Steven J. Toll, co-chair of the Securities Litigation & Investor Protection practice, has built a distinguished career and reputation as a fierce advocate for the rights of shareholders and has guided the strategy and mediation efforts on the firm’s largest and most important matters — both securities fraud and other consumer cases. His skill and steadiness have earned the trust of mediators and the respect of defense counsel.
Steve also serves as a model inside the law firm. For nearly three decades, Cohen Milstein prospered under his leadership as managing partner and a member of the executive committee.
Steve has been lead or principal counsel on some of the most high-profile stock fraud lawsuits in the past 30 years, arguing important matters before the highest courts in the country. He was involved in settling some of the most important mortgage-backed securities (MBS) class-action lawsuits in the aftermath of the financial crisis, including: Countrywide Financial Corp., which settled for $500 million in 2013; Residential Accredited Loans Inc. (RALI), which settled for $335 million in 2014; Harborview MBS, which settled for $275 million, also in 2014; and Novastar MBS, which settled for $165 million in 2019.
Most recently, Steve was involved in the landmark $1 billion settlement with Wells Fargo, ending a three-year securities fraud class action lawsuit brought on behalf of investors nationwide. The settlement is the 17th largest securities class action settlement of all time.
Among Steve’s most important wins is the Harman class action suit, where he argued and won an important ruling from the U.S. Court of Appeals for the District of Columbia Circuit. The Circuit Court reinstated the suit against electronics maker Harman International Industries; the ruling is significant in that it places limits on the protection allowed by the safe harbor rule for forward-looking statements. A $28.25 million settlement was achieved in this action in 2017.
Steve was co-lead counsel in the BP Securities class action securities fraud lawsuit that arose from the devastating Deepwater oil spill in the Gulf of Mexico. The Fifth Circuit Court of Appeals affirmed the certification of the class of investors alleged to have been injured by BP’s misrepresentation of the amount of oil spilling into the Gulf of Mexico, and thus minimizing the extent of the cost and financial impact to BP of the clean-up and resulting damages. In 2017, the court granted final approval to a $175 million settlement reached between BP and lead plaintiffs for the “post-explosion” class.
Steve was co-lead counsel in the consumer class action suit against Lumber Liquidators, a lawsuit that alleged the nationwide retailer sold Chinese-made laminate flooring containing hazardous levels of the carcinogen formaldehyde while falsely labeling their products as meeting or exceeding California emissions standards, a story that was profiled twice on 60 Minutes in 2015. In 2018, the court granted final approval of a settlement of $36 million between Lumber Liquidators and plaintiffs.
- Steve has been an active supporter of Children’s Hospital National Medical Center for decades, setting up an endowment in his daughter’s name to help the hospital’s leukemia patients and their families (his daughter passed away from leukemia in 1987). More recently he established regular programs for music and laughter for the children during their hospital stays.
- District of Columbia
- Virginia
- Georgetown University Law Center, J.D., 1975
- University of Pennsylvania, B.S., cum laude, 1972
Current Cases
In Re Nike, Inc. Securities Litigation
In Re Nike, Inc. Securities Litigation (D. Or.): Cohen Milstein represents investors in a securities class action against Nike and certain directors and officers for making misstatements and omissions about the success of a key corporate strategy called “Consumer Direct Acceleration,” which had the purpose and effect of propelling long-term sustainable financial growth for the benefit of Nike and its shareholders. However, when Nike’s alleged fraud was finally revealed Nike’s stock collapsed nearly 20%—the largest stock price drop in Nike’s history, wiping out billions of dollars in shareholder value.
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.
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.
IBEW Local 98 Pension Fund v. Deloitte
IBEW Local 98 Pension Fund v. Deloitte (D.S.C.): Cohen Milstein is sole Lead Counsel in this putative securities class action against Deloitte for allegedly breaching its external auditor duties related to SCANA’s multi-billion-dollar nuclear energy expansion project in South Carolina - the largest fraud in South Carolina history.
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 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.
