Christina Donato Saler focuses primarily on shareholder litigation, representing public pension funds and other institutional investors as plaintiffs in class actions against publicly traded corporations and their officers and directors for securities fraud or breaches of fiduciary duty. In recent years, Christina has expanded her representation to serving as outside counsel to state attorneys general and, in working with those state enforcement offices, has recovered over $1 billion from pharmacy benefit managers that were overcharging state funded health plans, including Medicaid plans.
Christina also advises clients on regulatory trends and legal decisions that may impact the management of their funds. In this capacity, she is the editor of the Shareholder Advocate, a quarterly publication focused on legal issues relevant to public and Taft-Hartley pension funds and the institutional investor community.
Prior to joining Cohen Milstein in 2017, Christina was a securities class action litigator at a nationally recognized plaintiffs law firm, where she distinguished herself as a skilled litigator and trusted client counselor of public pension funds and other institutional investors. She also has substantial trial experience prosecuting First Amendment cases involving individual plaintiffs against media defendants.
In 2023, Governor Josh Shapiro of Pennsylvania reappointed Christina to the board of the Pennsylvania Humanities, whose mission is to find ways of using the humanities to help people take action for positive change in their lives and communities, and to demonstrate this effectiveness to leaders and organizations invested in making Pennsylvania a better place to live. Ms. Saler is a member of the executive committee and chairs the Government Advocacy Committee.
In law school, Christina was selected for the Rutgers University Law Review and served as the lead articles editor.
- Philadelphia Volunteer Indigence Program, Volunteer
- Senior Account Executive and Contract Manager for Verizon Spokesperson James Earl Jones, Tierney Agency
- Vice Chair of the Board (Governor Appointment), Pennsylvania Humanities, 2017-present
- New Jersey
- Pennsylvania
- Rutgers University Law School, J.D., with honors, 2003
- Fairfield University, B.A., 1995
- Law Clerk, Judge Mark I. Bernstein, Court of Common Pleas, First Judicial District of Pennsylvania
Current Cases
Illumina Stockholder Derivative Litigation
The Pavers and Road Builders Benefit Funds v. deSouza, et al. (Del. Ch.): Cohen Milstein represents stockholders in a derivative lawsuit against the board of directors of Illumina, Inc., a biotech company, for flagrant breaches of fiduciary duty and positive law related to Illumina’s $8 billion reacquisition of GRAIL, a healthcare company. Stockholders claim that the board’s decision to close the merger violated binding standstill obligations under Article 7(1) of the European Union Merger Regulation and flouted U.S. antitrust law, exposing Illumina to regulatory scrutiny and massive fines.
In re EQT Corporation Securities Litigation
In re EQT Corporation Securities Litigation (W.D. Pa.): Cohen Milstein is Co-Lead Counsel in this securities class action, in which Plaintiffs allege that EQT misrepresented the “substantial synergies” that were expected to arise from a planned merger with rival natural gas producer Rice Energy due to “the contiguous and complementary nature of Rice’s asset base with EQT’s.”
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.
Ohio Highway Patrol Retirement System v. Express Scripts, Inc.
Ohio Highway Patrol Retirement System v. Express Scripts, Inc. (Franklin C.P., Ohio): Cohen Milstein serves as Special Counsel to the Ohio Attorney General In this breach of contract litigation alleging that Express Scripts, Inc. overcharged HPRS on the pharmaceutical claims that Express Scripts processed as HPRS' PBM.
PBM Investigations & Litigation
PBM State Investigations: Cohen Milstein serves as Special Counsel to state Attorneys General throughout the United States in their investigation into the billing practices and fee structures of managed care organizations (MCOs) and PBMs in their delivery of services to state-funded health plans. To date, Cohen Milstein’s work with Attorneys General has resulted in more than $950 million in recoveries on behalf of state Medicaid programs.
