Carol V. Gilden, a partner in the Securities Litigation & Investor Protection practice, is a nationally recognized securities litigator and a tenacious advocate for her clients, which include public pension funds, Taft-Hartley pension and health and welfare funds, and other institutional investors. She litigates securities class actions, individual actions, transaction and derivative litigation, and other types of complex litigation and class actions nationwide in state and federal courts. Carol’s experience includes cases involving stock, bonds, preferred stock, ADRs, and other complex financial instruments, including interest rate swaps, Treasury bonds and exchange-traded notes.
Carol has litigated some of the most novel securities disputes in the financial markets, resulting in aggregate recoveries of several billion dollars for investors. Her guiding principle – those who commit fraud on the financial markets should be held accountable.
Carol has led the litigation as Lead or Co-Lead Counsel in numerous high-profile securities cases, including:
- Co-Lead Counsel in MF Global, where the U.S. Court of Appeals for the Second Circuit held that companies that make false or misleading statements cannot hide behind risk disclosures to escape liability.
- Lead Counsel in the IntraLinks Securities Litigation, which, as one of the first securities class actions certified after the Supreme Court’s Halliburton II decision, provided a roadmap for obtaining class certification in other securities cases.
- Lead Counsel in Seafarers Pension Plan v. Bradway, et al., a federal derivative case against The Boeing Company’s directors and officers arising out of the 737 MAX crashes and alleging federal proxy statement violations in connection with director elections. After the case was dismissed on forum non conveniens grounds, Carol successfully argued before the U.S. Court of Appeals for the Seventh Circuit, obtaining a 2-to1, precedent-setting decision reversing the district court’s dismissal based on enforcement of Boeing’s forum selection bylaw. The derivative action ultimately settled, along with a companion class action by the Seafarers in Delaware Chancery Court challenging the bylaw under Delaware law after the district court’s dismissal, for corporate governance reforms valued more than $100 million and a $6.25 million payment by the directors’ insurers to the company.
Carol is currently serving as Lead Counsel in a securities class action against Bayer AG stemming from its acquisition of Monsanto, with its flagship product, the herbicide Roundup; as Lead Counsel in a securities class action against Pluralsight and its senior officers, alleging they misrepresented and omitted material information concerning the size of the company’s sales force, which impacted billing’s growth; and as Co-Lead Counsel in the securities class action against Silvergate Capital Corp., its officers, directors, and underwriters involving the defendants’ alleged misrepresentations regarding the strength of Silvergate’s internal controls and procedures to combat money laundering and other misconduct on its digital cryptocurrency platform. In addition, she is Co-Lead Counsel in the Abbott Derivative Litigation involving the manufacture and sale of infant formula products, which includes the sale of allegedly contaminated infant formula. Further, Carol serves on the Co-Lead Counsel team in a groundbreaking antitrust lawsuit involving one of the world’s largest financial markets.
Carol also has served in Executive Committee roles in other high-profile cases, Global Crossing Securities Litigation (settlements of $448 million) and the Merrill Lynch Analyst cases ($125 million settlement), as well as an active litigation team member in the Waste Management Litigation (N.D. Il) ($220 million settlement). Under her leadership, her former firm was an active member of the litigation teams in the AOL Time Warner Securities Litigation ($2.5 billion settlement), CMS Securities Litigation ($200 million settlement) and the Salomon Analyst Litigation/In re AT&T ($75 million settlement). Further, she was lead counsel in an opt-out securities litigation action on behalf of a large group of individual plaintiffs in connection with the McKesson/HBOC merger, Pacha, et al. v. McKesson Corporation, et al., which settled for a substantial, confidential sum.
- Vice President, Institute for Law and Economic Policy (2023 – 2025)
- Member, National Association of Public Pension Attorneys (2013 – 2025)
- Corporate Governance Advisory Council and Market Advisory Council, Council for Institutional Investors (2013 – 2015)
- Former President, National Association of Shareholder & Consumer Attorneys
- Association of Securities and Exchange Commission Alumni, Inc.
Attorney, Securities and Exchange Commission, Enforcement Division
- Illinois
- Chicago-Kent College of Law, J.D., With Honors, Law Review, 1983
- University of Illinois Urbana-Champaign, B.S., Business Administration, 1979
Current Cases
Bayer Securities Litigation
Bayer Securities Litigation (N.D. Cal.): Cohen Milstein is Lead Counsel in this certified securities class action, in which Plaintiffs allege that in connection with its $63 billion acquisition of Monsanto, Bayer misrepresented the rigor of its due diligence and the nature of the legal risk presented by Monsanto’s flagship product, the herbicide Roundup. Bayer investors incurred significant losses after bellwether jury trials in toxic tort cases repeatedly found in favor of the plaintiffs against Monsanto, including finding that Roundup was a “substantial factor” in causing the plaintiffs’ non-Hodgkin’s lymphoma, and leading to jury awards totaling hundreds of millions of dollars.
