Trailblazers is a special supplement spotlighting professionals who are agents of change in their respective practice areas.
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honorees by
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Legal Technology
Insurance Law
Employment
Healthcare
Energy / Environmental
Real Estate / Construction Law
Plaintiffs
Sports & Entertainment
Legal Technology
Insurance Law
Employment
Healthcare
Energy / Environmental
Real Estate / Construction Law
Plaintiffs
Sports & Entertainment
Crisis Leadership
Crisis Leadership
Litigation
Litigation
Political Activism / 1st Amendment Rights
Political Activism / 1st Amendment Rights
Get to know the honorees by practice area and read their intriguing stories
Employment law attorneys have been busy this past year with the emergence of the #MeToo era. Some Employment Law Trailblazers have been squarely in the middle of these sexual harassment cases, while others have been fighting for fairness through gender/race discrimination suits, wrongful termination, and more.
Employment
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
The National Law Journal is recognizing its inaugural list of Criminal Law Trailblazers. We cover both white collar/ government investigations and public defenders in this section. We hope you enjoy reading through our list of honorees.
Criminal
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
The National Law Journal is excited to present our third annual list of Healthcare Law Trailblazers. Our list includes some high profile honorees who are truly changing the landscape of healthcare law. It will be no surprise that a lot of the following honorees have made sweeping efforts to create remarkable impact over the last year. We are pleased with our final list of honorees and are proud to share each of their stories with you.
healthcare / life sciences
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
The National Law Journal is recognizing its fourth annual list of Plaintiffs’ Lawyers Trailblazers. Our list includes a wide array of plaintiffs’ lawyers, varying from those who have blazed trails in consumer rights, wrongful death and even complex securities matters. We are pleased with our final list of honorees and are proud to share each of their stories with you.
Plaintiffs
Murielle Steven Walsh
Read Profile
Emma Gilmore
read profile
Michael J. Wernke
read profile
click to view all honorees
Murielle Steven Walsh
Partner
PIONEER SPIRIT After graduating cum laude from the New York Law School, Murielle Steven Walsh originally planned on doing criminal prosecution work and interned with the Kings County District Attorney’s Office. “But while interning, I found that this type of work was not the right fit for me.” She later worked in the mergers and acquisition group of Sullivan & Cromwell. “So when I first interviewed with Pomerantz I hadn’t considered plaintiff-side securities work. But it all fell into place. I like that I am still able to prosecute wrongdoing, but in the white-collar context.” TRAILS BLAZED In EBC I v. Goldman Sachs, Walsh represented clients involving claims against a lead underwriter of an IPO. “We alleged that the underwriter had underpriced the offering, because it had conflicts of interest which made it lucrative for the underwriter to underprice.” She brought what was then a novel claim, questioning whether a lead underwriter has a fiduciary duty. “We convinced the courts all the way up to the New York Court of Appeals, which confirmed that they do. It has since helped shape the law for all market participants.” In the securities class action In re Livent Noteholders Securities Litigation, Walsh was one of the lead attorneys helping to obtain a $36 million judgment against the company’s executives in a ruling later upheld by the Second Circuit on appeal. She also led the firm’s litigation involving the popular Pokemon Go, an augmented reality game played on smartphones where players have to virtually capture Pokemon characters in real-world locations in order to advance in the game. Using GPS-enabled technology, the company placed virtual game items onto private properties without the owners’ permission, which resulted in trespass and nuisance by Pokemon Go players. Walsh obtained a highly favorable injunctive relief-style settlement for the homeowner class that required Niantic to modify its policies to better protect against trespass. As a passionate advocate for human rights, Walsh leads cases involving
#MeToo issues, and serves on boards advocating for the rights of children, women and those seeking political asylum. She is currently leading a class-action case against Wynn Resorts involving allegations of concealing a pattern of sexual misconduct by company founder Stephen Wynn. “The case alleges that the company misled investors into believing that it was committed to a Code of Conduct that required employees to act legally and ethically, when in fact, Wynn’s senior management was aware of and failed to investigate numerous claims of sexual misconduct by Steven Wynn against the company’s female employees. We are making the relatively untested argument that codes of conduct like these should be actionable under the securities laws. Given the #MeToo movement and the negative stock price impact of revelations of misconduct by senior management, statements about a company’s code of conduct have taken on heightened importance for investors Walsh currently serves as a member on the Executive Committee of the Board of Trustees for Court Appointed Special Advocates for Children (CASA), a U.S.-based nonprofit organization that supports and promotes court-appointed advocates for neglected and abused children. She has served on the Honorary Steering Committee for Equal Rights Advocates (ERA), another U.S.-based nonprofit that helps advance legal rights and opportunities for girls, women and those of all gender identities. FUTURE EXPLORATIONS Walsh believes allegations of personal misconduct by senior executives will continue to be taken more seriously by investors. “Years ago, corporate America could just sweep this kind of thing under the rug, but not now. I see the #MeToo movement getting stronger, and companies will have to take stronger steps to prevent the types of misconduct we have seen in the Wynn case.”
Partner
Emma Gilmore
PIONEER SPIRIT Emma Gilmore was born in Romania and moved to Arizona at the age of 17 shortly before the Romanian Revolution began in 1989. She learned English as a high school student and graduated summa cum laude from Arizona State University. Inspired by her grandfather, a judge in Romania, to attend law school, Gilmore graduated cum laude from Brooklyn Law School and served as a law clerk for former U.S. chief judge for the Eastern District of New York Thomas C. Platt. She started her career at a big firm as a defense attorney, working on the multi-billion dollar WorldCom litigation before deciding to change to the other side. “When it was recommended that I pursue plaintiffs’ work, it felt like the right side for me. And it has been a lot more rewarding.” TRAILS BLAZED Gilmore represented plaintiffs in a class-action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, involving a multibillion-dollar kickback and bribery scheme. She helped secure a $3 billion settlement for the investors—the largest global securities fraud class-action settlement against a foreign issuer. “At the time, Petrobras was the fifth-largest oil company in the world. I traveled to Brazil to gather evidence and uncover more about the fraud, and I met with members of the Brazilian Federal Police and the press before returning to the U.S. to draft the complaint.” The case was one of the most extensive instances of corruption in the history of Brazil and involved former Petrobras executives, the former president of Brazil and members of the Brazilian legislature. “The case involved a lot of corrupt politicians, with 51% of the company owned by the Brazilian government and one-third of the Brazilian legislature involved in the corruption.” During the investigations, Gilmore deposed and defended expert witnesses, including the former CEO of Petrobras, the whistleblower and the chief accountant. “There was a cartel to inflate prices and then kickback money to lawmakers. Everyone was winning except the investors. It was difficult because in Brazil Petrobras was portrayed as the victim—an argument that was actually successful with Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S.
Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S. “When I deposed the whistleblower, she told the story of how she was accosted on the street and threatened at gunpoint to keep quiet.” The victory allowed many institutional investors who had opted out of the class to come back in to take part in the settlement. “And as part of this case, we made good law in the Second Circuit, making it easier to get a class certified.” Gilmore also represented plaintiffs in class-action litigation against Yahoo! Inc., resulting in an $80 million settlement. Involving one of the largest data breaches in U.S. history, more than three billion Yahoo accounts were compromised. “I actually had a Yahoo account that had been hacked. Because the CEO had failed to disclose a large attack, it was able to be approached as a securities fraud issue. Yahoo represented that they had the right protections when they knew they had been hacked. Ours was the first successful case that was approached in this way.” Gilmore is also prosecuting securities fraud claims against multinational oil and gas company BP in a case involving charges resulting from the 2010 Deepwater Horizon oil spill. She is helping to develop unique strategies to protect investments by investors by those who purchased foreign-traded shares of a foreign company to pursue securities fraud claims in a U.S. court. She was also recently selected to serve on the New York City Bar Association’s Securities Litigation Committee, where she will have the opportunity to help shape future law and public policy. FUTURE EXPLORATIONS As the number of data breaches continues to rise, Gilmore sees an increase in the number of fraud cases involving cybersecurity issues. “The law has been evolving for years, but fraudsters have found new ways to defraud investors. I don’t see cybersecurity issues going away. They are here to stay as fraudsters come up with different ways to hack into accounts.”
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
Introducing our inaugural list of Real Estate/Construction Law Trailblazers. In such a trying time, we feel that now, more than ever, it is time to shine a light on those who have taken extra measures to contribute to positive outcomes. It will be no surprise that a lot of the following honorees have made sweeping efforts to create remarkable impact over the last year. We are proud to spotlight a handful of individuals that are truly agents of change.
real estate / construction law
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
Welcome to the 2018 issue of Energy and Environmental Trailblazers. We are excited to share the stories of a handful of honorees that have made their mark in this practice area.
energy / Environmental
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
Check back on July 1 to see our list of 2021 Energy and Environmental Trailblazers!
