Debt Dialogue: June 2016
SEC Enforcement Action Highlights Need for PE Fund Advisers to Address Potential Broker-Dealer Issue
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Litigation partner Gary Naftalis was quoted in a New York Law Journal article on the dismissal of charges against client Kenneth Langone, former chair of the New York Stock Exchange's executive compensation committee, in connection with former NYSE chair Richard Grasso's compensation package. Former Attorney General Eliot Spitzer had brought charges of breach of fiduciary duty against Langone based on alleged violations of the Not-for-Profit Corporation Law. On June 30, 2008 an appeals court threw out the remaining claims against Grasso and dismissed the claim against Langone based on the NYSE's conversion to a for-profit entity. Attorney General Andrew Cuomo will not appeal the decision. Naftalis was quoted as saying that Langone was pleased with the dismissal and the attorney general's decision not to appeal.