Michael B. Eisenkraft leads Cohen Milstein’s efforts in prosecuting innovative cases relating to the protection of the global financial markets.
He serves in both the Antitrust and Securities practices, is the administrative partner of the firm’s New York office, chair of the New Business Development Committee, and a member of the firm’s Executive Committee.
Michael currently represents putative classes of investors asserting antitrust or securities claims in the Stock Lending, Interest Rate Swaps, Treasuries, Bristol CVR, XIV ETN, Overstock.com, and Pesticides markets. In addition to recently securing $580 million in settlements in the Stock Lending litigation, Michael helped investors recover hundreds of millions of dollars in the firm’s mortgage-backed securities cases and represents businesses in commercial contingency litigation, including breach of contract cases.
- Co-chair, Committee on Federal Courts, New York County Lawyers’ Association
- Judicial Screening Committee, Westchester County Democratic Party
- Alliance For Justice (Board Member)
- Securities Editorial Advisory Board, Law360 (2020)
- New Jersey
- New York
- Harvard Law School, J.D., cum laude, 2004
- Brown University, B.A., magna cum laude, Phi Beta Kappa, 2001
- Law Clerk, the Hon. Judge Barrington D. Parker, U.S. Court of Appeals for the Second Circuit, 2007-2008
Iowa Public Employees Retirement System et al. v. Bank of America Corp. (S.D.N.Y.): Cohen Milstein is co-counsel in this groundbreaking putative class action, in which investors accuse Morgan Stanley, Goldman Sachs, Credit Suisse, UBS, J.P. Morgan, and other Wall Street banks of conspiring to thwart the modernization of and preserve their dominance over the $1.7 trillion stock loan market. On September 1, 2023, the court granted preliminary approval of a historic settlement of $499 million in cash along with injunctive relief against defendants Morgan Stanley, Goldman Sachs, UBS, JP Morgan, and EquiLend, bringing total settlements to $580 million thus far. Litigation against Bank of America continues.
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.
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 Overstock Securities Litigation (D. Utah): Cohen Milstein is sole Lead Counsel in this putative securities class action against Overstock.com Inc., its former CEO, CFO, and current Retail President for engineering a market manipulation “short squeeze” scheme, committing fraud and engaging in insider trading.
Northwest Biotherapeutics, Inc. v. Canaccord Genuity LLC, et al. (S.D.N.Y.): Cohen Milstein is leading this securities litigation against market makers Canaccord Genuity LLC, Citadel Securities LLC, G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, Lime Trading Corp., Susquehanna International Group LLP, and Virtu Americas LLC for repeated market manipulation tactics involving the spoofing of company stock.
Phunware, Inc. v. UBS Securities (S.D.N.Y.): Cohen Milstein is leading this securities litigation against UBS Securities for Its repeated market manipulation tactics involving the spoofing of Phunware's stock.
Mohawk Gaming Enterprises v. Scientific Games, et al. (AAA/NY State Court): Cohen Milstein represents casinos that purchased/leased an automatic shuffler from Scientific Games, Bally Technologies, and Bally Gaming in a novel, certified class arbitration, alleging that the Respondents control virtually 100% of the relevant card shuffler market and maintain monopoly power through deceptive tactics such as fraudulently procuring patents and then assert those patents in sham lawsuits against competitors, thereby suppressing competition and deterring entry of new competitors, thereby allowing Respondents to set inflated prices.
In re Bristol-Myers Squibb Company CVR Securities Litigation (S.D.N.Y.): Cohen Milstein is sole Lead Counsel in this securities class action arising from Bristol Myers’ alleged subversion of the FDA approval process for the cancer therapy Liso-cel for the purpose of avoiding a $6.4 billion payment to holders of contingent value rights (CVRs).
In re Crop Protection Products Loyalty Program Antitrust Litigation (M.D.N.C.): Cohen Milstein serves as Interim Co-Lead Class Counsel in this antirust multidistrict litigation against Syngenta Crop Protection and Corteva, Inc., two of the world’s largest pesticide manufactures. Plaintiffs allege these Defendants have illegally blocked competition through exclusive distributor “loyalty agreements,” thereby forcing farmers to pay supracompetitive prices while restricting their ability to benefit from new, innovative products.