As the fight to legalize marijuana for medical and/or recreational use continues from state to state, it is no secret that attorneys are often in the middle of that fight. In the states that have already legalized it, there are new issues arising daily from how to run the business financially to how to license a company’s new products. We hope you find these honorees to be as intriguing and informative as we did.
cannabis
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
As the fight to legalize marijuana for medical and/or recreational use continues from state to state, it is no secret that attorneys are often in the middle of that fight. In the states that have already legalized it, there are new issues arising daily from how to run the business financially to how to license a company’s new products. We hope you find these honorees to be as intriguing and informative as we did.
cannabis
click to view all honorees
Murielle Steven Walsh
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Emma Gilmore
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Michael J. Wernke
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Partner
Murielle Steven Walsh
PIONEER SPIRIT After graduating cum laude from the New York Law School, Murielle Steven Walsh originally planned on doing criminal prosecution work and interned with the Kings County District Attorney’s Office. “But while interning, I found that this type of work was not the right fit for me.” She later worked in the mergers and acquisition group of Sullivan & Cromwell. “So when I first interviewed with Pomerantz I hadn’t considered plaintiff-side securities work. But it all fell into place. I like that I am still able to prosecute wrongdoing, but in the white-collar context.” TRAILS BLAZED In EBC I v. Goldman Sachs, Walsh represented clients involving claims against a lead underwriter of an IPO. “We alleged that the underwriter had underpriced the offering, because it had conflicts of interest which made it lucrative for the underwriter to underprice.” She brought what was then a novel claim, questioning whether a lead underwriter has a fiduciary duty. “We convinced the courts all the way up to the New York Court of Appeals, which confirmed that they do. It has since helped shape the law for all market participants.” In the securities class action In re Livent Noteholders Securities Litigation, Walsh was one of the lead attorneys helping to obtain a $36 million judgment against the company’s executives in a ruling later upheld by the Second Circuit on appeal. She also led the firm’s litigation involving the popular Pokemon Go, an augmented reality game played on smartphones where players have to virtually capture Pokemon characters in real-world locations in order to advance in the game. Using GPS-enabled technology, the company placed virtual game items onto private properties without the owners’ permission, which resulted in trespass and nuisance by Pokemon Go players. Walsh obtained a highly favorable injunctive relief-style settlement for the homeowner class that required Niantic to modify its policies to better protect against trespass. As a passionate advocate for human rights, Walsh leads cases involving
#MeToo issues, and serves on boards advocating for the rights of children, women and those seeking political asylum. She is currently leading a class-action case against Wynn Resorts involving allegations of concealing a pattern of sexual misconduct by company founder Stephen Wynn. “The case alleges that the company misled investors into believing that it was committed to a Code of Conduct that required employees to act legally and ethically, when in fact, Wynn’s senior management was aware of and failed to investigate numerous claims of sexual misconduct by Steven Wynn against the company’s female employees. We are making the relatively untested argument that codes of conduct like these should be actionable under the securities laws. Given the #MeToo movement and the negative stock price impact of revelations of misconduct by senior management, statements about a company’s code of conduct have taken on heightened importance for investors Walsh currently serves as a member on the Executive Committee of the Board of Trustees for Court Appointed Special Advocates for Children (CASA), a U.S.-based nonprofit organization that supports and promotes court-appointed advocates for neglected and abused children. She has served on the Honorary Steering Committee for Equal Rights Advocates (ERA), another U.S.-based nonprofit that helps advance legal rights and opportunities for girls, women and those of all gender identities. FUTURE EXPLORATIONS Walsh believes allegations of personal misconduct by senior executives will continue to be taken more seriously by investors. “Years ago, corporate America could just sweep this kind of thing under the rug, but not now. I see the #MeToo movement getting stronger, and companies will have to take stronger steps to prevent the types of misconduct we have seen in the Wynn case.”
Partner
Emma Gilmore
PIONEER SPIRIT Emma Gilmore was born in Romania and moved to Arizona at the age of 17 shortly before the Romanian Revolution began in 1989. She learned English as a high school student and graduated summa cum laude from Arizona State University. Inspired by her grandfather, a judge in Romania, to attend law school, Gilmore graduated cum laude from Brooklyn Law School and served as a law clerk for former U.S. chief judge for the Eastern District of New York Thomas C. Platt. She started her career at a big firm as a defense attorney, working on the multi-billion dollar WorldCom litigation before deciding to change to the other side. “When it was recommended that I pursue plaintiffs’ work, it felt like the right side for me. And it has been a lot more rewarding.” TRAILS BLAZED Gilmore represented plaintiffs in a class-action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, involving a multibillion-dollar kickback and bribery scheme. She helped secure a $3 billion settlement for the investors—the largest global securities fraud class-action settlement against a foreign issuer. “At the time, Petrobras was the fifth-largest oil company in the world. I traveled to Brazil to gather evidence and uncover more about the fraud, and I met with members of the Brazilian Federal Police and the press before returning to the U.S. to draft the complaint.” The case was one of the most extensive instances of corruption in the history of Brazil and involved former Petrobras executives, the former president of Brazil and members of the Brazilian legislature. “The case involved a lot of corrupt politicians, with 51% of the company owned by the Brazilian government and one-third of the Brazilian legislature involved in the corruption.” During the investigations, Gilmore deposed and defended expert witnesses, including the former CEO of Petrobras, the whistleblower and the chief accountant. “There was a cartel to inflate prices and then kickback money to lawmakers. Everyone was winning except the investors. It was difficult because in Brazil Petrobras was portrayed as the victim—an argument that was actually successful with Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S.
Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S. “When I deposed the whistleblower, she told the story of how she was accosted on the street and threatened at gunpoint to keep quiet.” The victory allowed many institutional investors who had opted out of the class to come back in to take part in the settlement. “And as part of this case, we made good law in the Second Circuit, making it easier to get a class certified.” Gilmore also represented plaintiffs in class-action litigation against Yahoo! Inc., resulting in an $80 million settlement. Involving one of the largest data breaches in U.S. history, more than three billion Yahoo accounts were compromised. “I actually had a Yahoo account that had been hacked. Because the CEO had failed to disclose a large attack, it was able to be approached as a securities fraud issue. Yahoo represented that they had the right protections when they knew they had been hacked. Ours was the first successful case that was approached in this way.” Gilmore is also prosecuting securities fraud claims against multinational oil and gas company BP in a case involving charges resulting from the 2010 Deepwater Horizon oil spill. She is helping to develop unique strategies to protect investments by investors by those who purchased foreign-traded shares of a foreign company to pursue securities fraud claims in a U.S. court. She was also recently selected to serve on the New York City Bar Association’s Securities Litigation Committee, where she will have the opportunity to help shape future law and public policy. FUTURE EXPLORATIONS As the number of data breaches continues to rise, Gilmore sees an increase in the number of fraud cases involving cybersecurity issues. “The law has been evolving for years, but fraudsters have found new ways to defraud investors. I don’t see cybersecurity issues going away. They are here to stay as fraudsters come up with different ways to hack into accounts.”
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
The National Law Journal released our second annual list of Sport and Entertainment Trailblazers in October 2020. Our Sports and Entertainment honorees cover everything from counseling A-list celebrities to sports betting legislation. We are pleased with our final list of honorees and are proud to share each of their stories with you.
sports & entertainment
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
Introducing our inaugural list of Insurance Law Trailblazers. In such a trying time, we feel that now, more than ever, it is time to shine a light on those who have taken extra measures to contribute to positive outcomes. It will be no surprise that a lot of the following honorees have made sweeping efforts to create remarkable impact over the last year. We are proud to spotlight a handful of individuals that are truly agents of change.
insurance law
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
click to view all honorees
Introducing The National Law Journal's 2020 Crisis Leadership Trailblazers, a special supplement brought to you by the Publication's business team. Our inaugural list of Crisis Leadership Trailblazers honors individuals who launched new initiatives through times of crisis to help their communities, colleagues or clients.
Crisis Leadership
Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
click to view all honorees
Melissa Azallion
Put Title Here
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Introducing The National Law Journal's 2020 Crisis Leadership Trailblazers, a special supplement brought to you by the Publication's business team. Our inaugural list of Crisis Leadership Trailblazers honors individuals who launched new initiatives through times of crisis to help their communities, colleagues or clients.
Crisis Leadership
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Murielle Steven Walsh
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Emma Gilmore
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Michael J. Wernke
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Partner
Murielle Steven Walsh
PIONEER SPIRIT After graduating cum laude from the New York Law School, Murielle Steven Walsh originally planned on doing criminal prosecution work and interned with the Kings County District Attorney’s Office. “But while interning, I found that this type of work was not the right fit for me.” She later worked in the mergers and acquisition group of Sullivan & Cromwell. “So when I first interviewed with Pomerantz I hadn’t considered plaintiff-side securities work. But it all fell into place. I like that I am still able to prosecute wrongdoing, but in the white-collar context.” TRAILS BLAZED In EBC I v. Goldman Sachs, Walsh represented clients involving claims against a lead underwriter of an IPO. “We alleged that the underwriter had underpriced the offering, because it had conflicts of interest which made it lucrative for the underwriter to underprice.” She brought what was then a novel claim, questioning whether a lead underwriter has a fiduciary duty. “We convinced the courts all the way up to the New York Court of Appeals, which confirmed that they do. It has since helped shape the law for all market participants.” In the securities class action In re Livent Noteholders Securities Litigation, Walsh was one of the lead attorneys helping to obtain a $36 million judgment against the company’s executives in a ruling later upheld by the Second Circuit on appeal. She also led the firm’s litigation involving the popular Pokemon Go, an augmented reality game played on smartphones where players have to virtually capture Pokemon characters in real-world locations in order to advance in the game. Using GPS-enabled technology, the company placed virtual game items onto private properties without the owners’ permission, which resulted in trespass and nuisance by Pokemon Go players. Walsh obtained a highly favorable injunctive relief-style settlement for the homeowner class that required Niantic to modify its policies to better protect against trespass. As a passionate advocate for human rights, Walsh leads cases involving
#MeToo issues, and serves on boards advocating for the rights of children, women and those seeking political asylum. She is currently leading a class-action case against Wynn Resorts involving allegations of concealing a pattern of sexual misconduct by company founder Stephen Wynn. “The case alleges that the company misled investors into believing that it was committed to a Code of Conduct that required employees to act legally and ethically, when in fact, Wynn’s senior management was aware of and failed to investigate numerous claims of sexual misconduct by Steven Wynn against the company’s female employees. We are making the relatively untested argument that codes of conduct like these should be actionable under the securities laws. Given the #MeToo movement and the negative stock price impact of revelations of misconduct by senior management, statements about a company’s code of conduct have taken on heightened importance for investors Walsh currently serves as a member on the Executive Committee of the Board of Trustees for Court Appointed Special Advocates for Children (CASA), a U.S.-based nonprofit organization that supports and promotes court-appointed advocates for neglected and abused children. She has served on the Honorary Steering Committee for Equal Rights Advocates (ERA), another U.S.-based nonprofit that helps advance legal rights and opportunities for girls, women and those of all gender identities. FUTURE EXPLORATIONS Walsh believes allegations of personal misconduct by senior executives will continue to be taken more seriously by investors. “Years ago, corporate America could just sweep this kind of thing under the rug, but not now. I see the #MeToo movement getting stronger, and companies will have to take stronger steps to prevent the types of misconduct we have seen in the Wynn case.”
