legal ability, and ethical standards a practicing attorney can receive. Mr. Pastore has received this honorable award resulting from his dedication - [International, Alternative Methods of Service in a Modern, Mid-Pandemic Society](https://www.pastore.net/international-alternative-methods-of-service-in-a-modern-mid-pandemic-society/) - The Federal Rules of Civil Procedure (the “FRCP”) provide the common process in which an individual may serve another party. The FRCP provides means to achieve proper service of process of an individual located outside of the United States, which differs from serving a national defendant. The FRCP allows a party, in serving an international - [Joseph M. Pastore III, 2022 New York Metro Super Lawyer](https://www.pastore.net/joseph-m-pastore-iii-2022-new-york-metro-super-lawyer/) - Pastore LLC proudly announces Managing Partner, Joseph M. Pastore III has been acknolwedged on the 2022 New York Metro Super Lawyer List. Mr. Pastore has duly earned this award for his outstanding legal work. - [Pastore Files Appeal in New York’s First Department Appellate Division](https://www.pastore.net/pastore-files-appeal-in-new-yorks-first-department-appellate-division/) - Recently, Pastore LLC perfected its appeal in New York’s First Department Appellate Division. Pastore LLC represents a celebrity chef in the matter, which involves a contract dispute dealing with election of remedies issues. The chef is well known and has high-end restaurants in New York and Las Vegas, and the issue in the case involves - [Examiner’s Report Supports Pastore’s Client’s Claims Involving a High-End Westchester Development](https://www.pastore.net/examiners-report-supports-pastores-clients-claims-involving-a-high-end-westchester-development/) - Pastore LLC represents a large creditor and owner of a construction management company in a bankruptcy matter in the Southern District of New York where a billionaire filed bankruptcy to avoid liability to his business partner, Pastore LLC’s client, concerning high-end developments in Westchester and Connecticut. Pastore LLC with co-counsel made a motion to have - [Pastore Brings Claims to Thwart Violations of Securities Laws by Broker-Dealers](https://www.pastore.net/pastore-brings-claims-to-thwart-violations-of-securities-laws-by-broker-dealers/) - Pastore LLC has brought claims to thwart violations of securities laws by broker-dealers to funnel money away from a rightful beneficiary to a wrongdoer. The scheme, as alleged in the federal complaint, conducted by the broker-dealers led to violations of their supervisory responsibilities under the Securities Exchange Act of 1934 (the “Exchange Act”) and the - [Second Circuit Affirms Jury Verdict Win for Pastore’s Hedge Fund Clients](https://www.pastore.net/second-circuit-affirms-jury-verdict-win-for-pastores-hedge-fund-executives-clients/) - The Second Circuit Affirms Jury Verdict Win for Pastore’s Hedge Fund Clients in Multimillion-dollar Securities Fraud Case Brought by Billionaire Family Office On November 15, 2021, the Second Circuit affirmed a jury verdict obtained by Pastore in a federal securities fraud case. This concluded a contentious, multi-year litigation, defeating claims of fraudulent inducement and securities - [Federal Jury Rules Four Cryptocurrency products are not Securities](https://www.pastore.net/federal-jury-rules-four-cryptocurrency-products-are-not-securities/) - A recent decision in the United States District Court for the District of Connecticut appears to be the first of its kind in the nation. In the case Audet et al v. Garza et al, a federal jury recently weighed in on whether cryptocurrency products were considered securities.[1] The jury held that four digital-asset products - [Cryptocurrencies: Security, Currency, or None of the Above?](https://www.pastore.net/cryptocurrencies-security-currency-or-none-of-the-above/) - As interest in cryptocurrencies (“crypto”) continues to rise, businesses and investors are left wondering what regulations they must follow. While crypto may contain the word “currency” in its name, it is unclear whether it truly is a currency. There has been a lot of debate over which category it belongs to for regulatory purposes.1 Is - [Bankruptcy Court Holds the Plain Meaning of a Security Agreement Dictates](https://www.pastore.net/bankruptcy-court-holds-the-plain-meaning-of-a-security-agreement-dictates/) - AMERINATIONAL COMMUNITY SERVICES, LLC V. AMBAC ASSURANCE CORP.: PUERTO RICO BANKRUPTCY COURT RULES THAT THE PLAIN LANGUAGE OF A SECURITY AGREEMENT DICTATES A civil action was recently disputed in which Government Development Bank for Puerto Rico (“GDB”) sought to have the obligations owed to it prioritized over the bond agreements previously executed by the Puerto - [Stablecoins: What are They?](https://www.pastore.net/stablecoins-what-are-they/) - A little-known area of the growing cryptocurrency market is stablecoins. Stablecoins, a type of cryptocurrency, are not mined through an open network like Bitcoin and Ethereum.[1] Instead, stablecoins derive their value from another asset.[2] Most stablecoins are pegged to a national currency.[3] For example, the USD Coin is a stablecoin that is pegged to the - [Connecticut’s Data Privacy Breach Notification Law Gets a Facelift](https://www.pastore.net/connecticuts-data-privacy-breach-notification-law-gets-a-facelift/) - As of October 1, 2021, Connecticut’s Data Privacy Breach Notification Act’s (“Act”) Amendments (“Amendments”) are in effect. P.A. No. 21-59. The Amendments: Expand the definition of “personal information;” Create extraterritorial jurisdiction; Remove the safe harbor provision while conducting an investigation; Lower the notification period from ninety to sixty days; Further detail notification methods and procedures; - [Application of Business Interruption Insurance to Losses from COVID-19](https://www.pastore.net/application-of-business-interruption-insurance-to-losses-from-covid-19/) - In the continued legal battle over whether business interruption insurance policies cover business losses due to the COVID-19 pandemic, a recent case in the United States District Court for the District of Connecticut (the “Connecticut District Court”) adds to the debate. Generally, business interruption insurance covers losses resulting from the closure of the property due - [Commercial Mortgage-Backed Securities, COVID-19, and the New Potential Systematic Risk](https://www.pastore.net/commercial-mortgage-backed-securities-covid-19-and-the-new-potential-systematic-risk/) - A commercial mortgage-backed security (“CMBS”) is a group of bonds comprised of commercial real estate loans commonly contained in trusts which are then sold to investors.[1] As of 2020, the largest loan contributors to the CMBS market include large banks, such as Citibank, Goldman Sachs, Morgan Stanley, Deutsche Bank, JPMorgan Chase, Wells Fargo, and Bank - [Pastore Wins Payout for Large Investment Bank After Cross-Country Federal Court Litigation Saga](https://www.pastore.net/pastore-wins-payout-for-large-investment-bank-after-cross-country-federal-court-litigation-saga/) - Pastore LLC has won multiple complex securities and M&A actions arising from a derivative rights holder agreement and related investment banking engagement agreements that secured its client’s indemnification rights. This brings an end to the saga between the Defendant, a large investment banking firm, and the Plaintiff, a representative of the shareholders to a company - [Indemnification, Not as Simple as You Think](https://www.pastore.net/indemnification-not-as-simple-as-you-think/) - On the surface, indemnification seems like a fairly simple concept. If a company indemnifies a person, the person will be reimbursed for their expenses including legal fees. This at-a-glance view of indemnification, however, fails to answer some important questions that often get brought up when one party claims indemnity. These questions include when indemnification is - [Infrastructure Bill May Broaden Definition of “Broker” to Include Cryptocurrency Miners and Developers](https://www.pastore.net/infrastructure-bill-may-broaden-definition-of-broker-to-include-cryptocurrency-miners-and-developers/) - The United States Senate recently passed an infrastructure bill, H. R. 3684, which contains new regulations regarding the reporting of digital assets for cryptocurrency miners and software developers. The regulations in the bill, entitled “Information Reporting for Brokers and Digital Assets” aims to extend cryptocurrency tax reporting requirements, which could raise money to help offset - [Pastore LLC Counsel in Large Bankruptcy Case Involving High End Westchester Development](https://www.pastore.net/pastore-llc-counsel-in-large-bankruptcy-case-involving-high-end-westchester-development/) - Pastore LLC has been tapped as counsel in two related bankruptcy matters in the Southern District of New York (presided over by Judge Drain, who is also presiding over the Purdue Pharma Bankruptcy). The first matter involved a residential development in Bronxville, New York that is the most expensive per square foot development in Westchester. - [Pastore Argues Against White & Case in $650MM Financial Services Case Before Third Circuit](https://www.pastore.net/pastore-argues-against-white-case-in-650mm-financial-services-case-before-third-circuit/) - Arising from a $650 Million financing dispute, Pastore LLC, representing a large national investment bank, argued at the Third Circuit on September 29th. The argument was in person in Philadelphia. Pastore LLC has brought a FINRA arbitration to collect the investment banking fee. White & Case had sought to enjoin the securities arbitration in the - [FINRA Fine and Suspension for Former CEO Dismissed](https://www.pastore.net/finra-fine-and-suspension-for-former-ceo-dismissed/) - Pastore attorneys successfully represented the former CEO of a broker dealer in a regulatory dispute with FINRA. When Pastore was retained, FINRA was seeking a multi-month suspension, thousands of dollars in fines, and was days away from serving a complaint. In the space of a few months, Pastore convinced FINRA to close the case without - [Pastore LLC, as Co-Counsel with Skadden, Effectuates $1 Billion Purchase](https://www.pastore.net/pastore-llc-as-co-counsel-with-skadden-effectuates-1-billion-purchase/) - Pastore LLC, as Co-Counsel with Skadden, Arps, Meagher & Flom LLP, is representing GPB Capital Holdings LLC in its $1+ billion sale of its automotive assets. Providing World Class Corporate Governance Advice, GPB and Skadden Arps tapped Pastore LLC to address a multitude of corporate governance issues to ensure that the dozens of GPB automotive - [Pastore & Dailey rebrands as Pastore](https://www.pastore.net/pastore-dailey-rebrands-as-pastore/) - Dear Clients and Friends: I am pleased to announce that Pastore & Dailey LLC will now be known as Pastore LLC. After nine years of dedication to our clients’ success, our friend and colleague Bill Dailey will shift his focus toward an independent practice, while continuing to support Pastore clients when needed. Furthermore, I am - [Pastore Advises Clients on Accredited Investors](https://www.pastore.net/accredited-investor-article/) - Recently, Pastore & Dailey advised clients on a unique issue related to accredited investors. The client, an SEC registered investment advisor, asked Pastore & Dailey whether the death of an accredited investor had any legal implications for the funds it manages when the accredited investor bequeathed his investment to a non-accredited investor. The simple answer - [Upon Information and Belief Requires More than Information and Belief](https://www.pastore.net/upon-information-belief-requires-more/) - Under the Federal Rules of Civil Procedure, a party must allege fraud with particularity. FRCP 9(b). When a party alleges fraud upon information and belief, that is generally insufficient to meet the standards under FCRP 9(b) absent additional allegations that demonstrate the origin of the information and belief. This is a nuanced difference from the - [How Billing Statements Relate to Cease and Desist Orders](https://www.pastore.net/billing-statements/) - Occasionally the issue arises for debt collectors where they need to send their debtors a billing statement but they have received a cease and desist letter from the debtor they must adhere to. The question then becomes whether a billing statement is a violation of a cease and desist request. While not addressed head on, - [Interest When Enforcing a Money Judgement and the Discretionary Power of Connecticut Courts to Impose a Reasonable Rate of Post-Judgement Interest](https://www.pastore.net/interest-when-enforcing-money-judgment-discretionary-power-connecticut-courts-to-impose-a-reasonable-rate-of-post-judgment-interest/) - Prior to its repeal in 1983, General Statutes § 52-349 had provided generally for the collection of “legal interest in the amount of the judgment from the time it was rendered.” Presently, General Statutes § 37-3b provides for post-judgment interest in connection with actions “to recover damages for injury to the person, or to real - [Recent Landmark Decision in Cryptocurrency Law](https://www.pastore.net/recent-landmark-decision-in-cryptocurrency-law/) - A recent decision in the United States District Court for the Southern District of New York has sent shockwaves through the world of cryptocurrency investing. In re Bibox Group Holdings Ltd. Securities Litigation, the Court ruled that a plaintiff did not have standing to assert class claims on cryptocurrency assets he did not own. However, - [Is Revenue Generated in CT by an Out-of-State Individual for the Benefit of His Employer Sufficient to Assert Long-Arm Jurisdiction?](https://www.pastore.net/is-revenue-generated-in-connecticut-by-an-out-of-state-individual-for-the-benefit-of-his-employer-sufficient-to-assert-long-arm-jurisdiction/) - A recent Connecticut Superior Court holding says “NO.” The issue at hand in this recent case was whether a Texas resident, the defendant in this action, who visited Connecticut for business several times, and who did business with CT residents could be haled into court in Connecticut for his role in the alleged theft of - [Charitable Donations for Non-itemizers Still Available for 2020](https://www.pastore.net/charitable-donations-for-non-itemizers-still-available-for-2020/) - Charitable organizations and their donors should be aware that the $300 deduction made available under the CARES Act expires at the end of 2020. Because this addition to the standard deduction has had such an appreciable and positive effect on charitable donations so far this year, eligible organizations might timely remind potential donors of this - [Pastore Representing a Large Investment Bank Wins at the Eighth Circuit](https://www.pastore.net/pastore-dailey-representing-a-large-investment-bank-wins-at-the-eighth-circuit/) - Pastore & Dailey won a complex securities and M&A appeal taken to the United States Court of Appeals for the Eighth Circuit arising from a derivative rights holder agreement and related investment banking engagement agreements. This matter was an appeal filed by Plaintiff-Appellant after Pastore & Dailey successfully defended this case in the United States - [Pastore Defeats Another Billionaire Motion to Dismiss](https://www.pastore.net/pastore-dailey-defeats-another-billionaire-motion-to-dismiss/) - Pastore & Dailey successfully defeated a Motion to Dismiss in a case against a billionaire and an AM Law 200 firm in a case in front of the Complex Litigation Docket in Stamford. The case involves complex direct and derivative shareholder claims in which the claim for damages is more than $65 million. Pastore & - [Pastore Obtains a Dismissal of a Large Investment Banking Case in Delaware District Court](https://www.pastore.net/pastore-dailey-successfully-obtains-a-dismissal-of-a-large-investment-banking-case-in-delaware-district-court/) - Pastore & Dailey won a complex securities and M&A action in the United States District Court for the District of Delaware arising from a derivative rights holder agreement and related investment banking engagement agreements. This is the latest iteration in the saga between the Defendant, Pastore & Dailey’s client, and the Plaintiff, a representative of - [Pastore Defeats Another Billionaire Motion to Dismiss](https://www.pastore.net/pastore-dailey-defeats-another-billionaire-motion-to-dismiss-2/) - Pastore & Dailey successfully defeated a Motion to Dismiss in a case against a billionaire and an AM Law 200 firm in a case in front of the Complex Litigation Docket in Stamford. The case involves complex direct and derivative shareholder claims in which the claim for damages is more than $65 million. Pastore & - [Pastore Obtains an Injunction Requiring Return of PPP Funds in National Matter](https://www.pastore.net/pastore-dailey-obtained-an-injunction-requiring-return-of-ppp-funds-in-national-matter-2/) - Pastore & Dailey successfully represented its client, a Registered Investment Adviser, in a preliminary injunction hearing against a national bank on an issue regarding a Paycheck Protection Program (“PPP”) loan. The hearing was held virtually in the Supreme Court of New York. The bank had taken out PPP loan money from Pastore & Dailey’s client’s - [Pastore Successfully Obtains a Dismissal of a Large Investment Bank Case in Delaware District Court](https://www.pastore.net/pastore-dailey-successfully-obtains-a-dismissal-of-a-large-investment-bank-case-in-delaware-district-court/) - Pastore & Dailey won a complex securities and M&A action in the United States District Court for the District of Delaware arising from a derivative rights holder agreement and related investment banking engagement agreements. This is the latest iteration in the saga between the Defendant, Pastore & Dailey’s client, and the Plaintiff, a representative of - [Pastore Retained to Advise Multibillion-dollar Registered Investment Advisor in Restructuring](https://www.pastore.net/pastore-dailey-retained-to-advise-multi-billion-dollar-registered-investment-advisor-in-restructuring/) - Pastore was retained to advise a multi-billion-dollar registered investment advisor and related private equity funds on the restructuring of the advisor. Pastore advised the advisor and private equity funds in connection with modifications to ownership structure, distribution rights, employment rights, indemnification, and banking issues. Pastore also assisted in substantial revisions to the advisor’s Form ADV, - [Partner Featured on Super Lawyers' New York Metro List](https://www.pastore.net/a-brief-review-of-just-some-of-the-nondiscrimination-tax-tests-applicable-to-401-qualified-plans/) - Partner Joseph M. Pastore selected to be on the 2021 New York Metro Super Lawyers list, an honor reserved for those lawyers who exhibit excellence in practice. Only 5% of attorneys in New York Metro receive this distinction. - [Pastore Managing Partner Receives AV Preeminent Rating for the Year 2021](https://www.pastore.net/pastore-managing-partner-receives-av-preeminent-rating-for-the-year-2021/) - Pastore LLC is proud to announce that Partner, Joseph M. Pastore III has been named by Martindale-Avvo to receive the AV Preeminent Rating for the year 2021. This rating is the highest possible rating in both legal ability & ethical standards for practicing attorneys. Mr. Pastore received this honor for his exemplary devotion to judicial - [Pastore Expands Its PPE Practice](https://www.pastore.net/pastore-dailey-expands-its-ppe-practice/) - Pastore has worked with several clients to represent and advise on transactions involving the sale of Personal Protective Equipment (“PPE”). Pastore has represented sale side transactions for the sale of on the ground and production order transactions for the sale of goods, including but not limited to, nitrile examination gloves, vinyl blend examination gloves, masks, - [The National Law Journal recognizes Joseph M. Pastore III Among Top-Rated Lawyers](https://www.pastore.net/pastore-daileys-managing-partner-joseph-m-pastore-iii-recognized-by-the-national-law-journal-as-a-top-rated-lawyers/) - The National Law Journal, a leading periodical in the U.S. providing members of the legal profession with important industry updates will recognize Managing Partner, Joseph M. Pastore III, as one of New England’s Top-Rated Lawyers. Mr. Pastore will be featured in a special section for Top Rated Lawyers in the National Law Journal which reaches - [Pastore Managing Partner Named a Top-Rated Lawyer in Connecticut 2021 by Lawyers of Distinction](https://www.pastore.net/pastore-dailey-managing-partner-named-a-top-rated-lawyer-in-connecticut-2021-by-lawyers-of-distinction/) - Pastore LLC is proud to announce that Managing Partner, Joseph M. Pastore III, has been named by Lawyers