Studio 54: American Crime Story will tell the story of Steve Rubell and Ian Schrager, who in 1977 turned their Midtown Manhattan disco into an international mecca of nightlife for the rich and famous and commoners alike — renowned for its lavish parties, music, sex and open drug use. With Rubell and Schrager's meteoric rise came their epic fall less than three years later when the impresarios were convicted of tax fraud.