S. Preston Ricardo

Preston Ricardo is a tenacious advocate, pragmatic counselor, and trusted advisor who, with his nearly 30 years of experience, helps clients navigate complex business, restrictive covenant, and trade secrets disputes in federal and state courts and arbitration tribunals nationwide.

Preston specializes in commercial litigation and matters involving noncompete agreements and other restrictive covenants, trade secrets, proprietary information, and employee transitions between competitors. Preston has achieved successful outcomes through trying commercial cases to verdict, motion practice, and thoughtful negotiations, in a wide range of disputes, as shown under his representative experience.

Complex Commercial Litigation

In the area of commercial litigation, Preston’s extensive experience includes M&A-related litigation, shareholder, partnership, and joint venture disputes, business torts, complex fraud, embezzlement, and claims for unfair competition, breach of fiduciary duty, and breach of contract.

Restrictive Covenants & Trade Secrets

Preston is also a member of the Litigation practice area’s Restrictive Covenants and Trade Secrets group, is a frequent invited speaker on these topics, Chairs the New York City Bar Association’s Trade Secrets & Noncompetes Committee, and Chaired the Noncompete and Trade Secrets practice at a prior firm. As part of his nationwide restrictive covenants and trade secrets practice, Preston represents both plaintiffs and defendants and has extensive experience with emergency and injunctive relief, expedited discovery, and using forensics to obtain and secure electronic evidence.  He also helps his clients to mitigate risk with employee mobility matters through advising them on the enforceability of competitor agreements, recruitment strategies, and the onboarding process. 

Preston’s clients include a diverse range of businesses, from startups to Fortune 100 companies, as well as company founders, C-suite executives, and high-net-worth individuals. He has worked with clients in private equity, financial and professional services, manufacturing, technology, wealth management, insurance, accounting, hospitality, business to consumer retail, brand licensing, and other industries.

Prior to joining Vedder, Preston served as co-chair of the litigation department at a New York City-based law firm.

Experience

*Includes, in some cases, Preston's previous experience

Complex Commercial Litigation

• After a two-week bench trial, obtained multimillion-dollar judgment for breach of contract on behalf of an industrial motor manufacturer, and defense verdict on counterclaims for fraud asserted by general contractor, in connection with multibillion-dollar public works project (D. Nev.).
• Represented magazine publisher in $100 million breach of contract dispute with Rosie O’Donnell over the demise of Rosie magazine, which ended with two-week bench trial (Sup. Ct., New York Cnty.).
• Obtained arbitration award ($1 million – full amount of damages sought) for private company against insurance carrier that had denied duty to defend and coverage for legal fees under D&O policy (American Arbitration Assoc., N.Y.).
• Represented Chapter 11 Trustee in multiple litigations arising out of Ponzi scheme involving misappropriation of more than $140 million from real estate-related entities, which resulted in settlement recoveries from banks, hard money lenders, insurance companies, law firms and individuals exceeding $100 million (Bankr. S.D.N.Y.).
• Obtained dismissal at pleadings stage of lawsuit against principals of private equity firm who plaintiffs had sued for breach of contract and fraud arising from portfolio company’s franchise agreements, Dontos et al. v. Vendomation NZ Ltd. et al., 2012 WL 3702044 (Aug. 27, 2012 N.D. TX), aff’d in part (5th Cir.).
• Obtained favorable settlement for global consumer electronics manufacturer after successfully excluding plaintiff’s economics expert and obtaining summary judgment against plaintiff’s $5 million lost profits claim (Tex. Dist. Ct.).
• Obtained dismissal of action by competitor of leading German provider of mail system solutions, seeking turnover of computer source code used by our client in European markets (Bankr. D. Del.).
• Obtained mediated settlement for global sports apparel company after defeating licensee’s motion for summary judgment on liability for alleged breach of multi-million dollar license agreement for launch of new product line. (American Arbitration Assoc., N.Y.).
• Obtained dismissal at pleadings stage of action against a global insurance broker in which former customer alleged breach of contract, fraud and fiduciary duty claims (Ct. of Common Pleas, Philadelphia Cnty., PA).
• Defended company and its investors against breach of contract and tort claims arising from alleged violation of Asset Purchase Agreement’s earn-out provision, which resolved through a mediated settlement following written discovery (Del.).
• Defended company and its CEO against action by private equity firm investor seeking to declare that certain actions concerning company’s stock would, absent investor’s consent, violate purported veto right in company’s certificate of incorporation. After extensive motion practice and numerous depositions, the parties settled through a stock purchase and settlement agreement (S.D. Ohio).
• On behalf of minority LLC member, sought declaratory judgment against fellow LLC members concerning the appropriate interpretation of governance provisions in LLC Operating Agreement in connection with the majority’s attempted sale of the real estate venture’s sole asset, consisting of a multi-million dollar parcel of real property (Sup. Ct., Westchester Cnty.).
• Represented technology company against a co-founder who allegedly misused company funds for his personal benefit and, after his termination, challenged the legitimacy thereof and the company’s redemption of his equity under the company’s articles of association (New York).
• On behalf of prominent New York City non-profit, conducted internal investigation and issued report to the board concerning governance issues and financial expenditures by certain directors and officers, and advised on governance issues concerning disciplinary process implemented by non-profit after issuance of report.

Restrictive Covenants & Trade Secrets

• After two-week jury trial, obtained defense verdict on behalf of U.S. subsidiary of Turkish manufacturer in a lawsuit alleging multimillion dollar theft of trade secrets and unfair competition claims (S.D.N.Y.).
• Obtained and/or defeated motions for TROs and preliminary injunctions seeking to enjoin former employees and their new employers from soliciting, servicing and accepting business from former customers and retaining, using or disclosing trade secrets, and resolved such actions through mediated settlements, either following expedited or merits discovery (various jurisdictions).
• Represented truck and trailer parts supplier in action against former branch managers and a start-up competitor that conducted three raids of client’s key employees in three different branches; obtained settlement after defeating defendants’ motion to dismiss filed over two years after bringing suit (Bus. Div., Fulton Cnty., Georgia).
• On behalf of global insurance broker and its new regional president and service team, obtained favorable mediated settlement after defeating motion for TRO and preliminary injunction sought by a global competitor based on claims of tortious interference, breach of restrictive covenants and misappropriation of trade secrets/confidential information, and related counts (Mich. Business Court).
• Defended national accounting firm in action commenced by competitor alleging that the firm had engaged in tortious interference, unlawful conspiracy, and misappropriation of trade secrets through hiring a group of consulting professionals from competitor, which resolved through mediated settlement (Florida).
• Defended bank and group of salespeople that bank had hired from a fintech against threats for emergency injunctive relief and claims that the former employees had breached their noncompetes and related restrictive covenants and misappropriated trade secrets/confidential information (New York).
• Defended global advertising technology firm and group of salespeople in action commenced by competitor alleging that its former employees had misappropriated trade secrets/confidential information and breached their noncompetes and related restrictive covenants, and that the new employer had tortiously interfered with those agreements and otherwise aided and abetted purported unlawful conduct (Sup. Ct., New York Cnty.).