Bains, et al. v. American Tactical, Inc., et al. (W.D.N.Y.): On April 13, 2023, Cohen Milstein and Brady Center to Prevent Gun Violence filed a negligence, public nuisance and unlawful marketing lawsuit against American Tactical, Inc. and others involved in the manufacturing, marketing, and sale of the 60-round high-capacity magazine (HCM) used by the perpetrator in a deadly mass shooting on April 15, 2021 at a FedEx Ground Package facility in Indianapolis, Indiana. Tragically, thirteen people were shot during the attack. Eight died. At least five other people were injured.
In re: Treasuries Securities Antitrust Litigation (S.D.N.Y.): Cohen Milstein is Co-Lead Counsel in this ground-breaking antitrust and Commodity Exchange Act class action alleging many of the nation’s biggest banks manipulated the multi-trillion-dollar market for U.S. Treasuries and related instruments.
NovaStar MBS Litigation: Cohen Milstein is lead counsel in litigation alleging that RBS, Wells Fargo (formerly Wachovia) and Deutsche Bank sold toxic mortgage-backed securities to investors. The litigation is one of the last outstanding class action MBS lawsuits. The Second Circuit Court of Appeals reversed an earlier dismissal of the lawsuit, paving the way for prosecution of the case. In March 2019, the Court granted final approval of a $165 million all-cash settlement.
New Jersey Carpenters Health Fund, et al., v. The Royal Bank of Scotland Group, PLC (S.D.N.Y.): Litigation gave rise to a $275 million settlement with Royal Bank of Scotland. Cohen Milstein was lead counsel in a complex case, in which presiding Judge Loretta A. Preska, of the U.S. District Court, Southern District of New York, commented on the “job well done” by the Cohen Milstein team.
RALI MBS Litigation (S.D.N.Y.): Cohen Milstein was Lead counsel in a securities class action alleging RALI and its affiliates sold shoddy MBS securities that did not meet the standards of their underwriters. In July 2015, the court granted final approval to a global settlement totaling $335 million, marking an end to a long and complicated class action that took seven years of intense litigation to resolve.
HEMT MBS Litigation (S.D.N.Y.): $110 million settlement with Credit Suisse. Cohen Milstein was lead counsel in a case alleging Credit Suisse and its affiliates sold toxic securities to pension fund investors. The suit, filed in 2008, was one of the first class action cases involving mortgage-backed securities to be filed.
In re China Mediaexpress Holding, Inc. Shareholder Litigation (S.D.N.Y.): Cohen Milstein was Co-Lead Counsel in this certified securities fraud class action and represented investors against U.S. listed China Mediaexpress (CME), purportedly on of the largest television advertising networks in China in an alleged “pump and dump” scheme, whereby it inflated its revenue and earnings to pay management earn-outs and inflate the stock price so insiders can sell. Investors further alleged that Deloitte Touche Tohmatsu (DTT), its independent auditor, misled investors about its client’s financial health and did not follow PCAOB auditing standards or GAPP. In January 2014, the Court ordered a default judgment and $535 million settlement against CME and in May 2015 a $12 million settlement against DTT. The Court issued a final judgment, concluding all litigation in September 2015.
In re Dynex Capital, Inc. Securities Litigation (S.D.N.Y.): Cohen Milstein, as Lead Counsel, represented Lead Plaintiff Pension Fund Local 445 and a certified class of investors of collateralized bonds known as Merit Series 12-1 and Merit Series 13. Investors alleged that Dynex, its subsidiary Merit Securities Corp., and senior executives lied about the quality of mobile home loans that were collateral for the bonds. Unique to the case were rulings addressing corporate scienter and arguments addressing bond certification and bond market efficiency. It is also the first class certification granted to a class of asset-backed bond purchasers under the 1934 Act within the Second Circuit. After six years of litigation, on March 13, 2012, the Court granted final approval of an eve-of-trial $7.5 million settlement.
