History: Pomerantz is the oldest law firm in the world specializing in securities litigation. Founded in 1936 by Abraham Pomerantz, the Firm’s work during the Great Depression to hold corporations accountable helped secure the rights of investors to bring class actions and derivative suits. Today the Firm’s global clients include more than 100 of the most influential public pension funds, asset managers, and private institutions. The Firm continues to fight for defrauded shareholders while expanding the rights of investors across the globe, championing transparent markets, and advocating for good corporate governance.
Securities Litigation: Over the past eight decades the Firm has recovered billions of dollars for defrauded investors, with many settlements achieving new records. Notable matters include:
- In re Petrobras Securities Litigation: Pomerantz secured a $3 billion settlement in litigation against Brazil’s state-run oil company, Petrobras, involving an alleged decades-long corruption scheme that ensnared multiple former Brazilian presidents, among many others. The recovery stands as the fifth-largest securities class action settlement ever achieved in the United States.
- In re Comverse Technology, Inc. Securities Litigation: The Firm obtained a $225 million recovery for the Class in a suit against Comverse Technology, Inc., the second-largest recovery involving the backdating of stock options.
- Pirnik v. Fiat Chrysler Automobiles N.V., et al.: Pomerantz achieved a $110 million settlement with Fiat Chrysler Automobiles N.V. relating to the company’s use of “defeat device” technology to cheat emissions regulations.
- Howard v. Arconic et al.: The firm won a $74 million settlement for investors in Arconic, whose insulation panels were implicated in the deadly June 2017 fire at Grenfell Tower in London.
A Tradition of Innovation: Pomerantz is a recognized leader in developing novel legal strategies to address the evolving juridical, social, and corporate landscape. The U.S. Supreme Court’s ruling in Morrison v. National Australia Bank, Ltd (2010) presented a major roadblock to shareholders by barring investors in foreign securities from using U.S. courts to seek recovery. In the years since, Pomerantz has worked to win back these rights on behalf of investors. In a series of individual cases arising out of the 2010 BP Gulf of Mexico oil spill, Pomerantz convinced the court to allow, for the very first time post-Morrison, both U.S. and foreign investors seeking recovery for losses in a foreign company’s foreign-traded securities to do so in a U.S. court. Building on this success in a securities class action against the global pharmaceutical company Perrigo Co., the Firm presented ground-breaking legal arguments that led the U.S. court, for the first time since Morrison, to certify a foreign purchaser class. Both decisions have significant precedential value, expanding the options available for domestic and foreign investors seeking recovery in cases of securities fraud.
Portfolio Monitoring: PomTrack®, the Firm’s proprietary portfolio monitoring system, tracks and evaluates suspicious market activity, as well as securities and antitrust class actions and settlements, both in the U.S. and internationally. This system gives investment plan fiduciaries a powerful tool to protect plan assets by quickly identifying fund losses that may have been caused by financial misconduct. Comprising attorneys, forensic economists, damages analysts, paralegals, and support staff, the PomTrack® team monitors assets valued at over $9 trillion, making it one of the largest systems of its kind.
ESG: Pomerantz partners are pioneering securities litigation as a means to address 21st century ESG concerns. In September 2024, Pomerantz reached a $70 million settlement with defendants in its case against Wynn Resorts Ltd., which alleges that the company and its directors misled investors by assuring shareholders of the company’s compliance with regulations and commitment to high ethical standards, while simultaneously covering up an alleged decades-long pattern of egregious sexual misconduct against the company’s female employees by former CEO Steve Wynn. The settlement, which is uncontested by defendants and currently awaits court approval, is one of the largest ever achieved in a securities class action focused solely on #MeToo allegations. The Firm also secured a settlement with Deutsche Bank AG that recoups nearly 50% of estimated damages for investors in a case alleging that the bank failed to adhere to its own due diligence policies for certain high-worth clients, including convicted sex offender Jeffrey Epstein.
Corporate Governance: Pomerantz is committed to ensuring that companies adhere to responsible business practices that reflect the principles of good corporate citizenship and safeguard shareholder interests. In addition to addressing these issues through securities litigation, the Firm maintains a Corporate Governance Practice Group which has achieved significant reforms at numerous major corporations through shareholder derivative lawsuits. Areas of interest include workers’ health and safety, environmental compliance, pay and gender equity, excess executive compensation, and addressing corporate transactions that result in an unfair price for shareholders.
Education: Pomerantz values investor education as an important means to create more transparent markets. The Firm’s partners frequently speak on corporate governance at conferences around the world, and Pomerantz regularly hosts Corporate Governance Roundtables for institutional investors. The Firm also publishes The Pomerantz Monitor, a bi-monthly journal of attorney-authored articles on securities litigation, corporate governance, and related regulatory and government policies.
Updated Sep 2023