of Distinction as a Top Rated Lawyer for Connecticut in 2021. Mr. Pastore was awarded this rating for overall excellence in law. In addition to this award, Mr. Pastore has been named a Top Attorney in the - [Pastore Wins Jury Trial for Hedge Fund Executives in Multimillion-dollar Securities Fraud Case Brought by Billionaire Family Office](https://www.pastore.net/pastore-dailey-wins-jury-trial-for-hedge-fund-executives-in-multi-million-dollar-securities-fraud-case-brought-by-billionaire-family-office/) - Pastore & Dailey successfully concluded a contentious, multi-year litigation, defeating claims of fraudulent inducement and securities fraud brought against two hedge fund executives by a billionaire family office special purpose investment vehicle. The billionaire family office, the heirs to and founders of a well-known apparel store, had invested in the fund’s General Partner limited liability - [Working Remote Without Privacy Violations](https://www.pastore.net/working-remote-without-privacy-violations/) - COVID-19 revolutionized the need for remote work by employees. And the trend toward working remote likely will continue after the outbreak is a distant memory. However, the privacy and cybersecurity implications surrounding these remote workers are often either unknown and/or ignored. So now what? With more of your employees working off-site, how do you protect - [Will Federal and State Governments Alter Insurance Contracts to Require Coverage for COVID-19 and Should Congress Fund Insurance Companies to Help Provide Coverage?](https://www.pastore.net/will-federal-and-state-governments-alter-insurance-contracts-to-require-coverage-for-covid-19-and-should-congress-fund-insurance-companies-to-help-provide-coverage/) - Business interruption insurance, also known as business income insurance, is commercial property insurance designed to cover loss of income incurred by a business due to a slowdown or suspension of its operations at its premises, under certain circumstances. Business interruption insurance may include coverage for a suspension of operations due to a civil authority or - [Why Tax Reform Will Not Happen Soon](https://www.pastore.net/why-tax-reform-will-not-happen-soon/) - Corporations have been stockpiling cash awaiting promised tax reform. Enterprises have delayed capital investment, hiring, and cash allocation in anticipation of promised tax features such as lower rates. In February of 2017, the Secretary of the Treasury promised comprehensive tax reform before the August recess. Because tax reform along the lines or scale articulated by - [When It Rains, It Pours: The Psychology that Makes Us More Vulnerable During a Crisis](https://www.pastore.net/when-it-rains-it-pours-the-psychology-that-makes-us-more-vulnerable-during-a-crisis/) - I received the following email alert from a cybersecurity client of mine: "6x increase in cyber attacks over the last 4 weeks." "Information about COVID-19 should only come from a legitamate source. Don't trust unsolocited emails or open unknown links" “Really?,” I thought to myself; “We’re on lock-down, stressed about family and friends, not to - [Update on the New Tax Law](https://www.pastore.net/update-on-the-new-tax-law/) - This is a summary of some of the changes to federal tax law that have been made by the Tax Cuts and Jobs Act, passed in December of 2017. These changes are effective for tax years beginning in 2018 unless otherwise noted. Corporate Tax Rates Have Been Reduced. The corporate income tax rate is now - [The Importance of Value-Added Billing Based upon the Circumstances Presented](https://www.pastore.net/the-importance-of-value-added-billing-based-upon-the-circumstances-presented/) - As the cost of legal fees continues to rise, many clients are justifiably concerned about the economic implications of retaining an expensive law firm. According to the legal fee analysis organization NALFA, a not insignificant proportion of the country’s top attorneys have recently begun charging more than one thousand dollars an hour for their services.1 - [The Federal Criminal Forfeiture Statute: Reining in the Government's Previously Unbridled Ability to Seize Pretrial Assets](https://www.pastore.net/the-federal-criminal-forfeiture-statute-reining-in-the-governments-previously-unbridled-ability-to-seize-pretrial-assets/) - Abstract American organized crime movies are synonymous with a climatic raid and seizure of illegal assets – typically drugs and guns. But what is really encompassed within the Government’s grasp; what are the “illegal assets”? The truth is that the Government has a wide reach and the criminal seizures don’t end when the screen goes - [The Facebook-FTC Settlement and the Future of Privacy Regulation](https://www.pastore.net/the-facebook-ftc-settlement-and-the-future-of-privacy-regulation/) - In the wake of a landmark Federal Trade Commission (FTC) settlement imposed on the social media giant Facebook, it is fair to speculate whether other companies will be forced to pay hefty fines and prioritize compliance with privacy standards in order to escape punishing federal regulation. The settlement, which was announced on Wednesday, July 24th, - [Technology Regulation in the Federal Securities Market](https://www.pastore.net/technology-regulation-in-the-federal-securities-market/) - Pastore & Dailey LLC has an extensive RegTech practice, and Jack Hewitt, a P&D Partner, is one of the country’s authorities in this area. In line with this, P&D is pleased to announce that Bloomberg BNA has just published Mr. Hewitt’s new treatise, Technology Regulation in the Federal Securities Markets. The treatise is structured into - [Should All Financial Advisors Bear the Obligations of Fiduciary Duty?](https://www.pastore.net/should-all-financial-advisors-bear-the-obligations-of-fiduciary-duty/) - As of today, in the retirement and savings plan matters, money managers are not required to register as fiduciaries. The Department of Labor ("DOL") is about to clarify the situation by wiping out the difference that exists between financial advisors and broker dealers in regard to their responsibilities in retirement advices. A fervent debate is - [September 2010 - Advisors Beware of the "Switch" from SEC Oversight to State Regulation](https://www.pastore.net/september-2010-advisors-beware-of-the-switch-from-sec-oversight-to-state-regulation/) - By July 21, 2011 — the one-year anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act — investment advisors with less than $100 million in assets under management will be required to register with the states. This impacts all advisors, whether currently registered with the Securities and Exchange Commission. The - [SEC Proposes Regulation Best Interest for Brokers](https://www.pastore.net/sec-proposes-regulation-best-interest-for-brokers-2/) - On April 18, 2018, the SEC proposed “Regulation Best Interest,” which is the latest in a long and disputed line of proposed attempts by various governmental bodies to homogenize the duties owed by brokers and investment advisers to their respective clients. Professionals in the financial services industry and others should take note that they have - [Regulators Expect More with Vendor Risk Management](https://www.pastore.net/regulators-expect-more-with-vendor-risk-management/) - Banks and financial services firms continue to grapple with regulators’ growing demands to better manage cyber risks created by third-party vendors, but they should not focus solely on compliance, according to a panel of former regulators and cyber experts. Viewing third-party risk within a wider risk management framework would lead to greater security maturity, agreed - [Preserving Loan Treatment of S Corporation Payments from Shareholders](https://www.pastore.net/preserving-loan-treatment-of-s-corporation-payments-from-shareholders/) - The sense of control and informality of operations experienced by shareholders of S corporations is a robust bridge for entrepreneurs, providing them an accessible connection between their personal and work lives, without the constraints of a board of directors, awkward motions and resolutions, and the pesky documentation requirements attorneys seem to impose on entrepreneurs in - [Potential Impact of Marx v. General Revenue Corporation](https://www.pastore.net/potential-impact-of-marx-v-general-revenue-corporation/) - Marx v. General Revenue Corporation: The Supreme Court will hear arguments on November 7 for Marx v. General Revenue Corp. The grant of certiorari has been limited to a single question involving the right of a debt collector under federal law to recover its court costs if it wins a lawsuit against it over its - [Non-Practicing Entities & Patent Reform](https://www.pastore.net/non-practicing-entities-patent-reform/) - Abstract The patent system is designed to promote innovation and supply a blueprint for innovative minds to improve upon, but the behavior of some patent owners is contrary to these principles. Non-practicing entities obtain patent rights, and rather than produce the product claimed in the patent, they assert their exclusionary rights broadly and aggressively against - [New York Employers: Anti-Sexual Harassment Training and Best Practices](https://www.pastore.net/new-york-employers-anti-sexual-harassment-training-and-best-practices/) - As evidenced by recent news headlines throughout the country, it is imperative for employers to institute policies and procedures designed to prevent sexual harassment in the workplace and to fully address any complaints regarding such conduct as soon as they arise. How employers handle general allegations and formal complaints is critical to both mitigating the - [New DFS Cybersecurity Division](https://www.pastore.net/new-dfs-cybersecurity-division/) - Perhaps as a signal of its commitment to fight cybercrime and stringently enforce its cybersecurity regulations, New York State recently established a “cybersecurity division”1 within the state’s Department of Financial Services (DFS). The creation of the division marks yet another step taken by New York State to guard against the dangers posed by cyberattacks, perhaps - [Broker Beware: New FINRA Guidance Suggests Renewed Regulatory Focus on Broker-Dealers Involved in Regulation D Offerings](https://www.pastore.net/broker-beware-new-finra-guidance-suggests-renewed-regulatory-focus-on-broker-dealers-involved-in-regulation-d-offerings/) - Even before the economic turmoil of the last two years, private placements were a principal source of funding for small and mid-sized businesses. Given the recessionary effects on the commercial credit-based lending market, now, more than ever, private placements are playing an even greater role in facilitating the capital needs of these businesses. The Financial - [Commodity Futures Trading Commission Proposes New Conflict of Interest Rules](https://www.pastore.net/commodity-futures-trading-commission-proposes-new-conflict-of-interest-rules/) - The Commodity Futures Trading Commission recently proposed new rules to implement statutory provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules relate to the conflicts of interest provisions set forth in section 732 of the Dodd-Frank Act, which amends section 4d of the Commodities and Exchange Act, to direct futures - [SEC Proposes Amendment to Investment Advisers Act](https://www.pastore.net/sec-proposes-amendment-to-investment-advisers-act/) - On May 20, 2009, the United States Securities and Exchange Commission (“Commission” or “SEC”) issued Release No. IA-2876, proposing certain amendments to the Investment Advisers Act of 1940 (“Advisers Act”). These proposed amendments, among other things, would require registered investment advisers (“RIAs”) who maintain custody of client funds or securities to undergo an annual surprise - [Dodd-Frank](https://www.pastore.net/dodd-frank/) - The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was signed into law by President Obama on July 21, 2010. The official purpose of the law is to "promote the financial stability of the United States by improving accountability and transparency in the financial system, to end 'too big to fail,' to protect - [Raising International Regulatory Standards](https://www.pastore.net/raising-international-regulatory-standards/) - In June, the U.S. Department of the Treasury and President Obama revealed a five-part report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report) recommending several regulatory proposals for the financial system. Although the FRR Report predominantly focused on domestic reform, there was a portion dedicated to improvements in international - [New Consumer Financial Protection Agency](https://www.pastore.net/new-consumer-financial-protection-agency/) - In an effort to protect consumers of financial products and services from fraud and corruption, President Obama and the Department of Treasury released a five-part regulatory reform proposal titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report). One of the centerpieces of the FRR Report is the creation of a - [FRR Would Decrease Reliance on CRAs](https://www.pastore.net/frr-would-decrease-reliance-on-cras/) - On June 17, 2009, the U.S. Department of the Treasury issued a report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report) in conjunction with a speech by President Obama that outlined new proposals and recommendations to avoid a repeat of the current financial crisis. In particular, the President’s speech - [FRR Proposes Resolution Regime](https://www.pastore.net/frr-proposes-resolution-regime/) - On June 17, 2009, the U.S. Department of the Treasury (Treasury) released a five-part report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report). The FRR Report, as well as a speech by President Obama, outlined a proposal designed to amend supervision and regulation within the financial system, including, among - [FRR Proposes New Agencies](https://www.pastore.net/frr-proposes-new-agencies/) - July 2009 On June 17, 2009, President Obama announced a proposal to redesign the financial system of supervision and regulation. Coupled with this announcement, the U.S. Department of the Treasury released a report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report). Significantly, Section One of the FRR Report, titled - [Investment Banking: How to Protect the Success Fee](https://www.pastore.net/investment-banking-how-to-protect-the-success-fee/) - The terms of the investment banking engagement letter are critical to the protection of the issuer in any deal. Often overlooked, however, is that the investment banker’s fee is often protected or lost by those same terms – particularly in small deals for micro-cap or under capitalized companies. Generally, an investment bank charges two different - [International Trademark Registration](https://www.pastore.net/international-trademark-registration/) - For businesses operating in the United States, registering a trademark or tradename is a method of protecting your reputation and integrity within your market. Registration with the United States Patent and Trademark Office ("USPTO") provides such benefits as the right to use the ™ symbol, to file a federal infringement lawsuit, to seek attorney’s fees - [Initial Coin Offerings and the Securities Environment](https://www.pastore.net/initial-coin-offerings-and-the-securities-environment/) - A new financial instrument is arising in the capital markets and it provides both benefits and challenges to the equity environment. Variously denominated as initial coin offerings, crowdsales, token launches, and crowdfunding, this mechanism, rather than offering equity in a start-up venture, offers discounts on cryptocurrencies before they become available on the several exchanges. Such - [How to Valuate the Start-Up Enterprise](https://www.pastore.net/how-to-valuate-the-start-up-enterprise/) - As with most transactions involving buyers and sellers, the valuation of a potential investment in a business is often a matter of perspective. The founder views the business equity as full of promise of future returns. The investor, holding cash and, therefore, access to alternatives as to where to deploy that liquidity, apprehends that same - [From Forbes: Attention Inside Traders! These Wall Street Vets May Have the Tech to Nail You](https://www.pastore.net/from-forbes-attention-inside-traders-these-wall-street-vets-may-have-the-tech-to-nail-you/) - As part of his punishment for what authorities call the most profitable insider trading scheme in history, Mathew Martoma consumed his Thanksgiving meal at FCI Miami—the prison that he checked into on November 20th. The former hedge fund manager for S.A.C. Capital Advisors had generated a $275 million profit in 2008, which New York federal - [Enforcement in the Second Circuit of FINRA Pre-Hearing Subpoenas and Discovery Orders](https://www.pastore.net/enforcement-in-the-second-circuit-of-finra-pre-hearing-subpoenas-and-discovery-orders/) - In a Financial Industry Regulatory Authority ("FINRA”) arbitration under either the Consumer or Industry Arbitration Rules, there are two mechanisms for seeking discovery. For parties and non-parties who are not FINRA members, FINRA Rules 12512 and 13512, authorize an arbitrator to issue a subpoena for production of documents. For parties and FINRA members, FINRA Rules - [Data-Centric Security Strategies and Regulatory Compliance](https://www.pastore.net/data-centric-security-strategies-and-regulatory-compliance/) - In the wake of a recent spate of cybersecurity breaches, the practice of data-centric security has received renewed attention from business leaders concerned about the integrity of critical data. As defined by a PKWare white paper, data-centric security focuses on protecting data itself, rather than the systems that contain it.1 Central to the concept of - [Cybersecurity Compliance Could Have Saved Capital One Millions](https://www.pastore.net/cybersecurity-compliance-could-have-saved-capital-one-millions/) - A recent cybersecurity breach involving one of the country’s largest financial services firms illustrates both the necessity of strong cybersecurity regulations and the imperative for credit card holders to jealousy safeguard their personal information. In a criminal complaint filed July 29th, 2019 at the U.S. District Court for the Western District of Washington, the federal - [Cryptocurrency Technology Is Driving Innovation](https://www.pastore.net/cryptocurrency-technology-is-driving-innovation/) - Interest in cryptocurrency and its underlying technology has steadily rose over the past several years. The final week of 2017 alone saw the debut of over a dozen new cryptocurrencies within the market. Moreover, Bitcoin’s explosive increase in value in 2017 from $1,000 to almost $20,000 has made “Bitcoin” and “cryptocurrency” household terms.