Pomerantz is proud to announce that Partner Emma Gilmore has been awarded the 2018 MVP in Securities Litigation by Law360. According to Law360, “The elite slate of attorneys chosen [for this award] have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.”
Only up to six attorneys nationwide are selected each year for Securities Litigation. Emma is also only the third woman in that practice group to have received this outstanding award since Law360 initiated it in 2011.
Emma, alongside Managing Partner Jeremy Lieberman, led Pomerantz’s high-profile securities class action against Petrobras, Brazil’s state-run oil giant. Pomerantz achieved the largest class action settlement in a decade: $3 billion. It is also the largest settlement ever involving a foreign issuer, the largest class action settlement in history not involving a restatement of financial reports, and the fifth largest class action settlement ever achieved in the United States.
Emma’s superb legal strategy withstood multiple levels of attack in the Federal District Court by defendants, represented by some of the finest corporate law firms in the country. Emma also secured a significant victory for investors when the Second Circuit Court of Appeals rejected the heightened ascertainability requirement for obtaining class certification that had been imposed by other circuit courts. The Second Circuit also refused to adopt a requirement, urged by defendants, that all securities class action plaintiffs seeking class certification prove through direct evidence, i.e., via an event study, that the prices of the relevant securities moved in a particular direction in response to new information. These legal precedents will form the bedrock of class action jurisprudence in the Second Circuit for decades to come.
Judge Rakoff commented that “the lawyers in [this case] are some of the best lawyers in the United States, if not in the world,” and found that “class counsel’s performance was in many respects exceptional, with the result that, as noted, the class is poised to enjoy a substantially larger per share recovery than the recovery enjoyed by numerous large and sophisticated plaintiffs who separately settled their claims.”
Emma emigrated to the United States at the age of 17 and learned English while enrolled at a high school in Arizona. She began her legal career with the law firms of Skadden Arps and Sullivan & Cromwell, and was a law clerk to the Honorable Thomas C. Platt, former Chief Judge for the Eastern District of New York.
Read the article here.