On January 22, 2020, Cohen Milstein, on behalf of the North American Securities Administrators Association as Amicus Curiae, submitted an amicus brief to the Supreme Court of the United States in support of the respondent in Charles C. Liu and Xin Wang v. Securities and Exchange Commission, No. 18-1501. The amicus brief can be accessed […]
On October 12, 2018, Cohen Milstein, on behalf of the North American Securities Administrators Association as Amicus Curiae, submitted an amicus brief to the Supreme Court of the United States in support of the respondent in Francis V. Lorenzo v. Securities and Exchange Commission, No. 17-1077. The amicus brief can be accessed here. Introduction The […]
We believe that small businesses in the U.S. may have paid inflated prices for gasoline bought at retail gas stations since 2021 as a result of potentially unlawful activity by certain producers of shale oil. If you are the owner of a small business that bought gasoline at retail gas stations in any of the […]
- Lawdragon 500 Leading Plaintiff Financial Lawyers List (2021-2023)
- Benchmark Litigation, Litigation Future Star (2023, 2024)
- Litigator of the Week (ALM/Law.com) (August 25, 2023)
- Legal 500, Next Generation Partners (2021-2023)
- Benchmark Litigation, 40 Under 40 (2018, 2019)
- Law360, Rising Star (Under 40) (2018)
- Super Lawyers (2022, 2023)
- Super Lawyers Rising Stars (2013-2019)
- Martindale Hubbell – AV Preeminent (2016-2023)
July 26, 2023
UBS Accused of Spoofing Stock of Trump-Linked Software Company
A unit of UBS Group AG was accused in a New York lawsuit of using deceptive spoof orders to manipulate the shares of a software company that worked on Donald Trump’s 2020 reelection campaign. Phunware Inc., based in Austin, Texas, sued UBS Securities LLC Tuesday in federal court in Manhattan, alleging it “deliberately engaged in […]
In the News | Bloomberg
July 25, 2023
Phunware Files Lawsuit Against UBS Securities for Market Manipulation
FOR IMMEDIATE RELEASE: July 25, 2023 Contact: firstname.lastname@example.org PHUNWARE FILES LAWSUIT AGAINST UBS SECURITIES FOR MARKET MANIPULATION NEW YORK, NY – Today, Phunware, Inc. (NASDAQ: PHUN) filed a lawsuit against UBS Securities, LLC, one of the largest and most influential broker-dealers in the world, alleging repeated manipulation of the company’s stock over a two-year period. Phunware is a […]
Press Releases | Cohen Milstein
August 23, 2023
Morgan Stanley, Goldman Sachs, JP Morgan and UBS Agree to Pay Nearly Half a Billion Dollars to Settle Stock Lending Case
MORGAN STANLEY, GOLDMAN SACHS, JP MORGAN, AND UBS AGREE TO PAY NEARLY HALF A BILLION DOLLARS TO SETTLE STOCK LENDNG ANTITRUST LAWSUIT Joint Venture EquiLend to Implement Landmark Governance Reforms Aimed at Limiting Future Anticompetitive Misconduct NEW YORK, NY – After six years of litigation, a class of investors led by the Iowa Public Employees’ Retirement […]
August 23, 2023
5 Financial Institutions Ink $500M Stock Loan Antitrust Deal
Investors who have accused major banks of colluding to thwart modernization of the trillion-dollar stock loan market asked a New York federal judge Wednesday to greenlight a nearly $500 million settlement reached with JPMorgan, Morgan Stanley, Goldman Sachs and two other lending institutions. The financial institutions, along with UBS and EquiLend, agreed to make a […]
In the News | Law360
August 23, 2023
Banks Agree to Near $500Mn Settlement in Stock-Lending Lawsuit
Goldman Sachs, Morgan Stanley, JPMorgan and UBS resolve long-running antitrust allegations from pension funds Goldman Sachs, Morgan Stanley, JPMorgan Chase and UBS have agreed to pay almost $500mn to settle a long-running lawsuit alleging they violated antitrust laws by blocking efforts to modernise the opaque $2.7tn stock lending market. In a settlement announced on Wednesday, […]
In the News | Financial Times
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
March 15, 2023
Banks in the Coal Mine: Signature, Silvergate and Other Signs of Recession-Era Fraud—And What Investors Can Do About It
With the head-snapping implosion of Silicon Valley Bank and cryptocurrency lenders Signature and Silvergate Bank, amidst speculation of independent auditor complicity, this past week, it feels like 2008 all over again. Only this time, we’re in a post-Dodd-Frank world and Barney Frank is on the board of Signature. Recession seems all but certain, as the […]