Partner
Emma Gilmore
PIONEER SPIRIT Emma Gilmore was born in Romania and moved to Arizona at the age of 17 shortly before the Romanian Revolution began in 1989. She learned English as a high school student and graduated summa cum laude from Arizona State University. Inspired by her grandfather, a judge in Romania, to attend law school, Gilmore graduated cum laude from Brooklyn Law School and served as a law clerk for former U.S. chief judge for the Eastern District of New York Thomas C. Platt. She started her career at a big firm as a defense attorney, working on the multi-billion dollar WorldCom litigation before deciding to change to the other side. “When it was recommended that I pursue plaintiffs’ work, it felt like the right side for me. And it has been a lot more rewarding.” TRAILS BLAZED Gilmore represented plaintiffs in a class-action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, involving a multibillion-dollar kickback and bribery scheme. She helped secure a $3 billion settlement for the investors—the largest global securities fraud class-action settlement against a foreign issuer. “At the time, Petrobras was the fifth-largest oil company in the world. I traveled to Brazil to gather evidence and uncover more about the fraud, and I met with members of the Brazilian Federal Police and the press before returning to the U.S. to draft the complaint.” The case was one of the most extensive instances of corruption in the history of Brazil and involved former Petrobras executives, the former president of Brazil and members of the Brazilian legislature. “The case involved a lot of corrupt politicians, with 51% of the company owned by the Brazilian government and one-third of the Brazilian legislature involved in the corruption.” During the investigations, Gilmore deposed and defended expert witnesses, including the former CEO of Petrobras, the whistleblower and the chief accountant. “There was a cartel to inflate prices and then kickback money to lawmakers. Everyone was winning except the investors. It was difficult because in Brazil Petrobras was portrayed as the victim—an argument that was actually successful with Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S.
Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S. “When I deposed the whistleblower, she told the story of how she was accosted on the street and threatened at gunpoint to keep quiet.” The victory allowed many institutional investors who had opted out of the class to come back in to take part in the settlement. “And as part of this case, we made good law in the Second Circuit, making it easier to get a class certified.” Gilmore also represented plaintiffs in class-action litigation against Yahoo! Inc., resulting in an $80 million settlement. Involving one of the largest data breaches in U.S. history, more than three billion Yahoo accounts were compromised. “I actually had a Yahoo account that had been hacked. Because the CEO had failed to disclose a large attack, it was able to be approached as a securities fraud issue. Yahoo represented that they had the right protections when they knew they had been hacked. Ours was the first successful case that was approached in this way.” Gilmore is also prosecuting securities fraud claims against multinational oil and gas company BP in a case involving charges resulting from the 2010 Deepwater Horizon oil spill. She is helping to develop unique strategies to protect investments by investors by those who purchased foreign-traded shares of a foreign company to pursue securities fraud claims in a U.S. court. She was also recently selected to serve on the New York City Bar Association’s Securities Litigation Committee, where she will have the opportunity to help shape future law and public policy. FUTURE EXPLORATIONS As the number of data breaches continues to rise, Gilmore sees an increase in the number of fraud cases involving cybersecurity issues. “The law has been evolving for years, but fraudsters have found new ways to defraud investors. I don’t see cybersecurity issues going away. They are here to stay as fraudsters come up with different ways to hack into accounts.”
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
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Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
The National Law Journal is recognizing its seventh annual Litigation Trailblazers. Our litigation section continues to be one of the most popular in terms of the number of nominations received. It is very difficult to pick just a handful of honorees but we are very proud of the list we have procured. We hope you enjoy reading this diverse list of honorees.
litigation
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Melissa Azallion
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
The National Law Journal is recognizing its first Political Activism/1st Amendment Rights Trailblazers. The individuals featured in this section have persevered in the fight for first amendment rights and beyond. We are thrilled to announce this diverse list of inspiring individuals.
Political Activism / 1st Amendment Rights
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Melissa Azallion
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Melissa Azallion
Helping clients comply with immigration law
Thomas J. Barton
Leading wrongful termination cases at the state federal level
Michele Haydel Gehrke
Specializing in labor relations for airline & transportation employees
The National Law Journal is recognizing its annual Legal Technology Trailblazers (formerly Emerging Legal Technologies). Unlike our other Trailblazer sections, the following profiles focus on the company/product rather than the individual. Our goal was to capture a collection of companies that are using innovation to help ease the daily tasks taken on by law firms and legal departments. Congratulations to this year's honorees!
legal technology
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Melissa Azallion
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Thomas J. Barton
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
Put Title Here
Michele Haydel Gehrke
PIONEER SPIRIT Michele Haydel Gehpke’s initial intereest in employment law stemmed from taking public policy courses as an undergraduate at UCLA. She found the intersection of law, public policy and social justice fascinating, especiallly around gender discrimination. “And whenI went to law school, continued down that path and still enjoy that area of the law today”. TRAILS BLAZED Gehrke specialsizes in the Railway Labor Act, a niche area of national labor regulations specific to airline and other transportation employees. In Smith v. United Airlines, she was the lead attorney and won a dismissal at district court level on a motion to dismiss before the Ninth Circuit of Appeals. She has also served as lead counsel on a case involving the overlap of social media speech and the Railway Labor Act. She wonthat case but also filed suit in federal court in Texas, bringing statutory claims under Title VII and the act. “It’s a balance betweenfree speech and the ability to protect employees from harassment.” Gehrke has also represented clients in several cases involving the issue of mandatory arbritration agreements. “There is awhole line of cases up to the Supreme Court, and these issues are very much at the forefront right now.” FUTURE EXPLORATIONS An employers watch how the supreme Court will handle the issues of class-actionarbritation where there is now waiver, Gehrke expects addtional guidance from the court on this and Selection VII and whether it includes sexual orientation discrimination. “There are a lot of old agreements out there that are silent on the subject. It’s still an open issue under federal law.” She also sees an increasing numberof Private attorneys General Act cases, which allow individual employees to sue for violations of the labor code in the name of attorney general.
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Pomerantz LLP is the oldest and one of the most respected law firms in the world dedicated to championing investor rights. A global leader in securities class actions, Pomerantz monitors assets of over $5.6 trillion on behalf of institutional investors worldwide. From achieving record-breaking recoveries for defrauded investors, including $3 billion in litigation against Brazilian oil giant Petrobras, to securing decisions that have shaped the law to the benefit of shareholders, Pomerantz raises the bar.
Murielle Steven Walsh
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Emma Gilmore
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Michael J. Wernke
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plaintiffs
plaintiffs
plaintiffs
Plaintiffs
Partner
Murielle Steven Walsh
PIONEER SPIRIT After graduating cum laude from the New York Law School, Murielle Steven Walsh originally planned on doing criminal prosecution work and interned with the Kings County District Attorney’s Office. “But while interning, I found that this type of work was not the right fit for me.” She later worked in the mergers and acquisition group of Sullivan & Cromwell. “So when I first interviewed with Pomerantz I hadn’t considered plaintiff-side securities work. But it all fell into place. I like that I am still able to prosecute wrongdoing, but in the white-collar context.” TRAILS BLAZED In EBC I v. Goldman Sachs, Walsh represented clients involving claims against a lead underwriter of an IPO. “We alleged that the underwriter had underpriced the offering, because it had conflicts of interest which made it lucrative for the underwriter to underprice.” She brought what was then a novel claim, questioning whether a lead underwriter has a fiduciary duty. “We convinced the courts all the way up to the New York Court of Appeals, which confirmed that they do. It has since helped shape the law for all market participants.” In the securities class action In re Livent Noteholders Securities Litigation, Walsh was one of the lead attorneys helping to obtain a $36 million judgment against the company’s executives in a ruling later upheld by the Second Circuit on appeal. She also led the firm’s litigation involving the popular Pokemon Go, an augmented reality game played on smartphones where players have to virtually capture Pokemon characters in real-world locations in order to advance in the game. Using GPS-enabled technology, the company placed virtual game items onto private properties without the owners’ permission, which resulted in trespass and nuisance by Pokemon Go players. Walsh obtained a highly favorable injunctive relief-style settlement for the homeowner class that required Niantic to modify its policies to better protect against trespass. As a passionate advocate for human rights, Walsh leads cases involving
#MeToo issues, and serves on boards advocating for the rights of children, women and those seeking political asylum. She is currently leading a class-action case against Wynn Resorts involving allegations of concealing a pattern of sexual misconduct by company founder Stephen Wynn. “The case alleges that the company misled investors into believing that it was committed to a Code of Conduct that required employees to act legally and ethically, when in fact, Wynn’s senior management was aware of and failed to investigate numerous claims of sexual misconduct by Steven Wynn against the company’s female employees. We are making the relatively untested argument that codes of conduct like these should be actionable under the securities laws. Given the #MeToo movement and the negative stock price impact of revelations of misconduct by senior management, statements about a company’s code of conduct have taken on heightened importance for investors Walsh currently serves as a member on the Executive Committee of the Board of Trustees for Court Appointed Special Advocates for Children (CASA), a U.S.-based nonprofit organization that supports and promotes court-appointed advocates for neglected and abused children. She has served on the Honorary Steering Committee for Equal Rights Advocates (ERA), another U.S.-based nonprofit that helps advance legal rights and opportunities for girls, women and those of all gender identities. FUTURE EXPLORATIONS Walsh believes allegations of personal misconduct by senior executives will continue to be taken more seriously by investors. “Years ago, corporate America could just sweep this kind of thing under the rug, but not now. I see the #MeToo movement getting stronger, and companies will have to take stronger steps to prevent the types of misconduct we have seen in the Wynn case.”