In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation
In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation (N.D. Ill.): Cohen Milstein is Co-Lead Counsel in this shareholder derivative lawsuit against Abbott’s board of directors for breaching their fiduciary duties related to the company’s manufacture and sale of infant formula products, prompting a major recall and nationwide infant formula shortage and allegedly causing billions of dollars of damage to Abbott. Plaintiffs also allege claims of insider trading, corporate waste, and unjust enrichment, as well as violations of the federal securities laws.
Set Capital, et al. v. Credit Suisse Group AG, et al.
Set Capital, et al. v. Credit Suisse Grp. AG, et al. (S.D.N.Y.): Cohen Milstein is Co-Lead Counsel in this path-breaking securities class action alleging fraud and market manipulation of XIV Exchange Traded Notes. On March 17, 2023, the court certified one of three proposed investor classes.
In re Silvergate Capital Corporation Securities Litigation
In re Silvergate Capital Corporation Securities Litigation (S.D. Cal.): Cohen Milstein, as Co-Lead Counsel, represents shareholders in this securities class action, alleging that Silvergate, a holding company for Silvergate Bank, a federally regulated depository and lender for major cryptocurrency platforms, including Coinbase, Genesis, and FTX, made materially false and misleading statements about the bank’s compliance framework, as well as its anti-money laundering and customer identification programs. Plaintiffs also assert claims against the underwriters and Silvergate’s directors and executives in connection with the sale of $1.3 billion of securities.
In re Interest Rate Swaps Antitrust Litigation
In re Interest Rate Swaps Antitrust Litigation (S.D.N.Y.): Cohen Milstein serves as Co-Lead Counsel and represents the Public School Teachers’ Pension and Retirement Fund of Chicago and other proposed buy-side investor class members in this ground breaking putative antitrust class action against numerous Wall Street investment banks. Plaintiffs allege that the defendants conspired to prevent class members from trading IRS on modern electronic trading platforms and from trading with each other, all to protect the banks’ trading profits from inflated bid/ask spreads. On July 11, 2024, in two separate orders, the court granted preliminary approval of $71 million in total cash settlements against Credit Suisse, Bank of America, JP Morgan Chase, Deutsche Bank, and all remaining defendants.
Pluralsight, Inc. Securities Litigation
Pluralsight, Inc. Securities Litigation (D. Utah): Cohen Milstein is sole Lead Counsel in this securities class action, alleging that Pluralsight, a provider of cloud-based and video training courses, and its senior officers misrepresented and omitted material information from investors concerning the company’s sales force before a $37 million stock cash-out by Pluralsight insiders and in an over $450 million secondary public offering orchestrated by those insiders. On August 2, 2024, the court granted Lead Plaintiffs’ unopposed motion for preliminary approval of a $20 million settlement.
Texas and Indiana Pension Funds v. InnovAge Holding Corp. et al.
Texas and Indiana Pension Funds v. InnovAge Holding Corp. et al. (D. CO.): Cohen Milstein is Lead Counsel in this securities class action that alleges InnovAge "substantially failed" to “provide to its participants medically necessary items and services" as required by government regulation. As a result, CMS and the State of Colorado suspended enrollment at InnovAge’s Colorado facilities. InnovAge's stock price declined 78% just nine months after its IPO, giving InnovAge the distinction of being one of 2021's five worst performing stocks.
CITGO Pension Plan Litigation
Urlaub, et al. v. Citgo Petroleum Corporation, et al. (N.D. Ill.): Cohen Milstein represents a certified class of participants and beneficiaries of the CITGO Petroleum Corporation Salaried and Hourly Employees Pension Plans, who allege CITGO violated ERISA by applying outdated mortality tables to the CITGO Plans to determine the value of joint and survivor annuities, resulting in married retirees receiving less than the actuarial equivalent of the benefit that ERISA protects. On May 6, 2024, the Court largely denied CITGO’s motion for summary judgment.
Past Cases
Boeing Derivative Shareholder Litigation
Boeing Derivative Shareholder Litigation (N.D. Ill.): Cohen Milstein served as sole lead counsel in a federal derivative case brought by the Seafarers Pension Plan against The Boeing Company's directors and officers arising out of the 737 MAX crashes and alleging federal proxy statement violations in connection with director elections. After the case was dismissed on forum non conveniens grounds, Plaintiffs successfully argued before the U.S. Court of Appeals for the Seventh Circuit, obtaining a 2-to-1, precedent-setting decision reversing the district court's dismissal of the case based on enforcement of Boeing's forum selection bylaw. The derivative action ultimately settled on December 14, 2022, along with a companion class action January 13, 2023, which was filed by the Seafarers in Delaware Chancery Court after the district court's dismissal and challenging the bylaw under Delaware law, for corporate governance reforms valued in excess of $100 million and a $6.25 million payment by the Directors' insurers to the Company.
