In 1968, Stephen Lowey co-founded the law firm with Richard Dannenberg, a retired partner. Mr. Lowey is Chairman Emeritus of the Firm; now named Lowey Dannenberg Cohen & Hart, P.C.
Mr. Lowey’s notable achievements in securities litigation and merger-related litigation include:
- On the eve of trial, he and his co-lead counsel for shareholders of Affiliated Computer Services, Inc. settled for $69 million additional merger consideration a challenge to the fairness of a merger between ACS and Xerox Corporation. In re ACS Shareholder Litig., Consolidated C.A. No. 4940-VCP (Del. Ch. 2010);
- He and his partner Vincent Briganti obtained emergency injunctive relief to prevent the Government of Argentina from canceling outstanding bonds with a face value of more than $500 million, which had been erroneously tendered by holders of those bonds. Federated Investment Management Company, et al., v. Republic of Argentina, et al., 10 Civ. 4324 (TPG) (S.D.N.Y. 2010);
- He and his partner Tom Skelton successfully litigated an opt-out case on behalf of a large institutional client that resulted in a recovery far exceeding that received by class members. Federated American Leaders Fund, Inc., et al. v. Tyco International, Ltd. et al., Action No. 08-CV01337-PB; MDL No. 1:02-1335 (D.N.H. 2009);
- As trial counsel, he won a verdict awarding limited partners of ML-Lee Acquisition Fund, L.P. recovery of overcharges. Winston V. Mezzanine Investments, L.P., 648 N.Y.S.2d 493 (Sup. Ct. NY. Co. 1996);
- After successful defense of motions to dismiss and grant of class certification, he and his co-lead counsel recovered by settlement of $110,000,000 for purchasers of various taxable municipal bonds underwritten by Drexel Burnham Lambert, Inc. In re Taxable Municipal Bond Securities Litigation, MDL 863 (E.D. La. 1995);
- After successful defense of a motion for summary judgment, he negotiated a $72.5 million settlement for shareholders who had tendered stock of RJR Nabisco, Inc. In re RJR Nabisco, Inc. Securities Litigation, M.D.L. Docket No. 818 (MBM) (S.D.N.Y. 1992);
- Just before the hearing of a preliminary injunction motion, which Mr. Lowey was prepared to argue, British Petroleum agreed to a $618,000,000 settlement of a challenge to a merger for public stockholders of Standard Oil. In re The Standard Oil Company / British Petroleum Litigation, Consolidated Case No. 126760 (Court of Common Pleas, Cuyahoga County, Ohio, 1987);
- After he had argued and won a motion for a preliminary injunction against a tender offer, and following additional hard fought litigation, he and co-lead counsel recovered by settlement more than $180,000,000 for public shareholders of Shell Oil Company. Joseph v. Shell Oil Co., 501 A.2d 409 (Del. Ch. 1985);
- He was lead trial counsel in Fradkin v. Ernst, 571 F. Supp. 829 (N.D. Ohio 1983), where the Court voided an $8,000,000 stock option plan;
- After successful trial and appeal, he recovered by settlement nearly all losses sustained by former preferred shareholders of Genesco Inc. Denco v. Genesco, 427 N.Y.S.2d 434 (1st Dep’t 1980);
- Perhaps Mr. Lowey’s most challenging litigation was In the Matter of American Bank & Trust Co., Index No. 18649/76 (Sup. Ct., N.Y. Co. 1979), where, after four years of preparation and four months of trial against the Federal Deposit Insurance Corporation, his clients, 115 Mexican and other Latin American families, recovered substantially all of thier losses, resulting from a fraudulent scheme leading to the failure of a major New York bank.
- As sole trial counsel, he conducted an eight-week jury trial, resulting in recovery of 90% of the losses sustained by IPO investors. Miller v. Alexander Grant & Co., Inc., [1971-72 Transfer Binder] Fed. Sec. L. Rep. (CCH) 93,271 and 93,287 (E.D.N.Y. 1971).
Mr. Lowey attended and graduated from Woodmere Academy (1951), Harvard College (A.B., cum laude, 1955) and Columbia Law School (LL.B. 1958). He served in the United States Coast Guard Reserve from 1959 to 1967 and as Assistant U.S. Attorney, Eastern District of New York, from 1961 to 1964.