Partner
Emma Gilmore
PIONEER SPIRIT Emma Gilmore was born in Romania and moved to Arizona at the age of 17 shortly before the Romanian Revolution began in 1989. She learned English as a high school student and graduated summa cum laude from Arizona State University. Inspired by her grandfather, a judge in Romania, to attend law school, Gilmore graduated cum laude from Brooklyn Law School and served as a law clerk for former U.S. chief judge for the Eastern District of New York Thomas C. Platt. She started her career at a big firm as a defense attorney, working on the multi-billion dollar WorldCom litigation before deciding to change to the other side. “When it was recommended that I pursue plaintiffs’ work, it felt like the right side for me. And it has been a lot more rewarding.” TRAILS BLAZED Gilmore represented plaintiffs in a class-action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, involving a multibillion-dollar kickback and bribery scheme. She helped secure a $3 billion settlement for the investors—the largest global securities fraud class-action settlement against a foreign issuer. “At the time, Petrobras was the fifth-largest oil company in the world. I traveled to Brazil to gather evidence and uncover more about the fraud, and I met with members of the Brazilian Federal Police and the press before returning to the U.S. to draft the complaint.” The case was one of the most extensive instances of corruption in the history of Brazil and involved former Petrobras executives, the former president of Brazil and members of the Brazilian legislature. “The case involved a lot of corrupt politicians, with 51% of the company owned by the Brazilian government and one-third of the Brazilian legislature involved in the corruption.” During the investigations, Gilmore deposed and defended expert witnesses, including the former CEO of Petrobras, the whistleblower and the chief accountant. “There was a cartel to inflate prices and then kickback money to lawmakers. Everyone was winning except the investors. It was difficult because in Brazil Petrobras was portrayed as the victim—an argument that was actually successful with Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S.
Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S. “When I deposed the whistleblower, she told the story of how she was accosted on the street and threatened at gunpoint to keep quiet.” The victory allowed many institutional investors who had opted out of the class to come back in to take part in the settlement. “And as part of this case, we made good law in the Second Circuit, making it easier to get a class certified.” Gilmore also represented plaintiffs in class-action litigation against Yahoo! Inc., resulting in an $80 million settlement. Involving one of the largest data breaches in U.S. history, more than three billion Yahoo accounts were compromised. “I actually had a Yahoo account that had been hacked. Because the CEO had failed to disclose a large attack, it was able to be approached as a securities fraud issue. Yahoo represented that they had the right protections when they knew they had been hacked. Ours was the first successful case that was approached in this way.” Gilmore is also prosecuting securities fraud claims against multinational oil and gas company BP in a case involving charges resulting from the 2010 Deepwater Horizon oil spill. She is helping to develop unique strategies to protect investments by investors by those who purchased foreign-traded shares of a foreign company to pursue securities fraud claims in a U.S. court. She was also recently selected to serve on the New York City Bar Association’s Securities Litigation Committee, where she will have the opportunity to help shape future law and public policy. FUTURE EXPLORATIONS As the number of data breaches continues to rise, Gilmore sees an increase in the number of fraud cases involving cybersecurity issues. “The law has been evolving for years, but fraudsters have found new ways to defraud investors. I don’t see cybersecurity issues going away. They are here to stay as fraudsters come up with different ways to hack into accounts.”
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
Plaintiffs
Plaintiffs
Murielle Steven Walsh
read profile
plaintiffs
Emma Gilmore
read profile
plaintiffs
Michael J. Wernke
read profile
plaintiffs
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Plaintiffs
Partner
Murielle Steven Walsh
PIONEER SPIRIT After graduating cum laude from the New York Law School, Murielle Steven Walsh originally planned on doing criminal prosecution work and interned with the Kings County District Attorney’s Office. “But while interning, I found that this type of work was not the right fit for me.” She later worked in the mergers and acquisition group of Sullivan & Cromwell. “So when I first interviewed with Pomerantz I hadn’t considered plaintiff-side securities work. But it all fell into place. I like that I am still able to prosecute wrongdoing, but in the white-collar context.” TRAILS BLAZED In EBC I v. Goldman Sachs, Walsh represented clients involving claims against a lead underwriter of an IPO. “We alleged that the underwriter had underpriced the offering, because it had conflicts of interest which made it lucrative for the underwriter to underprice.” She brought what was then a novel claim, questioning whether a lead underwriter has a fiduciary duty. “We convinced the courts all the way up to the New York Court of Appeals, which confirmed that they do. It has since helped shape the law for all market participants.” In the securities class action In re Livent Noteholders Securities Litigation, Walsh was one of the lead attorneys helping to obtain a $36 million judgment against the company’s executives in a ruling later upheld by the Second Circuit on appeal. She also led the firm’s litigation involving the popular Pokemon Go, an augmented reality game played on smartphones where players have to virtually capture Pokemon characters in real-world locations in order to advance in the game. Using GPS-enabled technology, the company placed virtual game items onto private properties without the owners’ permission, which resulted in trespass and nuisance by Pokemon Go players. Walsh obtained a highly favorable injunctive relief-style settlement for the homeowner class that required Niantic to modify its policies to better protect against trespass. As a passionate advocate for human rights, Walsh leads cases involving
#MeToo issues, and serves on boards advocating for the rights of children, women and those seeking political asylum. She is currently leading a class-action case against Wynn Resorts involving allegations of concealing a pattern of sexual misconduct by company founder Stephen Wynn. “The case alleges that the company misled investors into believing that it was committed to a Code of Conduct that required employees to act legally and ethically, when in fact, Wynn’s senior management was aware of and failed to investigate numerous claims of sexual misconduct by Steven Wynn against the company’s female employees. We are making the relatively untested argument that codes of conduct like these should be actionable under the securities laws. Given the #MeToo movement and the negative stock price impact of revelations of misconduct by senior management, statements about a company’s code of conduct have taken on heightened importance for investors Walsh currently serves as a member on the Executive Committee of the Board of Trustees for Court Appointed Special Advocates for Children (CASA), a U.S.-based nonprofit organization that supports and promotes court-appointed advocates for neglected and abused children. She has served on the Honorary Steering Committee for Equal Rights Advocates (ERA), another U.S.-based nonprofit that helps advance legal rights and opportunities for girls, women and those of all gender identities. FUTURE EXPLORATIONS Walsh believes allegations of personal misconduct by senior executives will continue to be taken more seriously by investors. “Years ago, corporate America could just sweep this kind of thing under the rug, but not now. I see the #MeToo movement getting stronger, and companies will have to take stronger steps to prevent the types of misconduct we have seen in the Wynn case.”
Plaintiffs
Partner
Emma Gilmore
PIONEER SPIRIT Emma Gilmore was born in Romania and moved to Arizona at the age of 17 shortly before the Romanian Revolution began in 1989. She learned English as a high school student and graduated summa cum laude from Arizona State University. Inspired by her grandfather, a judge in Romania, to attend law school, Gilmore graduated cum laude from Brooklyn Law School and served as a law clerk for former U.S. chief judge for the Eastern District of New York Thomas C. Platt. She started her career at a big firm as a defense attorney, working on the multi-billion dollar WorldCom litigation before deciding to change to the other side. “When it was recommended that I pursue plaintiffs’ work, it felt like the right side for me. And it has been a lot more rewarding.” TRAILS BLAZED Gilmore represented plaintiffs in a class-action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, involving a multibillion-dollar kickback and bribery scheme. She helped secure a $3 billion settlement for the investors—the largest global securities fraud class-action settlement against a foreign issuer. “At the time, Petrobras was the fifth-largest oil company in the world. I traveled to Brazil to gather evidence and uncover more about the fraud, and I met with members of the Brazilian Federal Police and the press before returning to the U.S. to draft the complaint.” The case was one of the most extensive instances of corruption in the history of Brazil and involved former Petrobras executives, the former president of Brazil and members of the Brazilian legislature. “The case involved a lot of corrupt politicians, with 51% of the company owned by the Brazilian government and one-third of the Brazilian legislature involved in the corruption.” During the investigations, Gilmore deposed and defended expert witnesses, including the former CEO of Petrobras, the whistleblower and the chief accountant. “There was a cartel to inflate prices and then kickback money to lawmakers. Everyone was winning except the investors. It was difficult because in Brazil Petrobras was portrayed as the victim—an argument that was actually successful with Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S.