In re Bed Bath & Beyond Corporation Securities Litigation
In re Bed Bath & Beyond Corporation Securities Litigation (D.D.C.): Cohen Milstein is Liaison Counsel in this securities class action against Ryan Cohen, RC Ventures LLC, and Bed Bath & Beyond, alleging that Cohen, an influential activist investor and purported leader of the “meme stock” movement, manipulated the market for Bed Bath & Beyond’s securities by orchestrating a massive “pump and dump” scheme, based on insider information.
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.
Past Cases
In re Lucent Technologies Securities Litigation
In re Lucent Technologies Securities Litigation (D.N.J.): Cohen Milstein represented The Parnassus Fund, one of the co-lead plaintiffs, in this massive securities fraud class action. Allegedly, Lucent made false and misleading statements regarding its financial results and failed to disclose serious problems in its optical networking business. On December 15, 2003, the court granted final approval of a historic settlement against Lucent of $500 million in cash, stock and warrants, ranking it one of the largest securities class action settlements of all time.
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.
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.
FirstEnergy Shareholder Derivative Litigation
FirstEnergy Shareholder Derivative Litigation (S.D. Ohio; N.D. Ohio): Cohen Milstein represented the Massachusetts Laborers Pension Fund in two shareholder derivative actions against certain officers and directors and nominal defendant FirstEnergy related to the Company’s involvement in Ohio’s largest public bribery schemes. On August 23, 2022, the Court granted final approval of a $180 million global settlement. Law360 ranked this case as one of the top 10 securities litigation settlements in 2022.
In re GreenSky Securities Litigation
In re GreenSky Securities Litigation (S.D.N.Y.): Cohen Milstein was Co-Lead Counsel in this securities class action involving fintech company GreenSky’s failure to disclose in its Initial Public Offering documents significant facts about the Company’s decision to pivot away from its most profitable line of business. This failure led to its stock plummeting and causing significant investor harm. In October 2021, the Court granted final approval of a $27.5 million settlement.
Lewis Cosby, et al. v. KPMG, LLP
Lewis Cosby et al. v. KPMG, LLP (E.D. Tenn.): As Co-Lead Counsel, Cohen Milstein settled for $35 million investors’ claims that KPMG perpetuated a massive fraud by signing off on Miller Energy’s $480 million valuation of Alaskan oil reserve assets that were largely worthless. The alleged fraud, plaintiffs claim, caused millions of dollars in investor damages and led to Miller Energy’s bankruptcy. In July 2022, the Court granted final approval of the settlement.
BP Securities Litigation
BP Securities Litigation (S.D. Tex.): Cohen Milstein served as Co-Lead Counsel, representing the New York State Common Retirement Fund in this certified securities class action, stemming from the Deepwater Horizon oil spill. Plaintiffs allege that after the Deepwater Horizon explosion, BP and two of its senior executives misled investors about the severity of the oil spill in the Gulf of Mexico which impeded investors’ ability to assess the financial implications of the spill on BP. The case settled for $175 million a few weeks before trial was set to begin. Final approval was granted in February 2017.
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 February 4, 2025, the court granted final approval of a $20 million settlement.
In re Harman International Industries, Inc. Securities Litigation
In re Harman International Industries, Inc. Securities Litigation (D.D.C.): Cohen Milstein obtained a precedent-setting ruling by the U.S. Court of Appeals for the D.C. Circuit, reversing the dismissal of the case by the lower court, protecting investors by limiting the scope of protection afforded by the so-called “safe-harbor” for forward-looking statements in the Private Securities Litigation Reform Act of 1995.
Countrywide Mortgage Backed Securities (MBS) Litigation
Countrywide Mortgage Backed Securities (MBS) Litigation (C.D. Cal.): Cohen Milstein represented Iowa Public Employees’ Retirement System (IPERS) and other plaintiffs in a securities class action against Countrywide Financial Corporation and others for misstatements and omissions involving the packaging and sale of mortgage-backed securities (MBS). On December 5, 2013, the court granted final approval to a landmark $500 million settlement – the nation’s largest MBS-federal securities class action settlement at the time and the largest (top 20) class action securities settlements of all time.