Past Cases
In re Tintri, Inc. Securities Litigation
In Re Tintri, Inc. Securities Litigation (Sup. Crt., San Mateo Cnty., Cal.): Cohen Milstein represents investors in this securities class action, alleging that Tintri made misstatements and omissions in in its IPO registration statement and prospectus.
In re Woodbridge Investments Litigation
In re Woodbridge Investments Litigation (C.D. Cal.): Cohen Milstein is a part of the executive leadership team in a consolidated securities class action against Comerica Bank for violating California statutory law and breaching its fiduciary duties by aiding and abetting an elaborate multi-billion-dollar Ponzi-scheme fraud committed by Robert H. Shapiro and the Woodbridge Group of Companies, a real estate investment company that transacted the scheme through Comerica bank accounts. On September 3, 2021, the Court granted preliminary approval of a $54.2 million settlement between Woodbridge investors and Comerica Bank.
Ohio Bureau of Workers Compensation v. OptumRx Administrative Services, LLC
Ohio Bureau of Workers Compensation v. OptumRx Administrative Services, LLC (Franklin C.P., Ohio): Cohen Milstein served as Special Counsel to the Ohio Attorney General’s Office in breach of contract litigation against OptumRx Administrative Services, LLC for its allegedly overcharging BWC on certain pharmaceutical claims that OptumRx processed as BWC's PBM. On October 28, 2022, OptumRx agreed to pay the State of Ohio $15 million to settle the litigation.
Ohio Department of Medicaid et al. v. Centene Corporation et al.
Ohio Department of Medicaid v. Centene, Corp. (Franklin C.P., Ohio): Cohen Milstein served as Special Counsel to the Ohio Attorney General’s Office in this litigation. On June 14, 2021, the Ohio Attorney General announced a $88.3 million settlement with Centene Corporation and its wholly owned subsidiaries for their alleged role in not only breaching contractual and fiduciary obligations to the Ohio Department of Medicaid (ODM), but also defrauding ODM out of millions of dollars through an elaborate scheme with pharmacy benefit subcontractors to maximize company profits at the expense of the ODM and millions of Ohioans who rely on Medicaid.
Weiner, et al. v. Tivity Health, Inc., et al.
Eric Weiner v. Tivity Health, Inc. (M.D. Tenn.): Cohen Milstein was Class Counsel, representing Class Representative Oklahoma Firefighters’ Pension and Retirement System and other purchasers of Tivity Health stock in a putative securities class action for Exchange Act violations related to Tivity’s misleading the public about its relationship with United Healthcare, Inc. On October 7, 2021, the Court granted final approval of a $7.5 million settlement.
- Lawdragon, 500 Leading Plaintiff Financial Lawyers (2021-2024)
April 25, 2025
Silvergate Settles Securities Class Action For $37.5M In Ch. 11
The parent company of Silvergate Bank has asked a Delaware bankruptcy judge to approve a new deal to settle a securities class action for $37.5 million and resolve a slew of indemnification issues in its Chapter 11, a resolution that the debtor said would save it potentially millions of dollars in legal fees.
In the News | Law360
January 29, 2025
Winter 2025 Shareholder Advocate Released
The Winter 2025 issue of the Shareholder Advocate, our quarterly securities litigation and investor protection newsletter, features Julie Reiser on the Supreme Court's Loper Bright decision, Richard E. Lorant on Trump SEC Chair pick Paul V. Atkins and more.
In the News | Cohen Milstein
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
July 25, 2023
Shareholder Advocate Summer 2023
The Summer 2023 issue of the Shareholder Advocate includes: Download the Summer 2023 issue (PDF).