Brazilian prosecutors and the Brazilian courts.” Despite these public perceptions, Gilmore was able to successfully argue fraud in the U.S. “When I deposed the whistleblower, she told the story of how she was accosted on the street and threatened at gunpoint to keep quiet.” The victory allowed many institutional investors who had opted out of the class to come back in to take part in the settlement. “And as part of this case, we made good law in the Second Circuit, making it easier to get a class certified.” Gilmore also represented plaintiffs in class-action litigation against Yahoo! Inc., resulting in an $80 million settlement. Involving one of the largest data breaches in U.S. history, more than three billion Yahoo accounts were compromised. “I actually had a Yahoo account that had been hacked. Because the CEO had failed to disclose a large attack, it was able to be approached as a securities fraud issue. Yahoo represented that they had the right protections when they knew they had been hacked. Ours was the first successful case that was approached in this way.” Gilmore is also prosecuting securities fraud claims against multinational oil and gas company BP in a case involving charges resulting from the 2010 Deepwater Horizon oil spill. She is helping to develop unique strategies to protect investments by investors by those who purchased foreign-traded shares of a foreign company to pursue securities fraud claims in a U.S. court. She was also recently selected to serve on the New York City Bar Association’s Securities Litigation Committee, where she will have the opportunity to help shape future law and public policy. FUTURE EXPLORATIONS As the number of data breaches continues to rise, Gilmore sees an increase in the number of fraud cases involving cybersecurity issues. “The law has been evolving for years, but fraudsters have found new ways to defraud investors. I don’t see cybersecurity issues going away. They are here to stay as fraudsters come up with different ways to hack into accounts.”
Plaintiffs
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
THE BASICS AQX Law Firm is a SaaS-based intellectual property management solution that allows law firms to manage processes, data, documents, assets, services and staff. It provides law firms with increased operational control over their processes and offers actionable insight via reporting and visualization tools. CHANGE AGENT In addition to processing dockets and offering reports, AQX Law Firm helps reduce costs associated with operations by simplifying workflow. It also keeps IP safe for clients and offers actionable insight for IP teams. “It elevates the quality of proactive management and provides innovative ways for IP firms to manage and grow their businesses.” UNIQUE APPROACH AQX Law Firm is highly configurable and allows users to interact through optimized interfaces tailored to their workflows, and it also provides increased transparency into law firm practices and within teams. AQX Law Firm’s intake capabilities help drive efficiencies, and it increases prosecution efficiency with automated docketing, office action responses and IDS generation. Additionally, the AQX Law Firm platform includes web-based analytics. “The AQX platform takes care of a lot of the tasks that attorneys need to be concerned with so they can focus on strategy, legal advice and business development rather than the administrative tasks.” AQX Law Firm leverages Anaqua’s analytics to benchmark firm performance and prospect new clients. “The platform is aimed toward the law firm that is looking to increase growth in innovative ways and finding new and exciting methods to provide service. For example, Anaqua Connect will automate the process firms use to engage with corporate clients by reducing the double docketing and other overhead and risk associated with mundane administrative tasks.”
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West
Midwest
Northeast
West
Midwest
Northeast
Get to know the honorees by region and read their intriguing stories
South
South
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Mark R. Grossmann
Read Profile
Lance A. Zinman
read profile
Michael J. Wernke
read profile
The American Lawyer is proud to present its inaugural Midwest Trailblazers. Our goal was to recognize professionals in the Midwest who have moved the needle in the legal industry. For our purposes, we defined the Midwest as the following states: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. We are proud to spotlight a handful of individuals from each practice area that are truly agents of change.
midwest
Partner and Global Chair, Corporate Department
Mark R. Grossmann
What was the genesis of the idea/path that has made you a trailblazer? Early in my legal career, I learned the unarguable value and importance of good, solid professional relationships. My mentors stressed this as an essential tool to building a successful legal career. You must develop reassuring relationships with clients, convincing them that you will leave no stone unturned in helping them reach their business goals. As a global practice leader, I have found that when your team is built around solid professional relationships, people have a deeper sense of responsibility. They are prepared to do more for the good of the team. What sort of change has resulted from the concept? As I grew as an attorney, much of my business came as a result of existing clients and others recommending me. These are people who know from experience that I know it is incumbent upon me to make their legal experience as positive as possible. I am not inclined to immediately say, “No. That won’t work,” simply because things have never been done that way. I want to fully explore all options. I believe this is one reason clients choose me as their legal advisor. It is not dissimilar to routinely returning to a restaurant where not only the food was great but the whole experience was. What bearing will this have on the future? I really love what I do. It is genuine, something you can teach only by example, if at all. In looking for good legal counsel, clients increasingly seek evidence that their attorneys are driven to provide only the most pragmatic, top-of-class counsel. This certainly is my repeated message to young attorneys. BIO: For more than 20 years, Mark Grossmann has guided clients through critical transactions, helping their businesses grow. His legal approach is based on market knowledge, sharp analysis and a keen sense of priorities. He believes lawyers must assemble the resources needed to cut through
complexities and address the diverse issues that arise in every transaction, but not only that. Mark also knows that he and the 100+ attorneys he leads in the US, UK and Shanghai must guide clients to establish well considered, clearly-defined, strategically chosen goals. Mark has extensive experience in industries including finance, technology, retail, parking, and health care, to name some. Keeping client goals in mind, he weighs competing points of view and sets strategies to meet immediate needs and long-term goals. Mark has a commerce-oriented approach to practicing law. His clients praise his ability to focus on what is most important for them to achieve their business objectives. At the same time, Mark keeps his large team cohesive even during the toughest times. At the outset of the global pandemic, as cities worldwide lowered their gates and businesses that could required employees to work from home, Mark was ready. After Katten moved to an all-remote work environment, he immediately kicked off his daily Corporate team Zoom virtual meetings, complete with encouraging quotes of the day and guest speakers from a range of industries. In this way, he helped his colleagues face down some of the enormous challenges of working amid a hard new reality. Collaboration is a hallmark of Mark’s leadership. His ability to build Katten teams tailored to effectively close big deals has helped lead his clients to major business success. Mark leads by example with community service. He is chairman of the board at Gardeneers, the Chicago-based group that trains students to build nearby gardens to improve their health; and a board member with Comer Education Campus, recognized as one of the nation’s top youth-serving organizations, focused on encouraging achievement among students in challenged communities of Chicago. Mark is a recipient of the Anti-Defamation League’s Torch of Liberty Award, recognizing his commitment to philanthropy..
Partner and Global Chair, Financial Markets and Funds Department
Lance A. Zinman
What was the genesis of the idea/ path that has made you a trailblazer? After starting my legal career at Katten, I was tapped to bring my transactional experience to establish our quant and prop trading group in the practice I now lead, Financial Markets and Funds. In short order, I began advising quantitative and proprietary trading firms that then were start-ups trying to gain a foothold in the financial services industry. This put me on the ground floor, at the forefront of these industries as a trusted legal advisor. I remain chief legal advisor for many companies deploying these investment strategies, some of which are among the largest, most successful such firms in the world. What sort of change has resulted from the concept? Katten is viewed globally as the go-to firm for one-stop legal services for companies deploying quantitative and algorithmic trading strategies. We advise on all of the ever-changing legal and business issues in this arena, providing pragmatic advice to numerous asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, and other market participants. We were an early choice for legal guidance largely because we quickly established an interdisciplinary team focused on all aspects of development in these industries. Our experienced counsel is sought early and often, particularly during the global pandemic. What bearing will this have on the future? I believe we can expect continued proliferation of alternative investment strategies as these have been a driving force in global trading. The growth of artificial intelligence will likely generate even more sophisticated strategies. Katten’s innovation team continues to explore the use of AI and machine learning to identify more ways to add value for our clients and increase the efficiency of our work. BIO: “Top of the class – nobody is better or more knowledgeable to work with...,” is how Chambers USA described the financial services acumen of Katten Financial Markets and Funds Global
Chairman Lance Zinman. He and his multiple award-winning team of attorneys in the US and London are world-leading in providing pragmatic, commercial advice to scores of asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, including pioneers of low-latency and algorithmic trading strategies. Lance understands the full panoply of factors impacting the success of these strategies, including competition for technology and talent, the importance of intellectual property protection and data security, and the effects of trading errors and system malfunctions. With deep understanding of corporate, regulatory and tax law and broad knowledge of the securities and derivatives markets, he is among the few attorneys who can advise on the entire life cycle of an asset manager or prop trading firm, from formation to operation to liquidity events, whether through M&A or private equity investment or otherwise. Having counselled the proprietary trading industry since its inception, Lance exhibits extraordinary skill, representing quantitative asset managers and proprietary trading firms that deploy volatility, algorithmic, low-latency and other quantitative trading strategies. He also counsels clients in other sectors of the financial markets, including hedge fund managers, private equity fund managers and other asset managers as well as domestic and foreign exchanges and brokerage firms, to name some. Lance advises clients seeking to establish a presence internationally or trade directly on foreign exchanges, including advising on the often-complex corporate structuring associated with such projects and other matters. Originally a corporate attorney, Lance later joined the firm's Financial Markets and Funds group, creating an integrated transactional, funds and regulatory practice. With Lance’s guidance, Katten was one of few law firms that early-on launched an interdisciplinary team dedicated to tracking all phases of development in the quant and prop trading industries.
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
Lance and his team are the reason Katten is known internationally as a one-stop shop for comprehensive legal services to financial markets participants seeking one place to assist with all aspects of their business.
click to view all honorees
Mark R. Grossmann
Read Profile
Lance A. Zinman
read profile
Michael J. Wernke
read profile
This issue will be coming soon. We have expanded each regional focus to include sections on the Northeast, West, South and Midwest regions of the United States. Each section will be published through The American Lawyer in 2021.
