Pomerantz Wins Major Corporate Governance Victory against Douglas Elliman
Monitor: Can you share a little about your background and interests?
Ankita Sangwan: I grew up in multiple cities across India, as my dad was in the military. I attended law school there. During the pandemic, I decided to pursue my master’s degree and applied to universities across the globe. I was accepted at Columbia, which brought me to New York. As for my interests, I enjoy reading science fiction and dystopian novels. I was a fan of “Dune” before it gained widespread popularity. I’m also conscious of health, nutrition and fitness, and I enjoy hiking and Pilates on the weekends.
Monitor: Was it challenging to transition to a new country and assimilate to a new work environment, customs, and differences in the legal fields?
Ankita Sangwan: Graduate school was not particularly difficult. Fortunately, I did not face many challenges adapting. The teaching methods at my master’s program were similar to those we had at my law school in India, which made the transition smooth. Naturally, there were cultural differences that required me to step out of my comfort zone when I first met people. In Columbia’s masters program, we had students from around the world. It helped to have many people trying to assimilate together, which facilitated a good support system for me. Overall, the experience was new and exciting. Starting in a new place can be daunting, particularly when making friends in a new city. However, once I overcame my initial nerves, it was a great experience. Starting at any new workplace is always different, and because I worked at a law firm in India for around four years, I had to adjust to the differences in the U.S. legal system. The biggest difference was that the U.S. has a parallel court system at the state and federal levels. They don’t have that in India. I had to get used to different procedures and ways of doing certain things, which required me to unlearn and be open to new processes.
Monitor: What got you into corporate governance, and why do you think it’s important?
Ankita Sangwan: I took a class on securities law at Columbia, which led me to the field of corporate governance. Class actions are unique to the United States and aren’t something we have back in India or that I’ve encountered in my studies of different jurisdictions. What’s interesting about it is that it’s a way for stockholders and individual investors to enforce their rights and seek reforms that wouldn’t otherwise be on the table. It’s also a way to keep corporate fiduciaries in check. Through that class, I came across a #MeToo case that Pomerantz was part of. I reached out to Gustavo Bruckner, the head of the Corporate Governance Team, because of that case. The remedies that the action pursued were interesting, not just in monetary compensation but also in terms of governance and policy reforms at organizations. Corporate governance is important because it’s really about what’s right and wrong, and it inserts checks and balances to prevent future misconduct.
Monitor: What has been the most rewarding case you’ve worked on?
Ankita Sangwan: The Lordstown Motors case was highly rewarding. It was a novel case against a SPAC – a public, “empty shell” Special Purpose Acquisition Company created with the sole intention of acquiring another company to take it public. Unlike the traditional method of going public via an initial public offering, SPACs bypass traditional initial public offerings and can be driven by conflicting incentives. In this case, we filed a class action where we alleged that the SPAC fiduciaries were conflicted by their own interests to get a deal done and close the transaction and, in the process, hid red flags about the company. It was later revealed that fiduciaries failed to disclose material facts on the vehicle’s production deadlines, pre-orders, etc. We conducted extensive discovery and researched a unique area of law, which was a valuable learning experience. When I joined Pomerantz, we were at the beginning of the discovery phase. It was fascinating to discuss this case with all counsel, understand the key focus points and observe negotiations between parties. The case lasted approximately 7 to 8 months from the start of my involvement until it settled favorably for stockholders in June 2024, a notable achievement given that the company had filed for bankruptcy.
Monitor: What advice do you have for younger lawyers looking to get into corporate governance?
Ankita Sangwan: Keep an open mind because cases may not pan out the way you think they should. Justice has various forms. When you start out, you are passionate about a particular point or case, but managing expectations is important. Ligation is a marathon, it’s not a race. You’re in it for the long haul. Sometimes, you’ll get great wins out of the gate, and sometimes, you won’t. It’s important to have patience and learn from all the victories and losses along the way.
Monitor: Have there been any influential mentors or anyone who has shaped your career as a lawyer?
Ankita Sangwan: Everyone I have met throughout my career is someone I have learned from. I worked under an amazing female partner in India, from whom I learned a great deal. I’ve also had many inspiring professors at law school. For instance, I took a class on the intersection between constitutional law and socioeconomic rights, and I was inspired to view constitutional law differently. I also took a seminar on securities law and got valuable insights from my professors, who were defense attorneys, about how they managed and strategized for cases. In my current role, the learning never stops. I’ve learned from both Gustavo and Sam [Adams] about when to push and pull back in negotiations, how to strategize cases, and just how to be a reasonable and good lawyer. I am very fortunate to have met the people I have, and I’ve learned from all of them.