Pomerantz Secures Preliminary Approval for $433.5 Million Settlement in Alibaba Class Action

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Jonathan D. Park
Of CounselJonathan D. Park joined Pomerantz as Of Counsel in April 2022. He was previously associated with another prominent litigation firm, where he represented plaintiffs in securities and investment litigation. He has been recognized as a Super Lawyers® Rising Star every year from 2017 through 2025.
Jonathan focuses his practice on securities litigation. He was a key member of the litigation teams that obtained settlements in Poirier v. Bakkt Holdings, Inc. (E.D.N.Y.), Lako v. LoanDepot, Inc. (C.D. Cal.), and Shafer, et al. v. Global Payments Inc.
The relative lack of disclosure requirements for Special Purpose Acquisition Companies (“SPACs”) has provided fertile ground for scams and misrepresentation. In April 2024, Jonathan achieved a $3 million settlement on behalf of investors in digital marketplace Bakkt Holdings, Inc. Bakkt went public via a SPAC reverse merger in October 2021. The complaint alleged that Bakkt had misled the market through faulty financial controls and reporting. A series of subsequent disclosures by the company led to a significant drop in share prices, damaging investors.
In May 2024, Jonathan secured final approval of a $3.5 million settlement on behalf of investors in Lako v. LoanDepot, Inc. (C.D. Cal.), a securities class action that alleged that the company, an independent retail mortgage lender, misled investors in the lead-up to its initial public offering.
In December 2024, Jonathan secured final approval of a $3.6 million settlement on behalf of investors in Shafer, et al. v. Global Payments Inc. The case concerned fintech company Global Payment’s wholly owned subsidiary, Active Network’s alleged use of “dark patterns” and “negative options” to mislead customers into purchasing services they did not intend to buy.
Prior to joining Pomerantz, Jonathan was a member of the litigation teams that obtained a $19 million settlement in In re Synchronoss Technologies, Inc. Securities Litigation and a $150 million settlement in the class action against JPMorgan Chase & Co. that arose from the notorious “London Whale” scandal. He also represented investors in breach of contract actions.
Jonathan was the primary associate representing institutional investors injured by the early redemption of bonds issued by CoBank, ACB, and AgriBank, FCB. In the litigation against CoBank, the plaintiffs secured a summary judgment ruling on liability, and in the litigation against AgriBank, the plaintiffs defeated a motion to dismiss, permitting the claims to proceed though the plaintiffs were beneficial owners and not record holders of the bonds at issue. Both cases were resolved on confidential terms.
At the New York City Bar Association, Jonathan has served on the Task Force on Puerto Rico, the New Lawyers Council, and the International Human Rights Committee. He also served on the board of his non-profit running club, the Dashing Whippets Running Team.
Show MoreNotable Cases
Poirier v. Bakkt Holdings, Inc. (E.D.N.Y.)
Lako v. LoanDepot, Inc. (C.D. Cal.)
Shafer, et al. v. Global Payments Inc.
Publications
- “Pomerantz Settles Case Alleging “Dark Practices,” The Pomerantz Monitor, Vol. 21, Issue 4, July/August 2024
- “SEC Passes Climate Disclosure Rules After Two-Year Wait,” The Pomerantz Monitor, Vol. 21, Issue 2, March/April 2024
- “SEC Proposes Amendment to Rule Governing Shareholder Proposals,” The Pomerantz Monitor, Vol. 19, Issue 5, September/October 2022
Credentials
Education
- Fordham University School of Law
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- Juris Doctor
- Editor of the Jessup International Law Competition Team
- Crowley Scholar in International Human Rights
- Archibald R. Murray Public Service Award recipient
- Interned with refugee law project in Cairo, Egypt
- Juris Doctor
- Vassar University
- Bachelors of Arts, Africana Studies
- United States District Court for the Southern and Eastern Districts of New York
Accolades
- Super Lawyers® Rising Star (2017-2025)
Affiliations and Appointments
- New York City Bar Association, Member, Task Force for Puerto Rico, the New Lawyers Council, and the International Human Rights Committee
- Dashing Whippets Running Team, Board Member