[1] The accelerating - [Cryptocurrency Tax Consequences](https://www.pastore.net/cryptocurrency-tax-consequences/) - A recent decision by the Internal Revenue Service (IRS) to clamp down on cryptocurrency back taxes has understandably concerned many investors and thrown a host of complicated legal questions into sharp relief. In an effort to collect capital gains taxes on cryptocurrency trades, the IRS recently sent out a series of letters to about 10,000 - [Cryptocurrency in Capital Markets: From ICOs to STOs](https://www.pastore.net/cryptocurrency-in-capital-markets-from-icos-to-stos/) - In the wake of chronic price volatility and a series of enforcement actions against the chaotic and unregulated market for Initial Coin Offerings (ICOs), alternative financial instruments have recently been developed to help investors share in the precipitous growth of cryptocurrency and blockchain technology. At first, the ICO – an instrument that Investopedia.com defines as - [Cryptocurrency Mining and the Danger of Halving](https://www.pastore.net/cryptocurrency-mining-and-the-danger-of-halving/) - As cryptocurrencies continue to grow more sophisticated and widespread, the economic possibilities offered by cryptocurrency mining have drawn greater attention from prospective investors. Cryptocurrency mining, which helps to ensure that “transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger,”1 is a potentially profitable activity because a small amount of - [Connecticut's New Insurance Data Security Law: The Costs and Benefits of Compliance](https://www.pastore.net/connecticuts-new-insurance-data-security-law-the-costs-and-benefits-of-compliance/) - An important section of the recent budget bill adopted by the state of Connecticut demonstrates that regulatory fever has become contagious, at least as far as data security is concerned. Section 230 of the recently adopted bill sets forth a comprehensive set of cybersecurity regulations for the state’s insurers, requiring them to comport with guidelines - [Connecticut's New Pass Through Entity Tax](https://www.pastore.net/connecticuts-new-pass-through-entity-tax-2/) - On May 31, 2018, Governor Malloy signed P.A. 18-49, which fundamentally changes how income earned by pass through entities such as S corporations, partnerships, and multi-member LLCs are taxed. The new legislation does not affect the taxation of publicly traded partnerships, sole proprietorships, or single member LLCs. The legislation is retroactively effective to January 1, - [Can Broker Dealers and Funds Claim Trading Losses Due to the COVID-19 Governmental Shutdowns Under Business Interruption Policies or Contingent Business Interruption Policies](https://www.pastore.net/can-broker-dealers-and-funds-claim-trading-losses-due-to-the-covid-19-governmental-shutdowns-under-business-interruption-policies-or-contingent-business-interruption-policies-3/) - Business interruption insurance, also known as business income insurance, is commercial property insurance designed to cover loss of income incurred by an organization due to a slowdown or suspension of its operations at its premises, under certain circumstances. Business interruption insurance may include coverage for a suspension of operations due to a civil authority or - [SEC Gains Subpoena Power](https://www.pastore.net/sec-gains-subpoena-power/) - August 2009 The SEC Enforcement Division (Enforcement or the Division) recently announced a series of changes to its authority and structure that will make the Division more autonomous and quicker to act in its investigations. The changes look to make the Division more agile in all levels of its investigations – from the handling of - [Brokers and Advisors Beware](https://www.pastore.net/brokers-and-advisors-beware/) - In the last two months, the SEC and FINRA have, for the first time each, taken Enforcement action — including against a broker-dealer’s chief compliance officer — in regard to the safeguarding of confidential customer information under a 10-year-old SEC rule called “Regulation S-P.” These actions seem likely to cause a significant shift in how - [A Brief Summary of Portions of the New CARES Act and What It Could Offer in Financial Relief to Churches and Other Tax-Exempt Organizations](https://www.pastore.net/a-brief-summary-of-portions-of-the-new-cares-act-and-what-it-could-offer-in-financial-relief-to-churches-and-other-tax-exempt-organizations/) - It may be worth considering that many non-profits, including churches, might utilize provisions in the new Coronavirus Aid, Relief, and Economic Security Act or CARES Act (P.L. 116-136) to provide some economic relief. Potential applicants should review the new law in detail and discuss its requirements with their attorneys. The new law sets aside about - [A Brief Review of Some, and Only Some, of the Nondiscrimination Tax Tests Applicable to Qualified Plans Under Section 401 of the Internal Revenue Code](https://www.pastore.net/a-brief-review-of-some-and-only-some-of-the-nondiscrimination-tax-tests-applicable-to-qualified-plans-under-section-401-of-the-internal-revenue-code/) - The mathematics of the annual testing for compliance with the rules requiring qualified plans to demonstrate nondiscrimination are spread though several sections of the tax law, rendering the calculations needed somewhat opaque. This note attempts to summarize some of the calculations so that plan sponsors might feel better empowered to assess the effect on compliance - [Venture Capital Fund Formation](https://www.pastore.net/venture-capital-fund-formation/) - Pastore & Dailey announces the successful creation of an “angel investor” fund for a Venture Capital client. The 5 Million dollar fund was formed in South Carolina and focuses on investments in small East Coast companies. Pastore & Dailey helped prepare all corporate documentation and performed all necessary and pertinent regulatory filings and work related - [Wrongful Termination Settlement](https://www.pastore.net/wrongful-termination-settlement/) - Pastore & Dailey has successfully represented a multi-billion dollar municipal bond trader in connection with his wrongful termination from a large multinational bank. This termination was based on allegations of violation of the Bank Secrecy Act. Pastore & Dailey settled a FINRA arbitration brought against the trader arising from these claims. - [US Treasury Releases Second Round of Tax Law Updates](https://www.pastore.net/us-treasury-releases-second-round-of-tax-law-updates/) - The following is a summary of the second round of tax developments implemented by the US Treasury. Please click the link to view the full article. _____________________________________________________________________________________ https://Proposed Regulations v2.pdf - [TRO Victory in NYS Supreme Court](https://www.pastore.net/tro-victory-in-nys-supreme-court/) - Pastore & Dailey recently obtained a rare temporary restraining order in NYS Supreme Court (New York County) for a financial services employer (including a FINRA member firm) against 4 ex-employees and their new employer to enforce the restrictive covenants (including non-solicitation of employees and customers clauses). - [The Treasury Report of Regulations Being Considered for Removal or Revision](https://www.pastore.net/the-treasury-report-of-regulations-being-considered-for-removal-or-revision/) - Pursuant to Executive Order 13789, IRS and Treasury have been reviewing tax regulations issued since January 1, 2016 with an eye toward regulations that: Impose an undue financial burden on US taxpayers Add undue complexity to the US tax laws; or Exceed the statutory authority of the IRS In a Notice released July 7, 2017, - [The New Partnership Audit Rules: Two Ways Out](https://www.pastore.net/the-new-partnership-audit-rules-two-ways-out/) - The new changes imposed by the Bipartisan Budget Act of 2015 established new rules for how partnerships will be audited and how they are assessed liability for federal taxes due after an examination. These new rules require that every entity that could be treated as a partnership to examine, and when needed, revise its governing - [Tax Law Updated, First Quarter 2019](https://www.pastore.net/tax-law-updated-first-quarter-2019/) - The following is a summary of important tax developments that occurred in January, February, and March of 2019 that may affect you, your family, your investments, and your business. Please contact me for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize - [Tax Changes for Employees Donating Leave time to Harvey Victims](https://www.pastore.net/tax-changes-for-employees-donating-leave-time-to-harvey-victims/) - In Notice 2017-48, released on September 5, 2017, the IRS announced that employees who donate vacation, sick, or personal leave in exchange for employer contributions to charitable organizations providing relief to victims of Hurricane/Tropical Storm Harvey will not be taxed on the value of that times as income. Also, employers may deduct the amounts so - [Suspension of Trading for Hong Kong Blockchain Firm](https://www.pastore.net/suspension-of-trading-for-hong-kong-blockchain-firm/) - Last week, on January 8, 2018, the Securities and Exchange Commission (“SEC”) suspended trading of UBI Blockchain Internet, Ltd. (“UBI”) stock until January 22, 2018.[1] UBI, formerly JA Energy, is a Hong Kong-based technology firm focusing on the Blockchain technology underlying cryptocurrency.[2] Coincidently, one of the focuses of this over-the-counter traded company is on the - [Supreme Court: No Protection for Pre-Miranda silence without Fifth Amendment Invocation](https://www.pastore.net/supreme-court-no-protection-for-pre-miranda-silence-without-fifth-amendment-invocation/) - The Supreme Court has ruled in a 5-4 decision that unless a criminal suspect expressly invokes the Fifth Amendment right to remain silent during pre-Miranda questioning, the suspect’s silence may be admissible evidence at trial. The majority of the court agreed that the privilege is not “self-executing,” and that those defendants who desire its protections - [Summary Judgement Win](https://www.pastore.net/summary-judgement-win/) - Successfully represented a software development company in the motion for summary judgment phase of litigation pending in the Southern District of New York, in which the court determined that the Firm’s client could seek in excess to $15 million in damages at trial on its primary claim against a Fortune 500 company. - [Success Systems Inc. v. Tammerica Lynn et al.](https://www.pastore.net/success-systems-inc-v-tammerica-lynn-et-al/) - In a recent decision, handed down on October 10, 2012, the U.S. District Court of Connecticut denied a motion to vacate a judgment, which judgment was initially entered in our client's favor in April 2010. The lawsuit was originally filed by our client in the U.S. District Court of Connecticut in 2006. After the defendant - [SPACs Have Grown Up](https://www.pastore.net/spacs-have-grown-up/) - In 2010, only $500 million of the IPO market was generated through special-purpose acquisition company (“SPAC”). SPACs have evolved from being an ignored strategy in reaching the public markets to becoming an attractive method to take a company public, pursue merger opportunities, and to create liquidity for existing shareholders. As of October 16, 2020, there - [Smolnik Appointed New Chair of Subcommittee by CT General Assembly](https://www.pastore.net/smolnik-appointed-new-chair-of-subcommittee-by-ct-general-assembly/) - Dan Smolnik, Of Counsel with Pastore & Dailey LLC, has just been appointed by the Connecticut General Assembly to the Commission on Connecticut’s Leadership in Corporation & Business Law. He will be chairing the subcommittee on tax law and policy. - [SEC Issues Report on the Application of Federal Securities Laws to Crowdfunding through Cryptocurrency](https://www.pastore.net/sec-issues-report-on-the-application-of-federal-securities-laws-to-crowdfunding-through-cryptocurrency-2/) - On July 25, 2017, the Securities and Exchange Commission issued a Report following their investigation of The DAO. The DAO is an unincorporated organization that is just one example of a “Decentralized Autonomous Organization” – a virtual organization embodied in computer code and executed on a distributed ledger or blockchain. The DAO was formed in - [SEC Final Rules Regarding Conduct of Broker-Dealers and Investment Advisors](https://www.pastore.net/sec-final-rules-regarding-conduct-of-broker-dealers-and-investment-advisors/) - On June 5, 2019, the Securities and Exchange Commission (“SEC”) approved new Rules and interpretations regarding the standards of conduct of broker-dealers (“BD”) and investment advisers (“IA”). The rules and interpretations were adopted pursuant to a grant of rulemaking authority in Section 913(f) of the Dodd-Frank Act and reflect a heightened standard for quality and - [SEC Discusses New Cyber Unit to Combat Cyber-Related Misconduct](https://www.pastore.net/sec-discusses-new-cyber-unit-to-combat-cyber-related-misconduct/) - On October 26, 2017, Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement gave a speech regarding Enforcement’s initiatives, in particular, regarding cybersecurity. Ms. Avakian identified cybersecurity as one of the SEC’s “key priorities” necessitating a strategic focus and allocation of resources in order to fulfil the SEC’s “investor protection mission.”[1] In order to effectuate - [SEC Cuts Back on the Use of Administrative Law Judges](https://www.pastore.net/sec-cuts-back-on-the-use-of-administrative-law-judges/) - In the past two years, the SEC has drastically reduced the number of contested cases it has sent to its internal administrative law judges (“ALJs”). The number of cases sent to these judges had been increasing since 2010, when the SEC gained new powers under the Dodd-Frank Act. From then on, and especially after the - [Sanctions and Attorneys Fees Granted in Southern District of Florida Case](https://www.pastore.net/sanctions-and-attorneys-fees-granted-in-southern-district-of-florida-case/) - Following a Court Order and Award in their client's favor, Pastore & Dailey successfully moved for sanctions and attorneys fees and costs in the Southern District of Florida. - [Representing Former Commodities Trader](https://www.pastore.net/representing-former-commodities-trader-2/) - Pastore & Dailey has represented a former commodities trader in connection with employment and illegal business practice claims against one of world’s largest commodities trading houses. - [Relocation of P&D's NYC Office and Ivor Wolk Joins as Partner](https://www.pastore.net/relocation-of-pds-nyc-office-and-ivor-wolk-joins-as-partner/) - Ivor Wolk joined Pastore & Dailey LLC as a Partner on May 1, 2014. The law firm of Pastore & Dailey LLC has offices in New York City, Stamford, Glastonbury and Florida. Pastore & Dailey LLC also announces that it has moved the location of its New York office to 485 Lexington Avenue, 25th Floor, - [Prospector Theater in Ridgefield, Connecticut](https://www.pastore.net/prospector-theater-in-ridgefield-connecticut/) - Pastore & Dailey LLC was a proud sponsor of the Prospector Theater’s First Annual Sparkle Cup Golf Outing. The event took place at Ridgewood Country Club in Danbury, CT. Pastore & Dailey’s Law Clerk Leigh Wellington attended and played in the golf outing. The Prospector Theater is a non-profit organization dedicated to providing meaningful employment - [Pro Bono Victory](https://www.pastore.net/pro-bono-victory/) - The attorneys at Pastore & Dailey LLC represented a federal prisoner in a case against the United States of America on a pro bono basis. The firm was asked to represent the client (who had been acting on a pro se basis) by a Connecticut District Court Judge. The matter involved complex issues of medical - [Private-Equity Firm Manaer Prevails in Federal District Court Against the Milstein Family](https://www.pastore.net/private-equity-firm-manaer-prevails-in-federal-district-court-against-the-milstein-family/) - Private- equity firm manager Dean Barr, along with his attorneys at Carmody Torrance Sandak & Hennessey LLP, successfully defended claims brought against him by the Milstein Family, the founders of Burlington Coat Factory and investors in Mr. Barr’s firm. The Milsteins had invested several millions of dollars in the fund before its ultimate decline, and - [PPP Flexibility Act of 2020 Update](https://www.pastore.net/ppp-flexibility-act-of-2020-update/) - As of June 17, 2020, the Small Business Association (SBA), along with the Department of Treasury, has passed revisions to the loan forgiveness application under the Paycheck Protection Program (PPP) Flexibility Act of 2020 that was signed into law by President Trump on June 5, 2020. The newly issued application forms and instructions are available - [PJR Victory in NYS Supreme Court](https://www.pastore.net/pjr-victory-in-nys-supreme-court/) - Pastore & Dailey recently obtained a preliminary injunction in NYS Supreme Court (New York County) against 2 ex-employees of a financial services firm (including a FINRA member firm), ordering them to abide by non-solicitation clauses (of customers and fellow employees) in their employment agreements. The injunction lasts for one year from the termination date of - [Paul V. May Joins Pastore & Dailey as Counsel](https://www.pastore.net/paul-v-may-joins-pastore-dailey-as-counsel/) - Pastore & Dailey Managing Partner Joseph M. Pastore III announced today that Paul V. May will be joining the Firm as Counsel, concentrating on securities regulatory, enforcement and advisory matters. Mr. May joins the Firm from ABN AMRO Securities, where he was Chief Compliance Officer of the FINRA member firm and its affiliated entities since - [Pastore AV Rated and Named 2014 Top Rated Lawyer](https://www.pastore.net/pastore-av-rated-and-named-2014-top-rated-lawyer/) - Attorney Joseph M. Pastore III has been named one of the 2014 Top Rated Lawyers for Litigation, and Labor and Employment, by Martindale Hubble. Mr. Pastore has been rated as a Top Rated AV Preeminent® Lawyer through Martindale Hubble for the last 10 years, and was recently rated as a Top Rated AV Preeminent® Lawyer - [Pastore Appointed to Pace Board of Visitors](https://www.pastore.net/pastore-appointed-to-pace-board-of-visitors/) - Joseph M. Pastore III has been appointed to the Pace University School of Law Board of Visitors by the unanimous vote of that board. Similarly, Susan Bysiewicz, the former Secretary of State of Connecticut and a former U.S. Senate candidate who leads the Firm’s Glastonbury office, has served on the Duke University Board of Visitors - [Pastore & Dailey Wins Temporary Restraining Order and Preliminary Injunction for Financial Services Client](https://www.pastore.net/pastore-dailey-wins-temporary-restraining-order-and-preliminary-injunction-for-financial-services-client/) - Pastore & Dailey successfully obtained a temporary restraining order and preliminary injunction in New York State Court for one of our clients. The client provides financial advisory services, including analysis and consulting related to Residential mortgage-backed securities, other securities, and other complex assets, to some of the largest financial institutions and law firms in the - [Pastore & Dailey Wins Suitability Arbitration for Investor](https://www.pastore.net/pastore-dailey-wins-suitability-arbitration-for-investor/) - A Pastore & Dailey client recently prevailed in a FINRA Arbitration against a broker dealer firm regarding compliance failures and unsuitable investments solicited by the broker. The arbitration took place in Houston, Texas. Pastore & Dailey was co-counsel with a well known former general counsel of a large securities firm. Our client asserted claims arising - [Pastore & Dailey Wins Motion to Dismiss for National Financial Services Client](https://www.pastore.net/pastore-dailey-wins-motion-to-dismiss-for-national-financial-services-client/) - Recently a Memorandum of Decision was issued granting a Motion to Dismiss in an action involving one of Pastore & Dailey’s financial services clients. Below is a summary of the well written decision by Judge Spatt. The plaintiff alleged claims under the Fair Debt Collection Practices Act (“FDCPA”) and the New York General Business Law - [Pastore & Dailey Wins Motion for Dismiss Against Texas Based Oil and Gas Company](https://www.pastore.net/pastore-dailey-wins-motion-for-dismiss-against-texas-based-oil-and-gas-company/) - Pastore & Dailey represented a New York plaintiff in connection with a dispute over services provided in association with the acquisition and management of various oil and gas properties in Abilene, Texas. In anticipation of this suit, Defendants wrongfully instituted an anticipatory action in the Federal District Court for the Northern District of Texas. Pastore - [Pastore & Dailey Wins Jurisdictional Motion Involving Connecticut, Pennsylvania, and Texas](https://www.pastore.net/pastore-dailey-wins-jurisdictional-motion-involving-connecticut-pennsylvania-and-texas-2/) - On July 23rd, 2019, Pastore and Dailey prevailed in a jurisdictional motion against a Texas defendant accused of participating in the theft of intellectual property, obtaining a ruling that denied the defendant’s motion to dismiss for want of jurisdiction. An evidentiary hearing has been scheduled to assess the jurisdictional claims of two other defendants connected - [Pastore & Dailey Triumphs in Damages Award Against Billion Dollar Portfolio Company](https://www.pastore.net/pastore-dailey-triumphs-in-damages-award-against-billion-dollar-portfolio-company/) - A top tier litigation firm, on behalf of a large corporate client, recently filed a Motion in Limine in an attempt to exclude Pastore & Dailey LLC’s client’s amended expert report on damages. P&D responded through a strong opposition and the District Court ruled in favor of P&D, thereby admitting the amended expert report into - [Pastore & Dailey Successfully Secures Case Dismissal in Multi-Billion Dollar S&P Ratings Case](https://www.pastore.net/pastore-dailey-successfully-secures-case-dismissal-in-multi-billion-dollar-sp-ratings-case-2/) - In a high profile matter, Pastore & Dailey represented a senior executive of S&P, formerly McGraw Hill Financial Inc., in connection with claims brought by shareholders against S&P and its executives related to the financial services agency’s ratings of RMBS during the 2008 financial crisis. Cahill Gordon was co-counsel. The lower court rejected the shareholders’ - [Pastore & Dailey Successfully Represents Proprietary Trading Firm](https://www.pastore.net/pastore-dailey-successfully-represents-proprietary-trading-firm-2/) - Pastore & Dailey attorneys successfully obtained emergency injunctive relief on behalf of a Manhattan-based proprietary trading firm in a dispute