Northeast
Partner and Global Chair, Corporate Department
Mark R. Grossmann
What was the genesis of the idea/path that has made you a trailblazer? Early in my legal career, I learned the unarguable value and importance of good, solid professional relationships. My mentors stressed this as an essential tool to building a successful legal career. You must develop reassuring relationships with clients, convincing them that you will leave no stone unturned in helping them reach their business goals. As a global practice leader, I have found that when your team is built around solid professional relationships, people have a deeper sense of responsibility. They are prepared to do more for the good of the team. What sort of change has resulted from the concept? As I grew as an attorney, much of my business came as a result of existing clients and others recommending me. These are people who know from experience that I know it is incumbent upon me to make their legal experience as positive as possible. I am not inclined to immediately say, “No. That won’t work,” simply because things have never been done that way. I want to fully explore all options. I believe this is one reason clients choose me as their legal advisor. It is not dissimilar to routinely returning to a restaurant where not only the food was great but the whole experience was. What bearing will this have on the future? I really love what I do. It is genuine, something you can teach only by example, if at all. In looking for good legal counsel, clients increasingly seek evidence that their attorneys are driven to provide only the most pragmatic, top-of-class counsel. This certainly is my repeated message to young attorneys. BIO: For more than 20 years, Mark Grossmann has guided clients through critical transactions, helping their businesses grow. His legal approach is based on market knowledge, sharp analysis and a keen sense of priorities. He believes lawyers must assemble the resources needed to cut through
complexities and address the diverse issues that arise in every transaction, but not only that. Mark also knows that he and the 100+ attorneys he leads in the US, UK and Shanghai must guide clients to establish well considered, clearly-defined, strategically chosen goals. Mark has extensive experience in industries including finance, technology, retail, parking, and health care, to name some. Keeping client goals in mind, he weighs competing points of view and sets strategies to meet immediate needs and long-term goals. Mark has a commerce-oriented approach to practicing law. His clients praise his ability to focus on what is most important for them to achieve their business objectives. At the same time, Mark keeps his large team cohesive even during the toughest times. At the outset of the global pandemic, as cities worldwide lowered their gates and businesses that could required employees to work from home, Mark was ready. After Katten moved to an all-remote work environment, he immediately kicked off his daily Corporate team Zoom virtual meetings, complete with encouraging quotes of the day and guest speakers from a range of industries. In this way, he helped his colleagues face down some of the enormous challenges of working amid a hard new reality. Collaboration is a hallmark of Mark’s leadership. His ability to build Katten teams tailored to effectively close big deals has helped lead his clients to major business success. Mark leads by example with community service. He is chairman of the board at Gardeneers, the Chicago-based group that trains students to build nearby gardens to improve their health; and a board member with Comer Education Campus, recognized as one of the nation’s top youth-serving organizations, focused on encouraging achievement among students in challenged communities of Chicago. Mark is a recipient of the Anti-Defamation League’s Torch of Liberty Award, recognizing his commitment to philanthropy..
Partner and Global Chair, Financial Markets and Funds Department
Lance A. Zinman
What was the genesis of the idea/ path that has made you a trailblazer? After starting my legal career at Katten, I was tapped to bring my transactional experience to establish our quant and prop trading group in the practice I now lead, Financial Markets and Funds. In short order, I began advising quantitative and proprietary trading firms that then were start-ups trying to gain a foothold in the financial services industry. This put me on the ground floor, at the forefront of these industries as a trusted legal advisor. I remain chief legal advisor for many companies deploying these investment strategies, some of which are among the largest, most successful such firms in the world. What sort of change has resulted from the concept? Katten is viewed globally as the go-to firm for one-stop legal services for companies deploying quantitative and algorithmic trading strategies. We advise on all of the ever-changing legal and business issues in this arena, providing pragmatic advice to numerous asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, and other market participants. We were an early choice for legal guidance largely because we quickly established an interdisciplinary team focused on all aspects of development in these industries. Our experienced counsel is sought early and often, particularly during the global pandemic. What bearing will this have on the future? I believe we can expect continued proliferation of alternative investment strategies as these have been a driving force in global trading. The growth of artificial intelligence will likely generate even more sophisticated strategies. Katten’s innovation team continues to explore the use of AI and machine learning to identify more ways to add value for our clients and increase the efficiency of our work. BIO: “Top of the class – nobody is better or more knowledgeable to work with...,” is how Chambers USA described
the financial services acumen of Katten Financial Markets and Funds Global Chairman Lance Zinman. He and his multiple award-winning team of attorneys in the US and London are world-leading in providing pragmatic, commercial advice to scores of asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, including pioneers of low-latency and algorithmic trading strategies. Lance understands the full panoply of factors impacting the success of these strategies, including competition for technology and talent, the importance of intellectual property protection and data security, and the effects of trading errors and system malfunctions. With deep understanding of corporate, regulatory and tax law and broad knowledge of the securities and derivatives markets, he is among the few attorneys who can advise on the entire life cycle of an asset manager or prop trading firm, from formation to operation to liquidity events, whether through M&A or private equity investment or otherwise. Having counselled the proprietary trading industry since its inception, Lance exhibits extraordinary skill, representing quantitative asset managers and proprietary trading firms that deploy volatility, algorithmic, low-latency and other quantitative trading strategies. He also counsels clients in other sectors of the financial markets, including hedge fund managers, private equity fund managers and other asset managers as well as domestic and foreign exchanges and brokerage firms, to name some. Lance advises clients seeking to establish a presence internationally or trade directly on foreign exchanges, including advising on the often-complex corporate structuring associated with such projects and other matters. Originally a corporate attorney, Lance later joined the firm's Financial Markets and Funds group, creating an integrated transactional, funds and regulatory practice. With Lance’s guidance, Katten was one of few law firms that early-on launched an interdisciplinary team
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
dedicated to tracking all phases of development in the quant and prop trading industries. Lance and his team are the reason Katten is known internationally as a one-stop shop for comprehensive legal services to financial markets participants seeking one place to assist with all aspects of their business.
Check back on May 1 to see our list of honorees!
click to view all honorees
Mark R. Grossmann
Read Profile
Lance A. Zinman
read profile
Michael J. Wernke
read profile
This issue will be coming soon. We have expanded each regional focus to include sections on the Northeast, West, South and Midwest regions of the United States. Each section will be published through The American Lawyer in 2021.
west
Partner and Global Chair, Corporate Department
Mark R. Grossmann
What was the genesis of the idea/path that has made you a trailblazer? Early in my legal career, I learned the unarguable value and importance of good, solid professional relationships. My mentors stressed this as an essential tool to building a successful legal career. You must develop reassuring relationships with clients, convincing them that you will leave no stone unturned in helping them reach their business goals. As a global practice leader, I have found that when your team is built around solid professional relationships, people have a deeper sense of responsibility. They are prepared to do more for the good of the team. What sort of change has resulted from the concept? As I grew as an attorney, much of my business came as a result of existing clients and others recommending me. These are people who know from experience that I know it is incumbent upon me to make their legal experience as positive as possible. I am not inclined to immediately say, “No. That won’t work,” simply because things have never been done that way. I want to fully explore all options. I believe this is one reason clients choose me as their legal advisor. It is not dissimilar to routinely returning to a restaurant where not only the food was great but the whole experience was. What bearing will this have on the future? I really love what I do. It is genuine, something you can teach only by example, if at all. In looking for good legal counsel, clients increasingly seek evidence that their attorneys are driven to provide only the most pragmatic, top-of-class counsel. This certainly is my repeated message to young attorneys. BIO: For more than 20 years, Mark Grossmann has guided clients through critical transactions, helping their businesses grow. His legal approach is based on market knowledge, sharp analysis and a keen sense of priorities. He believes lawyers must assemble the resources needed to cut through
complexities and address the diverse issues that arise in every transaction, but not only that. Mark also knows that he and the 100+ attorneys he leads in the US, UK and Shanghai must guide clients to establish well considered, clearly-defined, strategically chosen goals. Mark has extensive experience in industries including finance, technology, retail, parking, and health care, to name some. Keeping client goals in mind, he weighs competing points of view and sets strategies to meet immediate needs and long-term goals. Mark has a commerce-oriented approach to practicing law. His clients praise his ability to focus on what is most important for them to achieve their business objectives. At the same time, Mark keeps his large team cohesive even during the toughest times. At the outset of the global pandemic, as cities worldwide lowered their gates and businesses that could required employees to work from home, Mark was ready. After Katten moved to an all-remote work environment, he immediately kicked off his daily Corporate team Zoom virtual meetings, complete with encouraging quotes of the day and guest speakers from a range of industries. In this way, he helped his colleagues face down some of the enormous challenges of working amid a hard new reality. Collaboration is a hallmark of Mark’s leadership. His ability to build Katten teams tailored to effectively close big deals has helped lead his clients to major business success. Mark leads by example with community service. He is chairman of the board at Gardeneers, the Chicago-based group that trains students to build nearby gardens to improve their health; and a board member with Comer Education Campus, recognized as one of the nation’s top youth-serving organizations, focused on encouraging achievement among students in challenged communities of Chicago. Mark is a recipient of the Anti-Defamation League’s Torch of Liberty Award, recognizing his commitment to philanthropy..
