| 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.
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