Articles
April 25, 2023
Shareholder Advocate Spring 2023
The Spring 2023 issue of the Shareholder Advocate includes: Banks in the Coal Mine: Signature, SIlvergate, and Other Signs of Recession-era Fraud and What Investors Can Do About It – Michael B. Eisenkraft Cohen Milstein Represents Investors in Stock-Fraud Suit in Company at Nexus of Crypto and Banking – Carol V. Gilden Activist Paul Rusesabagina, […]
Articles | Cohen Milstein
March 2, 2023
Comer Launches Investigation into Pharmacy Benefit Managers’ Role in Rising Health Care Costs
WASHINGTON—House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today is launching an investigation into pharmacy benefit managers’ (PBM) tactics that are harming patient care and increasing costs for consumers. Chairman Comer is calling on senior officials at the Office of Personnel Management (OPM), Centers for Medicare and Medicaid Services (CMS), and the Defense […]
In the News
February 9, 2023
Centene Cuts $215M False Claims Act Deal With Calif. AG
Centene Corp. has agreed to pay more than $215 million to resolve California Attorney General Rob Bonta’s allegations that the health care company defrauded the Golden State’s Medi-Cal program by falsely reporting higher prescription drug costs incurred by two of its managed care plans, Bonta announced Wednesday. The St. Louis, Missouri-based company, which is the […]
In the News | Law360
October 31, 2022
Health Care Giant Confirms $15M Settlement — Two Days After Denying It
A prescription middleman on Friday confirmed that it has promised to pay Ohio $15 million to settle fraud claims against it. When the state announced the deal two days earlier, the company denied it had been finalized. Ohio Attorney General Dave Yost on Wednesday announced that pharmacy benefit manager OptumRx had agreed to pay $15 […]
In the News | ABC News
October 27, 2022
Shareholder Advocate Fall 2022
The Fall 2022 issue of the Shareholder Advocate includes: Holding Auditors Accountable for Complicity in Corporate Fraud – Laura Posner Third Circuit Rejects Bid to Overturn Class Certification in EQT Litigation – Benjamin Jackson Tenth Circuit Revives Investors’ Fraud Suit Against Pluralsight – Carol Gilden Securities Litigation 101: Portfolio Monitoring Best Practices – Christopher Lometti and Richard Lorant Fiduciary Focus: Between a Rock and […]
Articles
August 25, 2022
Centene Strikes $33M Deal to End Wash. Medicaid Fraud Suit
Washington state and the federal government will receive $33 million from health care giant Centene Corp. to resolve a lawsuit alleging it overcharged the state’s Medicaid program — a deal that amounts to the second-largest fraud recovery in the state’s history. Washington’s Office of the Attorney General announced the deal Wednesday, saying Centene will pay about $19 million […]
In the News | Law360
August 1, 2022
Lawyer Limelight: Christina D. Saler
After starting a career in advertising working with the voice of Darth Vader, Christina Saler made a pivot into law school and has since dedicated her professional life to rooting out corporate wrongdoing. Saler, a partner at Cohen Milstein, focuses primarily on shareholder litigation, representing public pension funds and other institutional investors as plaintiffs in class actions […]
In the News | Lawdragon
July 27, 2022
Shareholder Advocate Summer 2022
The Summer 2022 issue of the Shareholder Advocate includes: Pension Funds Bolster Complaint in InnovAge Fraud Lawsuit – Jan E. Messerschmidt Chancery Court Accepts “Novel Theory” of Board’s Failure of Oversight Claim – Richard A. Speirs Seeking to Protect Investors, SEC Bears Down on Crypto Markets – Christina D. Saler Securities Litigation 101: Selecting a […]
Articles
July 27, 2022
Seeking to Protect Investors, SEC Bears Down on Crypto Markets
To say that federal securities regulators are expanding oversight of cryptocurrencies at an opportune time would be an understatement. In fact, some industry experts say the increased attention is overdue. Crypto assets have gone mainstream. Over the last year, several large pension funds have announced allocations to crypto or its underlying blockchain technology, while asset […]
