Mr Stephen W. Tountas > Kasowitz Benson Torres LLP > New York, United States > Lawyer Profile

Kasowitz Benson Torres LLP
1633 BROADWAY
NEW YORK, NY 10019
NEW YORK
United States
Stephen W. Tountas photo

Work Department

Partner

Position

Commercial Litigation; Plaintiffs’ Litigation; Securities Litigation

Career

Stephen W. Tountas is a versatile trial lawyer who prosecutes and defends complex securities actions and commercial disputes on behalf of leading hedge funds, mutual funds, family offices, and public pension funds.

Steve has been a principal member of several high-profile trial teams and has recovered billions of dollars for stakeholders of public companies.  He also regularly handles significant defense-side litigation, including matters arising from allegations of securities fraud and corporate malfeasance.

In addition to his active litigation practice, Steve develops potential cases for his clients and provides strategic advice regarding the relative merits of pursuing litigation on a direct or class-wide basis.  Sophisticated creditors also frequently turn to Steve to develop litigation strategies in anticipation of potential Chapter 11 bankruptcy filings that may enhance their recovery of fraud-related losses compared to other stakeholders.

In 2020, The National Law Journal named Steve a Plaintiff’s Trailblazer and highlighted the success of his market-leading strategies in several recent direct securities actions.  He has also been recommended by The Legal 500 for securities opt-out litigation (2018-2020); by Benchmark Litigation as a Local Litigation Star (2020); recognized on Benchmark Litigation’s Under 40 Hot List (2016-2018); honored as a Rising Star by Law360 (2017); and recognized by New York Metro Super Lawyers (2014-2018).

He is a long-term member of the Securities Litigation Committee of the New York City Bar Association, and he is frequently asked to speak or comment on issues pertaining to securities litigation.  Steve is also a member of Law360‘s Securities Editorial Advisory Board.

Memberships

New Jersey; New York; U.S. District Court, District of New Jersey; U.S. District Court, Southern District of New York; U.S. Court of Appeals, Ninth Circuit; U.S. Court of Appeals, Third Circuit; U.S. Court of Appeals, Second Circuit; U.S. Supreme Court

Education

Washington University School of Law (J.D., Dean’s List and Scholar of Law, 2003); Union College (B.A., Political Science, Dean’s List, 2000)

Leisure

New York City Bar Association, Securities Litigation Committee; Appointed Member (2014 – Present), Secretary (2011 – 2013); Federal Bar Council

Lawyer Rankings

United States > Dispute resolution > Securities litigation: defense

The securities litigation practice at Kasowitz Benson Torres LLP in New York is ‘incredibly knowledgeable about the cases they work on but what sets them apart is the focus on resolution strategy’. Sheron KorpusMichael Hanin and Stephen Tountas are the lead partners. Korpus and emerging partner talent Andrew Schwartz ‘work well as a team, Andrew having the detail at his fingertips whilst Sheron is able to focus on the strategy’. They negotiated a $420m settlement in a major securities class action and numerous direct actions for Teva Pharmaceuticals, the world’s largest generic drug manufacturer, which was accused of misleading disclosures regarding the pricing of its drugs. Highlights for Tountas include defending Prem Parameswaran, the former CFO of Eros Int’l, in connection with a putative securities class action arising from a series of alleged misrepresentations.

United States > Dispute resolution > Securities litigation: plaintiff

Kasowitz Benson Torres LLP in New York is one of few firms that handles both plaintiff and defense work in the securities litigation arena, giving it a rare perspective on what it takes to settle successfully resolve a case. It frequently handles bet-the-company matters on behalf of institutional investors such as hedge funds, international banks and foreign sovereigns, against major financial institutions. Renowned litigator Marc Kasowitz  ‘has a great reputation in securities litigation’ and continues to be involved in high-profile matters. A prime example is his work for MBIA Insurance Corporation in matters against RMBS securitization trusts concerning breaches of representations and warranties made by the sellers and loan originators with respect to defective mortgage loans pooled in these mortgage-backed securitizations. The other key partners in the practice are Sheron Korpus and Michael Hanin, who both acted for investors in Student National Collegiate Student Loan Trusts – securitizations of student loans worth more than $2bn – and Stephen Tountas who is leading the firm’s work for Public Employees’ Retirement System of the State of Mississippi against Valeant Pharmaceuticals, claiming that the company misled shareholders regarding its core business model and improperly accounted for the sales of certain unreported subsidiaries due to the ‘improper conduct’ of certain former officers.