Seafarers Pension Plan v. The Boeing Company
On July 8, 2020, Cohen Milstein, on behalf of the Seafarers Pension Plan (the “Seafarers”) and all other similarly situated stockholders of The Boeing Company (“Boeing”), filed a verified class action complaint against Boeing and the current members of its Board of Directors (the “Board”) to challenge a forum selection provision in Boeing’s bylaws (the […]
In re Alphabet Shareholder Derivative Litigation
In re Alphabet Shareholder Derivative Litigation (Cal. Sup. Crt., Santa Clara Cnty.): Cohen Milstein, as co-lead counsel, represented Northern California Pipe Trades Pension Plan and Teamsters Local 272 Labor Management Pension Fund in a shareholder derivative lawsuit against Alphabet, Inc.'s Board of Directors. Shareholders alleged that the Board allowed powerful executives to sexually harass and discriminate against women without consequence. In November 2020, the Court granted final approval of a historic settlement, including a $310 million commitment to fund diversity, equity, and inclusion initiatives and robust reforms including limiting non-disclosure agreements and ending mandatory arbitration in sexual harassment, gender discrimination, and retaliation-related disputes.
MF Global Securities Litigation
MF Global Securities Litigation (S.D.N.Y.): Cohen Milstein represented the Central States, Southeast and Southwest Areas Pension Fund and achieved a $90 million settlement in this precedent–setting securities class action in which the U.S. Court of Appeals for the Second Circuit sided with the plaintiffs and held that companies cannot make false or misleading statements in their offering documents and then hide behind risk disclosures related to those facts to escape liability. The National Law Journal singled out Cohen Milstein’s work on the case in connection with its selection of the firm as a Hot Plaintiffs’ Firm for that year. Cohen Milstein was Co-Lead Counsel.
City of Birmingham Firemen’s and Policemen’s Supplemental Pension System v. Credit Suisse Group AG, et al.
City of Birmingham Firemen’s and Policemen’s Supplemental Pension System v. Credit Suisse Group AG, et al. (S.D.N.Y.): Cohen Milstein, as Co-Lead Counsel, represented plaintiffs in this class action against Credit Suisse Group AG, regarding its misrepresentations of its trading limits and risk controls and resulting in accumulation of billions of dollars in extremely risky, highly illiquid investments, including the surreptitious accumulation of nearly $3 billion in distressed debt and U.S. collateralized loan obligations (“CLOs”). On December 16, 2020, the court granted final approval of a $15.5 million settlement.
Plumbers & Pipefitters National Pension Fund v. Davis
Plumbers & Pipefitters National Pension Fund v. Davis (S.D.N.Y.): Cohen Milstein was sole Lead Counsel in this high-profile securities class action involving Performance Sports Group’s failure to disclose that its purported financial success was not based on sustainable, “organic” growth as represented, but was driven by the company’s manipulative and coercive sales practices, which included pulling orders forward to earlier quarters and pressuring customers to increase their orders without regard for market demand. The SEC and Canadian authorities subsequently initiated investigations, and PSG filed for bankruptcy. On November 22, 2022, the Court granted final approval of a $13 million settlement, which is in addition to the $1.15 million settlement plaintiff obtained in Performance Sports Group’s 2016 bankruptcy proceedings through the prior approval of the U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court in Canada.
Tradex Global Master Fund SPC Ltd. et al. v. Lancelot Investment Management, LLC, et al.
Tradex Global Master Fund SPC Ltd. et al. v. Lancelot Investment Management, LLC, et al. (Crc. Crt., Cook Cnty., Ill.): In August 2018, the Court granted final approval of a $27.5 million settlement, concluding a nearly decade-old putative investor class action against McGladrey & Pullen LLP, an accounting firm, for its alleged fraud and negligence arising out of the Tom Petters’ Ponzi scheme, one of the largest Ponzi schemes in U.S. history.
Treasuries Antitrust Litigation
In re: Treasuries Securities Antitrust Litigation (S.D.N.Y.): Cohen Milstein was Co-Lead Counsel in this ground-breaking antitrust and Commodity Exchange Act class action alleging many of the nation’s biggest banks manipulated the $13 trillion market for U.S. Treasuries and related instruments. Cohen Milstein and co-counsel developed the case independently, without the assistance or benefit of any preceding government investigation or enforcement action.
Intuitive Surgical Inc. Derivative Litigation
Public School Teachers’ Pension and Retirement Fund of Chicago v. Gary Guthart, et al. (Cal. Sup. Crt., San Mateo Cnty.): As Co-Lead Counsel, Cohen Milstein represented the Public School Teachers’ Pension and Retirement Fund of Chicago in this derivative action against Intuitive’s directors and officers, alleging they covered up safety defects in the da Vinci robotic surgery system. Plaintiffs achieved a settlement one day before trial for a settlement worth $137 million. This consisted of extensive corporate governance reforms and included cash and options worth $20.2 million paid by the Individual Defendants back to Intuitive. The settlement required Intuitive Surgical to adopt extensive corporate governance, insider trading, product safety, and FDA compliance measures designed to prevent the reoccurrence of the alleged wrongdoing. In the plaintiff’s expert’s opinion, the reduction in the risk of recurrence of the events similar to the ones experienced (which resulted in a 30% drop in stock value and the establishment of a $100 million product liability reserve) translated into a benefit of $117 million to Intuitive and its shareholders.