Articles | Shareholder Advocate Summer 2022
June 14, 2022
AG Balderas Announces $13.7 Million Settlement with Centene Corporation Over Investigation of PBM Claims; Ongoing Investigation of Remaining PBMs in NM in Partnership with Superintendent of Insurance
ALBUQUERQUE – Today, New Mexico Attorney General Hector Balderas announced a $13.7 million settlement with Centene Corporation regarding the Attorney General’s investigation of the company’s subsidiaries’ pricing and reporting of pharmacy benefits and services provided to the New Mexico Medicaid program which is overseen by the New Mexico Human Services Department (HSD). “Vulnerable New Mexicans […]
In the News
May 16, 2022
After Years, Pharmacy-Middleman Suit Might Finally Come to Trial
Since at least 2016, Ohio pharmacists have been accusing large companies acting as pharmacy middlemen of abusive practices, which they deny. And since 2019, the state has been accusing them as well, in the form of lawsuits. Now, after years of wrangling in court, some of that litigation might be headed to trial. The middlemen, […]
In the News | Ohio Capital Journal
January 27, 2022
Winter 2022 Edition of the Shareholder Advocate
The Winter 2022 issue of the Shareholder Advocate includes: Reining in Abuse: SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans Groundbreaking Settlement Reached in Pinterest Shareholder Derivative Litigation – Molly J. Bowen Seventh Circuit Reverses Dismissal of Boeing Investors’ Derivative Action on Forum Bylaw Grounds – Carol V. Gilden, Richard A. Speirs, and Amy […]
Articles
October 21, 2021
Securities Litigation & Investor Protection Practice Issues Fall 2021 Edition of the Shareholder Advocate
The Fall 2021 issue of the Shareholder Advocate includes: BlackRock’s Move to Let Big Clients Vote their Proxies Offers Boost for Future of Capital Stewardship – Richard E. Lorant Biden Accentuates Diversity in Selecting Nominees to Federal Bench – Molly J. Bowen SEC Chair Gensler’s Ambitious Agenda Has Wall Street ‘Trembling’ – Richard E. Lorant Investors’ Lawsuit Against […]
Articles
October 1, 2021
Centene Settles Two Pharmacy Benefit Probes for $71 Million
Centene Corp. has agreed to pay more than $71 million to resolve investigations in two states into the health insurer’s billing practices. The settlements, announced on Thursday in statements from the attorneys general in Illinois and Arkansas, are related to claims that Centene’s pharmacy-benefit management business inflated drug costs. The company has resolved similar disputes with Ohio and […]
In the News | Bloomberg Law
July 15, 2021
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Summer 2021 Edition of the Shareholder Advocate
The Summer 2021 issue of the Shareholder Advocate includes: Directors and Officers Face Potential Liability under Section 14(a) for their Roles in Ohio’s Largest Bribery Scheme – Amy Miller and Richard A. Speirs The Escalating Litigation Involving Actuarial Equivalence on Taft-Hartley Plans: No End in Sight – Michelle C. Yau In Set Capital, Second Circuit Reinstates Investors’ Claims […]
Articles | Shareholder Advocate Summer 2021
June 14, 2021
Centene Eases after Settling Medicaid Lawsuit with Ohio, Mississippi
Centene says it has set aside $1.1 billion to cover settlements from similar lawsuits in other states. Shares of Centene were lower on Monday after the healthcare insurer agreed to pay settlements to Ohio and Mississippi over claims that it inflated pharmacy costs. Centene, the country’s largest seller of Medicaid health plans, will pay $88 […]
In the News | The Street
June 14, 2021
Centene Settles with Ohio and Mississippi Over Pharmacy Benefits Practice
Managed-care company establishes $1.1 billion reserve related to talks with other states. Centene Corp. said it settled claims from Ohio and Mississippi related to its pharmacy-benefit billing practices, and it is setting aside $1.1 billion to resolve similar issues with other states. The big managed-care company said it will pay about $88 million to Ohio and […]
In the News | The Wall Street Journal
June 14, 2021
Centene Settles Ohio Suit Alleging Medicaid Fraud for $88M