Partner and Global Chair, Financial Markets and Funds Department
Lance A. Zinman
What was the genesis of the idea/ path that has made you a trailblazer? After starting my legal career at Katten, I was tapped to bring my transactional experience to establish our quant and prop trading group in the practice I now lead, Financial Markets and Funds. In short order, I began advising quantitative and proprietary trading firms that then were start-ups trying to gain a foothold in the financial services industry. This put me on the ground floor, at the forefront of these industries as a trusted legal advisor. I remain chief legal advisor for many companies deploying these investment strategies, some of which are among the largest, most successful such firms in the world. What sort of change has resulted from the concept? Katten is viewed globally as the go-to firm for one-stop legal services for companies deploying quantitative and algorithmic trading strategies. We advise on all of the ever-changing legal and business issues in this arena, providing pragmatic advice to numerous asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, and other market participants. We were an early choice for legal guidance largely because we quickly established an interdisciplinary team focused on all aspects of development in these industries. Our experienced counsel is sought early and often, particularly during the global pandemic. What bearing will this have on the future? I believe we can expect continued proliferation of alternative investment strategies as these have been a driving force in global trading. The growth of artificial intelligence will likely generate even more sophisticated strategies. Katten’s innovation team continues to explore the use of AI and machine learning to identify more ways to add value for our clients and increase the efficiency of our work. BIO: “Top of the class – nobody is better or more knowledgeable to work with...,” is how Chambers USA described
the financial services acumen of Katten Financial Markets and Funds Global Chairman Lance Zinman. He and his multiple award-winning team of attorneys in the US and London are world-leading in providing pragmatic, commercial advice to scores of asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, including pioneers of low-latency and algorithmic trading strategies. Lance understands the full panoply of factors impacting the success of these strategies, including competition for technology and talent, the importance of intellectual property protection and data security, and the effects of trading errors and system malfunctions. With deep understanding of corporate, regulatory and tax law and broad knowledge of the securities and derivatives markets, he is among the few attorneys who can advise on the entire life cycle of an asset manager or prop trading firm, from formation to operation to liquidity events, whether through M&A or private equity investment or otherwise. Having counselled the proprietary trading industry since its inception, Lance exhibits extraordinary skill, representing quantitative asset managers and proprietary trading firms that deploy volatility, algorithmic, low-latency and other quantitative trading strategies. He also counsels clients in other sectors of the financial markets, including hedge fund managers, private equity fund managers and other asset managers as well as domestic and foreign exchanges and brokerage firms, to name some. Lance advises clients seeking to establish a presence internationally or trade directly on foreign exchanges, including advising on the often-complex corporate structuring associated with such projects and other matters. Originally a corporate attorney, Lance later joined the firm's Financial Markets and Funds group, creating an integrated transactional, funds and regulatory practice. With Lance’s guidance, Katten was one of few law firms that early-on launched an interdisciplinary team
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
dedicated to tracking all phases of development in the quant and prop trading industries. Lance and his team are the reason Katten is known internationally as a one-stop shop for comprehensive legal services to financial markets participants seeking one place to assist with all aspects of their business.
Check back on July 1 to see our list of honorees!
click to view all honorees
Mark R. Grossmann
Read Profile
Lance A. Zinman
read profile
Michael J. Wernke
read profile
This issue will be coming soon. We have expanded each regional focus to include sections on the Northeast, West, South and Midwest regions of the United States. Each section will be published through The American Lawyer in 2021.
south
Partner and Global Chair, Corporate Department
Mark R. Grossmann
What was the genesis of the idea/path that has made you a trailblazer? Early in my legal career, I learned the unarguable value and importance of good, solid professional relationships. My mentors stressed this as an essential tool to building a successful legal career. You must develop reassuring relationships with clients, convincing them that you will leave no stone unturned in helping them reach their business goals. As a global practice leader, I have found that when your team is built around solid professional relationships, people have a deeper sense of responsibility. They are prepared to do more for the good of the team. What sort of change has resulted from the concept? As I grew as an attorney, much of my business came as a result of existing clients and others recommending me. These are people who know from experience that I know it is incumbent upon me to make their legal experience as positive as possible. I am not inclined to immediately say, “No. That won’t work,” simply because things have never been done that way. I want to fully explore all options. I believe this is one reason clients choose me as their legal advisor. It is not dissimilar to routinely returning to a restaurant where not only the food was great but the whole experience was. What bearing will this have on the future? I really love what I do. It is genuine, something you can teach only by example, if at all. In looking for good legal counsel, clients increasingly seek evidence that their attorneys are driven to provide only the most pragmatic, top-of-class counsel. This certainly is my repeated message to young attorneys. BIO: For more than 20 years, Mark Grossmann has guided clients through critical transactions, helping their businesses grow. His legal approach is based on market knowledge, sharp analysis and a keen sense of priorities. He believes lawyers must assemble the resources needed to cut through
complexities and address the diverse issues that arise in every transaction, but not only that. Mark also knows that he and the 100+ attorneys he leads in the US, UK and Shanghai must guide clients to establish well considered, clearly-defined, strategically chosen goals. Mark has extensive experience in industries including finance, technology, retail, parking, and health care, to name some. Keeping client goals in mind, he weighs competing points of view and sets strategies to meet immediate needs and long-term goals. Mark has a commerce-oriented approach to practicing law. His clients praise his ability to focus on what is most important for them to achieve their business objectives. At the same time, Mark keeps his large team cohesive even during the toughest times. At the outset of the global pandemic, as cities worldwide lowered their gates and businesses that could required employees to work from home, Mark was ready. After Katten moved to an all-remote work environment, he immediately kicked off his daily Corporate team Zoom virtual meetings, complete with encouraging quotes of the day and guest speakers from a range of industries. In this way, he helped his colleagues face down some of the enormous challenges of working amid a hard new reality. Collaboration is a hallmark of Mark’s leadership. His ability to build Katten teams tailored to effectively close big deals has helped lead his clients to major business success. Mark leads by example with community service. He is chairman of the board at Gardeneers, the Chicago-based group that trains students to build nearby gardens to improve their health; and a board member with Comer Education Campus, recognized as one of the nation’s top youth-serving organizations, focused on encouraging achievement among students in challenged communities of Chicago. Mark is a recipient of the Anti-Defamation League’s Torch of Liberty Award, recognizing his commitment to philanthropy..
Partner and Global Chair, Financial Markets and Funds Department
Lance A. Zinman
What was the genesis of the idea/ path that has made you a trailblazer? After starting my legal career at Katten, I was tapped to bring my transactional experience to establish our quant and prop trading group in the practice I now lead, Financial Markets and Funds. In short order, I began advising quantitative and proprietary trading firms that then were start-ups trying to gain a foothold in the financial services industry. This put me on the ground floor, at the forefront of these industries as a trusted legal advisor. I remain chief legal advisor for many companies deploying these investment strategies, some of which are among the largest, most successful such firms in the world. What sort of change has resulted from the concept? Katten is viewed globally as the go-to firm for one-stop legal services for companies deploying quantitative and algorithmic trading strategies. We advise on all of the ever-changing legal and business issues in this arena, providing pragmatic advice to numerous asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, and other market participants. We were an early choice for legal guidance largely because we quickly established an interdisciplinary team focused on all aspects of development in these industries. Our experienced counsel is sought early and often, particularly during the global pandemic. What bearing will this have on the future? I believe we can expect continued proliferation of alternative investment strategies as these have been a driving force in global trading. The growth of artificial intelligence will likely generate even more sophisticated strategies. Katten’s innovation team continues to explore the use of AI and machine learning to identify more ways to add value for our clients and increase the efficiency of our work. BIO: “Top of the class – nobody is better or more knowledgeable to work with...,” is how Chambers USA described
the financial services acumen of Katten Financial Markets and Funds Global Chairman Lance Zinman. He and his multiple award-winning team of attorneys in the US and London are world-leading in providing pragmatic, commercial advice to scores of asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, including pioneers of low-latency and algorithmic trading strategies. Lance understands the full panoply of factors impacting the success of these strategies, including competition for technology and talent, the importance of intellectual property protection and data security, and the effects of trading errors and system malfunctions. With deep understanding of corporate, regulatory and tax law and broad knowledge of the securities and derivatives markets, he is among the few attorneys who can advise on the entire life cycle of an asset manager or prop trading firm, from formation to operation to liquidity events, whether through M&A or private equity investment or otherwise. Having counselled the proprietary trading industry since its inception, Lance exhibits extraordinary skill, representing quantitative asset managers and proprietary trading firms that deploy volatility, algorithmic, low-latency and other quantitative trading strategies. He also counsels clients in other sectors of the financial markets, including hedge fund managers, private equity fund managers and other asset managers as well as domestic and foreign exchanges and brokerage firms, to name some. Lance advises clients seeking to establish a presence internationally or trade directly on foreign exchanges, including advising on the often-complex corporate structuring associated with such projects and other matters. Originally a corporate attorney, Lance later joined the firm's Financial Markets and Funds group, creating an integrated transactional, funds and regulatory practice. With Lance’s guidance, Katten was one of few law firms that early-on launched an interdisciplinary team
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
dedicated to tracking all phases of development in the quant and prop trading industries. Lance and his team are the reason Katten is known internationally as a one-stop shop for comprehensive legal services to financial markets participants seeking one place to assist with all aspects of their business.
Check back on October1 to see our list of honorees!