In Re Teva Securities Litigation
In Re Teva Securities Litigation (D. Conn.): Cohen Milstein represented the Public School Teachers’ Pension and Retirement Fund of Chicago and the State of Oregon and the Oregon Public Employee Retirement Fund in two separate, but related matters to recover damages caused by Teva Pharmaceutical and certain officers for alleged misstatements and omissions about the company’s financial performance, business growth strategy, competitive factors, as well as its failure to disclose that state attorneys general and U.S. Department of Justice were investigating it for participating in a vast industrywide price-fixing conspiracy. In December 2022, Teva settled the matters for a confidential sum.
Amicus Briefs
Macquarie Infrastructure Corp., et al. v. Moab Partners, L.P., et al.
Macquarie Infrastructure Corp., et al. v. Moab Partners, L.P., et al. (U.S.): On December 20, 2023, Cohen Milstein filed an amicus curiae brief in support of respondents/plaintiffs with the United States Supreme Court on behalf of former commissioners and senior officials of the U.S. Securities and Exchange Commission who served under both Republican and Democratic presidents and went on to serve as leaders in industry and academia. Collectively, they have decades of experience in administering and enforcing the securities laws. Together, amici have a longstanding interest in the integrity of public markets and the deterrence of, and legal remedies for, materially misleading statements and omissions.
Slack Technologies, LLC., et al. v. Fiyyaz Pirani
Slack Technologies, LLC., et al. v. Fiyyaz Pirani (U.S.): On March 6, 2023, Cohen Milstein’s Laura Posner and Carol V. Gilden; Columbia Law School’s John C. Coffee, Jr. and Joshua Mitts; and Labaton Sucharow’s Ira A. Schochet submitted a brief for amici curiae, distinguished law and business professors in support of respondent, before the Supreme Court.
- Crain’s Chicago Business: Notable Leaders in Accounting, Consulting & Law (2024)
- Attorney Intel Top 25 Attorneys of Illinois (2024)
- Lawdragon 500 Leading Plaintiff Financial Lawyers (2018-2024)
- National Law Journal Plaintiffs’ Attorney Trailblazer (2023)
- Super Lawyers (2005-2024)
- American Lawyer Trailblazers – Midwest (2022)
- Crain’s Chicago Business Notable Women in Law (2020)
- Chicago Business Journal Women of Influence (2019)
- Lawyer Monthly Magazine Women in Law Award (2019)
- Lawyer International’s Global Awards Securities Litigation Attorney of the Year – Illinois (2018)
October 3, 2024
Citgo Will Increase Pensions $10M To End Mortality Table Suit
Citgo will increase the value of pensioners’ retirements by $10 million to settle a class action alleging it shorted early retirement payouts by basing the allowances on outdated mortality tables that used data from the 1970s, according to filings in Illinois federal court. Citgo Petroleum Corp. retirees entered a motion for preliminary approval Wednesday in […]
In the News | Law360
January 19, 2024
JP Morgan, Others Must Face Sr. Care Investors’ Claims
Claims that a group of securities underwriters were negligent in a senior health care company’s initial public offering have been kept alive by a Colorado federal judge. Separate claims that J.P. Morgan Securities lied and misled investors also survived a motion to dismiss Thursday, but U.S. District Judge William J. Martinez tossed similar claims against […]
In the News | Law360
August 7, 2024
Abbott Brass Trim But Can’t Nix Investors’ Formula Recall Suit
A Chicago federal judge on Wednesday substantially trimmed a derivative suit accusing Abbott Laboratories leaders of concealing known safety issues related to recalled infant formula but rejected the defendants’ argument that tossing the suit in its entirety was in shareholders’ “best interest.” . . . Carol Gilden of Cohen Milstein Sellers & Toll PLLC, a […]
In the News | Law360
August 5, 2024
Pluralsight’s $20M Settlement With Investors Gets Initial OK
A Utah federal judge has given his preliminary blessing to Pluralsight Inc.’s proposed $20 million settlement with a certified class of investors accusing the cloud-based and video training courses provider of securities fraud, according to an order issued Friday. U.S. District Judge David Barlow granted preliminary approval of the deal, which would put to rest […]
In the News | Law360
July 12, 2024
BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit
A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps. U.S. District Judge J. […]
In the News | Law360
May 3, 2024
Lawsuit Seeks to Hold Abbott Laboratories Directors Accountable for Baby Formula Contamination
In winter 2022, families were devastated by a nationwide infant formula shortage. The shortage stemmed from a recall and the sudden shutdown of one of Abbott Laboratories’ infant formula factories after concerns developed about contaminated infant formula. Cohen Milstein is co-lead counsel in a shareholder derivative lawsuit seeking to hold Abbott’s board of directors and […]
Articles | Shareholder Advocate Spring 2024
May 2, 2024
Pluralsight Litigation Ends in Significant Settlement and Good Precedent in the Tenth Circuit
After four years of hard-fought litigation, lead plaintiffs in a certified class action against Pluralsight, Inc. and two of its executives have filed for preliminary approval of a $20 million settlement. Cohen Milstein serves as court-appointed lead counsel in the case, representing lead plaintiffs Indiana Public Retirement System and Public School Teachers’ Pension and Retirement […]
Articles | Shareholder Advocate Spring 2024
May 2, 2024
Spring 2024 Shareholder Advocate is Now Available
The Spring 2024 issue of the Shareholder Advocate, our quarterly securities litigation and investor protection newsletter, features: Read the Spring 2024 issue of the Shareholder Advocate.
