Lyzette Wallace is discovery counsel at Cohen Milstein and a member of the Securities Litigation & Investor Protection practice. She assists in discovery and evidentiary-related aspects of litigation and deposition preparation.
Lyzette has extensive discovery experience related to government investigations and litigation involving securities, antitrust, and False Claims Act violations in industry sectors including financial services, pharmaceuticals, medical devices, healthcare, and involving the U.S. Securities and Exchange Commission, the U.S. Department of Justice, Federal Communications Commission, Federal Trade Commission, Food and Drug Administration, and numerous state attorneys general offices.
Prior to joining Cohen Milstein, Lyzette worked with a plaintiffs’ firm and a defense firm. As a plaintiffs’ attorney, she represented health care insurers against brand pharmaceutical manufacturers in large, antitrust class actions involving False Claims Act violations, kickbacks, Hatch-Waxman abuses and whistleblower claims. Lyzette was a member of the team that represented a whistleblower against a brand pharmaceutical manufacturer, leading to what was at the time the largest health care fraud settlement in the U.S. Department of Justice’s history. As a defense attorney, she defended clients in internal and external investigations in deferred prosecution agreements, False Claims Act violations, Food, Drug and Cosmetics Act violations, kickbacks and qui tam matters involving the U.S. Department of Justice, the House Ways and Means Committee, the Senate Finance Committee, Food and Drug Administration, and various state attorneys general offices.
Lyzette is a certified coach through the Coach Training Alliance and founded C3 Coaching, Inc. She is also an accomplished facilitator and speaker and has had the opportunity to give a presentation to a State Department audience that provided successful strategies for managing difficult client relationships and communications.
Prior to practicing law, Lyzette was a senior technical and marketing recruiter at Microsoft, and founded, owned, and operated an education consulting business.
Outside of work, Lyzette is a tennis player, theatergoer, and foodie.
- Successfully represented a father in complicated DC child-custody matter.
- District of Columbia
- Howard University School of Law, J.D., 2004
- Stanford University, B.A., 1990
Current Cases
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.
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.
Past Cases
In re Alphabet Shareholder Derivative Litigation
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.
In re Pinterest Derivative Litigation
In re Pinterest Derivative Litigation (N.D. Cal.): Cohen Milstein represented the Employees Retirement System of Rhode Island and other Pinterest shareholders in a shareholder derivative lawsuit against certain Board members and executives. Shareholders alleged that Defendants personally engaged in and facilitated a systematic practice of illegal discrimination of employees on the basis of race and sex. On June 9, 2022, the Court granted final approval of a settlement including a $50 million funding commitment and holistic workplace and Board-level reforms.
In re Wells Fargo & Company Securities Litigation
In re Wells Fargo & Company Securities Litigation (S.D.N.Y.): Cohen Milstein, as Co-Lead Counsel, represented Public Employees' Retirement System of Mississippi and the Employees Retirement System of Rhode Island in this securities fraud class action. Plaintiffs alleged that Wells Fargo and certain former executives misrepresented its compliance with a series of 2018 consent orders with the CFPB, OCC, and the Federal Reserve arising from the Bank's widespread consumer fraud banking scandal. On September 8, 2023, the Court granted final approval of a historic $1 billion settlement, which is the largest securities class action settlement in 2023, the sixth largest in the last decade, the ninth largest ever in the Second Circuit, and the 17th largest ever. It is also the largest settlement ever without a restatement or related actions by the Securities Exchange Commission or U.S. Department of Justice.
Ohio Bureau of Workers Compensation (BWC) v. OptumRx Administrative Services, LLC
Ohio Bureau of Workers Compensation (BWC) v. OptumRx Administrative Services, LLC (Franklin C.P., Ohio): Led by Ms. Saler, 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): Led by Christina Saler, 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. Ms. Saler managed all aspects of the litigation.
