OCM et al. v. CIBC et al.

In September 2003, Mr. Stoner was part of the trial team that achieved a $52 million jury verdict against CIBC World Markets on behalf of three investment fund clients who had invested in section 144a high yield notes issued by Renaissance Cosmetics. CIBC, the initial purchaser and primary market maker for the notes, had played a pivotal role in the rapid growth of Renaissance, but that growth was fueled by accounting and management fraud at Renaissance. The jury found in favor of the investment funds and against CIBC on common law and securities claims arising from the demise of Renaissance.