Distinguished Leader: Jeremy A. Lieberman

What are some of your proudest recent achievements?

I led a securities fraud class action litigation against Brazilian oil giant, Petrobras, for allegations arising from a multi-billion-dollar, decades long bribery and corruption scandal. We secured a $3 billion settlement for damaged Petrobras investors, which is the largest securities class action settlement in a decade; ; the largest settlement ever in a securities class action involving a foreign issuer; the fifth-largest securities class action settlement ever achieved in the United States; the largest securities class action settlement achieved by a foreign lead plaintiff; and the largest securities class action settlement in history not involving a restatement of financial reports. Not only did we get a historic settlement, we litigated important issues in the U.S. Court of Appeals for the Second Circuit regarding class certification and secured precedent-setting rulings.

I have spent years crisscrossing the globe, advising but also paying attention to the needs of our institutional investor clients. The U.S. Supreme Court’s 2010 decision in Morrison v. Nat’l Australia Bank barred purchasers of securities on non-U.S. exchanges from pursuing claims in U.S. courts under the federal securities laws. The Morrison ruling presented a seemingly insurmountable hurdle for institutional investors, who increasingly invest in securities both in the U.S. and abroad. Indeed, often the same institutional investor will purchase securities of dual-listed securities on both domestic and foreign exchanges but is only able to recover monies in securities litigation for transactions on the U.S. exchange. In a securities class action against pharmaceutical behemoth Perrigo Co. plc, I achieved a critical victory for investors in November 2019, when Judge Arleo of the United States District Court for the District of New Jersey certified classes of investors that purchased Perrigo securities on both the New York Stock Exchange and the Tel Aviv Stock Exchange. This is the first time that a U.S. district court has certified a class of investors on a non-U.S. exchange since Morrison. I hope this decision paves the way for investors that purchase securities on non-U.S. exchanges, particularly investors in dual-listed securities, to procure a recovery in the U.S. courts which would have otherwise been foreclosed by Morrison.

Name a lawyer or mentor whose leadership inspired you.

When I joined Pomerantz as an associate in 2004, Stanley M. Grossman was managing partner, and he is still at Pomerantz as senior counsel. Stan, a tireless defender of shareholder rights and a champion for injured investors, inspired me with his leadership and was a formative mentor in my move from the defense to plaintiffs’ side of securities fraud litigation. I like to think that leadership skills I learned from Stan serve me well now as managing partner of the firm. Stan led by example, exhibiting a tireless work ethic, sharp strategic thinking, fierce advocacy, a drive to excel tempered by an unfailing ethical compass, terrific team-building chops, sense of humor, and an eagerness to listen.

How are the business and profession of law changing, and how should lawyers adapt for the future?

Lawyers have always needed to adapt to the changing social, cultural, and legal landscape. The best lawyers are the ones that have the elasticity of imagination to respond quickly to shifts and the foresight to act as agents of change. At Pomerantz we have developed interesting and novel ways to address Morrison in a globalized world, finding ways for injured investors to recover abroad and in the United States. We are also involved in litigation arising from concerns raised by the #MeToo movement and have earned success in the areas of computer data breaches and virtual reality games.

What is the best advice for someone considering a career in law, or somebody already in the profession who is seeking to make a greater impact?

Find your passion, what really interests you. Whether it’s entertainment law or corporate law, pursue it with passion, and success will follow. If you like what you’re doing, that’s already a good part of the reward.