Managing Partner Ronald Shechtman Speaks to Yahoo! Sports About National Basketball Players Association Executive Director and Conflicts of InterestYahoo! Sports
Ronald Shechtman, Managing Partner and Chair of Pryor Cashman’s Labor and Employment Group, was called upon by Yahoo! Sports to comment upon the conflicts of interest being asserted against National Basketball Players Association (NBPA) Executive Director Billy Hunter.
According to the April 25, 2012 story, Hunter: (a) sought a multi-million dollar investment from the union into a bank where his son was a vice president; (b) caused the NBPA to retain two law firms which employed his daughter at various times; (c) employed his daughter and daughter-in-law in senior staff positions at the NBPA; and (d) hired his wife as Director of Special Events for the NBPA.
“The real issue here is whether these potential conflicts were disclosed and the failure of someone who has a fiduciary duty [to union members] to make that disclosure presents a compelling question,” Shechtman told Yahoo! Sports. “Not only is there a duty to disclose, there is a duty to explain the rationale for routing the business that way so that the fiduciaries [players] can make a judgment that the decision is based on good reason or good cause other than the fact that someone is a relation.”
To read the enitre Yahoo! Sports story, “NBA Executive Director Billy Hunter Sought Union Investment for Bank with Ties to Son,” please click here.