Report: Co-Founder of Pond Lehocky Launches Firm
Tuesday, February 18, 2020 | 641 | 0 | 14 min read
David Stern launched a new firm in the shadow of the Pennsylvania powerhouse claimants' firm he co-founded and that he is currently suing over what he alleges was a plan to coerce him into accepting a paltry buyout offer last year, according to a report by the Philadelphia Business Journal.
Stern & Cohen opened in January in an office at 2 Commerce Square. The Business Journal notes this is one building over from Pond Lehocky, which is at 1 Commerce Square.
Joining Stern is Taylor Cohen, a former Pond Lehocky associate. The Business Journal reports Stern also said he brought with him some support staff and case files from his Pond Lehocky days.
Stern said his firm will exclusively focus on workers’ compensation cases.
Stern was a co-founder of the firm now known as Pond, Lehocky, Giordano. The firm dropped Stern’s name in December, the same month he filed a complaint with the Philadelphia County Court of Common Pleas against it.
The complaint alleges another founding partner, Sam Pond, attempted to make “life at the firm so untenable that Stern voluntarily withdraws from the partnership and accepts a $1 buyout of his 31.67% ownership stake in the firm, which has been valued in excess of $90 million by persons hired by Pond himself.”
The firm said in its answer that the complaint demonstrates Stern’s “shameless and reckless disregard for the lives” of clients and workers at Pond Lehocky. The firm “vehemently denied” the allegations in the complaint and said the partnership agreement Stern signed mandates the dispute be settled through private arbitration.