In the News | Cohen Milstein
January 30, 2024
Supreme Court Set to Resolve Whether Item 303 Liability Applies to Material Omissions
Fraud by omission versus commission. Should a corporation be able to do one but not the other in its mandatory discussion of known trends without risking liability under Section 10(b) of the Securities Exchange Act? This is a question the Supreme Court has been itching to answer.
Articles | Shareholder Advocate Winter 2024
January 30, 2024
Shareholder Advocate Winter 2024 Issue Released
Read the Winter 2024 edition of the Shareholder Advocate, our securities litigation and investor protection newsletter.
In the News | Cohen Milstein
November 28, 2023
Cohen Milstein Sellers & Toll PLLC Announces Notice of Pendency of Class Action to All Persons and Entities That Purchased or Otherwise Acquired Bayer American Depositary Receipts from May 23, 2016 to July 6, 2020, Inclusive
LEGAL NOTICE ATTENTION PURCHASERS OF BAYER AKTIENGESELLSCHAFT (“BAYER”) AMERICAN DEPOSITARY RECEIPTS BETWEEN MAY 23, 2016 AND JULY 6, 2020 SUMMARY NOTICE OF PENDENCY OF CLASS ACTION TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED BAYER AMERICAN DEPOSITARY RECEIPTS FROM MAY 23, 2016 TO JULY 6, 2020, INCLUSIVE (THE “CLASS”). YOU ARE HEREBY NOTIFIED THAT A CLASS HAS BEEN CERTIFIED […]
Press Releases
November 10, 2023
Carol Gilden Moderates ESG in the Private Sphere at ILEP-Penn Carey Law Journal of Business Law Symposium
Carol V. Gilden, a partner in our Securities Litigation & Investor Protection practice and a vice president of Institute for Law and Economic Policy (ILEP), has been invited to moderate a panel at the ILEP-Penn Carey Law Journal of Business Law Symposium on November 9 – 10, 2023 at the University of Pennsylvania Carey Law […]
Events
July 20, 2023
Carol Gilden Speaks on Supreme Court’s Slack Decision and Investor Implications
The Counsel of Institutional Investors (CII) has invited Carol Gilden (Partner, Cohen Milstein Sellers & Toll PLLC) and Professor Joshua Mitts (Columbia Law School) to discuss the Supreme Court’s recent opinion in Slack v. Pirani, holding that plaintiffs asserting claims under Section 11 of the Securities Act of 1933 must trace shares purchased in a […]
Events
July 10, 2023
Abbott Shareholders, Including a Powerful Union Pension, Take Aim at Leadership
Abbott Laboratories shareholders, including a powerful union pension fund, have filed a derivative lawsuit on behalf of the company against its leadership that includes a range of accusations, including insider trading amid misconduct related to its baby formula business. Accusations include claims that North Chicago-based Abbott and its executives violated federal securities law, breached fiduciary […]
In the News | Crain’s Chicago Business
June 29, 2023
Abbott Labs Faces Two Lawsuits for Alleged Formula-Making Lapses
Abbott Laboratories, a major infant formula manufacturer, was hit with two shareholder derivative suits alleging its board breached fiduciary duties by not implementing stronger oversight in its formula production. The suits center on Abbott’s Sturgis, Mich., plant that was shut down in 2022 after the Food and Drug Administration found deadly bacteria in its powdered […]
In the News | Bloomberg Law
October 20, 2023
Shareholder Suit Filed Against Abbott Laboratories Over Nationwide Baby Formula Shortage
The suit named Abbott as well as the company’s CEO Robert B. Ford, members of its board of directors, and executive level leaders of the company. A 181-page amended shareholder derivative lawsuit has been filed in federal court against Abbott Laboratories by court-appointed lead plaintiffs after the company closed a Michigan infant formula manufacturing facility […]
In the News | ALM/Law.com
October 17, 2023
Cohen Milstein Files Shareholder Derivative Lawsuit Against Abbott Laboratories’ Board of Directors
Litigation related to Abbott’s manufacture, sale, and recall of contaminated infant formula, leading to nationwide infant formula shortage. Chicago, IL – Court-appointed Lead Counsel Cohen Milstein and Scott & Scott filed a consolidated complaint in In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, a massive shareholder derivative lawsuit brought against Abbott Laboratories’ Board of Directors […]
Press Releases | Cohen Milstein
May 23, 2023
Bayer Investors Get Class Status in Monsanto Deal Risk Suit
Investors alleged failure to perform due diligence Bayer allegedly lost $12.87 billion in market capitalization Two pension funds can represent a class of investors in a lawsuit alleging Bayer AG didn’t adequately vet Roundup herbicide maker Monsanto Co. before buying it and didn’t warn them about cancer litigation risks. The lead plaintiffs cleared a big […]
In the News | Bloomberg Law
April 25, 2023
Cohen Milstein Represents Investors in Stock-Fraud Suit in Company at Nexus of Crypto and Banking
In a securities fraud lawsuit straddling the volatile U.S. banking and crypto sectors, Cohen Milstein represents shareholders of Silvergate Capital Corporation, the holding company for Silvergate Bank, a federally registered depository and lender to major cryptocurrency platforms, including FTX. On February 28, Judge Cathy Ann Bencivengo of the U.S. District Court for the Southern District […]
Articles | Shareholder Advocate Winter 2023
April 21, 2023