with a former C-level executive in New York State Court. After securing the injunctive relief, Pastore & Dailey successfully invoked an employment agreement provision to stay the court case and compel arbitration in AAA. The - [Pastore & Dailey Successfully Represents Fortune 500 Pharmaceutical Corporation](https://www.pastore.net/pastore-dailey-successfully-represents-fortune-500-pharmaceutical-corporation-2/) - Pastore & Dailey successfully obtained a withdrawal of all claims brought in Connecticut State court against our Fortune 500 pharmaceutical client. Our client was accused of distributing an asbestos tainted product sold in the 1970s. Following discovery efforts and extensive discussions, we were able to satisfy plaintiffs that there was no evidence linking our client - [Pastore & Dailey Successfully Represents Broker Dealer Regarding Errors in Filings](https://www.pastore.net/pastore-dailey-successfully-represents-broker-dealer-regarding-errors-in-filings/) - Pastore & Dailey successfully obtained a favorable stipulation and agreement with the Connecticut Department of Banking on behalf of a large national registered broker-dealer. The Department of Banking conducted an investigation into the broker dealer and concluded that the broker-dealer has failed to file a timely U5, included misinformation on a U4, and failed to - [Pastore & Dailey Successfully Negotiates Agreement for Former Investment Professional of Hedge Fund](https://www.pastore.net/pastore-dailey-successfully-negotiates-agreement-for-former-investment-professional-of-hedge-fund/) - Pastore & Dailey attorneys successfully obtained a favorable agreement on behalf of a client in a dispute with a former hedge fund employer in a private EEOC complaint. The complaint alleged employment discrimination and sexual harassment. This favorable settlement prevented litigation in federal court and resulted in considerable compensation to our client. - [Pastore & Dailey Successfully Counters Motion to Set Aside Judgement](https://www.pastore.net/pastore-dailey-successfully-counters-motion-to-set-aside-judgement/) - In February 2016, Pastore & Dailey successfully secured a permanent injunction against Defendant Felder for infringement of Van De Velde’s “PRIMADONNA” trademark via a default judgment. Van De Velde is a global retailer of luxury clothing with its headquarters in Belgium. The dispute, which occurred in the Southern District of Florida, resulted in the award - [Pastore & Dailey Successfully Concludes Nationwide Class Action Suit in the SDNY](https://www.pastore.net/pastore-dailey-successfully-concludes-nationwide-class-action-suit-in-the-sdny/) - Pastore & Dailey represented a national retailer in connection with a class action brought in the SDNY alleging that retailer violated the Fair and Accurate Credit Transactions Act or FACTA, 15 USC section 1681c(g). On September 3, 2015 Judge Gardephe of the SDNY issued and order finding that the proposed settlement was fair, resolving - [Pastore & Dailey Snags Ex-NewOak General Counsel in NY](https://www.pastore.net/pastore-dailey-snags-ex-newoak-general-counsel-in-ny/) - Pastore & Dailey LLC was recently featured in Law360 regarding Ivor Wolk. Law360, New York (June 20, 2014, 2:03 PM ET) -- Pastore & Dailey has hired the former general counsel of advisory firm NewOak Capital LLC as a partner in its New York office, luring him away from 13 years of in-house practice for - [Pastore & Dailey Secures Settlement in Failed Systems Case](https://www.pastore.net/pastore-dailey-secures-settlement-in-failed-systems-case/) - Pastore & Dailey recently secured a favorable settlement in a case involving the loss of server data from an accounting firm. The settlement, which was reached after the loss of vital data from the client’s computer network, helped the client offset substantial financial harm produced by the server failure. - [Pastore & Dailey Retained by Leading Wall Street Firms for Regulatory and Advisory Work](https://www.pastore.net/pastore-dailey-retained-by-leading-wall-street-firms-for-regulatory-and-advisory-work-2/) - One of the leading international insurance companies in the world and one of the oldest broker-dealers in the United States have both recently tapped Pastore & Dailey as regulatory counsel in connection with SEC and FINRA examinations and advisory issues. In addition, Pastore & Dailey is currently working with one of the nation’s preeminent RIAs - [Pastore & Dailey Retained by Leading Specialty Technology Manufacturer](https://www.pastore.net/pastore-dailey-retained-by-leading-specialty-technology-manufacturer-2/) - Pastore & Dailey has been retained by a leading specialty technology manufacturer in connection with a dispute over software ownership in Singapore and China. - [Pastore & Dailey Represented Mortgage Services Company in Financing Transaction](https://www.pastore.net/pastore-dailey-represented-mortgage-services-company-in-financing-transaction-2/) - Pastore & Dailey represented a mortgage servicing company in a financing transaction designed to allow the company to service a multinational bank. The transaction required expert and careful drafting and negotiation as it involved affiliates as well. Goodwin Proctor’s San Francisco office represented the lender. - [Pastore & Dailey Managing Partner Receives AV Preeminent Rating for 2020](https://www.pastore.net/pastore-dailey-managing-partner-receives-av-preeminent-rating-for-2020/) - Pastore & Dailey LLC is proud to announce that Managing Partner, Joseph M. Pastore, III has been named by Martindale-Avvo to receive the AV Preeminent Rating for the year 2020. This rating is the highest possible rating in both legal ability & ethical standards for practicing attorneys. Mr. Pastore received this honor for his exemplary - [Pastore & Dailey LLC Secures Over $60 Million for Clients](https://www.pastore.net/pastore-dailey-llc-secures-over-60-million-for-clients/) - Pastore & Dailey LLC is pleased to announce that the Firm has, to date, secured over $60 Million in grants and low-interest loans for Connecticut businesses through various programs with the State of Connecticut Department of Economic and Community Development. Through the work of Attorney Susan Bysiewicz, a former Secretary of the State of Connecticut - [Pastore & Dailey Is Pleased to Welcome Allison "Alex" Frisbee and Christopher Kelly as Counsel to the Firm](https://www.pastore.net/pastore-dailey-is-pleased-to-welcome-allison-alex-frisbee-and-christopher-kelly-as-counsel-to-the-firm/) - Pastore & Dailey is pleased to welcome Allison “Alex” Frisbee and Christopher Kelly as Counsel to the Firm. These additions build the Firm’s corporate investigations capabilities and further strengthened Pastore & Dailey’s securities regulatory and corporate transactional practices. Alex and Chris join an exceptionally talented and experienced group of attorneys in the securities and - [Pastore & Dailey Defeats AM Law 25 firm in Delaware Bankruptcy Court Concerning Investment Banking Fee](https://www.pastore.net/pastore-dailey-defeats-am-law-25-firm-in-delaware-bankruptcy-court-concerning-investment-banking-fee-2/) - Pastore & Dailey successfully dismissed claims filed in Delaware bankruptcy court by one of the nation’s largest mineral mining companies. Pastore & Dailey represents an investment bank seeking a fee associated with $650 million in construction financing for the project. The mining company was attempting to avoid paying this fee by asserting that claims had - [Pastore & Dailey Attorneys Fees Awarded in Florida](https://www.pastore.net/pastore-dailey-attorneys-fees-awarded-in-florida-2/) - Pastore & Dailey LLC has successfully argued for the award of attorney’s fees and costs in the Southern District of Florida for a large Belgian Based Conglomerate. The standard for the award of attorney’s fees is often very high, given the ‘American Rule’ where each party is expected to bear their own costs for litigation. - [Pastore & Dailey Advises Clients on the Complexities of Family Offices](https://www.pastore.net/pastore-dailey-advises-clients-on-the-complexities-of-family-offices/) - Recently Pastore & Dailey advised clients on complex questions regarding family offices and the compensation of non-family member “key employees” of such offices. Pastore & Dailey referenced the Investment Advisers Act of 1940, Dodd-Frank, and other securities act provisions to help the clients maneuver the complex structure of a family office and how to properly - [Partner John Hewitt to Co-Host Webinar](https://www.pastore.net/partner-john-hewitt-to-co-host-webinar/) - Do you have an effective Vendor Management Policy? Do you have an effective Vendor Due Diligence Questionnaire? How frequently do you receive vendor compliance audits? Do you have an internal Cyber Management Structure? Do you have a CISO? Who does s/he report to? All financial institutions rely on third-party service providers. This introduces cybersecurity risks - [P&D Wins Costs for Clients After Court Sanctions Opposing Side](https://www.pastore.net/pd-wins-costs-for-clients-after-court-sanctions-opposing-side/) - A federal court recently granted Pastore & Dailey LLC’s Motion for Sanctions against a Billion Dollar PE Portfolio corporation based on the destruction of evidence one month after the suit began. The District Court found that the allegedly unrecoverable relevant evidence had been improperly destroyed, calling the corporation’s failure to preserve this evidence “not ideal” - [P&D Welcomes Rob Manning](https://www.pastore.net/pd-welcomes-rob-manning/) - Rob Manning joins us as Of Counsel in the Florida office. He is AV-rated by Martindale Hubbell and practices commercial litigation including real property litigation, construction litigation and community association law. Prior to practicing law, Rob was a television news reporter and anchor. We are pleased to welcome him as the newest member of - [P&D to Co-Host Bloomberg Webinar](https://www.pastore.net/pd-to-co-host-bloomberg-webinar/) - On August 3, 2017, P&D Partner John "Jack" Hewitt will co-host a Bloomberg Webinar - An Analysis of the New Financial Market Technologies. The webinar will review in detail the new technologies being used in today’s modern financial markets including blockchain, robo-advisers, the Cloud, HFT, AI/machine learning, natural language processing and fraud detection. In addition - [P&D Successfully Defends Against Motion for Summary Judgement](https://www.pastore.net/pd-successfully-defends-against-motion-for-summary-judgement/) - The Firm has achieved another victory in defeating a Motion for Summary Judgment filed by two prestigious law firms on behalf of their multi-billion dollar corporate client, a former portfolio company of Morgan Stanley Private Equity. The Motion for Summary Judgment sought dismissal of our Clients’ two primary claims – fraud and unjust enrichment – - [P&D Sponsors YMCA of Greenwich Golf Event](https://www.pastore.net/pd-sponsors-ymca-of-greenwich-golf-event/) - Pastore & Dailey LLC was a sponsor of the Lou Ferraro Golf Classic presenting the 22nd Annual YMCA of Greenwich Golf Event. The event took place at Tamarack Country Club in Greenwich, CT. Attorneys William Dailey and Nathan Zezula were both in attendance. Proceeds from this event will directly benefit programs and services for the - [P&D Sponsors the B. Riley & Co. Investor Conference](https://www.pastore.net/pd-sponsors-the-b-riley-co-investor-conference/) - Pastore & Dailey LLC was a proud sponsor of the 17th Annual B. Riley & Co. Investor Conference. This two-day networking and business development conference was held in Los Angeles, California in Hollywood. Over 200 publicly traded companies and privately-held firms showcased their stories, while more than 1,000 institutional investors, corporate clients, and high-net worth - [P&D Sponsors the Abbott House Golf Outing](https://www.pastore.net/pd-sponsors-the-abbott-house-golf-outing/) - Pastore & Dailey LLC was a proud sponsor of the Abbott House Dave Wade Memorial Golf Outing. The outing was held at Elmwood Country Club in White Plains, NY. The Abbott House is a nonprofit organization dedicated to serving vulnerable children, adults, and families through early intervention, quality care, advocacy, and after-care services. Proceeds from - [P&D Sponsors Hedgeye Cares Golf Tournament](https://www.pastore.net/pd-sponsors-hedgeye-cares-golf-tournament/) - Pastore & Dailey LLC recently sponsored and attended the 3rd Annual Hedgeye Cares Charity Golf Challenge at the Glen Arbor Golf Club in Bedford Hills, NY. For this event, Hedgeye Cares, partnered with Bridgeport Caribe Youth Leaders (BCYL). All proceeds of the event will benefit BCYL’s programs which focus on providing underprivileged youth with diverse - [P&D Sponsors Bank Street Invitational](https://www.pastore.net/pd-sponsors-bank-street-invitational/) - Pastore & Dailey LLC was a sponsor of the 2016 Bank Street Charity Golf Invitational. The Invitational took place at Burning Tree Country Club in Greenwich, CT. Each participating foursome was able to make a donation to a nonprofit organization of their choosing. Attorney Joseph M. Pastore III was amongst the players on the course. - [P&D Joins Professional Service Firm IR Global](https://www.pastore.net/pd-joins-professional-service-firm-ir-global/) - Pastore & Dailey LLC is a recently accepted member of IR Global as a Capital Markets Firm for New York and Connecticut. IR Global is the fastest growing professional service firm network in the world, providing legal, accountancy and financial advice to companies and individuals across 150 jurisdictions. Each Firm, passing a stringent vetting process - [P&D Firm Administrator Admitted to The National Association of Professional Women](https://www.pastore.net/pd-firm-administrator-admitted-to-the-national-association-of-professional-women/) - Johnna Vitti, Firm Administrator for Pastore and Dailey LLC, has been welcomed to the National Association of Professional Women as an elite member. NAPW is the most rapidly growing association in the US for professional women to network on career development, business, and philanthropy. She will be attending their upcoming national seminar in New York, - [Pastore & Dailey Successfully Represents Phil Anthony](https://www.pastore.net/pastore-dailey-successfully-represents-phil-anthony/) - Pastore & Dailey Attorney Susan Bysiewicz successfully represented Democratic First Selectman Philip Anthony against recent allegations of bribery. Anthony, the subject of an investigation by State Police, announced on Wednesday, October 16, 2013 with Attorney Bysiewicz that the allegations had been determined to be unsubstantiated. Several major Connecticut news agencies covered this story, links to - [NYS DFS Cybersecurity Regulation Webinar 4/20/17: Presented by P&D's Jack Hewitt and CohnReznick's Jim Ambrosini](https://www.pastore.net/nys-dfs-cybersecurity-regulation-webinar-4-20-17-presented-by-pds-jack-hewitt-and-cohnreznicks-jim-ambrosini/) - John R. Hewitt, Partner at Pastore & Dailey LLC, and Jim Ambrosini, Managing Director at CohnReznick Advisory, will be conducting a complimentary Webinar on Thursday, April 20, 2017 at 12:00 PM EDT. Mr. Hewitt is recognized as a national authority in cybersecurity and Mr. Ambrosini is a leader in cybersecurity and technology assurance service offerings - [NY State Court Win](https://www.pastore.net/ny-state-court-win/) - Pastore & Dailey LLC is pleased to announce another victory in a New York State Court case regarding the employment of a high-level individual in the financial industry. In a recent decision, Pastore & Dailey successfully argued that an employee was entitled to proceed in arbitration against his former employer, as bargained for under his - [November 2010 - SEC Adopts New Rule](https://www.pastore.net/november-2010-sec-adopts-new-rule-2/) - On November 3, 2010, the Securities and Exchange Commission (SEC) voted unanimously to adopt a new rule requiring broker-dealers to implement risk controls before they provide customers with electronic access to the equities markets. The new rule will effectively end so-called "naked" (or "unfiltered") access by customers to the markets, and is part of a - [NYS Court Limits Definition of Single Occurrence by Enforcing Non-Cumulation Clause](https://www.pastore.net/nys-court-limits-definition-of-single-occurrence-by-enforcing-non-cumulation-clause/) - In an important recent decision in the toxic tort field, a New York appellate court decided in Nesmith et al. v. Allstate Ins. Co., 103 AD3d 190 (4th Dep’t 2013) that pursuant to a non-cumulation clause, Allstate Insurance Company was responsible for only one policy limit in connection with lead paint exposure claims asserted on - [New Tax Disclosure Requirements for Federal Contractors](https://www.pastore.net/new-tax-disclosure-requirements-for-federal-contractors/) - You are receiving this notice because you are a client or friend of our practice who has a business or other professional interest in doing business with the United States Department of Defense, the General Services Administration or NASA. On Friday, December 4, 2015, the federal government released an interim rule, effective February 26, 2016, - [Business Interruption Insurance Update](https://www.pastore.net/business-interruption-insurance-update-2/) - In the legal battle over whether business interruption insurance policies cover business losses due to the COVID-19 pandemic, a pair of recent cases have sided with the policyholders. This is positive news for theatres, restaurants, hotels, sporting teams, and other businesses that purchased business interruption insurance with the expectation that a pandemic such as COVID-19 - [Pastore & Dailey Managing Partner Receives AV Preeminent Rating for the year 2021](https://www.pastore.net/pastore-dailey-managing-partner-receives-av-preeminent-rating-for-the-year-2021/) - Pastore & Dailey LLC is proud to announce that Managing Partner, Joseph M. Pastore III has been named by Martindale-Avvo to receive the AV Preeminent Rating for the year 2021. This rating is the highest possible rating in both legal ability & ethical standards for practicing attorneys. Mr. Pastore received this honor for his exemplary - [Business Interruption Insurance Update](https://www.pastore.net/business-interruption-insurance-update/) - On August 13, 2020, the Superior Court of New Jersey denied defendant’s argument that business interruption insurance does not cover financial losses due to the COVID-19 pandemic. Optical Servs. USA/JCI v. Franklin Mut. Ins. Co., No. BER-L-3681-20, (N.J. Super. Ct. Aug. 13, 2020). Defendant’s made two primary arguments. Its first argument was that the COVID-19 - [Pastore & Dailey Retained by Multi-Billion Dollar Private Equity Firm](https://www.pastore.net/pastore-dailey-retained-by-multi-billion-dollar-private-equity-firm/) - Pastore & Dailey has been retained, in connection with an SEC investigation by one of the largest private equity firms in the world, that allows investments by retail investors. Pastore & Dailey attorneys have served as Chief Compliance Officer at multi-billion-dollar investment advisers and two of the largest banks in the world. Thus, the firm - [Pastore Defends Los Angeles Case Involving Major International Funds](https://www.pastore.net/pastore-dailey-defends-los-angeles-case-involving-major-international-funds/) - Pastore is defending a major securities industry action in Los Angeles. The case involves the alleged misappropriation of client information and involves major players in the international financial markets such as KKR, Fortress, FTI Consulting, Abrams Capital, Guggenheim Partners, Citadel, Highbridge Capital, and Beachpoint Capital among others. - [Pastore Defeats Motion to Compel Arbitration Against Billionaire](https://www.pastore.net/pastore-dailey-defeats-motion-to-compel-arbitration-against-billionaire/) - Pastore successfully defeated a Motion to Compel Arbitration in a case on the Complex Litigation Docket in Stamford against a billionaire represented by an AM Law 200 firm. The case involves complex direct and derivative shareholder claims in which the claims for damages are in excess of $65 million. Pastore's client is one of the - [Pastore Obtained an Injunction Requiring Return of PPP Funds in National Matter](https://www.pastore.net/pastore-dailey-obtained-an-injunction-requiring-return-of-ppp-funds-in-national-matter/) - Pastore successfully represented its client, a Registered Investment Adviser, in a preliminary injunction hearing against a national bank on an issue regarding a Paycheck Protection Program (“PPP”) loan. The hearing was held virtually in the Supreme Court of New York. The bank had taken out PPP loan money from Pastore's client’s account and provided default - [Pastore Retained to Advise a Large