Abe brought his first major shareholder suit in 1933, successfully representing an investor who owned twenty shares of National City Bank stock. The action was brought against the Chairman and chief executive officer of the bank, who had awarded himself and other executives loans to cover stock market losses and then waived payment of the loans. Over the succeeding decades, Abe and the firm successfully represented investors in scores of lawsuits against some of the country's largest banks, brokers, mutual funds, accounting firms, industrial corporations, and their officers and directors.
In the last 80 years, the Firm has recovered over $1 billion for defrauded investors. Pomerantz consistently shapes the law, having won landmark decisions that expanded and protected investor rights and initiated historic corporate governance reforms. Even before the enactment of the Private Securities Litigation Reform Act in 1995, Pomerantz represented state agencies in securities class actions, including the Treasurer of the Commonwealth of Pennsylvania (recovering $100 million) against a major investment bank. In re Salomon Brothers Treasury Litig. (S.D.N.Y.).
Pomerantz has litigated such seminal decisions as Ross v. Bernhard, 396 U.S. 531 (1970) (establishing the right to trial by jury in derivative actions); Kronfeld v. Trans World Airlines, Inc., 832 F.2d 726 (2d Cir. 1987) (obtaining a ruling that a corporation may have a duty to disclose ongoing merger negotiations); and Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F.2d 923 (2d Cir. 1982) (obtaining ruling that an investment company advisory fee violates Section 36(b) of the Investment Company Act of 1940 when it is "so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm's-length bargaining" and identifying six factors relevant to this evaluation).
Today, the firm is co-led by managing partners Jeremy A. Lieberman and Patrick V. Dahlstrom. Pomerantz maintains its commitments to excellence, integrity and shareholder rights passed down by our founder.
Former Managing Partner Marc Gross has over thirty years' experience litigating securities fraud and derivative actions, is a Vice President of the Institute of Law and Economic Policy, and frequently speaks at educational and legal forums on issues affecting shareholders. Mr. Gross came to Pomerantz in 1976 and, for nearly thirty years, has litigated securities fraud and derivative actions. He has been instrumental in some of the Firm's biggest successes, such as In re Comverse Technology, Inc., in which Pomerantz obtained one of the largest recoveries for shareholders from an individual; and In re Chesapeake Shareholder Derivative Litig., which came to fruition thanks to Mr. Gross' diligence in pressing for the case to be heard on appeal.
The U.S. Supreme Court's decision in Morrison v. Nat'l Australia Bank Ltd. presented a seemingly insurmountable hurdle to recovery in the U.S. for BP's ordinary share investors. In response, Mr. Gross led the vanguard, developing the ground-breaking legal theory of applying common law to individual actions in state court on behalf of large institutional investors who purchased shares on foreign exchanges. Notably, in In re BP PLC Securities Litigation, Pomerantz currently represents nearly three dozen institutional plaintiffs, including U.S. public and private pension funds, U.S. limited partnerships and ERISA trusts, and pension funds from Canada, the U.K., France, the Netherlands, and Australia for claims arising from the disastrous April 2010 Deepwater Horizon oil spill. In October 2014, Pomerantz once again secured crucial victories in this ground-breaking litigation, establishing the right of individual foreign investors who purchased shares on a non-U.S. exchange to pursue claims for securities fraud in a U.S. court, thereby overcoming obstacles created by Morrison.
Mr. Gross is a Vice President of the Institute of Law and Economic Policy, through which class action experts and counsel are provided with an open platform to discuss ideas and methods of litigation to best present class certification to courts.
Mr. Gross is a frequent speaker at conferences on the importance of securities fraud actions in the U.S., the U.K., France, and Israel. As he explains: “We need to have these kinds of legal remedies available in order to maintain corporate honesty and accountability.”
With an eye to the future, Mr. Gross looks forward to continuing the Firm's dedication to protecting shareholder rights through securities litigation, and its vigorous pursuit of corporate governance reform.