Stanley M. Grossman, Senior Counsel, is the former Managing Partner of Pomerantz. He is recognized as a leader in the plaintiffs’ securities bar. He was selected by Super Lawyers magazine as an outstanding attorney in the United States for the years 2006 through 2011, and was featured in the New York Law Journal article “Top Litigators in Securities Field -- A Who’s Who of City’s Leading Courtroom Combatants.” Mr. Grossman has litigated securities (individual and class), derivative and antitrust actions with the Firm for 39 years.
Mr. Grossman has primarily represented plaintiffs in securities and antitrust class actions, including many of those listed in the Firm biography. See. e.g., Ross v. Bernhard, 396 U.S. 531; Rosenfeld v. Black, 445 F.2d 137 (2d Cir. 1971); Wool v. Tandem, 818 F.2d 1433 (9th Cir.); In re Salomon Bros. Treasury Litig, 9 F.3d 230 (2d Cir.). In 2008 he appeared before the United States Supreme Court to argue that scheme liability is actionable under Section 10(b) and Rule 10b-5(a) and (c). See StoneRidge Investment Partners v. Scientific-Atlanta, No. 06-43 (2007). Other cases where he was the Lead or Co-Lead counsel include: In re Salomon Brothers Treasury Litigation, 91 Civ. 5471 (S.D.N.Y. 1994) ($100 million cash recovery); In re First Executive Corporation Securities Litigation, CV-89-7135 (C.D. Cal. 1994) ($100 million settlement); In re Sorbates Direct Purchaser Antitrust Litigation, C98-4886 (N.D. Cal. 2000) (over $80 million settlement for the class).
In 1992, Senior Judge Milton Pollack of the Southern District of New York appointed Mr. Grossman to the Executive Committee of counsel charged with allocating to claimants hundreds of millions of dollars obtained in settlements with Drexel Burnham & Co. and Michael Milken.
Many courts have acknowledged the high quality of legal representation provided to investors by Mr. Grossman. In Gartenberg v. Merrill Lynch Asset Management, Inc., 79 Civ. 3123 (S.D.N.Y.), where Mr. Grossman was lead trial counsel for plaintiff, Judge Pollack noted at the completion of the trial:
[I] can fairly say, having remained abreast of the law on the factual and legal matters that have been presented, that I know of no case that has been better presented so as to give the Court an opportunity to reach a determination, for which the court thanks you.
Mr. Grossman was also the lead trial attorney in Rauch v. Bilzerian (Super. Ct. N.J.) (directors owed the same duty of loyalty to preferred shareholders as common shareholders in a corporate takeover), where the court described the Pomerantz team as “exceptionally competent counsel.” He headed the six week trial on liability in Walsh v. Northrop Grumman (E.D.N.Y.) (a securities and
ERISA class action arising from Northrop’s takeover of Grumman), after which a substantial settlement was reached.
Mr. Grossman frequently speaks at law schools and professional organizations. In 2010, he was a panelist on Securities Law: Primary Liability for Secondary Actors, sponsored by the Federal Bar Council, and he presented Silence Is Golden – Until It Is Deadly: The Fiduciary’s Duty to Disclose, at the Institute of American and Talmudic Law. In 2009, Mr. Grossman was a panelist on a Practicing Law Institute “Hot Topic Briefing” entitled “StoneRidge- Is There Scheme Liability or Not?”
Mr. Grossman served on former New York State Comptroller Carl McCall’s Advisory Committee for the NYSE Task Force on corporate governance. He is a former president of NASCAT. During his tenure at NASCAT, he represented the organization in meetings with the Chairman of the Securities and Exchange Commission and before members of Congress and of the Executive Branch concerning legislation that became the PSLRA.
Mr. Grossman served for three years on the New York City Bar Association’s Committee on Ethics, as well as on the Association’s Judiciary Committee. He is actively involved in civic affairs. He headed a task force on behalf of the Association, which, after a wide-ranging investigation, made recommendations for the future of the City University of New York. He serves on the board of the Appleseed Foundation, a national public advocacy group.
Mr. Grossman is admitted to practice in New York, the United States District Courts for the Southern and Eastern Districts of New York, Central District of California, Eastern District of Wisconsin, District of Arizona, District of Colorado, the United States Courts of Appeals for the First, Second, Third, Ninth and Eleventh Circuits, and the United States Supreme Court.