In 2011, Mr. Gray and co-counsel obtained a pre-judgment attachment of $72.4 million in a commodities manipulation case against a master fund entity (Amaranth LLC) associated with the now-defunct hedge fund known as Amaranth. The Amaranth master fund had sought to distribute the $72.4 million to its feeder fund investors (including offshore entities) and also to its former employees as deferred compensation. See In re Amaranth Natural Gas Commodities Litig., No. 07-CV-6377 (SAS). The case was later settled for over $77 million.
In 2010-15, Mr. Gray and co-counsel represented the plaintiffs in a commodities manipulation case against a hedge fund that resulted in settlements on behalf of futures and physical platinum and palladium purchasers for total cash consideration of $57.7 million. In re Platinum and Palladium Commodities Litigation, No. 10-CV-3617 (WHP); See 2015 U.S. Dist. LEXIS 98691 (approving physical purchaser plaintiffs’ fee request of $4,029,300 in its entirety based on “public policy and the high quality of representation”). Gray and co-counsel represented the physical purchaser plaintiffs.Unregistered Securities Class Action
In 2015-16, Mr. Gray served as court-appointed Co-Lead Counsel in Aleem, et al., v. Pearce & Durick, No. 1:15-cv-00085 (U.S. District Court for the District of North Dakota) in which plaintiffs recovered $5,100,000 from a law firm accused of violating North Dakota securities law in connection with an unregistered securities offering.Shareholder Class Action
In 2016-18, Mr. Gray served (along with two other law firms) as court-appointed Interim Class Counsel and later Class Counsel in Moses v. Apple Hospitality REIT, Inc., No. 14-03131 (U.S. District Court for the Eastern District of New York) in which plaintiffs recovered $5.5 million.Shareholder Class Action
In 2006-07, Mr. Gray served as court-appointed Lead Counsel in a class action in the Supreme Court of the State of New York, in which the plaintiff obtained class certification and secured a substantial recovery (that exceeded class members’ actual economic losses) for a class of shareholders of a former Nasdaq-listed corporation who were involuntarily cashed out pursuant to a reverse stock split. (Spring Partners, LLC v. Scharf, Docket No. 601004/05).Ponzi Scheme Litigation
Mr. Gray also represented approximately 300 clients in litigation under the Commodity Exchange Act arising out of a Futures Commission Merchant’s aiding and abetting of convicted Ponzi schemer George Hudgins. See Carey, et al. v. Hudgins, et al., U.S. District Court for the Eastern District of Texas Docket No. 6:08-cv-344.Other Matters
As an associate attorney with his former firm, Mr. Gray assisted in representing the plaintiffs in a class action in which plaintiffs obtained reportedly the largest recovery ever under the Commodity Exchange Act, $145.35 million. See In re Sumitomo Copper Litig., 194 F.R.D. 480 (S.D.N.Y. 2000) (Pollack, J.) (certifying non-continuous class period of over two years). In 2002, Mr. Gray obtained a $1.01 million jury verdict in an action under Section 10(b) of the Securities Exchange Act of 1934. (Herbert Black v. Finantra Capital, Inc., S.D.N.Y. Docket No. 02-CV-6819 (JSR)). Mr. Gray also investigated, filed and argued procedural motions in In re Avista Corp. Sec. Litig., U.S. District Court for the Eastern District of Washington Docket No. 02-CV-328 (FVS), a securities class action that was later settled for over $9 million.