Registered Investment Advisor in Sale](https://www.pastore.net/pastore-retained-to-advise-a-large-registered-investment-advisor-in-sale/) - Pastore was retained to advise a large registered investment advisor in connection with the sale of its business to Victory Capital Holdings, a large national registered investment advisor. The registered investment advisor, based in Connecticut, invested primarily in microcap securities, providing services primarily to institutional investors and large religious-affiliated clients. The advisor, which was previously - [Pastore Client Awarded $14 Million in Derivative Arbitration](https://www.pastore.net/pastore-dailey-client-awarded-14-million-in-derivative-arbitration/) - A Pastore client was awarded $14 million derivatively on behalf of the company which he is a 49% shareholder. The dispute arose out of a prominent construction development in Bronxville, NY and concerns the failure of the developer to pay construction management fees to Pastore's client. The dispute involves complicated issues of tax credits and - [Pastore Managing Partner Receives AV Preeminent Rating for the Year 2020](https://www.pastore.net/pastore-managing-partner-receives-av-preeminent-rating-for-the-year-2020/) - Pastore LLC is proud to announce that Managing Partner, Joseph M. Pastore, III has been named by Martindale-Avvo to receive the AV Preeminent Rating for the year 2020. This rating is the highest possible rating in both legal ability & ethical standards for practicing attorneys. Mr. Pastore received this honor for his exemplary devotion to - [B. Riley & Co., LLC - Investor Conference](https://www.pastore.net/b-riley-co-llc-investor-conference/) - Pastore & Dailey LLC proudly sponsored the 16th Annual B. Riley Investor Conference in Los Angeles on May 12 to the 14. Along with several other national law firms, Pastore & Dailey helped B. Riley facilitate a dialogue between issuers and investors from around the country, and helped B. Riley raise money for the Sugar - [Pastore & Dailey Successfully Defends Investment Banking Firm in Federal Court in Nebraska](https://www.pastore.net/pastore-dailey-successfully-defends-investment-banking-firm-in-federal-court-in-nebraska/) - Pastore & Dailey recently defended an investment banking firm client in a complex multi-million dollar suit brought against them in the United States District Court for the District of Nebraska. The Court granted Defendants Motion and dismissed all claims against our client. - [SEC Issues Report on the Application of Federal Securities Laws to Crowdfunding Through Cryptocurrency](https://www.pastore.net/sec-issues-report-on-the-application-of-federal-securities-laws-to-crowdfunding-through-cryptocurrency/) - On July 25, 2017, the Securities and Exchange Commission issued a Report following their investigation of The DAO. The DAO is an unincorporated organization that is just one example of a “Decentralized Autonomous Organization” – a virtual organization embodied in computer code and executed on a distributed ledger or blockchain. The DAO was formed in - [Financing NYC Property](https://www.pastore.net/financing-nyc-property/) - Pastore & Dailey has represented a multi-million dollar trust in connection with the financing of substantial commercial property in NY as well as the negotiation of the release of a substantial levy on the property. - [Florida Gators Retake Top Spot in Law School Rankings](https://www.pastore.net/florida-gators-retake-top-spot-in-law-school-rankings/) - Mr. Two Bits Would be Proud. Florida Gators Retake Top Spot in Law School Rankings Julie Kay, Daily Business Review University of Florida's Levin College of Law was ranked Florida's best law school by U.S. News & World Report, taking back the position it lost last year to Florida State University. The Gainesville law school - [Pastore & Dailey Retained by One of World’s Largest Investment Management Firms](https://www.pastore.net/pastore-dailey-retained-by-one-of-worlds-largest-investment-management-firms/) - Pastore & Dailey has added one of the world’s largest research and investment management firms as a client. The client joins some of the largest broker dealers and insurance companies as clients of the Firm, where we represent them in many aspects of their businesses. In this case, the Firm is providing securities regulatory advice - [Pastore & Dailey adds Cybersecurity Authority as Partner](https://www.pastore.net/pastore-dailey-adds-cybersecurity-authority-as-partner/) - Pastore & Dailey is pleased to announce the addition of John R. (“Jack”) Hewitt as Partner in the Firm. Mr. Hewitt is recognized as one of the nations leading attorneys in cyber law and cyber security compliance issues. He has advised firms on their development of information security programs and has guided them through cyber - [Pastore & Dailey Retained by Leading Cryptocurrency Firm](https://www.pastore.net/pastore-dailey-retained-by-leading-cryptocurrency-firm-2/) - Pastore & Dailey has been retained by a leading cryptocurrency firm specializing in decentralized finance in connection with regulatory and compliance matters in the Cayman Islands and internationally. Pastore & Dailey has substantial experience and the burgeoning business of cryptocurrency having represented in 2020 a cryptocurrency mining company, and defended a Department of Justice (DOJ) - [Pastore & Dailey Wins Motion to Dismiss Against Texas Based Oil & Gas Company](https://www.pastore.net/pastore-dailey-wins-motion-to-dismiss-against-texas-based-oil-gas-company/) - Pastore & Dailey represented a New York plaintiff in connection with a dispute over services provided in association with the acquisition and management of various oil and gas properties in Abilene, Texas. In anticipation of this suit, Defendants wrongfully instituted an anticipatory action in the Federal District Court for the Northern District of Texas. Pastore - [Susan Bysiewicz Joins P&D](https://www.pastore.net/susan-bysiewicz-joins-pd/) - Susan Bysiewicz to Join Pastore & Dailey LLC and Open Hartford Area Office HARTFORD, Conn., Mon. January 14 --Susan Bysiewicz, former Secretary of the State of Connecticut, announced that she would join the newly founded Pastore & Dailey LLC, a law firm with offices in Stamford and New York City. She will lead the firm’s - [NYS DFS Cybersecurity Regulation Webinar on April 20, 2017: Presented by Pastore & Dailey’s John Hewitt and CohnReznick’s Jim Ambrosini](https://www.pastore.net/nys-dfs-cybersecurity-regulation-webinar-on-april-20-2017-presented-by-pastore-daileys-john-hewitt-and-cohnreznicks-jim-ambrosini/) - John R. Hewitt, Partner at Pastore & Dailey LLC, and Jim Ambrosini, Managing Director at CohnReznick Advisory, will be conducting a complimentary Webinar on Thursday, April 20, 2017 at 12:00 PM EDT. Mr. Hewitt is recognized as a national authority in cybersecurity and Mr. Ambrosini is a leader in cybersecurity and technology assurance service offerings - [American Lawyer's Top Rated Attorneys](https://www.pastore.net/american-lawyers-top-rated-attorneys/) - Pastore & Dailey has been named to the American Lawyer’s Top Rated Attorneys for 2015 for Commercial Litigation, and Labor and Employment. This is the Second Year in a row the Firm has received such an award. - [Joseph M. Pastore III Named Super Lawyer, 2012](https://www.pastore.net/joseph-m-pastore-iii-named-super-lawyer-2012/) - P&D Partner Named 2012 New York Super Lawyer In September of 2012, Joseph M. Pastore III was named to the 2012 New York Super Lawyers list as one of the top attorneys in New York in the areas of Business Litigation and Securities & Corporate Finance. Mr. Pastore focuses his practice on the financial services, - [Connecticut’s New Pass Through Entity Tax](https://www.pastore.net/connecticuts-new-pass-through-entity-tax/) - On May 31, 2018, Governor Malloy signed P.A. 18-49, which fundamentally changes how income earned by pass through entities such as S corporations, partnerships, and multi-member LLCs are taxed. The new legislation does not affect the taxation of publicly traded partnerships, sole proprietorships, or single member LLCs. The legislation is retroactively effective to January 1, - [Brokers and Advisers Beware: Taking Customer Information Could Get You Fined and Suspended](https://www.pastore.net/brokers-and-advisers-beware-taking-customer-information-could-get-you-fined-and-suspended/) - In the last two months, the SEC and FINRA have, for the first time each, taken Enforcement action — including against a broker-dealer’s chief compliance officer — in regard to the safeguarding of confidential customer information under a 10-year-old SEC rule called “Regulation S-P.” These actions seem likely to cause a significant shift in how - [A Brief Review of Just Some of the Nondiscrimination Tax Tests Applicable to 401 Qualified Plans](https://www.pastore.net/a-brief-review-of-just-some-of-the-nondiscrimination-tax-tests-applicable-to-401-qualified-plans-2/) - The mathematics of the annual testing for compliance with the rules requiring qualified plans to demonstrate nondiscrimination are spread though several sections of the tax law, rendering the calculations needed somewhat opaque. This note attempts to summarize some of the calculations so that plan sponsors might feel better empowered to assess the effect on compliance - [FINRA Fines Member Firms for Violation of Its Recordkeeping Provisions and Issues Cybersecurity Warning](https://www.pastore.net/finra-fines-member-firms-for-violation-of-its-recordkeeping-provisions-and-issues-cybersecurity-warning/) - FINRA fined twelve of its largest member firms a combined $14.4 million for violation of its Rule 4511 and SEC Rule 17a-4(f) for their failure to keep hundreds of millions of electronic documents in a WORM or "write once, read many" format. The WORM format is designed to ensure that important firm records including customer - [Are RIAs Eligible for PPP?](https://www.pastore.net/are-rias-eligible-for-ppp-2/) - Is a Registered Investment Advisor (“RIA”) eligible to participate in the Payment Protection Program (the “PPP”) administered by the Small Business Administration (“SBA”)? The short answer is “yes.” The PPP was promulgated as part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which in part set aside hundreds of - [May 2010 - Broker Beware...](https://www.pastore.net/may-2010-broker-beware/) - Broker Beware: New FINRA Guidance Suggests Renewed Regulatory Focus on Broker-Dealers Involved in Regulation D Offerings Securities Industry and Tech & Venture Finance Practice Alert Even before the economic turmoil of the last two years, private placements were a principal source of funding for small and mid-sized businesses. Given the recessionary effects on the commercial - [SEC Proposes Regulation Best Interest for Brokers](https://www.pastore.net/sec-proposes-regulation-best-interest-for-brokers/) - On April 18, 2018, the SEC proposed “Regulation Best Interest,” which is the latest in a long and disputed line of proposed attempts by various governmental bodies to homogenize the duties owed by brokers and investment advisers to their respective clients. Professionals in the financial services industry and others should take note that they have - [Can Broker-Dealers and Funds Claim Trading Losses Due to the COVID-19 Governmental Shutdowns Under Business Interruption Policies or Contingent Business Interruption Policies?](https://www.pastore.net/can-broker-dealers-and-funds-claim-trading-losses-due-to-the-covid-19-governmental-shutdowns-under-business-interruption-policies-or-contingent-business-interruption-policies-2/) - Business interruption insurance, also known as business income insurance, is commercial property insurance designed to cover loss of income incurred by an organization due to a slowdown or suspension of its operations at its premises, under certain circumstances. Business interruption insurance may include coverage for a suspension of operations due to a civil authority or - [Pastore & Dailey Wins Jurisdictional Motion Involving Connecticut, Pennsylvania and Texas.](https://www.pastore.net/pastore-dailey-wins-jurisdictional-motion-involving-connecticut-pennsylvania-and-texas/) - On July 23rd, 2019, Pastore & Dailey prevailed in a jurisdictional motion against a Texas defendant accused of participating in the theft of intellectual property, obtaining a ruling that denied the defendant’s motion to dismiss for want of jurisdiction. An evidentiary hearing has been scheduled to assess the jurisdictional claims of two other defendants connected - [Pastore & Dailey LLC Featured in Forbes Marketplace](https://www.pastore.net/pastore-dailey-llc-featured-in-forbes-marketplace/) - The law firm of Pastore & Dailey LLC was recently featured in Forbes Magazine in their Marketplace section. For its founder and managing partner Joseph M. Pastore III, the Stamford-based law firm of Pastore & Dailey LLC was a long time coming. Pastore spent two decades at large national firms tackling high-profile financial, securities - [Settlement of SEC Case](https://www.pastore.net/settlement-of-sec-case/) - Pastore & Dailey has represented a Registered Investment Advisor in connection with claims of theft of clients from the advisory practice and violations of SEC law prohibiting fraudulent transfer of clients and successfully obtained a settlement of all claims. - [Pastore & Dailey Retained by International Fashion Retailer on Large Trademark Action](https://www.pastore.net/pastore-dailey-retained-by-international-fashion-retailer-on-large-trademark-action/) - Pastore & Dailey has filed a broad trademark action in Federal Court seeking to enforce the intellectual property rights of one of the best know fashion designers in world against alleged infringers of its trademarks. The action has received substantial press coverage. - [September 2010 - Advisors Beware of](https://www.pastore.net/september-2010-advisors-beware-of/) - Advisors: Beware of the “Switch” From SEC Oversight to State Regulation Securities Industry Practice Alert By July 21, 2011 — the one-year anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act — investment advisors with less than $100 million in assets under management will be required to register with the - [Pastore & Dailey Settles Complex CERCLA Suit with the Department of Justice on behalf of Client](https://www.pastore.net/pastore-dailey-settles-complex-cercla-suit-with-the-department-of-justice-on-behalf-of-client/) - Recently, Pastore & Dailey entered into a consent decree with the Department of Justice on behalf of an asset management firm, settling a complex Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) suit in the United States District Court for the Southern District of Florida. Pursuant to the consent decree, the United States agreed to - [Pastore & Dailey Wins Motion to Stay in favor of arbitration on behalf of Connecticut Hedge Fund in Southern District of New York](https://www.pastore.net/pastore-dailey-wins-motion-to-stay-in-favor-of-arbitration-on-behalf-of-connecticut-hedge-fund-in-southern-district-of-new-york/) - Pastore & Dailey represented a Connecticut based hedge fund and its CEO and Managing Member in connection with a dispute brought over loan agreements used to fund Beta testing of an algorithmic trading methodology. After extensive briefing and time and effort reviewing the numerous complex agreements and navigating the Federal Judge through incredibly complicated documents, - [Representing Municipal Bond Trader](https://www.pastore.net/representing-municipal-bond-trader/) - Pastore & Dailey has represented a municipal bond trader, who had coordinated billions of dollars in bond trades, in connection with claims against a large international bank and brokerage house, successfully resolving the case in FINRA arbitration. - [Representing Former Commodities Trader](https://www.pastore.net/representing-former-commodities-trader/) - Pastore & Dailey has represented a former commodities trader in connection with employment and illegal business practice claims against one of the world's largest commodities trading houses. - [Pastore & Dailey Retained in Billion Dollar Tech Deal](https://www.pastore.net/pastore-dailey-retained-in-billion-dollar-tech-deal/) - Pastore & Dailey has been retained by a technology company in connection with a possible Billion dollar distribution deal. The European based conglomerate manufactures and distributes off-patent healthcare products in the US and Europe. The parties will enter in an MOU, making the products available in 2021. - [Pastore & Dailey Retained by Leading Specialty Technology Manufacturer](https://www.pastore.net/pastore-dailey-retained-by-leading-specialty-technology-manufacturer/) - Pastore & Dailey has been retained by a leading specialty technology manufacturer in connection with a dispute over software ownership in Singapore and China. - [Defending Consumer Protection Claims](https://www.pastore.net/defending-consumer-protection-claims/) - Pastore & Dailey has represented a significant and industry-leading Midwestern bank in connection with multiple claims against the bank for violation of consumer protection laws in Florida, successfully dismissing many claims. - [November 2010 - SEC Adopts New Rule](https://www.pastore.net/november-2010-sec-adopts-new-rule/) - SEC Adopts New Rule Preventing Unfiltered Market Access Securities Industry Practice Alert On November 3, 2010, the Securities and Exchange Commission (SEC) voted unanimously to adopt a new rule requiring broker-dealers to implement risk controls before they provide customers with electronic access to the equities markets. The new rule will effectively end so-called "naked" (or - [New Partnership Tax Audit Rules Now in Effect](https://www.pastore.net/new-partnership-tax-audit-rules-now-in-effect/) - As part of a budget compromise, the Bipartisan Budget Act was enacted on November 2, 2015, and became effective on January 1, 2018. Title XI of the BBA is a revenue device and works to raise tax revenue without raising taxes by substantially streamlining IRS partnership audit procedures, including audit procedures for LLCs which are - [New Disguised Sales Rules](https://www.pastore.net/new-disguised-sales-rules/) - On November 10, 2017, P&D Special Counsel Dan M. Smolnik gave a presentation before the Federal Tax Institute regarding the new changes to the Disguised Sales Rules. The presentation also identified key points for entities to consider in light of these changes. With new changes in the Disguised Sale Rules, partnerships, including LLCs treated as - [New DECD Commissioner](https://www.pastore.net/new-decd-commissioner/) - Connecticut’s former head of the Department of Economic Community Development (DECD), Catherine Smith invested over a billion dollars in major projects and programs that aimed to jumpstart job creation and retention in the State of Connecticut. During her tenure, Smith credited the agency with making strides by supporting job growth in major industries including: advanced - [National Law Firm Pastore & Dailey Expands to Space Coast](https://www.pastore.net/national-law-firm-pastore-dailey-expands-to-space-coast/) - Pastore & Dailey’s new Melbourne office, located at 7827 N. Wickham Road in Suntree, is led by attorney Rob Manning, a Brevard County native. Manning holds an AV-Preeminent Peer Review rating from Martindale-Hubbell. “I am grateful for this opportunity to return to Brevard County, and to bring my experience and Pastore & Dailey’s resources to - [FINRA Fines Member Firms For Violation of Its Recordkeeping Provisions and Issues Cybersecurity Warning](https://www.pastore.net/finra-fines-member-firms-for-violation-of-its-recordkeeping-provisions-and-issues-cybersecurity-warning-2/) - P&D CLIENT ALERT FINRA fined twelve of its largest member firms a combined $14.4 million for violation of its Rule 4511 and SEC Rule 17a-4(f) for their failure to keep hundreds of millions of electronic documents in a WORM or "write once, read many" format. The WORM format is designed to ensure that important firm - [Nathan Zezula Joins Pastore & Dailey LLC](https://www.pastore.net/nathan-zezula-joins-pastore-dailey-llc/) - Pastore & Dailey LLC welcomes Nathan Zezula as Counsel in the Firm’s Stamford and Glastonbury offices. Nathan is well-versed in commercial litigation, including breach of contract claims, unfair trade practice claims, real estate disputes, and fraud and breach of fiduciary duty claims. Nathan has extensive experience in securing pre-judgment relief, including temporary injunctions and restraining orders. - [Motion to Strike Victory](https://www.pastore.net/motion-to-strike-victory/) - Pastore & Dailey recently succeeded in defending their client’s claims against a motion to strike in Connecticut Superior Court. Pastore & Dailey was successful on the majority