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 mobility 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.

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.

Preston is also a member of the Litigation practice area’s subgroup on Restrictive Covenants and Trade Secrets, is a frequent invited speaker on these topics, Co-Chairs the New York City Bar Association’s Trade Secrets 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 provides transition counseling to help his clients 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 broking, accounting, consumer packaged goods, hospitality, 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

• 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).
• 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.).
• 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.).
• Represented regional 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).
• 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.).
• 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 numerous consulting professionals from competitor, which resolved through mediated settlement (Florida).
• 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).
• On the morning of trial, obtained multimillion-dollar settlement on behalf of the debtor in fraudulent conveyance action against bank (Bankr. S.D.N.Y.).
• On behalf of prominent New York City non-profit, conducted internal investigation and issued report to the board concerning governance issues and financial expenditures.
• Defended global advertising agency against corporate customer’s RICO, fraud and related claims arising from a $20 million engagement to provide advertising placement creative services and advice for media placement and production (S.D.N.Y.).
• 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 efforts to automatically convert preferred stock to common 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).