Articles | New York Law Journal
February 9, 2023
10th Circ. Seeks Clarity On Overstock.com Crypto Offering
The Tenth Circuit on Thursday questioned attorneys for Overstock.com Inc. and its former executives over why the company pulled the plug on a plan to pay shareholders using cryptocurrency as the appellate court tries to decide whether to revive a lawsuit claiming the “ruse” was intended to squeeze short sellers. The federal appeals court heard […]
In the News | Law360
December 7, 2022
“Argent Can’t Arbitrate Suit Over $99M ESOP Buy,”
A New York federal judge refused to send to arbitration a suit claiming Argent Trust let a barbecue chain’s employee stock ownership plan overpay for company shares, ruling Tuesday that the plan’s arbitration agreement is unenforceable because it denies rights afforded under federal benefits law. U.S. District Judge Denise L. Cote said Jamaal Lloyd and […]
In the News | Law360
December 1, 2022
Biotech Company Says Citadel, Other Big Traders Manipulated Its Stock Price
In a new lawsuit, Northwest Biotherapeutics accuses market makers of illicit ‘spoofing’ trades A biotechnology company accused Citadel Securities LLC, Susquehanna International Group LLP and other Wall Street firms of driving down its stock price through a series of illicit trades. In a lawsuit filed Thursday in Manhattan federal court, Northwest Biotherapeutics Inc. alleged the […]
In the News | The Wall Street Journal
July 1, 2022
Stock-Loan Case Against Goldman, Other Banks Takes Step Toward Class Certification
Pension funds allege “group boycott” of startup platforms in stock loan market Manhattan federal judge in 2018 declined to dismiss case Credit Suisse in February first to settle, for $81 million A Manhattan federal judge on Thursday recommended the certification of a class of investors who have alleged Goldman Sachs Group Inc, JPMorgan Chase & […]
In the News | Reuters
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
February 11, 2022
“Credit Suisse to Pay $81M to Exit Stock Loan Antitrust Suit”
Credit Suisse has agreed to pay investors $81 million to be the first bank to exit a putative New York federal court class action accusing banks of colluding to kill competition in the stock loan market, the investors said in a bid for preliminary approval of the so-called icebreaker deal Friday. As a part of […]
In the News | Law360
February 9, 2022
“Tribe Can Pursue Class Arbitration in Gambling Supply Suit”
A Native American tribe that runs a casino resort in upstate New York can pursue class arbitration in its antitrust case against two suppliers of automatic card shufflers, an arbitrator has ruled. Mohawk Gaming Enterprises LLC, doing business as Akwesasne Mohawk Casino Resort, is suing Scientific Games Corp. and Bally Technologies Inc., which sell gambling […]
In the News | Law360
December 3, 2021
Notice: Cohen Milstein Files Class Action Complaint Against Bristol-Myers Squibb Company
FOR IMMEDITE RELEASE: NEW YORK, NY / ACCESSWIRE / December 3, 2021 – Cohen Milstein Sellers & Toll PLLC (“Cohen Milstein”) today announced that its ongoing investigation has led to the filing of a class action complaint against Bristol-Myers Squibb Company (“Bristol Myers”) and several of its senior executives and directors. The case was filed […]
August 5, 2021
“Investors Say They Have ‘Smoking Gun’ In Auction-Fixing Suit,” Law360
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
July 15, 2021
In Set Capital, Second Circuit Reinstates Investors’ Claims Against Issuers of Popular ‘Fear Index’ Security
By Michael B. Eisenkraft A recent ruling by the Second Circuit Court of Appeals in Set Capital LLC v. Credit Suisse Group AG, 996 F.3d 64, 77–78 (2d Cir. 2021) revived claims that financial giant Credit Suisse Group AG (“Credit Suisse”) had manipulated the market for a popular security that, oddly enough, allowed investors to […]
Articles | Shareholder Advocate Summer 2021
April 27, 2021
Major Investor Lawsuit Against Credit Suisse Reopened
For Immediate Release: Lawsuit focuses on materially false and misleading statements about Credit Suisse’s VelocityShares Inverse VIX Short Term Exchange Traded Notes NEW YORK – The United States Court of Appeals for the Second Circuit issued an order Tuesday that reopened a high-profile lawsuit alleging that Credit Suisse knowingly defrauded investors and caused hundreds of […]
