Media + Entertainment

?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /In the New York State Court of Appeals, the highest court in the state, David Rose and the Pryor Cashman team successfully represented model and actress Devon Aoki and internationally known DJ and record producer Steven Aoki in a long-running dispute over the trust established by their father, legendary Benihana founder, Rocky Aoki. Rights to the ownership of and income from the trust assets were challenged by Rocky’s third wife and widow, Keiko Ono Aoki, who sought those assets and income for herself.

Lead counsel for Devon and Steven Aoki, Partner David Rose of Pryor Cashman, said, "Our clients have shown great perseverance and resolve throughout this long battle and we are thrilled for them. We are extremely grateful that the Court has validated Rocky’s intention to leave his and the Benihana legacy with his family."

Background

In 1998, ten years before his death, Rocky Aoki created the Benihana Protective Trust (BPT) to hold stock and other assets relating to his interests in Benihana. When Rocky married Keiko Aoki in 2002, he did not have a prenuptial or postnuptial agreement in place. To protect the trust assets for the family, Rocky signed a partial release of his testamentary Power of Appointment of those assets, limiting the persons who could receive them to his descendants.

In a very complex case involving various of Rocky’s estate planning documents, including the Releases of his Power of Appointment, and multiple issues of New York law, the Court of Appeals, decided that the Releases were valid and not procured through fraud. As a result, Devon Aoki and Steven Aoki will each receive fifty percent of the BPT trust assets when they turn 45 years old, and Keiko Aoki must protect those assets for their benefit in the meantime.

Working with Rose on the matter was Litigation Associate Andrew Goldsmith.