Carol V. Gilden Invited to Speak on the Performance of the U.S. Regulatory System Despite Unprecedented Challenges
Carol V. Gilden, a partner in our Securities Litigation & Investor Protection practice is invited to speak at the Loyola University Chicago School of Law’s Center for Business Law program: “Financial Regulators Under Siege.” Ms. Gilden’s panel discussion, “The View from the Litigation Trenches,” assess the performance of the U.S. regulatory system and securities laws […]
Events
March 17, 2023
Credit Suisse Must Face One Investor Class In XIV Crash Suit
A New York federal judge certified one of three proposed investor classes in a suit alleging Credit Suisse tricked investors into buying a series of short-term notes inversely tied to stock market volatility in 2018, finding two of the proposed classes can’t be certified because they conflict with one another. U.S. District Judge Analisa Torres […]
In the News | Law360
January 27, 2023
Carol V. Gilden to Speak on the Erosion of Investor, Employee and Consumer Protections
Carol V. Gilden has been invited to speak at the Institute for Law and Economic Policy 29th Annual Symposium at the Fairmont Grand Del Mar in San Diego, CA on January 27 at 9:00 a.m. Ms. Gilden’s panel, “Entrapment of the Little Guy: Resisting the Erosion of Investor, Employee and Consumer Protections (Mass Arbitration, Bylaw Private […]
Events
October 27, 2022
Tenth Circuit Revives Investors’ Fraud Suit Against Pluralsight
In a significant holding for plaintiffs arguing scienter in shareholder lawsuits, the Tenth U.S. Circuit Court of Appeals said a lower court had erred when it found that Pluralsight, Inc. Defendants’ use of a predetermined trading plan automatically removed their motive to manipulate the company’s stock price. In its August 23, 2022 opinion reversing the […]
Articles
August 30, 2022
Boeing’s $6.25M Settlement Over 737 Max Gets Initial OK
An Illinois federal judge gave preliminary approval to a $6.25 million settlement between Boeing and shareholders who alleged in both federal court and the Delaware Court of Chancery that the company failed to properly disclose issues with its 737 Max jet. U.S. District Judge Harry D. Leinenweber on Thursday signed off on the deal, pending […]
In the News | Law360
August 29, 2022
Investors in Utah’s Pluralsight Get a 2nd Chance to Prove an Executive Misled Them While He Was Selling His Stock
A Utah judge dismissed a 2019 lawsuit filed by stockholders, but a federals appeals court has now revived some of their case. Without any profits to promote, Pluralsight instead urged investors to watch how its billings to customers were growing, stockholders allege — as executives credited the size and productivity of their salesforce. But after […]
In the News | The Salt Lake Tribune
August 26, 2022
Boeing Board Pays $6.25 Million to End Litigation Over Bylaw
WHAT TO KNOW: Board also agrees to retool controversial forum bylaw Settlement will be paid by insurers into company’s coffers Boeing Co.’s board will pay $6.25 million and amend a controversial company bylaw to end litigation in two courts challenging the aerospace manufacturer’s requirement that certain shareholder lawsuits be heard in Delaware, according to federal […]
In the News | Bloomberg Law
August 12, 2022
Boeing Tweaks Bylaw in 737 Max Deal, Attys Get Up To $4.25M
Boeing will revise bylaws that a Seventh Circuit panel said improperly barred federal derivative claims, ending a dispute with shareholders over alleged proxy misstatements regarding its 737 Max jet that spawned suits in both Illinois federal court and the Delaware Court of Chancery. If the settlement deal disclosed Wednesday is approved in both Delaware and […]
Articles | Law360
February 22, 2022
Citgo Petroleum Retirees Advance Challenge to Pension Calculation
Citgo Petroleum Corp. must face a proposed class action claiming it shortchanges the pensions of certain married retirees by calculating their benefits using outdated lifespan data, according to a Chicago federal court ruling issued Tuesday. Citgo retirees Leslie Urlaub and Mark Pellegrini are moving forward with claims that the pensions they received from Citgo, which […]
In the News | Bloomberg Law
February 11, 2022
Credit Suisse Investors Ink $25M ‘Icebreaker’ Rate Swaps Deal
Institutional investors leading sprawling multidistrict litigation against nearly a dozen megabanks that allegedly colluded to control the interest rate swaps market told a New York federal judge Friday they’ve reached a $25 million “icebreaker” settlement with Credit Suisse. Along with the $25 million cash award, the proposed settlement calls for Credit Suisse Group AG to […]
In the News | Law360
January 7, 2022
Boeing Investors Get 737 Max Crash Litigation Revived on Appeal
WHAT TO KNOW: Boeing Co. and its board must face federal securities litigation in Chicago over claims they misled investors about its 737 Max 8 jetliner before two high-profile crashes that killed 346 people, a federal appeals court ruled Friday, reversing a novel decision that had sent the case to Delaware. A divided U.S. Court […]
In the News | Bloomberg Law
October 20, 2021
Bayer Must Face Some Investor Allegations on Roundup Deal Risks
