Jacob H. Zamansky is one of the country’s foremost authorities on securities arbitration law, the legal recourse for investors claiming broker wrongdoing. Zamansky & Associates LLC, the New York–based securities fraud law firm he founded, represents both individuals and institutions in FINRA arbitrations and federal and state litigation, including class actions.
Mr. Zamansky has been one of the leading litigators and opinion leaders of the recent financial crisis and the related hedge fund collapses, representing both investors and mortgage borrowers who were defrauded by Wall Street firms and mortgage lenders. Among Mr. Zamansky’s early actions include filing the first securities arbitration case on behalf of institutional and high-net-worth investors against Bear Stearns Asset Management with regard to the two hedge funds which collapsed as a result of exposure to subprime mortgage backed securities. He also has filed claims on behalf of individual investors victimized by brokers that steered their portfolios into unsuitable subprime stocks and mortgage borrowers who were fraudulently coerced into inappropriate mortgage and investment transactions.
Mr. Zamansky has also been a leader in representing investors misled by their brokerage firms into investing in structured products such as so-called “100% principal protection notes” issued by the now-defunct Lehman Brothers. He filed and won the first and largest FINRA arbitrations in connection with these structured notes and has successfully represented dozens of other structured note investors.
Mr. Zamansky’s class action work includes appointment as lead or co-lead counsel representing employees of Citigroup, JPMorgan Chase and Hewlett-Packard in litigation concerning their purchases of company stock in violation of ERISA and the federal securities laws. The firm has also been appointed lead or co-lead counsel in a number of high-profile class actions stemming from hedge fund collapses, including Harbinger Capital and the Millennium Global Emerging Credit Fund. And he has successfully represented IRA investors in class actions against bank custodians who breached their legal obligations in connection with Ponzi schemes.
Mr. Zamansky has been at the forefront of efforts to “clean up” Wall Street. In 2001, he successfully sued former Merrill Lynch analyst Henry Blodget on behalf of a New York pediatrician misled by Blodget’s stock research. The case’s successful resolution was the catalyst for New York Attorney General Elliot Spitzer to investigate the conflicts of interest on Wall Street and resulted in the well-reported $1.4-billion Global Settlement, which included many of the biggest names on Wall Street.
Earlier in his career, Mr. Zamansky worked for more than 30 years as a litigator, including positions at Skadden Arps, Slate, Meagher and Flom LLP. His tenure also included serving as a federal prosecutor with the Federal Trade Commission.
A native of Philadelphia, Mr. Zamansky has been a frequent expert commentator on CNBC, CNN, and FOX Business News, and has published opinion pieces in The Wall Street Journal, Financial Times and USA Today. He is regularly quoted and his cases have been chronicled in major financial and news publications including The New York Times, The Wall Street Journal, USA Today, The Washington Post, BusinessWeek, Fortune and Forbes. He is a frequent lecturer for industry and legal groups around the country. He also writes a blog that is published at Forbes.com.