Centene Corp. has agreed to pay Ohio $88.3 million to settle a lawsuit alleging the pharmacy benefit manager overbilled the state’s Medicaid department for pharmacy services it provided, the state’s top lawyer announced Monday. Republican Attorney General Dave Yost said the settlement is the first and largest in the nation secured by a state attorney […]
In the News | Associated Press
June 14, 2021
Centene Reserves $1.1 Billion for State Pharmacy Disputes
Centene Corp. agreed to pay settlements to Ohio and Mississippi to resolve claims that it inflated pharmacy costs, and the health insurer reserved $1.1 billion to resolve similar claims in other states. Centene, the country’s largest seller of Medicaid health plans, will pay $88 million to Ohio and $55 million to Mississippi, while denying any […]
In the News | Bloomberg
June 14, 2021
Centene Settles Ohio, Miss. PBM Claims, Sets Aside $1.1B
Centene Corp. has agreed to pay Ohio $88.3 million and Mississippi $55 million to end claims that its pharmacy benefits manager, Envolve Pharmacy Solutions Inc., overbilled state agencies, while setting aside an additional $1.1 billion, the health care company announced Monday. Centene said in a filing with the U.S. Securities and Exchange Commission that no-fault […]
In the News | Law360
June 14, 2021
Centene to Pay $88 Million to Settle Ohio Suit over Double-Billing on Medicaid Drugs
America’s 24th-largest corporation Centene has agreed to pay Ohio $88 million to settle a lawsuit accusing the health-care giant of making off with millions of dollars meant to help the state’s most vulnerable residents. The unusually rapid surrender by Centene on a lawsuit filed barely three months ago shows the stakes to even a $111 […]
In the News | The Columbus Dispatch
June 11, 2021
Tivity Health Investors Seek Approval Of $7.5M Settlement
Investors in Tivity Health Inc. have asked a federal judge in Nashville to approve a $7.5 million settlement deal that would end claims that the health improvement company concealed that one of its most important customers, United Healthcare Inc., was developing a program that would compete with one of Tivity’s flagship offerings. In a brief […]
In the News | Law360
April 22, 2021
Spring 2021 Edition of the Shareholder Advocate
The Spring 2021 issue of the Shareholder Advocate includes: What the SPAC?! Blank-Check Explosion Draws New Regulatory Scrutiny – Richard E. Lorant Supreme Court Hears Oral Argument in Financial Crisis-Era Fraud Case Despite Warnings, Wave of Pandemic-Related Securities Suits Never Really Materialized – David M. Maser Recent Statute of Repose Rulings Highlight Obstacles, Potential Paths […]
Articles
April 20, 2021
Ponzi Investors Want Class Cert. in Suit Against Comerica
A group of investors in the Woodbridge Group Ponzi scheme are asking a California federal judge to certify them as a class in a suit against Comerica Bank, which they say aided Woodbridge’s fraud by ignoring “hundreds” of red flags of criminal activity. In a complaint filed Friday the investors accused Comerica of aiding and […]
In the News | Law360
March 24, 2021
Tivity Health Investors Keep UHC Competition Case Class Status
WHAT TO KNOW: Speculation over investor knowledge not enough to decertify. Reasonable jury could find materiality, required mental state. Tivity Health Inc. investors can continue pursuing as a class their suit over a former customer’s transformation into a competitor after a federal judge in Tennessee rejected the company’s bids for decertification and an early win. […]
In the News | Bloomberg Law
January 1, 2021
Cohen Milstein Names New Partners Brian E. Bowcut and Christina D. Saler
FOR IMMEDIATE RELEASE: WASHINGTON, DC – Cohen Milstein Sellers & Toll PLLC, one of the nation’s leading plaintiffs’ law firms, has named Mary J. Bortscheller, Brian E. Bowcut and Christina D. Saler as the firm’s newest partners, effective January 1, 2021. Mary J. Bortscheller, as a member of the firm’s Employee Benefits practice group, represents employees […]
Press Releases | Cohen Milstein
December 2, 2020
EQT Must Face Investor Suit Over $6.7B Merger, Judge Says