WHAT TO KNOW: Investors can pursue claims on due diligence statements Allegations on glyphosate safety, litigation risks fall short Bayer AG investors adequately alleged the company misled them about the due diligence it conducted ahead of its acquisition of Roundup herbicide maker Monsanto Co., a federal judge in California said. Investors also accused the pharmaceutical […]
In the News | Bloomberg Law
October 20, 2021
Bayer Will Have to Face Investor Suit Over Roundup Litigation
A California federal judge declined to dismiss a suit against Bayer AG on Tuesday in which investors claim the company downplayed the significance of litigation related to the weedkiller Roundup that it faced after acquiring Monsanto in 2018. U.S. District Judge Richard Seeborg denied the dismissal motion in its entirety but noted in his order […]
In the News | Law360
October 5, 2021
Carol Gilden to Speak on Class Certification in Securities Litigation
Carol V. Gilden will give a continuing legal education course titled “Class Certification in Securities Litigation: From Goldman Sachs to Battles Ahead” on October 5, 2021. The course, a Lawline webcast, will examine issues in class certification of federal securities cases relevant to both new and experienced securities litigators. Specifically, the course will cover: Basic requirements of class […]
Events | Lawline
September 24, 2021
Carol Gilden to Speak on D&O Liability: New Risks and Emerging Trends
Carol V. Gilden will speak on a panel as part of the 41st Annual Ray Garret Jr. Corporate & Securities Law and 60th Annual Corporate Counsel Virtual Institute. The conference, hosted by Northwestern Pritzker School of Law, will take place online September 22-24, 2021. Ms. Gilden will take part in the September 24 panel “Coffee and […]
Events
September 14, 2021
Performance Sports Execs Settle Securities Fraud Suit
Two Performance Sports Group executives and investors led by the Plumbers & Pipefitters National Pension Fund reached a settlement in a proposed class action accusing the execs of misleading shareholders about sketchy sales tactics that bankrupted the sports gear manufacturer, the fund told a New York federal judge Tuesday. The agreement was reached out of […]
In the News | Law360
August 5, 2021
Investors Say They Have ‘Smoking Gun’ In Auction-Fixing Suit
Investors suing a group of Wall Street banks including Goldman Sachs and Credit Suisse for allegedly conspiring to manipulate the $14 trillion market for securities issued by the U.S. Treasury Department are fighting to keep their case alive after their initial complaint was dismissed in March. On Wednesday, investors filed their omnibus opposition brief contesting the various dismissal briefs […]
In the News | Law360
April 27, 2021
Credit Suisse Faces Revived Claims over Inverse VIX Crash
The Second Circuit ruled Tuesday that Credit Suisse will have to face claims that it triggered a liquidity crunch to bottom out the price of notes inversely tied to stock market volatility and pick up nearly half a billion dollars of profits. An appellate panel vacated a New York federal judge’s ruling from 2019 that […]
In the News | Law360
April 27, 2021
For Plaintiffs Alleging Long-Running Securities Frauds, Recent Statute of Repose Rulings Highlight Obstacles, Potential Paths Forward
Securities fraud claims brought under Section 10(b) of the Exchange Act are subject to two separate timeliness provisions: a two-year statute of limitations and a five-year statute of repose. These two provisions begin running on different dates. For the two-year limitations period, the clock starts running when the plaintiff discovers the “facts constituting the violation.” […]
Articles | Shareholder Advocate Spring 2021
April 27, 2021
Credit Suisse Must Face Lawsuit over U.S. ‘Volatility’ Crash
A U.S. appeals court on Tuesday revived a lawsuit accusing Credit Suisse Group AG of causing huge losses by defrauding investors in a complex product for betting on stock market swings that lost 96% of its value in a single day. The 2nd U.S. Circuit Court of Appeals in Manhattan said investors could try to […]
In the News | Reuters
October 22, 2020
Bayer Investors Get Lead Plaintiff for Suit Over Roundup Payouts
Two pension funds picked to lead suit, unopposed Cohen Milstein approved as lead counsel Bayer AG investors secured a lead plaintiff for their California federal court suit accusing the company of misleading them about the litigation risks stemming from its purchase of Roundup maker Monsanto Co. Two pension funds will take the lead in the […]
In the News | Bloomberg Law
September 25, 2020
Google Ends Mandatory Arbitration in $310M Sexual Harassment Settlement
Cohen Milstein Sellers & Toll in Washington, D.C., and Bottini & Bottini helped negotiate the settlement. Google parent company Alphabet has agreed to devote $310 million to diversity, equity and inclusion efforts as part of a settlement with shareholders after several executives in the company, including its former top lawyer, faced allegations of sexual misconduct […]
In the News | The Recorder
September 25, 2020
Google Parent Makes ‘Sweeping’ Deal to Boost Diversity
Google parent Alphabet Inc. has agreed to spend $310 million on diversity and inclusion initiatives to settle California litigation alleging the company misled investors by covering up sexual harassment and abuse by executives, the shareholders’ attorneys said Friday. The company has also agreed to “sweeping policy reforms” that include ending the use of forced arbitration […]
