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 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 40 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); and Wool v. Tandem, 818 F.2d 1433 (9th 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 examples of cases where he was the Lead or Co-Lead counsel for plaintiffs and the class 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 June 2010 he presented “Silence Is Golden – Until It Is Deadly: The Fiduciary’s Duty to Disclose,” at the Institute of American and Talmudic Law. In April 2010, he was a panelist on “Securities Law: Primary Liability for Secondary Actors,” sponsored by the Federal Bar Council. In 2009, Mr. Grossman was a featured speaker at the Practicing Law Institute’s Securities Litigation and Enforcement Institute and a panelist on a Practicing Law Institute “Hot Topic Briefing” entitled “StoneRidge – Is There Scheme Liability or Not?” Mr. Grossman is the author of “Commentary: The Social Meaning of Shareholder Suits,” 65 Brooklyn Law Rev. (1999), among other articles.
Mr. Grossman is a nationally respected authority on the subject of corporate governance. He served on former New York State Comptroller Carl McCall’s Advisory Committee for the NYSE Task Force on corporate governance. He is a regular advisor to Congress on legislation to protect investors and 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 is recognized for his commitment to ethical practices and the enhanced quality of legal representation. He 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 also 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.