Hon. Stephen G. Crane (Ret.)

T: 212-751-2700
F: 212-751-4099


Available worldwide
Financial Markets

A retired senior justice of the Appellate Division of the New York Supreme Court and former Commercial Division Justice, Judge Crane has confronted complex securities litigations and appeals as a judge.  In his earlier career he taught graduate courses in securities and securities regulation and practiced law in this field from his time of admission to the bar. 

Judge Crane has had a substantial caseload in mediating, arbitrating and evaluating securities issues as a neutral since joining JAMS.

Representative Matters

  • Adjudicated for the first time ever the application of the anti-fraud provisions of the New York Martin Act to insider trading
  • Mediated claim against purchaser of sub-prime mortgage-backed portfolio for paying the wrong entity that later filed for bankruptcy
  • Evaluated claim of valuation fraud in credit default swaps
  • Arbitrated demand for bonuses withheld by investment bank when fixed income securities in synthetic collateralized debt obligations unit were found to be greatly overvalued
  • Mediated claim of directors’ and officers’ liability for failing to plan for a controlled Chapter 11 rehabilitation
  • Mediated claim against successful bidder in auction of portfolio of mortgage-backed securities for refusing to complete transaction
  • Mediated transfer of fund securing letters of credit posted by trustee of lenders’ committee in bankruptcy proceeding to secure workers’ compensation insurers against future claims and liabilities
  • Mediated numerous claims and defenses to claims in chapter 11 bankruptcy of investment bank involving valuations of termination payments for swaps and other forward contracts under ISDA forms
  • Neutral evaluation of claim to profits by a non-registered broker who had attempted to secure investors for various ventures of a regulated securities entity
  • Arbitrated claim of breach of contract to maintain an investment in start-up hedge fund specializing in long-short trading strategy
  • Arbitrated claim against investment advisor for breach of stop loss and for unsuitable investments
  • Arbitrated claims of asset securitization group members against bank for failing to make payments under a profit participation program when the bank discontinued this business
  • Arbitrated claim to damages by special carry limited partners of certain private equity funds against their former employer-investment bank which resorted to offset against non-recourse debt owed by claimants in unrelated transactions

Honors, Memberships, and Professional Activities

  • Robert L. Haig Award for Distinguished Public Service, New York State Bar Association
  • Jack Newton Lerner Award for outstanding contributions to Continuing Legal Education, New York County Lawyers’ Association
  • Louis J. Capozzoli Gavel Award, New York County Lawyers’ Association
  • Distinguished Service Award, Law Secretaries & Law Assistants Collegium
  • Harold A. Stevens Jewel Award, New York County Lawyers’ Association–Tort Section
  • Past President, Cornell Law Association and Past Chair, Cornell Law School Advisory Council
  • Past Member, Pattern Jury Instructions Committee of the Association of Supreme Court Justices of the State of New York
  • New York County Lawyers’ Association
    • Co-Chair, Institute on Continuing Legal Education; Chair, History Committee
    • Member: Public Service Awards Committee, Cromwell Award Committee 
    • Past Member: Board of Directors, Executive Committee, Criminal Justice Section (founding co-chair)
  • New York State Bar Association
    • Past Chair, Committee on Civil Practice Law and Rules
    • Member: Commercial and Federal Litigation Section Executive Committee, Dispute Resolution Section Executive Committee
    • Former Member, House of Delegates 
    • Life Fellow, New York State Bar Foundation
    • Member of former Commission on Legal Services for the Middle Income
  • Association of Trial Lawyers of America and New York State Trial Lawyers Association
  • Honorary Board Member, formerly Member of New York Regional Board and its Executive Committee, and Chair of By-Laws Committee, Anti-Defamation League
  • National Center for State Courts: Project Advisory Committee for A Manual for Managing Notorious Cases, 1990-1992
  • Association of Justices of the Supreme Court of the City of New York and Association of Justices of the Supreme Court of the State of New York
  • Member, Board of Justices, First Judicial District
  • Former Chair, Board of Trustees, New York County Public Access Law Library
  • Museum Memberships:  The Guggenheim Museum; The Metropolitan Museum of Art; The Museum of Modern Art; The Frick Collection; The United States Holocaust Memorial Museum; The Museum of Jewish Heritage; Frank Lloyd Wright Association
  • Neutral, International Institute for Conflict Prevention and Resolution (CPR)

Background and Education

  • Justice, Supreme Court, New York County, 1984-2007 (Supreme Court Justice, 1990-2007; Acting Supreme Court Justice, 1984-1989)
    • Senior Associate Justice, Appellate Division-Second Department, 2008
    • Associate Justice, Appellate Division-Second Department, designated 2005
    • Additional Justice, Appellate Division-Second Department, designated 2001
    • Administrative Judge of Supreme Court, Civil Branch, New York County, 1996-2001
  • Judge, Criminal Court, City of New York, 1981-1984
  • Partner, Glass Howard and Crane, New York, 1980-1981
  • Counsel to the Office of Court Administration, New York, 1979-1980
  • Chief Law Assistant, Supreme Court, Appellate Division, First Department, New York, 1976-1979 (Senior Law Assistant, 1966-1976)
  • Associate, Poletti Freidin Prashker Feldman & Gartner, New York, 1963-1966
  • J.D., with distinction, Cornell Law School, 1963
  • B.S., Cornell University, 1960


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