of their counts, including fraud, multiple counts for breach of contract and breach of the covenant of good faith and fair dealing, CUTPA and breach of fiduciary duty. - [Client Awarded Hundreds of Thousands in Legal Fees under CUTPA](https://www.pastore.net/client-awarded-hundreds-of-thousands-in-legal-fees-under-cutpa-2/) - A Pastore & Dailey client has recently been awarded thousands of dollars in legal fees under the Connecticut Unfair Trade Practices Act (CUTPA) in a dispute involving hedge fund founders. - [Motion to Strike Successful](https://www.pastore.net/motion-to-strike-successful/) - Pastore & Dailey recently brought a successful motion to strike in Connecticut Superior Court against a former employee of a client (a major world-wide insurance company). The Court’s decision included a finding that the former employee failed to articulate facts sufficient to support a claim of a fiduciary duty by an employer to an employee - [Dan Smolnik has Been Elected Director of Governmental Affairs for the League of Women Voters in Connecticut](https://www.pastore.net/dan-smolnik-has-been-elected-director-of-governmental-affairs-for-the-league-of-women-voters-in-connecticut/) - Dan Smolnik has been elected Director of Governmental Affairs for the League of Women Voters in Connecticut. He will be handling issues associated with legislation, governmental relationships with the State's Constitutional officers, and official policy positions and testimony. Congratulations to Dan on this fine accomplishment. - [Motion Practice Victory](https://www.pastore.net/motion-practice-victory/) - Recently a Connecticut State Court granted the entirety of a Request to Revise filed by Pastore and Dailey in its defense of a major world-wide insurance company, denying all of the plaintiff’s objections to the motion. The claims involve an incentive stock plan. - [Pastore & Dailey Attorneys Fees Awarded in Florida](https://www.pastore.net/pastore-dailey-attorneys-fees-awarded-in-florida/) - Pastore & Dailey LLC has successfully argued for the award of attorney’s fees and costs in the Southern District of Florida for a large Belgian Based Conglomerate. The standard for the award of attorney’s fees is often very high, given the ‘American Rule’ where each party is expected to bear their own costs for litigation. - [Member of P&D Appointed to Duke University School of Law Board of Visitors](https://www.pastore.net/member-of-pd-appointed-to-duke-university-school-of-law-board-of-visitors/) - Susan Bysiewicz of Pastore & Dailey’s Glastonbury, Connecticut office has been appointed to Duke University School of Law Board of Visitors. The Board of Visitors serves as a reporting and recommending body to the Law School administration, the University administration and the University Board of Trustees on matters of student development, alumni relations, fundraising, - [Business Interruption Insurance and COVID-19: Ocean Grill.](https://www.pastore.net/business-interruption-insurance-and-covid-19-ocean-grill/) - Business interruption insurance, also known as business income insurance, is commercial property insurance designed to cover loss of income incurred by an organization due to a slowdown or suspension of its operations at its premises, under certain circumstances. Business interruption insurance may include coverage for a suspension of operations due to a civil authority or - [Connecticut Approves Recovery Bridge Loan Program as of March 25, 2020](https://www.pastore.net/connecticut-approves-recovery-bridge-loan-program-as-of-march-25-2020/) - The State of Connecticut will immediately roll out a no-interest loan program, “The Connecticut Recovery Bridge Loan Program,” with assistance of up to $75,000 over an 18-month period for small businesses effected by the COVID-19virus (Coronavirus) crisis. “This plan is a meaningful and flexible plan, stated by David Lehman, Gov. Ned Lamont’s economics chief. Funding - [Private-Equity Firm Manager Prevails in Federal District Court Against the Milstein Family](https://www.pastore.net/private-equity-firm-manager-prevails-in-federal-district-court-against-the-milstein-family/) - Private- equity firm manager Dean Barr, along with his attorneys at Carmody Torrance Sandak & Hennessey LLP, successfully defended claims brought against him by the Milstein Family, the founders of Burlington Coat Factory and investors in Mr. Barr’s firm. The Milsteins had invested several millions of dollars in the fund before its ultimate decline, and - [Pastore & Dailey Retained in Significant Ratings Agency Case](https://www.pastore.net/pastore-dailey-retained-in-significant-ratings-agency-case/) - We have recently been retained to defend a ratings agency corporate executive in case of substantial importance to the United States financial industry involving shareholder breach of fiduciary duty claims relating to credit ratings given to mortgage backed securities. This action is pending in state court in New York, and the damages sought are - [Pastore & Dailey Retained as Cybersecurity Counsel](https://www.pastore.net/pastore-dailey-retained-as-cybersecurity-counsel/) - Pastore & Dailey has been retained by one of the large Wall Street Investment Firms in connection with that Firm’s Cybersecurity compliance and preventive measures designed to protect the Firm from cyber attack. Pastore & Dailey’s Cybersecurity practice group, led by leading national expert John Hewitt, is on the forefront of these issues and - [Pastore & Dailey Wins Jury Trial](https://www.pastore.net/pastore-dailey-wins-jury-trial/) - Pastore & Dailey successfully concluded a contentious, multi-year litigation, defeating claims of fraudulent inducement and securities fraud brought against two hedge fund executives by a billionaire family office special purpose investment vehicle. The billionaire family office, the heirs to and founders of a well-known apparel store, had invested in the fund’s General Partner limited liability - [Pastore & Dailey Successfully Represents Fortune 500 Pharmaceutical Corporation](https://www.pastore.net/pastore-dailey-successfully-represents-fortune-500-pharmaceutical-corporation/) - Pastore & Dailey successfully obtained a withdrawal of all claims brought in Connecticut State court against our Fortune 500 pharmaceutical client. Our client was accused of distributing an asbestos tainted product sold in the 1970s. Following discovery efforts and extensive discussions, we were able to satisfy plaintiffs that there was no evidence linking our client - [Pastore & Dailey Successfully Secures Case Dismissal in Multi-Billion Dollar S&P Ratings Case](https://www.pastore.net/pastore-dailey-successfully-secures-case-dismissal-in-multi-billion-dollar-sp-ratings-case/) - In a high profile matter, Pastore & Dailey represented a senior executive of S&P, formerly McGraw Hill Financial Inc., in connection with claims brought by shareholders against S&P and its executives related to the financial services agency’s ratings of RMBS during the 2008 financial crisis. Cahill Gordon was co-counsel. The lower court rejected the shareholders’ - [Pastore & Dailey Represents Boca Raton Financial Advisor in Arbitration Against High-Profile Financial Services Company](https://www.pastore.net/pastore-dailey-represents-boca-raton-financial-advisor-in-arbitration-against-high-profile-financial-services-company/) - Pastore & Dailey was retained by one of Boca Raton’s top producing financial advisors. Our client brought hundreds of millions of dollars in assets to a major financial services company. Pastore & Dailey attorneys have brought a FINRA arbitration in the Boca Raton regional office. - [Pastore & Dailey Represent Joint Lead Arranger in $110 Million Lending Transaction](https://www.pastore.net/pastore-dailey-represent-joint-lead-arranger-in-110-million-lending-transaction/) - Pastore & Dailey successfully represented Stamford, Connecticut based client Bank Street Group LLC in its role as joint lead arranger for a $135 million senior secured financing closed by Alpheus Communications, LLC on Friday May 31, 2013. The financing comprised a $110 million term loan, $15 million delayed draw term loan and $10 million revolving - [Pastore & Dailey Defeats Motion to Dismiss Filed by Billionaire in Greenwich Hedge Fund Dispute.](https://www.pastore.net/pastore-dailey-defeats-motion-to-dismiss-filed-by-billionaire-in-greenwich-hedge-fund-dispute/) - Pastore & Dailey defeated a motion to dismiss, and a motion to stay filed by heirs to a large national retail fortune in connection with their alleged efforts to take over a Greenwich based alternative investment hedge fund. Pastore & Dailey also defeated a motion to stay the proceedings and a motion to dismiss certain - [Pastore & Dailey Retained by Leading Wall Street Firms for Regulatory and Advisory Work](https://www.pastore.net/pastore-dailey-retained-by-leading-wall-street-firms-for-regulatory-and-advisory-work/) - One of the leading international insurance companies in the world and one of the oldest broker-dealers in the United States have both recently tapped Pastore & Dailey as regulatory counsel in connection with SEC and FINRA examinations and advisory issues. In addition, Pastore & Dailey is currently working with one of the nation’s preeminent RIAs - [June 2011 - CFTC Proposes New COI Rules](https://www.pastore.net/june-2011-cftc-proposes-new-coi-rules/) - Commodity Futures Trading Commission Proposes New Conflict of Interest Rules Securities Industry Practice Alert The Commodity Futures Trading Commission recently proposed new rules to implement statutory provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules relate to the conflicts of interest provisions set forth in section 732 of the Dodd-Frank - [Pastore & Dailey Successfully Represents Proprietary Trading Firm](https://www.pastore.net/pastore-dailey-successfully-represents-proprietary-trading-firm/) - Pastore & Dailey attorneys successfully obtained emergency injunctive relief on behalf of a Manhattan-based proprietary trading firm in a dispute with a former C-level executive in New York State Court. After securing the injunctive relief, Pastore & Dailey successfully invoked an employment agreement provision to stay the court case and compel arbitration in AAA. The - [Managing Member Joseph M. Pastore III Maintains AV Preeminent Rating by Martindale-Hubbell for Fourteenth Year in a Row](https://www.pastore.net/managing-member-joseph-m-pastore-iii-maintains-av-preeminent-rating-by-martindale-hubbell-for-fourteenth-year-in-a-row/) - For the fourteenth year in a row, our Managing Member Joseph M. Pastore III has continued to maintain his AV Preeminent Rating by Martindale-Hubbell, a leading legal information services company which collects and stores background information on United States lawyers and law firms for anyone to see. According to Martindale-Hubbell, Mr. Pastore’s AV Preeminent Rating - [Pastore & Dailey Successfully Reinstates Ousted Republican Jane Miller in Brookfield, CT](https://www.pastore.net/pastore-dailey-successfully-reinstates-ousted-republican-jane-miller-in-brookfield-ct/) - Pastore & Dailey successfully reinstated Jane Miller to the Republican Party of Brookfield, CT after she was expelled for allegedly violating the Party's "good-faith" policy. After 15 months of litigation, we have rightfully proven that Mrs. Miller deserves to be a member of the party of her choice. We continue to fight for her civil - [Former Dissident Shareholder Becomes Qualstar's Interim CEO](https://www.pastore.net/former-dissident-shareholder-becomes-qualstars-interim-ceo/) - Former Dissident Shareholder Becomes Qualstar's Interim CEO Steven Bronson, the investor who took control of Qualstar Corp. after a proxy fight, has been named its interim chief executive and president, the company announced Monday. Bronson, a member of Qualstar’s board, was appointed to replace Larry Firestone, who became chief executive of the Simi Valley data - [The Dodd-Frank Wall Street Reform and Consumer Protection Act](https://www.pastore.net/july-2010-dodd-frank/) - Securities Industry Practice Alert The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was signed into law by President Obama on July 21, 2010. The official purpose of the law is to "promote the financial stability of the United States by improving accountability and transparency in the financial system, to end 'too big - [Managing Documentation of Your PPP Loan](https://www.pastore.net/managing-documentation-of-your-ppp-loan/) - To date, nearly 18.5 thousand Connecticut businesses have received forgivable loans under the Paycheck Protection Program. This note will briefly review some of the recordkeeping requirements of the program you should keep in mind if you anticipate being able to qualify for loan forgiveness. The program requires that borrowers meet two tests for loan forgiveness: - [Series LLCs and the Securities Industry](https://www.pastore.net/series-llcs-and-the-securities-industry/) - Securities Industry Practice Alert Securities Regulatory Practice Alert In response to a request by FINRA, the SEC provided interpretive guidance as to its financial responsibility rules’ application to a broker-dealer that is formed and operated as a series limited liability company (LLC) under state law. The SEC staff described a Series LLC structure as consisting - [July 2009 - FRR Proposes Resolution Regime](https://www.pastore.net/july-2009-frr-proposes-resolution-regime/) - The FRR Report Proposes a Resolution Regime to Aid Failing Firms Securities Industry Alert On June 17, 2009, the U.S. Department of the Treasury (Treasury) released a five-part report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report). The FRR Report, as well as a speech by President Obama, outlined - [IRS Seeks Leave from Court to Serve Sweeping Summons on Bitcoin Exchange](https://www.pastore.net/irs-seeks-leave-from-court-to-serve-sweeping-summons-on-bitcoin-exchange/) - In an ex parte Application for Leave to Serve John Doe Summonses dated November 17, 2016, the Internal Revenue Service requested of the United States District Court for the Northern District of California the authority to obtain the records of Coinbase, Inc. a bitcoin exchange located in San Francisco. By its own terms, the request - [Joseph Pastore Receives AV Rating From Martindale Hubbell For 15 year In A Row](https://www.pastore.net/joseph-pastore-receives-av-rating-from-martindale-hubbell-for-15-year-in-a-row/) - Mr. Pastore has been ranked AV Preeminent for as long as that award has been available and AV for 15 years in row. AV is the highest ranking possible from Martindale Hubbell, the recognized leader in attorney profiles and rankings. According to the notice from Martindale Hubbel to Mr. Pastore “For years you - [IRS Proposes to Exclude S Corporations from the New Carried Interest Exception](https://www.pastore.net/irs-proposes-to-exclude-s-corporations-from-the-new-carried-interest-exception/) - On March 1, 2018, IRS released Notice 2018-18 announcing that Treasury and IRS intend to issue regulations providing guidance on the application of Code §1061, enacted under P.L 115-97 to S corporations. This new statute section treats carried interests of fund managers. Some background is important. Code Section 1061(a) states that, if one or more - [Initial Coin Offerings: The New (Controversial) Way to Raise Capital](https://www.pastore.net/initial-coin-offerings-the-new-controversial-way-to-raise-capital/) - With Bitcoin exploding in market value to over $19,000 per coin at the close of 2017, investors are intrigued by the alluring concepts of cryptocurrency, blockchain, and the decision of whether to invest in startup companies utilizing cryptocurrency.[1] Recently, initial coin offerings (ICOs) have been the primary way for cryptocurrency startup companies to raise capital, - [High Frequency Trading Law](https://www.pastore.net/high-frequency-trading-law/) - Recent Developments in High Frequency Trading Law Last year the Federal Court of New York was stormed by investors alleging that exchanges, banks, and broker dealers created an unfair marketplace through high frequency trading ("HFT"). All suits were inspired by Michael Lewis allegations, author of the best-seller "Flash Boys: A Wall Street Revolt", who argued - [Hearing Victory](https://www.pastore.net/hearing-victory/) - Pastore & Dailey LLC successfully represented a long standing hedge fund client that specializes in micro cap lending in two separate phases of litigation against a sophisticated commercial borrower. First, Pastore & Dailey secured a favorable settlement for its client as a result of filing an application for pre-judgment remedy, which sought to attach the - [June 2009 - SEC Proposes Amendments to IAA](https://www.pastore.net/june-2009-sec-proposes-amendments-to-iaa/) - SEC Proposes Amendments to Investment Advisers Act Securities Industry Practice Group Alert On May 20, 2009, the United States Securities and Exchange Commission (“Commission” or “SEC”) issued Release No. IA-2876, proposing certain amendments to the Investment Advisers Act of 1940 (“Advisers Act”). These proposed amendments, among other things, would require registered investment advisers (“RIAs”) who - [FLSA: Congressional Intent and Gaming the System](https://www.pastore.net/flsa-congressional-intent-and-gaming-the-system/) - Despite its status as a seemingly antiquated piece of New Deal legislation, the Fair Labor Standards Act (FLSA) has constituted the battleground for a long-running legal conflict over the right of employees to claim overtime. The Supreme Court issued its first major FLSA ruling in A.H. Phillips Inc. v. Walling (1945), a decision which established - [July 2009 - FRR Proposes New Agencies](https://www.pastore.net/july-2009-frr-proposes-new-agencies/) - FRR Report Proposes Three New Regulatory Agencies Securities Industry Alert On June 17, 2009, President Obama announced a proposal to redesign the financial system of supervision and regulation. Coupled with this announcement, the U.S. Department of the Treasury released a report titled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (FRR Report). - [Top Lawyers of 2017](https://www.pastore.net/top-lawyers-of-2017/) - Pastore & Dailey has been named among the Top Lawyers in 2017 in recognition for Excellence and Achievements by New York Magazine for Commercial Litigation, and Labor and Employment. This is the Third Year in a row the Firm has received such an award. - [FINRA Arbitration Not Always Mandatory](https://www.pastore.net/finra-arbitration-not-always-mandatory/) - For the Moment, FINRA Arbitration with Customers is Not Mandatory, So Say Two Federal Appeals Courts In August 2014, the Court of Appeals in the 2nd Circuit (i.e., NY and CT) joined its brethren in the 9th Circuit (i.e., CA, NV, OR, WA, MT, ID, AK and HA) in holding that a FINRA member firm - [Enforcing Texas Judgement in New York for International Clients](https://www.pastore.net/enforcing-texas-judgement-in-new-york-for-international-clients/) - The attorneys at Pastore & Dailey recently claimed a victory with respect to opposing a joint motion to dismiss and motion for summary judgment in New York Supreme Court (Kings County). In that matter, Pastore & Dailey’s clients successfully secured a judgment for the client (a limited liability company whose members reside in Israel) in - [Dispositive Motions Win](https://www.pastore.net/dispositive-motions-win/) - Pastore & Dailey recently prevailed on behalf of Plaintiff after oral arguments against Defendant’s dispositive motions seeking the dismissal of a complaint filed in California state court against certain former directors and officers of a publicly-traded company. The defendants in this action were represented by a prominent nation firm, and are alleged to have, among - [January 2010 - FINRA's Guide to Social Media](https://www.pastore.net/january-2010-finras-guide-to-social-media/) - FINRA's Guidance on Social Media Web Sites Securities Industry Practice Alert Facebook, Twitter and personal blogs have become staples of American life over the past five years. Studies show that businesses have also increasingly turned to these social media outlets to communicate with customers, advertise and conduct business. Social media outlets have not escaped the - [Defeated Motion to Stay](https://www.pastore.net/defeated-motion-to-stay/) - On behalf of its sophisticated financial services client, Pastore & Dailey LLC recently defeated a Motion to Stay a New York Supreme Court action pending resolution of an ongoing arbitration. In denying the defendants’ motion for a stay, the court agreed with P&D’s arguments that the corporate defendants’ conduct in choosing not to participate in - [Defeated Emergency Motion to Stay](https://www.pastore.net/defeated-emergency-motion-to-stay/) - Pastore & Dailey recently