Bear Stearns Mortgage Pass-Through Certificates Litigation
In re Bear Stearns Mortgage Pass-Through Litigation (S.D.N.Y.): Cohen Milstein, as co-lead counsel, represented the New Jersey Carpenters Health Fund, Oregon Public Employees Retirement System, and Iowa Public Employees Retirement System in a securities class action suit alleging that Bear Stearns violated securities laws in the sale of mortgage-backed securities to investors. On May 27, 2015, the court granted final approval of a landmark settlement of $505 million in cash (including a $5 million expense fund). This is the largest recovery ever obtained in a securities class action on behalf of investors in mortgage-backed securities.
In re Lumber Liquidators Chinese-Manufactured Laminate Flooring Products Marketing, Sales Practices and Products Liability Litigation
In re Lumber Liquidators Chinese-Manufactured Laminate Flooring Products Marketing, Sales Practices and Products Liability Litigation (E.D. Va.): Cohen Milstein is co-lead counsel in a consumer class action lawsuit, alleging the nationwide retailer sold Chinese-made laminate flooring containing hazardous levels of the carcinogen formaldehyde while falsely labeling their products as meeting or exceeding California emissions standards, a story that was profiled twice on 60 Minutes in 2015. On October 9, 2018, the Court granted final approval of a $36 million settlement. Mr. McNamara was involved in all aspects of the litigation, including discovery, writing and arguing pleadings, and settlement.
Harborview MBS Litigation
New Jersey Carpenters Health Fund, et al., v. The Royal Bank of Scotland Group, PLC (S.D.N.Y.): Cohen Milstein was lead counsel in this a certified MBS class action against the Royal Bank of Scotland involving certain Harborview Mortgage Loan Pass-Through Certificates. On November 4, 2014, the court granted final approval a $275 million settlement. Presiding Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York commended the Cohen Milstein team on a “job well done.”
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.
In re China Mediaexpress Holding, Inc. Shareholder Litigation
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, one of China’s largest TV advertising networks in an alleged “pump and dump” scheme. Investors further alleged that Deloitte Touche Tohmatsu, its independent auditor, misled investors about its client’s financial health. 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 in September 2015.
RALI MBS Litigation
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.
Commonwealth of Pennsylvania v. International Business Machines Corp.
Commonwealth of Pennsylvania v. International Business Machines Corp. (Crt. Common Pleas, Dauphin Cnty., Penn.): Cohen Milstein represented the Commonwealth of Pennsylvania, Department of Labor and Industry in a breach of contract dispute against IBM related to the modernization of an unemployment compensation delivery system for the Commonwealth. On August 24, 2021, the parties announced, after extensive discovery and the exchange of expert reports, that they had reached a confidential settlement.
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.
- Lawdragon 500 Global Plaintiff Lawyers (2024)
- Lawdragon 500 Leading Lawyers in America (2016, 2018-2024)
- Lawdragon 500 Leading Plaintiff Financial Lawyers List (2021-2024)
- Chambers USA Securities Litigation: Plaintiff-Nationwide Notable Practitioner (2022-2024)
- Legal 500 Leading Lawyers (2020-2024)
- Lawdragon 500 Leading Lawyers in America (2016, 2018-2024)
- Lawdragon 500 Leading Plaintiff Financial Lawyers List (2021-2024)
- The National Law Journal – Plaintiffs’ Attorney of the Year – Finalist (2024)
- Benchmark Litigation, Litigation Star (2023-2025)
- Lawdragon 500 Hall of Fame (Inducted 2021)
- Lawdragon Legends (2019)
- The National Law Journal and The Trial Lawyer, America’s 50 Most Influential Trial Lawyers (2018, 2020)
- Law360 Titan of the Plaintiffs Bar (2018)
- Law360 MVP in Securities Law (2015)
- Law360 Most Admired Attorneys (2010)
- Super Lawyers (2018-2024)
May 20, 2025
The Bright Cluster of Lawdragon Legends at Cohen Milstein
The Lawdragon Legends reflect the nation's most prestigious lawyers, having been honored on the Lawdragon 500 Leading Lawyers in America list over 10 times. So, it's significant when there’s a concentration of several Legends in one firm, especially a small or mid-sized one, such as Cohen Milstein. These Legends from the firm's Human Rights, Civil Rights & Employment, and Securities Litigation & Investor Protection form a bright constellation of justice-seeking advocacy of the highest order.
