Ralph M. Stone - Partner
Ralph M. Stone is a graduate of Columbia College, Columbia University, where he studied philosophy, and the University of Texas School of Law, where he served as Notes Editor of The Review of Litigation. He is recognized as a leading lawyer in the securities litigation and investor rights fields. He also focuses on consumer protection law and class actions. He has represented public and private companies in a wide variety of commercial litigation in courts around the country and in FINRA and American Arbitration Association arbitrations, on creditor committees in international bankruptcies and in various other forums. In each of the past several years, he was named a New York “Super Lawyer,” in an independent, peer-rated selection of the top 5% of lawyers in the state.
Mr. Stone frequently represents injured investors in securities lawsuits, class actions and in arbitrations. Among other achievements, Mr. Stone obtained the first-ever class certification against a foreign government in Urban GmbH v. Republic of Argentina, in which he represents holders of defaulted Republic of Argentina bonds. He has represented a group of more than 100 bondholders of a Uruguayan bank in claims against the bank's former directors who reside in New York. And he has represented high-profile hedge funds as well as European and Asian funds in major securities fraud actions.
The significant securities class actions in which Mr. Stone has played a principal role as one of the lead counsel include: In re Winstar Communications Inc. Securities Litigation, (S.D.N.Y.) (over $30 million in recoveries to date, including a substantial recovery secured in connection with the pursuit of innovative claims brought against a business partner of a securities issuer); In re Baan Company Securities Litigation (D.D.C.) (settlement with bankrupt Dutch software company and its executives totaling $32 million, which amounted to nearly all of the damages claimed by class members); In re TEAM Communications Securities Litigation (C.D. Cal.) (settlement with bankrupt American television licensing company predominantly traded on a German stock exchange and its executives totaling $12.5 million); In re Crayfish Inc. Securities Litigation (S.D.N.Y.) (recoveries from Japanese software company and its executives totaling $9 million); In re Intershop Communications AG Securities Litigation (N.D. Cal.) (recovery of more than $3 million from bankrupt German software company and its executives); In re Workstream, Inc., Securities Litigation (recovery of $3.9 million); Cooper v. CPS Systems, Inc. (N.D. Tex.) (recovery of $3.44 million); In re Mitcham Industries Securities Litigation (S.D. Tex.) (recovery of $2.7 million); Yuan v. Bayard Drilling Technologies, Inc. (W.D. Okla.) (recovery of $3.1 million); and Varljen v. H.J. Meyers & Co., Inc. (S.D.N.Y.) (recovery of more than $5 million).
Mr. Stone has also served as lead class counsel on behalf of participants in certain companies’ retirement plans, in a number of ERISA class actions, including: In re Ferro Corp. ERISA Litigation (N.D. Ohio) (recovery of $4 million for retirement plan participants); In re Comerica, Inc. ERISA Litigation (E.D. Mich.) (recovery of $2.2 million for plan participants).
Mr. Stone also has been involved in a wide variety of securities arbitrations and other commercial cases relating to the securities industry. He has represented an AMEX-listed company in a dispute with an investment banking firm before the American Arbitration Association. He has represented investors with fraud, suitability, and deceptive practice claims against both electronic brokerage firms and traditional brokerages in FINRA arbitrations.
In addition, Mr. Stone actively represents and advises private banks and other non-U.S. institutions in major securities litigation and he regularly represents and advises them in various hedge fund disputes and matters arising from collapsed funds.
Mr. Stone has on several occasions served as a Court-appointed receiver or fiduciary to protect and distribute funds in various insider-trading disgorgement and other cases brought by the SEC.
In addition to the wide variety of matters relating to securities, Mr. Stone also actively litigates consumer protection class actions in courts around the country. For example, he played a principal role as lead counsel in Health Science Products LLC v. Sage Software SB, Inc. (N.D. Ga.), recovering $5.5 million on behalf of a class asserting that software was buggy and defective. Mr. Stone has also served as a lead counsel and made substantial recoveries for classes in many consumer protection cases, including in cases alleging that various finance charges imposed by banks, credit card companies and other lenders are deceptive or unfair, electronics products were defective, software was defective or invasive of privacy rights, sports memorabilia products were not genuine, insurance products were improperly or deceptively marketed , and that insurance contracts were breached.
Mr. Stone's reported decisions include: In re Ferro Corp. ERISA Litigation, 422 F.Supp.2d 850 (N.D. Ohio 2006); In re Baan Company Securities Litigation, 245 F.Supp.2d 117 (D.D.C. 2003); Macomber v. Travelers Property and Casualty Co., 261 Conn. 620 (Conn. 2002); In re Baan Company Securities Litigation, 81 F.Supp.2d 75 (D.D.C. 2000); Milman v. Box Hill Systems Corp., 72 F.Supp.2d 220 (S.D.N.Y. 1999); Varljen v. H.J. Meyers & Co., [1998 Transfer Binder] Fed. Sec. L. Rep. (CCH) & 90,259 (S.D.N.Y. 1998); Saddle Rock Partners, Ltd. v. Hiatt, [1996.97 Transfer Binder] Fed. Sec. L. Rep. (CCH) & 99,413 (W.D. Tenn. 1996); and Sikes v. American Telephone & Telegraph Co., 841 F. Supp. 1572 (S.D. Ga. 1993).
From 1990 to 1992, Mr. Stone was associated with Mayer, Brown & Platt, where he was involved in a variety of commercial litigation. Mr. Stone was an associate at the law firm of Milberg Weiss from 1992 until 1997. At Milberg Weiss, Mr. Stone focused on the representation of investors and consumers in litigation involving the federal securities laws, consumer fraud statutes and the fiduciary obligations of corporate officers and directors.
He is admitted to practice in New York, and in many federal courts, including the United States District Courts for the Southern and Eastern Districts of New York and the United States Courts of Appeals for the Second, Sixth and Eleventh Circuits. Mr. Stone has also been active in the legal community, serving on various bar association committees and as an Arbitrator in the New York City Civil Court.
Areas of Practice
- Investors and Consumers
- SEC and CFTC Whistleblowers
- Federal Securities Laws
- Consumer Fraud Statutes
- Fiduciary Obligations
- Corporate Officers and Directors
- Commercial Litigation
- 100% of Practice Devoted to Litigation and Representation of Whistleblowers
- New York, 1991
- U.S. District Court Southern District of New York, 1992
- U.S. District Court Eastern District of New York, 1992
- U.S. Court of Appeals 2nd Circuit
- U.S. Court of Appeals 6th Circuit, 1994
- U.S. Court of Appeals 11th Circuit
- U.S. Court of Appeals 5th Circuit, 2011
- The University of Texas School of Law, Austin, Texas
- J.D. - 1990
- Law Review: Review of Litigation, Note Editor
- Columbia University, New York, New York
- A.B. - 1987
- Major: Philosophy
- Contributor of chapter "United States" in Shareholder Claims (Jordans 2012), describing U.S. law relating to investor and shareholder rights.
Honors and Awards
- Named, New York "Super Lawyer", Peer-Rated Selection of the Top 5% of Lawyers in the State, 2007 - 2015