In the News
April 20, 2020
Cohen Milstein’s Michael Eisenkraft Appointed to Law360’s 2020 Securities Editorial Advisory Board
Michael Eisenkraft, a Partner in Cohen Milstein’s Securities Litigation & Investor Protection practice, has been appointed by Law360 to its 2020 Securities Editorial Advisory Board. The editorial advisory board, which consists of 12 securities law partners from both Defense and Plaintiffs firms, provides feedback on Law360’s coverage and expert insight on how best to shape future […]
In the News
April 4, 2017
“Why the Fairness in Class Action Litigation Act Is Unjust,” Law360
By Carol V. Gilden and Michael B. Eisenkraft 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 […]
March 7, 2017
North American Securities Administrators Association Calls on U.S. Supreme Court to Protect Investors from Fraud and Abuse
Arguing on Behalf of the North American Securities Administrators Association, Cohen Milstein Urges Supreme Court to Preserve Investor Protections in CalPERS v. ANZ Securities WASHINGTON – Urging the U.S. Supreme Court to preserve investors’ ability to exercise important securities fraud claims, the North American Securities Administrators Association, Inc. (“NASAA”), the non-profit association of state, provincial and […]
In the News
January 23, 2017
“Dealing With Confidential Witness Recantation Statements,” Law360
By Michael Eisenkraft Grappling with the credibility of witnesses has been a focal point of legal systems for thousands of years. Despite all this practice, however, our legal system has not yet established a uniform approach to dealing with a witness credibility issue in a somewhat new context — a securities class action complaint governed by […]
April 27, 2016
Why Investors Are Suing Under Antitrust, Futures Laws
By Carol V. Gilden and Michael B. Eisenkraft Published in Law360 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 […]
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 […]
March 20, 2015
Omnicare: Negligence is the New Strict Liability When Pleading Omissions Under the Securities Act
Corporate Law & Accountability Report (BNA) Spring 2015 Read Omnicare: Negligence is the New Strict Liability When Pleading Omissions Under the Securities Act
January 20, 2015
Can Silence Keep You Safe? New Debate On 10b-5 Liability
Michael Eisenkraft’s article critically analyzes the reasoning in Stratte-McClure and NVIDIA, explores what this split — on a fundamental issue of securities law — means for both the securities bar and corporations, and provides a prediction as to which way the U.S. Supreme Court would rule should its recent enthusiasm for securities cases extend to resolving this […]
June 12, 2014
The Critical Role Played by Private Enforcement of the Securities Laws on Behalf of Taft-Hartley Pension Plans in the Aftermath of the Mortgage-Backed Securities Crisis – A Case Study
Bloomberg BNA Pension & Benefits Daily The full article can be read here.
April 7, 2014
The Supreme Court Grants Certiorari in Indymac: What’s at Stake for Investors, Securities Lawyers, and the Courts. What You Should Do Right Now to Prepare
Bloomberg BNA: Securities Regulation & Law Report Michael Eisenkraft 4/7/2014 Michael Eisenkraft, the author of this piece, is a partner at Cohen Milstein Sellers & Toll PLLC. Based in Cohen Milstein’s New York office, he is a member of its Securities Fraud/Investor Protection and Commercial Contingency practice groups. The Supreme Court Grants Certiorari in Indymac: What’s […]
May 30, 2013
Dodd-Frank’s Protections for Senior Citizens: An Important, Yet Insufficient Step
Senior financial abuse is a problem that does, or will, affect all of us. We may be the victim, the victim could be a relative or a friend, or we could simply just feel the effect, through higher taxes or fees at financial institutions, of the billions of dollars lost to senior financial abuse every […]
November 1, 2012
Restraint of Trade: Does Manipulation of LIBOR Fall Within the Sherman Act’s Definition of “Trade”? A Question of First Principles
J. Douglas Richards & Michael B. Eisenkraft CPI Antitrust Chronicle, Nov. 2012 (2)
February 1, 2005
The Pleading Standard for Scienter Under the PSLRA: Is It Constitutional?
Cohen Milstein’s Michael Eisenkraft with Robert A. Wallner Securities Litigation Report, Feb. 2005, at 1.