defeated an emergency motion by a client’s competitor in the financial services industry (including a FINRA member firm) to stay our client’s lawsuit in NYS Supreme Court (New York County) against the competitor and its principals while a related FINRA arbitration was in process. (Our client is suing the competitor and - [Pastore & Dailey Client Gains National Recognition for Co-Working Venture](https://www.pastore.net/pastore-dailey-client-gains-national-recognition-for-co-working-venture/) - Pastore & Dailey Client, and former WeWork Executive, Frank Bistrian has gained national recognition by the Wall Street Journal for his new Co-Working venture Network Group LLC. See Cat Zakrzewski, Former WeWork Executive Launches a Co-Working Company of His Own, Wall Street Journal (Feb. 22, 2018). - [Defeated Emergency Appeal to NYS Appellate Division](https://www.pastore.net/defeated-emergency-appeal-to-nys-appellate-division/) - Pastore & Dailey recently defeated an emergency appeal to NYS Appellate Division (1st Dept.) by a client’s competitor in the financial services industry (including a FINRA member firm) on the trial court’s denial of its motion to stay our client’s lawsuit in NYS Supreme Court (New York County) against the competitor and its principals while - [DECD Small Business Express Program Financing Transaction](https://www.pastore.net/decd-small-business-express-program-financing-transaction/) - In April 2013, Pastore & Dailey’s transactional team successfully concluded a combination grant and loan financing transaction on behalf of a New Haven based manufacturer serving the aerospace industry. The transaction was completed in connection with the recently established State of Connecticut Department of Economic and Community Development (DECD) Small Business Express Program which seeks - [Pastore & Dailey defeats AM Law 25 firm in Delaware bankruptcy court concerning investment banking fee.](https://www.pastore.net/pastore-dailey-defeats-am-law-25-firm-in-delaware-bankruptcy-court-concerning-investment-banking-fee/) - Pastore & Dailey successfully dismissed claims filed in Delaware bankruptcy court by one of the nation’s largest mineral mining companies. Pastore & Dailey represents an investment bank seeking a fee associated with $650 million in construction financing for the project. The mining company was attempting to avoid paying this fee by asserting that claims had - [Dan M. Smolnik Presents at Annual Meeting of the Connecticut Bar Association](https://www.pastore.net/dan-m-smolnik-presents-at-annual-meeting-of-the-connecticut-bar-association/) - Pastore & Dailey is proud to announce that Dan M. Smolnik, Special Counsel at Pastore & Dailey, has been asked to present his views on recent developments in Tax Law at the June 12, 2017 Annual Meeting of the Connecticut Bar Association. Mr. Smolnik will be addressing two new developments: The new rules on self-employment - [Matthew Bowie Joins Pastore & Dailey LLC, Will Manage Firm's New Boston Office](https://www.pastore.net/matthew-bowie-joins-pastore-dailey-llc-will-manage-firms-new-boston-office/) - The law firm of Pastore & Dailey LLC is pleased to welcome Matthew Bowie as Counsel. Matthew will open and manage Pastore & Dailey’s new Massachusetts office in the Cambridge Innovation Center located at 50 Milk St. in Boston’s Financial District. Pastore & Dailey also has two Connecticut offices in Glastonbury and Stamford, two Florida - [Pastore & Dailey Closes Sale of Assets and Heads Bloomberg's Webinar on CyberSecurity](https://www.pastore.net/pastore-dailey-closes-sale-of-assets-and-heads-bloombergs-webinar-on-cybersecurity/) - Pastore & Dailey is pleased to announce that its transactional team completed a sale of assets for a national credit risk research and surveillance application resident on the Bloomberg web portal. And, separately, Pastore & Dailey's securities regulatory group conducted a webinar for Bloomberg concerning the new regulations of Cybersecurity compliance implemented by the NY - [Court Imposes 5.5% Interest on CUTPA Award](https://www.pastore.net/court-imposes-5-5-interest-on-cutpa-award/) - Pastore & Dailey represents a hedge fund that was awarded hundreds of thousands of dollars under CUTPA in May. The court has just imposed a 5.5% interest rate to be paid on that award. - [P&D Announced as one of Fairfield County's Top 12 Businesses](https://www.pastore.net/pd-announced-as-one-of-fairfield-countys-top-12-businesses/) - P&D was renowned as one of Fairfield County’s Top 12 Businesses in 2016. Go Magazine named Pastore & Dailey LLC a leader in Securities Litigation & Arbitration Practice, praising our depth of knowledge and professionalism in arbitration hearings as well as SEC, FINRA, and state regulatory hearings. - [CT's New Limited Liability Act: New & Existing Operating Agreements Should be Reviewed for Compliance](https://www.pastore.net/cts-new-limited-liability-act-new-existing-operating-agreements-should-be-reviewed-for-compliance/) - Connecticut’s new Liability Company Act takes effect on July 1, 2017. It introduces numerous changes to Connecticut law and imposes several new requirements on LLCs and their members and managers. Of immediate importance to many LLCs are the several changes that the new law requires to existing operating agreements. This note will review some of - [Connecticut Unfair Trade Practices Act: Wesleyan University Case](https://www.pastore.net/connecticut-unfair-trade-practices-act-wesleyan-university-case/) - On February 19, 2015 the Gamma Phi Chapter of Delta Kappa Epsilon (the “Fraternity” or “DKE”) filed suit against Wesleyan University, its President Michael S. Roth, and its Vice President for Student Affairs, Michael J. Whaley (collectively “Wesleyan University” or the “University”). The lawsuit was filed as a result of the University denying DKE Program - [CT Department of Revenue Services' Guidance on Effects of CARES Act on Taxpayers](https://www.pastore.net/ct-department-of-revenue-services-guidance-on-effects-of-cares-act-on-taxpayers/) - On July 6, 2020, the Department of Revenue Service (“DRS”) released initial guidance, in a Q&A format, addressing some of the issues concerning the impact of the federal Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136, on interpretation of Connecticut tax law. These notes provide a summary of some of the more important issues - [Pastore & Dailey LLC Successfully Shields Corporate Officer from Liability in Billion Dollar Action](https://www.pastore.net/pastore-dailey-llc-successfully-shields-corporate-officer-from-liability-in-billion-dollar-action/) - Pastore & Dailey LLC successfully represented a Managing Director of an international Fortune 500 Company. The Managing Director was named as an individual defendant in a securities shareholder derivative action. Claims of breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, contribution and indemnification, and unjust enrichment were asserted against each of - [Connecticut Complex Litigation](https://www.pastore.net/connecticut-complex-litigation/) - On October 16, 2012, the Connecticut Superior Court denied motions to dismiss filed by separate defendants in response to an amended complaint filed by our client, a 1031 Exchange Company. Each defendant (one a large banking institution and the other, a top nationwide law firm) filed motions seeking to have the suit dismissed on, among - [Commercial Litigation Victory](https://www.pastore.net/commercial-litigation-victory/) - Pastore & Dailey successfully defended against multiple rounds of dispositive motions seeking the dismissal of a complaint filed in California state court against certain former officers and directors of a publicly traded company, as well as prevailed in motion practice seeking the dismissal of certain of defendants’ counter-claims. The defendants in this action were represented - [CBA Tax Section Federal Business Tax Report](https://www.pastore.net/cba-tax-section-federal-business-tax-report/) - There have been reported several incidents of practitioners being surprised by the new third party authentication procedure adopted by the IRS in October of 2017, effective January 3, and published in the IRM today at Section 21.1.3.3. In response to several security compromises, IRS has revised its authentication process for third parties who contact the - [Client Awarded Hundreds of Thousands in Legal Fees Under CUTPA](https://www.pastore.net/client-awarded-hundreds-of-thousands-in-legal-fees-under-cutpa/) - A Pastore & Dailey client has recently been awarded thousands of dollars in legal fees under the Connecticut Unfair Trade Practices Act (CUTPA) in a dispute involving hedge fund founders. Pastore & Dailey, along with other attorneys, had won the trial in Connecticut State Court in 2016. - [California FINRA Aribitration](https://www.pastore.net/california-finra-aribitration/) - The attorneys at Pastore & Dailey LLC successfully represented Los Angeles based broker-dealer in the prosecution of a FINRA arbitration in California seeking the collection of a contractually earned broker dealer’s investment banking fee. The issuer represented by our client claimed that the investment banking fee was not owed, but ultimately satisfied the fee - [Business Interruption Insurance Update](https://www.pastore.net/business-interruption-insurance-update-3/) - This is an update on the business interruption insurance claims related to the COVID-19 shutdowns as of May 29th, 2020. Across the United States, businesses are calculating both the sunk and future revenue losses resulting from the COVID-19 pandemic. Numerous businesses have filed complaints against their insurers for wrongful coverage of certain losses due to - [Breach of Claim Win for California-Based Technology Company](https://www.pastore.net/breach-of-claim-win-for-california-based-technology-company/) - Pastore & Dailey successfully represented a California-based tech company in a breach of contract claim against a national cable company arising out of the faulty installation of high-speed data lines. - [Broker's U5 Overturned](https://www.pastore.net/brokers-u5-overturned/) - Pastore & Dailey successfully argued for the correction of a bond trader’s Form U5 before a FINRA Arbitration Panel. This trader’s former employer, a worldwide banking institution, misrepresented the reason for the termination of his employment. Pastore & Dailey convinced the Panel to rule that the wording must be changed to reflect the reality. Contested - [P&D Continues to Grow - New Retention by Fortune 500 Companies](https://www.pastore.net/pd-continues-to-grow-new-retention-by-fortune-500-companies/) - Pastore & Dailey LLC has recently been retained by a joint venture between two large Fortune 500 Companies in connection with the unique financing structure of the joint venture. This new joint venture adds to the growing stable of Fortune 500 companies represented by Pastore & Dailey LLC. - [August 2009 - SEC Gains Subpoena Power](https://www.pastore.net/august-2009-sec-gains-subpoena-power/) - SEC Enforcement Staff Gains Subpoena Power (and Other Evolutions in the Division's Authority and Responsiveness) Securities Industry Alert The SEC Enforcement Division (Enforcement or the Division) recently announced a series of changes to its authority and structure that will make the Division more autonomous and quicker to act in its investigations. The changes look to - [Michele F. Martin to Join P&D](https://www.pastore.net/michele-f-martin-to-join-pd/) - MICHELE MARTIN TO JOIN PASTORE & DAILEY LLC AND OPEN GAINESVILLE, FLORIDA OFFICE STAMFORD, Conn., Apr. 30, 2013 Michele Martin, former Counsel at Smith, Gambrell & Russell, LLP announced that she would join Pastore & Dailey LLC, a law firm with offices in Stamford, and Glastonbury, Connecticut and New York City. She will lead the - [Approved Counsel Listing](https://www.pastore.net/approved-counsel-listing/) - Pastore & Dailey is pleased to announce that it has been added to the approved counsel list for an International Fortune 500 Bank based out of Germany and to one of the leading banks in Fairfield County, Connecticut. We are pleased that these banks have both recognized the quality and character of our growing - [$3MM DECD Approval](https://www.pastore.net/3mm-decd-approval/) - Pastore & Dailey’s transactional team successfully concluded a $3 million loan financing transaction on behalf of client NewOak Capital, a specialized financial advisory firm based in New York City that provides consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators. The financing was provided by the State of Connecticut Department - [Are RIAs Eligible for PPP?](https://www.pastore.net/are-rias-eligible-for-ppp/) - Is a Registered Investment Advisor (“RIA”) eligible to participate in the Payment Protection Program (the “PPP”) administered by the Small Business Administration (“SBA”)? The short answer is “yes.” The PPP was promulgated as part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which in part set aside hundreds of - [Pastore & Dailey Represented Mortgage Services Company in Financing Transaction](https://www.pastore.net/pastore-dailey-represented-mortgage-services-company-in-financing-transaction/) - Pastore & Dailey represented a mortgage servicing company in a financing transaction designed to allow the company to service a multinational bank. The transaction required expert and careful drafting and negotiation as it involved affiliates as well. Goodwin Proctor’s San Francisco office represented the lender. - [2nd Circuit to Madoff Fraud Victims: Winners Keepers, Losers Weepers](https://www.pastore.net/2nd-circuit-to-madoff-fraud-victims-winners-keepers-losers-weepers/) - If you invested money with Bernard Madoff, were a net investment “loser” with him in his Ponzi scheme, but had hope to claw back some of your losses from other Madoff victims who were net “winners,” you just lost again. In a decision proving yet again that justice is indeed blind, the 2d Circuit Court - [Updates to Business Interruption Insurance](https://www.pastore.net/updates-to-business-interruption-insurance/) - Here is an update on Business Interruption Insurance claims related to COVID-19 as of April 15, 2020. First, some businesses are now looking at cancellation coverage as a means to recover COVID-19 related losses. For example, organizers of the Wimbledon Championship expect to receive a large insurance payment as COVID-19 resulted in the cancellation of - [April 2011 - Brokers and Advisors Beware](https://www.pastore.net/april-2011-brokers-and-advisors-beware/) - Brokers and Advisers Beware: Taking Customer Information Could Get You Fined and Suspended Securities Industry Practice Alert In the last two months, the SEC and FINRA have, for the first time each, taken Enforcement action — including against a broker-dealer’s chief compliance officer — in regard to the safeguarding of confidential customer information under a - [Can Broker-Dealers and Funds Claim Trading Losses Due to the COVID-19 Governmental Shutdowns Under Business Interruption Policies or Contingent Business Interruption Policies?](https://www.pastore.net/can-broker-dealers-and-funds-claim-trading-losses-due-to-the-covid-19-governmental-shutdowns-under-business-interruption-policies-or-contingent-business-interruption-policies/) - Business interruption insurance, also known as business income insurance, is commercial property insurance designed to cover loss of income incurred by an organization due to a slowdown or suspension of its operations at its premises, under certain circumstances. Business interruption insurance may include coverage for a suspension of operations due to a civil authority or - [Pastore & Dailey has been retained in DOJ Crypto Currency Proceeding](https://www.pastore.net/pastore-dailey-has-been-retained-in-doj-crypto-currency-proceeding/) - Pastore & Dailey has been engaged as co-counsel to an Am Law 50 Firm in a Department of Justice (DOJ) investigation into an initial coin offering. The matter is pending in the District of New Jersey and involves the creation of a Bloomberg terminal for the cryptocurrency industry. The software created by the start-up was - [Pastore Represents a Large Investment Bank in Win at the Eighth Circuit](https://www.pastore.net/pastore-represents-a-large-investment-bank-in-win-at-the-eighth-circuit/) - Pastore & Dailey won a complex securities and M&A appeal taken to the United States Court of Appeals for the Eighth Circuit arising from a derivative rights holder agreement and related investment banking engagement agreements. This matter was an appeal filed by Plaintiff-Appellant after Pastore & Dailey successfully defended this case in the United States - [Regulatory Assets Under Management Are Not Always All Assets Under Management](https://www.pastore.net/regulatory-assets-under-management-are-not-always-all-assets-under-management/) - A daunting question that Registered Investment Advisers face in formulating their amended and annual form ADV 1 and ADV 2 (Brochure) submissions as required under the Investment Advisors act of 1940 is determining what the components of regulatory assets under management (“RAUM”) are, and providing adequate disclosure to the Securities and Exchange Commission (“SEC”) as ## Pages - [Home](https://www.pastore.net/) - [Careers](https://www.pastore.net/firm/careers/) - We’re always looking for talented attorneys to join our team. To work with us, you need to be intellectually curious, highly motivated and someone who believes that client service is fundamental to the practice of law. We have the following open positions: - [Our People](https://www.pastore.net/our-people/) - Our dedicated team of attorneys and professionals bring creativity, knowledge, and experience to bear for every client. - [Terms of Use](https://www.pastore.net/terms-of-use/) - Effective Date: September 1, 2021 These Terms of Use and our Privacy Policy (together, these “Terms”) set forth the terms and conditions on which Pastore LLC (“Pastore,” “we” or “us”) offers you access to www.pastore.net, and all other Pastore-operated websites and online services, including online and mobile applications and social media channels (collectively, the “Services”). - [Privacy Policy](https://www.pastore.net/privacy-policy/) - Effective Date: September 1, 2021 This Privacy Policy applies to Personal Information (as defined below) collected by Pastore LLC (“Pastore,” “we” or “us“) through www.pastore.net and any other website, application or digital service on or to which this Privacy Policy is linked or referenced (collectively, the “Services“). This Privacy Policy also applies to our data - [Locations](https://www.pastore.net/firm/locations/) - Pastore serves clients across the country and around the world. - [Contact](https://www.pastore.net/firm/contact/) - Give us a call at 203-658-8454 or use the form below. We look forward to hearing from you. - [About](https://www.pastore.net/firm/about/) - Pastore helps corporate and financial services clients find creative solutions to complex legal challenges. After decades spent working at large, impersonal firms, the founders of Pastore came together to offer clients a better choice: excellence in legal services without the typical built-in burdens of a larger firm. We believe that effective lawyers listen closely, then - [404: Page Not Found](https://www.pastore.net/404-page-not-found/) - We're sorry, but the page you are trying to reach is not available. Please use the navigation and search options above to find the content you are interested in. - [Expertise](https://www.pastore.net/expertise/) - The Pastore team boasts an especially knowledgeable group of attorneys to support a wide range of services and sectors. We have collectively represented a variety of local, national, and international clients. We offer services for litigation, administrative proceedings, and corporate matters. We have extensive experience in transactional matters, drafting and negotiating contracts of all sizes - [News](https://www.pastore.net/news/) - [Disclaimer](https://www.pastore.net/disclaimer/) - The information that is included on this website consists solely of general information and does not constitute legal advice. The information that is contained on this website, as well as the transmission and receipt of the information contained on this website, does not constitute or create an attorney-client relationship. Submitting an email to the Pastore - [Firm](https://www.pastore.net/firm/) ## Our Expertise - [Cybersecurity](https://www.pastore.net/our_expertise/cybersecurity/) - Our attorneys regularly advise banks, insurance companies, broker-dealers, investment advisers and public and private funds on all aspects of cybersecurity regulation. Our team members are experts on the entire cybersecurity regulatory structure including