In the News | Lawdragon
May 9, 2025
Split 4th Circ. Revives Naval Engineers’ No-Poach Case
A split Fourth Circuit panel Friday revived a putative class action accusing major shipbuilders and naval engineering consultants of an illegal "no-poach" conspiracy, with the majority holding that just because the alleged conspirators never formalized their purported agreements in writing, it doesn't mean the conspiracy can't be unlawful.
In the News | Law360
April 29, 2025
Deloitte, SCANA Investor Class Settle Suit Over Failed Project
Deloitte and a certified class of SCANA Corp. investors told a South Carolina federal judge Tuesday they've settled claims accusing the accounting firm of issuing audit reports that misled investors about the progress the utility company was making on a $9 billion nuclear energy expansion project that never came to fruition.
In the News | Law360
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
February 19, 2025
Judge Partially Certifies Credit Suisse XIV Notes Class Action
A New York federal judge has granted class certification to investors alleging that Credit Suisse manipulated the market for its XIV notes, while denying certification for those claiming losses from misrepresentations, finding that the suggested class failed to resolve previous deficiencies in its proposal.
In the News | Law360
November 12, 2024
Deloitte Must Face Certified Class Over Nuclear Audit Reports
A South Carolina federal judge on Tuesday certified a class of SCANA Corp. investors accusing Deloitte of issuing audit reports that misled them about the progress the utility company was making on a $9 billion nuclear energy expansion project that failed.
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
July 8, 2024
Cohen Milstein Urges Shareholders Who Lost Significant Money in Hertz Global Holdings, Inc. to Contact Firm
Cohen Milstein Sellers & Toll PLLC alerts investors who purchased securities of Hertz Global Holdings, Inc. (“Hertz”) (NASDAQ: HTZ) between April 27, 2023 and April 24, 2024 (the “Class Period”) that they have until July 30, 2024 to contact the firm if they wish to seek lead plaintiff status in a pending class action lawsuit.
Press Releases | Cohen Milstein
March 16, 2023
Wells Fargo Agrees to Pay $1B to Settle Class Action Lawsuit Tied to Fake Accounts Scandal
Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit that accuses the bank of hurting investors by overstating how much progress it made fixing up its practices in the aftermath of its fake accounts scandal. The settlement, if approved by the court, would be among the largest recoveries from a […]
In the News | USA Today
February 27, 2024
2023 Securities Group Of The Year: Cohen Milstein
Cohen Milstein's securities team made headlines last year by securing one of the largest securities class actions recoveries of all time for Wells Fargo investors and by introducing major corporate governance reforms at several financial institutions after their alleged attempts to obstruct the stock loan market, earning the firm a spot among Law360's 2023 Securities Groups of the Year.