A Pennsylvania federal judge on Wednesday declined to throw out a proposed class action over EQT Corp.’s merger with Rice Energy, ruling that investors adequately alleged that EQT’s executives made statements about the benefits of the merger that “were simply not true at the time they were made.” The natural gas producer’s investors claim that […]
In the News | Law360
April 22, 2020
Court Operations Continue Despite Restricted Access
Just as the response to the COVID-19 pandemic has varied in timing and scope from state to state, so it is with the nation’s courts. While state courts in 34 states have suspended all in-person proceedings, the remaining 16 states have left matters up to court officials at the local level. Likewise, the timing of […]
Articles | Shareholder Advocate Spring 2020
February 3, 2020
Feds Certify Securities Class Action Against Tivity
Lawsuit Alleges Franklin-Based Company Misled Investors on United Relationship A federal court has certified a securities class action against Tivity Health that accuses the Franklin-based company of misleading investors about UnitedHealthcare bringing its services in-house. UnitedHealthcare has always been a significant client for Tivity, accounting for about 15 percent of its revenue. But in November […]
In the News | Nashville Post
January 29, 2020
Tivity Investors Win Class Cert. in Tenn. Stock-Drop Suit
A Tennessee federal judge on Wednesday certified a class of about 331 institutions and investors that own Tivity Health stock in a suit accusing the fitness and wellness program provider of deceiving investors about United HealthCare Inc. creating a competing senior-focused fitness program. U.S. District Judge Waverly D. Crenshaw Jr. certified a class consisting of […]
In the News | Law360
April 25, 2019
Cohen Milstein Overcomes Tivity Health’s Motion to Dismiss
Shareholders suing Tivity Health over the company’s failure to adequately disclose that one of its largest customers was becoming a direct competitor cleared an important hurdle in March when a federal judge denied defendants’ motion to dismiss the class action lawsuit. Cohen Milstein represents Oklahoma Firefighters’ Pension & Retirement System as sole lead plaintiff in […]
Articles | Shareholder Advocate Spring 2019
October 18, 2018
Cohen Milstein Helps Investors in Three Cases Obtain Favorable Rulings
Investors in one of the world’s largest gaming companies, a bankrupt energy producer and a drug manufacturer have recently won significant procedural victories in matters in which Cohen Milstein holds court-appointed leadership positions. Here are brief summaries of the cases at issue. In the In re Wynn Resorts, Ltd. Derivative Litigation, lead plaintiffs scored an […]
Articles | Shareholder Advocate Fall 2018
July 18, 2018
Ninth Circuit Holds Section 14(e) Requires Negligence, Creating Circuit Split
While it is good short-term news for plaintiffs, a Ninth Circuit appeals court ruling in favor of a more relaxed standard of proof in merger-related securities lawsuits also has created a circuit split that could lead to a showdown at the Supreme Court, a decidedly less friendly venue for plaintiffs. The decision comes amid a […]
Articles | Shareholder Advocate Summer 2018
April 24, 2018
Supreme Court Grapples with Constitutionality of ‘Fair Share’ Union Fees
In Janus v. AFSCME Council 31, et al., the Supreme Court heard oral argument recently on whether an Illinois law requiring nonunion public employees to pay partial fees to unions that negotiate on their behalf violates their constitutional right to free speech. A decision against the unions would undo forty years of precedent and financially […]
Articles | Shareholder Advocate Spring 2018
November 6, 2017
Cohen Milstein Sellers & Toll PLLC Adds David M. Maser and Christina D. Saler to Growing Securities Litigation Practice
FOR IMMEDIATE RELEASE: New hires bring decades of public and private sector experience andproven insights for shareholders, institutional investors. WASHINGTON, D.C. – Cohen Milstein Sellers & Toll PLLC, a leading national plaintiffs’ law firm, announced today that David M. Maser and Christina Donato Saler have joined the firm as Of Counsel in the Securities Litigation […]
Press Releases