Emma Gilmore Named by National Law Journal as a Plaintiffs’ Attorneys Trailblazer
Pomerantz is proud to announce that Partner Emma Gilmore has been named to the National Law Journal’s 2023 list of Plaintiffs’ Attorneys Trailblazers, which honors attorneys who have had a significant impact in their practice area, serving as “agents of change.”
Emma successfully took on financial behemoth Deutsche Bank AG in a securities class action alleging that the Bank habitually exempted its high-net worth clients, including former financier and convicted sex offender Jeffrey Epstein, as well as Russian oligarchs reportedly engaged in criminal activities, from any meaningful due diligence. For example, Deutsche Bank continued “business as usual” with Epstein even after learning that 40 underage girls had come forward with testimony that he had sexually assaulted them. In February 2023, the court granted final approval to a settlement secured by Emma on behalf of damaged Deutsche Bank investors, which represents nearly 50% of estimated damages. This is an extraordinarily high percentage for securities class action settlements and should serve as a stark warning against corporate disregard for shareholders, particularly in a time of increased investor scrutiny regarding better governance involving #MeToo and other ESG issues.
“As a woman prosecuting the case against Deutsche Bank,” stated Emma, “this victory is all the more rewarding.”
Emma co-led the Firm’s historic class action litigation against Brazil’s largest oil company, Petrobras – which arose from a multi-billion-dollar kickback and bribery scheme – and achieved a record-breaking $3 billion settlement for defrauded investors. Emma also played an instrumental role in securing ground-breaking precedents in the litigation at the Second Circuit Court of Appeals.
During the hard-fought litigation, Emma traveled to Brazil to uncover evidence of fraud and drafted the complaint. She deposed and defended numerous fact and expert witnesses, among them, the CEO of Petrobras, the whistleblower, and the chief accountant. She drafted the appellate brief, playing an instrumental role in securing a significant victory for Petrobras investors, when the Second Circuit Court of Appeals rejected the heightened ascertainability requirement for obtaining class certification that had been imposed by other circuit courts. The historic settlement not only represents the largest securities class action settlement in a decade but is the largest settlement ever in a class action involving a foreign issuer, the fifth-largest class action settlement ever achieved in the United States, and the largest settlement achieved by a foreign lead plaintiff.
Emma led Pomerantz attorneys and twenty-seven independent experts in submitting an amicus brief to the U.S. Supreme Court in Goldman Sachs Group Inc. et al v. Arkansas Teachers Retirement System, et al. It was the sole amicus brief submitted on a hotly contested issue: whether, to rebut the presumption of reliance originated by the Court in the landmark Basic v. Levinson decision, defendants bear the burden of persuasion, or whether they bear only the much lower burden of production. The Supreme Court, in a 6-3 decision, ruled in favor of the arguments presented by Pomerantz on this issue. This win ensures that investors can continue aggregating their securities fraud claims as a class by safeguarding the vitality of the Basic presumption of reliance that a plurality of the Supreme Court established decades ago.
Emma has devoted significant time to pro bono matters. She played a critical role in securing a unanimous ruling by the Arkansas Supreme Court striking down as unconstitutional a state law banning cohabiting individuals from adopting children or serving as foster parents. The ruling was a relief for the 1,600-plus children in the state of Arkansas who needed a permanent family. The litigation generated significant publicity, including coverage by the Arkansas Times, the Wall Street Journal, and the New York Times.
Benchmark Litigation shortlisted Emma for 2023 Plaintiff Attorney of the Year. In 2021, Emma was awarded a place on National Law Journal’s Elite Women of the Plaintiffs Bar list. In 2021 and 2020, she was named by Benchmark Litigation as one of the Top 250 Women in Litigation — an honor bestowed on only seven plaintiffs’ lawyers in the U.S. those years. The National Law Journal and the New York Law Journal both honored her as a “Plaintiffs’ Lawyer Trailblazer” in 2020. Emma was honored by Law360 in 2018 as an MVP in Securities Litigation. Only up to six attorneys nationwide are selected each year as MVPs in Securities Litigation. Emma was the first woman plaintiff attorney to receive this outstanding award since it was initiated in 2011. Emma has been honored since 2018 as a Super Lawyer®. She has been recognized by Lawdragon as one of the top 500 Leading Plaintiff Financial Lawyers.
Learn more about Emma in the National Law Journal’s2023 Plaintiffs’ Attorneys Trailblazers supplement and her bio on PomLaw.com.