In the News | Law360
September 25, 2020
Alphabet Settles Shareholder Suits Over Sexual Harassment Claims
Google’s parent company was hit with a wave of lawsuits after The New York Times reported that an accused executive had received a $90 million exit package. Google’s parent company, Alphabet, has settled a series of shareholder lawsuits over its handling of sexual harassment claims, agreeing to greater oversight by its board of directors in […]
In the News | The New York Times
September 25, 2020
Alphabet, Inc. Shareholders Secure Historic Sexual Harassment and Governance Reforms Including $310M Fund
For Immediate Release: Alphabet Board to Form Diversity, Equity and Inclusion Advisory Council Comprised of Executives, Including CEO Sundar Pichai, and Renowned Outside Experts Settlement Ends Mandatory Arbitration in Harassment, Discrimination and Retaliation-Related Disputes for all Alphabet Entities MOUNTAIN VIEW, Calif. – Google parent company Alphabet, Inc. (GOOG, GOOGL) will commit a record-setting $310 million […]
Press Releases
July 28, 2020
Delaware Supreme Court Allows Companies to Restrict 1933 Act Claims to Federal Court
It has been quite a year on the forum selection front as many on both sides of the “v” waited for the Delaware Supreme Court to rule on a stockholder’s challenge to the validity of corporate provisions restricting claims under the Securities Act of 1933 to federal court, even though the 1933 Act also allows […]
Articles | Shareholder Advocate Summer 2020
April 15, 2020
Performance Sports Execs Must Face Securities Fraud Suit
Two former Performance Sports Group executives can’t dodge a proposed securities class action accusing them of misleading shareholders about sketchy sales tactics that bankrupted the sports gear manufacturer after a New York federal judge ruled that alleged misstatements were plausibly misleading. U.S. District Judge Gregory H. Woods rejected the dismissal bid by ex-CEO Kevin Davis […]
In the News | Law360
October 14, 2019
Carol Gilden Draws Attention to Accountability
As a partner at Cohen Milstein, Carol Gilden fearlessly fights big challenges to ensure that investors aren’t being shortchanged by fraud or illegal practices. Although there are a few principles and philosophies by which Carol Gilden operates, mentors, and leads, she says the guiding principle of her legal work boils down to a basic—or, at […]
In the News | Modern Counsel
January 24, 2019
A Clear and Present Danger: The Continued Threat of Forced Arbitration of Investor Securities Claims
The assault on investors’ rights to sue in court continues, with yet another attempt to compel mandatory arbitration of investor claims through a change in company bylaws. The latest onslaught is being championed by Hal Scott, a Harvard Law professor and frequent critic of securities lawsuits. In November, Scott submitted a shareholder proposal on behalf […]
Articles | Shareholder Advocate Winter 2019
August 27, 2018
SEC Direction Unlikely to Shift Despite Agency Transitions
By Carol V. Gilden Elad Roisman has moved one step closer to being sworn in as a U.S. Securities and Exchange Commission member. On Aug. 23, 2018, the Senate Banking Committee approved Roisman as the Republican replacement for former SEC Commissioner Michael Piwowar, who stepped down in July after serving as commissioner since 2013, including […]
Articles | Law360
July 18, 2018
Changes at SEC Won’t Affect Trump Agenda
In early July, Michael Piwowar left the Securities and Exchange Commission (“SEC”) after serving as Commissioner since 2013, including a four-month stint as acting Chair in 2017. Nominated to take his place is Elad Roisman, another Republican who is currently chief counsel to the Senate Banking Committee. Also stepping down this year, perhaps as early […]
Articles | Shareholder Advocate Summer 2018
April 4, 2017
Why the Fairness in Class Action Litigation Act Is Unjust
Here we go again. H.R. 985 places a bulls’ eye squarely on the back of every securities class action. It does so under the guise of attempting to fix a supposedly broken litigation system for class actions, which the bill’s proponents allege is rife with abuse. But in fact this bill is designed to eliminate […]
Articles | Law360
April 27, 2016
Why Investors Are Suing Under Antitrust, Futures Laws
Having diversified their portfolios beyond U.S. stocks and bonds, today’s institutional investors are now diversifying the legal tools they use to protect those investments. In cases where markets were manipulated, some pension funds are suing under antitrust laws and the Commodity Exchange Act to recover losses and make rigged markets more efficient. While many of […]
Articles | Law360
March 24, 2016
New Tools in the Investor Toolbox: Using the Commodity Exchange Act and the Antitrust Laws to Protect Your Portfolio
In this Bloomberg BNA Pension & Benefits Daily article, Cohen Milstein Partners Carol V. Gilden and Michael Eisenkraft describe how the antitrust laws and the Commodity Exchange Act, among other laws, can provide additional protection to pension funds’ portfolios in some scenarios where investments may not be protected by the securities laws. Ms. Gilden and […]
Articles | Bloomberg BNA Pension & Benefits Daily