May 16, 2023
Wells Fargo to Pay $1 Billion to Settle Lawsuit by Shareholders
A group of shareholders had claimed that the bank misled investors about its progress in cleaning up after a sham accounts scandal a decade ago. Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that […]
In the News | The New York Times
May 15, 2023
Cohen Milstein Secures a Historic $1 Billion Settlement for Shareholders in Wells Fargo Securities Class Action
For Immediate Release Press Contact: Tess Roy tess.roy@berlinrosen.com Investors Successfully Negotiate Settlement in Case Against Wells Fargo Alleging the Bank Misled Investors About Its Compliance with Federal Consent Orders and Likelihood Its Asset Cap Would be Lifted and Look Forward to the Court’s Consideration of the Settlement NEW YORK, NY – Today, Co-Lead Plaintiffs and […]
Press Releases
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
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
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
November 27, 2021
“Pinterest to Undergo Corporate Diversity Reform to Settle Suit Led by RI General Treasurer”
Social media platform Pinterest agreed to a series of diversity, equity and inclusion workplace reforms to settle a lawsuit by shareholders lead by the Rhode Island pension system, General Treasurer Seth Magaziner announced. The reforms are valued at $50 million and resolve shareholder complaints that Pinterest’s Board of Directors failed to respond to allegations of […]
In the News | The Providence Journal
November 25, 2021
Pinterest Settles Lawsuit Alleging Racial and Gender Discrimination. It’ll Also Spend $50 Million on Reforms Based on the Discrimination Allegations
Pinterest has settled a lawsuit alleging discrimination against racial minorities and women in its workplace, the company confirmed to CNET via email. The image-sharing social media site also pledged to spend $50 million to promote diversity, but further financial details of the settlement weren’t revealed. Company shareholders accused the board of directors of failing to […]
In the News | CNET
November 24, 2021
“Pinterest Agrees to Spend $50 Million on Reforms to Resolve Discrimination Allegations”
Pinterest pledged $50 million to overhaul its corporate culture and promote diversity as part of an agreement to resolve allegations that it discriminated against women and people of color, according to court documents and statements from the plaintiffs and the company. The settlement was announced on Wednesday by Seth Magaziner, the general treasurer of Rhode […]
In the News | The New York Times
November 24, 2021
“Pinterest Settles Lawsuit That Alleged Racial and Gender Discrimination – The Company Will Release Former Employees From NDAs”
Pinterest has settled a lawsuit brought against it by shareholders who claimed that the company’s workplace discrimination against women and racial minorities hurt its reputation, according to NBC News. The company reportedly agreed to spend $50 million on improving its diversity and equity, and will let former employees talk about racial or gender discrimination they […]
In the News | The Verge
June 11, 2021
Tivity Health Agrees to $7.5 Million Securities Fraud Class Deal
Dispute over United Health senior fitness program competition Investors previously beat back attempt to decertify class Fitness program provider Tivity Health Inc. investors who say the company failed to adequately disclose that United Healthcare was transforming from one of Tivity’s largest clients into a competitor asked a federal judge in Tennessee to preliminarily approve a $7.5 million […]
In the News | Bloomberg Law
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
March 24, 2021
“Tivity Health Investors Keep UHC Competition Case Class Status,” Bloomberg Law
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. The health […]
In the News
December 3, 2020
“Rhode Island ERS Sues Pinterest Over Culture of Discrimination,” Pensions & Investments
Rhode Island Employees’ Retirement System, Providence, is suing Pinterest Inc. executives and board members, claiming they fostered a culture of discrimination and retaliation that also hurt its financial success. The lawsuit filed Nov. 30 in U.S. District Court in San Francisco is supported by the $2 billion Ohio Laborers’ District Council and Contractors’ Pension Fund, […]
In the News
December 2, 2020
“Retirement System Sues Pinterest Board and Execs Over Discrimination,” Institutional Investor
The Employees’ Retirement System of Rhode Island says they breached their fiduciary duty. The Employees’ Retirement System of Rhode Island is suing board members and top executives at Pinterest, alleging that they engaged in or ignored discrimination at the company. The $8.5 billion retirement system, which is a Pinterest shareholder, is suing them on behalf […]
In the News
December 1, 2020
“Pinterest Shareholders Sue Over Discrimination Claims,” Law360
Social media company Pinterest was hit with a shareholder derivative suit Monday alleging the company’s executives and directors ignored a culture of race and sex discrimination, harming the company as it fights other suits and reputational harm. The partially redacted complaint alleges Pinterest has had a “systematic culture, policy and practice of illegal discrimination on […]
In the News
December 1, 2020
“Pinterest Shareholders Sue Over ‘Toxic’ Work Culture,” The Verge
Top executives ignored allegations of discrimination, complaint says. Pinterest shareholders are suing the company’s top executives, including CEO Ben Silbermann, for allegedly enabling a culture of discrimination. The toxic work environment has hurt the company’s reputation, leading to a user boycott and financial harm, the complaint alleges. The CEO “repeatedly placed himself before the Company, […]
In the News
November 9, 2020
Excited, Empowered and Not Surprised: Howard U. Community Reacts to Harris’ Historic Moment
“Excited” and “not surprised” were the two main responses FOX 5 DC received after speaking with those connected to Howard University on Sunday morning. Current and former students across the country and around campus are celebrating the news California Senator Kamala Harris be the first woman, the first Black and South Indian woman and the […]
In the News | Fox 5 News DC
July 24, 2020
“Tivity Health Bid for New Look at Investor Class Approval Denied,” Bloomberg Law
Tivity Health Inc. is stuck facing a certified investor class accusing it of not disclosing its biggest client’s transition to direct competitor after the Sixth Circuit ruled an interlocutory appeal wasn’t warranted. The investors won class status over Tivity’s objection in January. Tivity argued that the district judge “applied the wrong legal standard,” but the […]
In the News