Gramm-Leach-Bliley, Regulation S-P, Regulation P, the OCIE 2015 Cybersecurity Initiative, the FINRA 2015 Report on Cybersecurity Practices, and the NIST Framework. We - [Health & Fitness](https://www.pastore.net/our_expertise/health-and-fitness/) - Our Health and Fitness Practice Group provides comprehensive legal services to businesses in the fast-growing health and fitness industry. Whether you are a startup looking for guidance on state-specific regulations, or an established company seeking counsel on corporate litigation or transactional matters, our team of highly knowledgeable attorneys is here to assist. Our attorneys are - [Bankruptcy](https://www.pastore.net/our_expertise/bankruptcy/) - Pastore LLC has significant experience representing clients in high-profile and complex bankruptcy proceedings nationwide. In Delaware bankruptcy court, Pastore LLC successfully dismissed claims filed by one of the nation’s largest mineral mining companies. Pastore LLC represented an investment bank seeking a fee associated with $650 million in construction financing for the project. The mining company - [Artificial Intelligence](https://www.pastore.net/our_expertise/artificial-intelligence/) - Our Artificial Intelligence group is led by a core team of lawyers who are well aware of the large scope of issues presented by AI. While our AI-minded attorneys focus on developments in AI, they also specialize in privacy, cybersecurity, intellectual property, litigation, and regulatory compliance. This cross-departmental team works together to help clients safely - [Advanced Technology](https://www.pastore.net/our_expertise/advanced-technology/) - The attorneys at Pastore have extensive experience in representing multi-national software and technology companies at the local and federal level. This experience includes a multitude of actions, including claims of misappropriation of technical and proprietary information, actions predicated upon trade libel and unfair trade practices, as well as common carrier telecommunications disputes. We regularly represent - [Music](https://www.pastore.net/our_expertise/music/) - Pastore Attorneys have represented some of the highest profile artists and performers. Pastore LLC and its attorneys have represented some of the most famous and successful music artists, including Curtis Jackson a.k.a “50 Cent” in connection with claims arising from defamation and slander and Aliaune Damala Badara Akon Thiam a.k.a Akon in connection with investments - [Intellectual Property](https://www.pastore.net/our_expertise/intellectual-property/) - Pastore attorneys have been involved in more than 100 patent, trademark, and copyright filings and have litigated national high profile IP matters. Our Attorneys have been counsel in some of the most high profile Intellectual Property disputes in the 2nd Circuit and handled appeals at the Federal Circuit Court level. These matters include patent infringement - [Appellate](https://www.pastore.net/our_expertise/appellate/) - Our attorneys offer the knowledge and experience to guide you or your company throughout the appellate process, whether you are pursuing the appeal as an Appellant or defending as an Appellee. If our firm already represented you at the trial level, we carefully considered during that time how best to identify and preserve all issues - [Crypto](https://www.pastore.net/our_expertise/crypto/) - Pastore attorneys have been immersed in crypto, blockchain and metaverse matters since 2018, and offer knowledgeable and sophisticated legal counsel to clients navigating this rapidly evolving space. At the heart of Pastore’s crypto, blockchain and metaverse practice is a deep understanding of the technologies that drive blockchain. Pastore is distinctive among leading law firms in this - [Transactional](https://www.pastore.net/our_expertise/transactional/) - Our attorneys have represented broker-dealers in their purchase and sale and in other transactional matters. Our attorneys have regularly represented broker-dealers as placement agents for private placements. Our attorneys have also assisted in the formation of private equity and hedge funds, and represented three funds in their portfolio investments. They also have worked on numerous - [Tax](https://www.pastore.net/our_expertise/tax/) - Our attorneys focuses on tax issues for middle-market companies, with a particular focus on tax consequences of Limited Liability Companies (LLCs). We have previously partnered with Latham & Watkins LLP to file a petition for certiorari seeking Supreme Court review of a decision from the Second Circuit Court of Appeals concerning the tax treatment of - [Securities Regulatory](https://www.pastore.net/our_expertise/securities-regulatory/) - Our attorneys have extensive experience acting as regulatory counsel for broker-dealers and hedge funds (including individual officers, registered representatives, investment advisers, and other employees) before FINRA and its predecessors, the NASD and NYSE, as well as the SEC. Pastore attorneys' expertise includes extensive knowledge of the Securities Act of 1933, the Securities Exchange Act of - [Securities Litigation & Arbitration](https://www.pastore.net/our_expertise/securities-litigation-arbitration/) - Pastore attorneys are highly skilled, creative, and motivated litigators who have built a record of considerable success in complex matters in arbitration. Our focus is on representing financial services industry clients in litigation in state and federal court as well as in FINRA arbitrations. We have significant experience in representing broker-dealers in customer complaint cases - [Real Estate](https://www.pastore.net/our_expertise/real-estate/) - Our attorneys have commercial and residential real estate experience, representing a range of clients. Our commercial real estate experience includes the acquisition and sale of office buildings, apartment buildings, retail properties and shopping centers, warehouse and industrial properties; commercial real estate financing and refinancing; the acquisition and sale of companies with real estate holdings, including - [Insurance](https://www.pastore.net/our_expertise/insurance/) - Our attorneys have worked on matters critical to the core business of the world’s largest insurance companies. We have represented one of the world's largest insurance companies in connection to a bank's improper lending of a billion dollars in securities held by the insurance company in a stock loan program. We have also represented an - [Environmental Litigation](https://www.pastore.net/our_expertise/environmental-litigation/) - Our attorneys have environmental litigation experience and have served as managing editor of a prestigious environmental journal. Pastore attorneys handled a seminal CERCLA decision in the Second Circuit involving the remediation of a large northeastern manufacturing plant. We also represented a publicly traded investment advisor in negotiation in connection with claims brought by the Air - [Entertainment](https://www.pastore.net/our_expertise/entertainment/) - The attorneys at Pastore have experience representing and servicing content creators. We have extensive experience in representing and servicing entertainment start-ups in many legal areas—such as those focused on online content, social media channels, and games—to develop successful businesses. These legal areas include corporate formation, corporate governance, intellectual property registration and administration, contract review, drafting - [Employment](https://www.pastore.net/our_expertise/employment/) - Pastore regularly represents employers in matters involving employment discrimination litigation and general labor and employment law advice. Our attorneys have successfully resolved employment discrimination cases, including collective actions under the Fair Labor Standards Act and claims concerning disability accommodation, age discrimination, sex discrimination, race discrimination and the Family Medical Leave Act. Our attorneys have represented - [Employee Benefits](https://www.pastore.net/our_expertise/employee-benefits/) - Our attorneys have regularly represented trust plans and brokers in connection with disputes over the right of employers and employees in such plans. Our attorneys have been counsel on several Second Circuit appeals involving the tax implication of such plans, and have taken one such appeal to the Supreme Court. We have also been involved - [Election Law](https://www.pastore.net/our_expertise/election-law/) - Our election law team, built by the former Secretary of State and now Lt. Governor from a leading eastern state, we focus our election law practice on preserving the fair voting tallies and election norms. We have been retained in many seminal cases, including a constitutional challenge to state laws brought in federal court and - [Corporate, Mergers & Acquisitions](https://www.pastore.net/our_expertise/corporate-mergers-and-acquisitions/) - We have a diversified and experienced Corporate Practice Group that represents closely held as well as public corporations, investors, venture capitalists, entrepreneurs and broker-dealers. The firm assists clients with a wide array of business matters such as mergers and acquisitions, private and public debt and equity offerings, business vehicle structuring, licensing and product distribution matters, - [Consumer Credit Litigation](https://www.pastore.net/our_expertise/consumer-credit-litigation/) - We have extensive experience in all aspects of consumer protection laws. We have successfully defended both individual and class action claims alleging a wide variety of consumer protection laws including the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA) and the Telephone Consumer Protection Act (TCPA) as well as similar state - [Banking](https://www.pastore.net/our_expertise/banking/) - Our attorneys have represented national, regional and local banks in connection with disputes over lending practices and enforcements of rights as secured lenders. Our attorneys have also handled large claims in bankruptcy for financial institutions. We regularly represent both large and middle-market companies in DECD loan transactions, and have assisted our clients in obtaining $60 - [Apparel & Fashion](https://www.pastore.net/our_expertise/apparel/) - We are national counsel to both domestic apparel retail companies as well as international apparel manufacturers. Our attorneys’ apparel industry experience is broad, including service to small retailers expanding into national chains, celebrity designers, and entrepreneurs launching apps. We have also served apparel industry clients in matters of stopping counterfeits, calculation of equity and restructuring - [General Counsel Services](https://www.pastore.net/our_expertise/general-counsel-services/) - Our firm is often retained by small and medium-sized companies to act as their outside general counsel. Many companies either do not have a need for a full-time, in-house attorney, or do not have the resources to retain one. Under these circumstances, we offer our clients a range of expertise to assist in their day-to-day - [Commercial Litigation](https://www.pastore.net/our_expertise/commercial-litigation/) - Our firm represents local and national clients in litigation in state and federal court as well as in mediation/arbitration around the country. Our attorneys are highly skilled, creative and motivated litigators who have built a record of considerable success in complex matters in arbitration, at trial and on appeal at all levels of state and - [Securities](https://www.pastore.net/our_expertise/securities/) - Our attorneys are well-versed in the issues that affect our clients in every sector of the financial services industry and have significant experience in handling high-profile matters. Pastore attorneys regularly serve as counsel in securities cases, representing broker-dealers, issuers, specialists, market makers, transfer agents, underwriters, hedge funds, investment advisors, venture funds, insurers and investors in state ## Our People - [Tyler W. Rutherford](https://www.pastore.net/our_people/tyler-rutherford/) - Overview Tyler W. Rutherford is an Associate Attorney at Pastore in its Stamford and NYC offices. Mr. Rutherford is an active member of, among others, Pastore’s Crypto and Securities Litigation Practices. He has been quoted in articles published in the Slate and MarketWatch concerning various issues impacting the crypto and blockchain industries. Mr. Rutherford is an - [Ashley McWilliams-Davis](https://www.pastore.net/our_people/ashley-mcwilliams-davis/) - Overview Ashley D. McWilliams-Davis is an Associate Attorney at Pastore LLC, where she represents businesses and other clients in sophisticated commercial litigation. Her practice encompasses all stages of litigation, from pre-suit investigation through trial and resolution, with a focus on strategic advocacy, complex discovery, motion practice, and litigation risk assessment. Before joining Pastore LLC, Ashley - [Darin Carlin](https://www.pastore.net/our_people/darin-carlin/) - Overview Darin Carlin is a Summer Associate at Pastore. Darin is a Juris Doctor candidate at the Elisabeth Haub School of Law at Pace University, Class of 2028, where he is a member of the Pace International Law Review. Prior to law school, Darin graduated cum laude from Fordham University with a bachelor's degree in - [Joseph M. Pastore III](https://www.pastore.net/our_people/joseph-m-pastore-iii-2/) - Overview Joseph M. Pastore III is a Member and Chairman of Pastore. Mr. Pastore focuses his practice on the financial services and technology industries. He represents major multinational companies in state and federal courts, as well as before self-regulatory organizations such as FINRA, and government agencies such as the SEC. He is presently counsel in - [Will Bleveans](https://www.pastore.net/our_people/will-bleveans/) - Will Bleveans is a Law Clerk at Pastore. Will graduated from the University of Virginia School of Law in 2025. At UVA, he served as an Executive Editor of the Virginia Law Review, a problem author for the William M. Lile intramural moot court competition, and a research assistant for several professors. Prior to law - [Paul Vranos](https://www.pastore.net/our_people/paul-vranos/) - Overview Paul Vranos is a Paralegal at Pastore. Paul graduated from Boston College in 2025 and received a bachelor’s degree in Economics. In his free time, he enjoys watching sports, and physical fitness. - [Kacey Hartmann](https://www.pastore.net/our_people/kacey-hartmann/) - Overview Kacey Hartmann is a Law Clerk at Pastore. Kacey graduated from the University of Kentucky’s J. David Rosenberg College of Law. Kacey was involved in a number of on-campus organizations, including the Women’s Law Society and the Sports Law Society. She is involved in the community as a volunteer advocate for CASA, Court Appointed - [Christopher Kelly](https://www.pastore.net/our_people/chris-kelly/) - Overview Christopher Kelly has practiced corporate, transactional, fund, employment, and banking law for over 30 years at the most sophisticated levels. He has worked on a wide variety of complex transactions aggregating in value over $10 billion. He has handled multibillion-dollar mergers & acquisitions, asset deals, stock purchase and sale transactions, and private stock and - [John R. “Jack” Hewitt](https://www.pastore.net/our_people/john-r-jack-hewitt/) - Overview John R. ("Jack") Hewitt is a securities lawyer and focuses his practice on securities litigation and regulatory advice and counsel to broker-dealers, investment banks and investment advisers. His work involves virtually every aspect of the federal and state securities laws, including equity, fixed income and derivatives trading, market manipulation, net capital, short-selling, suitability, record - [Kelly McElroy](https://www.pastore.net/our_people/kelly-mcelroy/) - Overview Kelly McElroy began her journey here as an Administrative Assistant at Pastore in 2022. Graduating from Southern Connecticut State University in New Haven, CT, she received a bachelor’s degree in Communications with a concentration in Film, TV and Production. Prior to her time at Pastore she worked at her college, helping support the librarian - [Colleen Foley](https://www.pastore.net/our_people/colleen-foley/) - Overview Colleen Foley is an Associate Attorney at Pastore. She is a graduate of Elisabeth Haub School of Law at Pace University, where she focused her studies on corporate and intellectual property law. During her time at Pace, Colleen gained practical experience from several pro bono externships and clinics. Prior to embarking on her legal - [Paul V. May](https://www.pastore.net/our_people/paul-v-may/) - Overview Paul May has been General Counsel and previously Chief Compliance Officer at ICBC Financial Services LLC. He formerly worked as Chief Compliance Officer at ABN AMRO Securities and its affiliated entities from 2010 to 2018. Previously, Mr. May served in various compliance and legal capacities at Cowen and Company, ICAP and Royal Bank of - [Joanne Trani](https://www.pastore.net/our_people/joanne-trani/) - Overview Joanne Trani has been working at Pastore since 2012 and serves as the Firm Administrator and Human Resource Manager. She received her Bachelor of Science degree from the College of Staten Island with a major in Finance. She began her career at the reinsurance broker Wilcox, Inc., where she managed the International Claims Division - [George L. Toper](https://www.pastore.net/our_people/george-toper/) - Overview George L. Toper is Counsel with Pastore. Mr. Toper focuses his practice on commercial real estate transactions, construction law and residential real estate transactions. Mr. Toper is the head of Pastore's real estate practice. Mr. Toper's commercial real estate practice includes the acquisition and sale of office buildings, apartment buildings, retail properties and shopping - [Leanne Murray Shofi](https://www.pastore.net/our_people/leanne-murray-shofi/) - Overview Leanne Murray Shofi is Special Counsel to the firm, handling all aspects of federal and state complex commercial litigation, alternative dispute resolution, and appeals. Her practice includes the representation of corporations and individuals in financial industry and business litigation, telecommunications and land use litigation, contractual and employment disputes, and appeals. Ms. Shofi began her - [Melissa Rose McClammy](https://www.pastore.net/our_people/melissa-rose-mcclammy/) - Overview Melissa Rose McClammy is Special Counsel at Pastore. Ms. McClammy is an experienced litigator who has represented clients in a wide range of complex commercial matters. She has litigated cases in state and federal courts as well as in arbitration and mediation proceedings. Following her graduation from Yale Law School, Ms. McClammy served as - [Paul Fenaroli](https://www.pastore.net/our_people/paul-fenaroli/) - Overview Paul Fenaroli is an Associate Attorney at Pastore, based in its Stamford office, where he spearheads the firm’s Health and Fitness Practice Group. With a distinctive blend of corporate transactional and litigation expertise and in-depth knowledge of the fitness industry, Mr. Fenaroli has established himself as a go-to legal strategist for clients navigating complex - [Robert Knight](https://www.pastore.net/our_people/robert-knight/) - Overview Robert Knight is Senior Counsel at Pastore LLC. Bob began his legal career upon graduation from Indiana University School of Law. He became Chief Lobbyist and Legislative Affairs Counsel for all municipalities and Mayors in Indiana. Mr. Knight has a wide range of legal counsel. As a partner in the insurance defense law firm ## Categories - [News](https://www.pastore.net/category/news/) - [Perspectives](https://www.pastore.net/category/perspective/) ## Tags - [Securities Regulatory](https://www.pastore.net/tag/securities-regulatory/) - [Firm News](https://www.pastore.net/tag/firm-news/) - [Publications](https://www.pastore.net/tag/publications/) - [Joseph Pastore](https://www.pastore.net/tag/joseph-pastore/) - [Corporate Litigation](https://www.pastore.net/tag/corporate-litigation/) - [Securities Litigation](https://www.pastore.net/tag/securities-litigation/) - [Banking](https://www.pastore.net/tag/banking/) - [Securities](https://www.pastore.net/tag/securities/) - [Firm Victory](https://www.pastore.net/tag/firm-victory/) - [Commercial Litigation](https://www.pastore.net/tag/commercial-litigation/) - [Advanced Technology](https://www.pastore.net/tag/advanced-technology/) - [Tax](https://www.pastore.net/tag/tax/) - [Insurance](https://www.pastore.net/tag/insurance/) - [Christopher Kelly](https://www.pastore.net/tag/christopher-kelly/) - [William M. 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