Mark R. Grossmann
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Lance A. Zinman
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Michael J. Wernke
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Partner and Global Chair, Corporate Department
Mark R. Grossmann
What was the genesis of the idea/path that has made you a trailblazer? Early in my legal career, I learned the unarguable value and importance of good, solid professional relationships. My mentors stressed this as an essential tool to building a successful legal career. You must develop reassuring relationships with clients, convincing them that you will leave no stone unturned in helping them reach their business goals. As a global practice leader, I have found that when your team is built around solid professional relationships, people have a deeper sense of responsibility. They are prepared to do more for the good of the team. What sort of change has resulted from the concept? As I grew as an attorney, much of my business came as a result of existing clients and others recommending me. These are people who know from experience that I know it is incumbent upon me to make their legal experience as positive as possible. I am not inclined to immediately say, “No. That won’t work,” simply because things have never been done that way. I want to fully explore all options. I believe this is one reason clients choose me as their legal advisor. It is not dissimilar to routinely returning to a restaurant where not only the food was great but the whole experience was. What bearing will this have on the future? I really love what I do. It is genuine, something you can teach only by example, if at all. In looking for good legal counsel, clients increasingly seek evidence that their attorneys are driven to provide only the most pragmatic, top-of-class counsel. This certainly is my repeated message to young attorneys. BIO: For more than 20 years, Mark Grossmann has guided clients through critical transactions, helping their businesses grow. His legal approach is based on market knowledge, sharp analysis and a keen sense of priorities. He believes lawyers must assemble the resources needed to cut through
complexities and address the diverse issues that arise in every transaction, but not only that. Mark also knows that he and the 100+ attorneys he leads in the US, UK and Shanghai must guide clients to establish well considered, clearly-defined, strategically chosen goals. Mark has extensive experience in industries including finance, technology, retail, parking, and health care, to name some. Keeping client goals in mind, he weighs competing points of view and sets strategies to meet immediate needs and long-term goals. Mark has a commerce-oriented approach to practicing law. His clients praise his ability to focus on what is most important for them to achieve their business objectives. At the same time, Mark keeps his large team cohesive even during the toughest times. At the outset of the global pandemic, as cities worldwide lowered their gates and businesses that could required employees to work from home, Mark was ready. After Katten moved to an all-remote work environment, he immediately kicked off his daily Corporate team Zoom virtual meetings, complete with encouraging quotes of the day and guest speakers from a range of industries. In this way, he helped his colleagues face down some of the enormous challenges of working amid a hard new reality. Collaboration is a hallmark of Mark’s leadership. His ability to build Katten teams tailored to effectively close big deals has helped lead his clients to major business success. Mark leads by example with community service. He is chairman of the board at Gardeneers, the Chicago-based group that trains students to build nearby gardens to improve their health; and a board member with Comer Education Campus, recognized as one of the nation’s top youth-serving organizations, focused on encouraging achievement among students in challenged communities of Chicago. Mark is a recipient of the Anti-Defamation League’s Torch of Liberty Award, recognizing his commitment to philanthropy..
Partner and Global Chair, Financial Markets and Funds Department
Lance A. Zinman
What was the genesis of the idea/ path that has made you a trailblazer? After starting my legal career at Katten, I was tapped to bring my transactional experience to establish our quant and prop trading group in the practice I now lead, Financial Markets and Funds. In short order, I began advising quantitative and proprietary trading firms that then were start-ups trying to gain a foothold in the financial services industry. This put me on the ground floor, at the forefront of these industries as a trusted legal advisor. I remain chief legal advisor for many companies deploying these investment strategies, some of which are among the largest, most successful such firms in the world. What sort of change has resulted from the concept? Katten is viewed globally as the go-to firm for one-stop legal services for companies deploying quantitative and algorithmic trading strategies. We advise on all of the ever-changing legal and business issues in this arena, providing pragmatic advice to numerous asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, and other market participants. We were an early choice for legal guidance largely because we quickly established an interdisciplinary team focused on all aspects of development in these industries. Our experienced counsel is sought early and often, particularly during the global pandemic. What bearing will this have on the future? I believe we can expect continued proliferation of alternative investment strategies as these have been a driving force in global trading. The growth of artificial intelligence will likely generate even more sophisticated strategies. Katten’s innovation team continues to explore the use of AI and machine learning to identify more ways to add value for our clients and increase the efficiency of our work. BIO: “Top of the class – nobody is better or more knowledgeable to work with...,” is how Chambers USA described the financial services acumen of Katten Financial Markets and Funds Global
Chairman Lance Zinman. He and his multiple award-winning team of attorneys in the US and London are world-leading in providing pragmatic, commercial advice to scores of asset managers, the largest quant funds, most of the industry’s major proprietary trading firms, including pioneers of low-latency and algorithmic trading strategies. Lance understands the full panoply of factors impacting the success of these strategies, including competition for technology and talent, the importance of intellectual property protection and data security, and the effects of trading errors and system malfunctions. With deep understanding of corporate, regulatory and tax law and broad knowledge of the securities and derivatives markets, he is among the few attorneys who can advise on the entire life cycle of an asset manager or prop trading firm, from formation to operation to liquidity events, whether through M&A or private equity investment or otherwise. Having counselled the proprietary trading industry since its inception, Lance exhibits extraordinary skill, representing quantitative asset managers and proprietary trading firms that deploy volatility, algorithmic, low-latency and other quantitative trading strategies. He also counsels clients in other sectors of the financial markets, including hedge fund managers, private equity fund managers and other asset managers as well as domestic and foreign exchanges and brokerage firms, to name some. Lance advises clients seeking to establish a presence internationally or trade directly on foreign exchanges, including advising on the often-complex corporate structuring associated with such projects and other matters. Originally a corporate attorney, Lance later joined the firm's Financial Markets and Funds group, creating an integrated transactional, funds and regulatory practice. With Lance’s guidance, Katten was one of few law firms that early-on launched an interdisciplinary team dedicated to tracking all phases of development in the quant and prop trading industries.
Partner
Michael J. Wernke
PIONEER SPIRIT After graduating from Harvard Law School in 2004, Michael Wernke started his career in a big defense firm. “I stumbled onto securities class actions. I started working high-profile First Amendment cases, which I liked, but there was not that much work.” He decided to take on a variety of complex commercial litigations, including a securities fraud class action. When the U.S. Supreme Court issued its decision in the landmark securities case Dura Pharmaceuticals, Inc. v. Broudo, holding that inflated stock prices alone do not demonstrate “loss causation” and that the plaintiff needs to show that the inflation was due to the fraud, Wernke’s interest in taking on more securities class actions took off. “But as I became a more seasoned attorney, I found myself agreeing more with the formulation of the law from the investor side, so I came to Pomerantz where I could champion the rights of the small investor.” TRAILS BLAZED Wernke obtained a $110 million settlement as the co-lead counsel in Pirnik v. Fiat Chrysler Automobiles N.V. et al., a high-profile securities class action relating to Fiat Chrysler vehicles’ noncompliance with diesel emissions regulations. “We alleged that the company was not in compliance, with some diesel vehicles having defeat-device software installed.” The emissions-compliant software operated when the vehicle was in an Environmental Protection Agency testing scenario. But the software was turned off during normal driving conditions, allowing for increased power and miles per gallon for the vehicle. “At first, the court granted the defense’s motion to dismiss, stating that we had not shown that the statements were false and misleading and the company knew.” In response, Wernke amended the complaint, adding emails from the EPA to Fiat Chrysler’s head of regulatory affairs that Wernke had received pursuant to a Freedom of Information Act request to the EPA. He argued that the emails, which showed the EPA’s concerns about the possibility of violations were enough to plead that the defendants’ statements of compliance were actionable. “We added the EPA’s concerns shown in the emails, and the court sustained based on that determination.” In previous cases, formal documentation from a regulator was
necessary, but Wernke successfully argued for allowing the case to proceed based on an exploratory email. “This allows investors to bring claims they wouldn’t have been able to bring otherwise.” In December 2018, Wernke helped obtain a $31 million partial settlement in In re Libor-Based Financial Instruments Antitrust Litigation involving the Libor rigging scandal. And in October 2018, he obtained a $15 million settlement in a securities class action involving data capture and delivery equipment manufacturer Symbol Technologies misleading investors on its ability to forecast revenues. Since moving from the defense side to the plaintiffs’ bar, more than 85% of complaints drafted by Wernke have survived motions to dismiss. He currently leads a securities fraud class action against Quorum Health Corporation, alleging the operator of general acute care hospitals and outpatient services misled investors on the financial health of hospitals that the parent company had spun off into a stand-alone business. He successfully defeated the defendants’ motions to dismiss the complaint by arguing that the company from which Quorum Health was spun off made false statements. With this victory for the plaintiffs, Wernke continues to manage the complex fact-finding and discovery in the matter. FUTURE EXPLORATIONS Wernke believes there will be an increase in the number of cases resulting from the coronavirus declining the markets. “Anytime something this drastic happens, it’s fertile ground for fraudsters. Opportunistic fraudsters will be looking to mislead, but a lot of fraud also happens when people are not necessarily setting out to commit fraud, but because they crossed the line out of fear or are attempting to cover up mismanagement. I see a broad scope of cases related to these areas.” He also believes there will be an increase in cases hinging on reputational damage. “For example, there will be more #MeToo-related cases rather than just financial ones. Consumers and shareholders are more concerned than ever about who is running the company and that person’s standing in the community.”
Lance and his team are the reason Katten is known internationally as a one-stop shop for comprehensive legal services to financial markets participants seeking one place to assist with all aspects of their business.
Katten is a full-service law firm with nearly 700 attorneys in locations across the US and in London and Shanghai, representing public and private organizations and individuals in numerous industries, government, and nonprofit organizations. Katten’s core areas of practice: commercial finance, corporate, financial markets and funds, insolvency and restructuring, intellectual property, litigation, real estate, structured finance and securitization, transactional tax planning, and trusts and estates.
midwest
midwest