In the News | Law360
February 15, 2024
Largest Securities-Related Class Action Settlements of 2023
2023 delivered a banner year for investor recoveries, as the $7.9 billion in settlement funds across the globe was the highest total in the last five years. The $5.8 billion specifically secured in securities-related class actions in the U.S. was also up 18% from 2022. In this ISS Insights post, ISS Securities Class Action Services, […]
In the News | ISS Securities Class Action Services
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
October 9, 2023
General Dynamics, Huntington Ingalls Sued in Engineers’ ‘No Poach’ Lawsuit
Defense contractors General Dynamics (GD.N) and Huntington Ingalls Industries (HII.N) have been sued in U.S. court by naval engineers who allege industry-wide curbs on employee mobility have artificially reduced worker compensation by hundreds of millions of dollars. The prospective class action lawsuit filed on Friday against General Dynamics, Huntington and various subsidiaries of the two […]
In the News | Reuters
August 16, 2023
Cohen Milstein Investigates Applied Digital Corporation for Violations of Securities Exchange Act
FOR IMMEDIATE RELEASE WASHINGTON, D.C. August 16, 2023 – Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Applied Digital Corporation (“Applied Digital” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange […]
Press Releases
August 7, 2023
Deloitte Must Face Investor Suit Over Failed Nuclear Project
Deloitte can’t escape a lawsuit accusing it of failing to warn investors in a South Carolina utility company about the faltering state of a $9 billion nuclear energy project, with a federal judge on Monday declining to dismiss the lawsuit over arguments that the lead plaintiff’s board of trustees didn’t sign off on the suit. […]
In the News | Law360
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
May 19, 2023
This Week’s Litigator of the Week Runners-Up and Shout Outs: Wells Fargo
Plaintiffs lawyers at Bernstein Litowitz Berger & Grossmann and Cohen Milstein Sellers & Toll reached a $1 billion settlement with Wells Fargo & Co. in what’s poised to be one of the 20 largest shareholder settlements of all-time if approved. First up are lawyers at Bernstein Litowitz Berger & Grossmann and Cohen Milstein Sellers & […]
In the News | The AmLaw Litigation Daily
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
May 15, 2023
Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit
Shareholders claimed the bank and its past leadership were moving slower to address regulatory issues than they acknowledged publicly Wells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal. The bank’s shareholders alleged Wells Fargo and […]
In the News | The Wall Street Journal
March 1, 2023
2 Firms Tapped To Rep Investors In Silvergate Laundering Suit
Bernstein Litowitz Berger & Grossmann LLP and Cohen Milstein Sellers & Toll PLLC were appointed class counsel in a proposed class action against Silvergate Capital Corp. that accuses the cryptocurrency-focused firm of failing to alert investors it lacked the necessary protections to detect ongoing money laundering on the platform. U.S. District Judge Cathy Ann Bencivengo […]
In the News | Law360
January 23, 2023
2022 Securities Group Of The Year: Cohen Milstein
Cohen Milstein Sellers & Toll PLLC tied up one of the biggest shareholder derivative settlements on record and clinched multimillion-dollar investor deals to hold big corporate boards accountable for rooting out alleged workplace bias and abuse, landing it among Law360’s 2022 Securities Groups of the Year. With roughly 30 attorneys in offices across the country, […]
In the News | Law360
December 15, 2022
Cohen Milstein Gets $4.25M For Boeing Investor Settlement
Cohen Milstein Sellers & Toll PLLC will receive $4.25 million of a $6.25 million global settlement they brokered on behalf of investors in aircraft company Boeing who accused the company’s brass of concealing issues with its 737 Max jet, an Illinois federal judge said. In the order, U.S. District Judge Harry D. Leinenweber said the […]
In the News | Law360
December 5, 2022
Cohen Milstein Gets $4.8M Fee in Performance Sports Case – Law360
A New York federal judge awarded more than $4.8 million in fees to Cohen Milstein Sellers & Toll PLLC, granting a request by the attorneys who secured a class action settlement between investors and former executives of the bankrupt Performance Sports Group Ltd. after nearly seven years of litigation. U.S. District Judge Gregory H. Woods […]
In the News
December 5, 2022
Attys Behind Performance Sports Deal Seek $3.6M In Fees
Lawyers representing Performance Sports Group investors should be awarded $3.6 million for their work in securing a settlement in a proposed class action alleging PSG executives lied to shareholders about the now-bankrupt athletic gear manufacturer’s sales tactics, the attorneys told a New York federal court. Cohen Milstein Sellers & Toll PLLC said Friday that the […]
In the News | Law360
November 18, 2022
Cohen Milstein Advises Investors of Upcoming Lead Plaintiff Deadline in Case Against Compass Minerals International, Inc.
WASHINGTON, DC – Cohen Milstein Sellers & Toll PLLC is investigating Compass Minerals International, Inc. (NYSE: CMP) (“Compass Minerals” or the “Company”) following the filing of a class action lawsuit alleging violations of the federal securities law. If you purchased Compass Minerals shares between October 31, 2017 and November 18, 2018 (the “Class Period”) and suffered […]
Press Releases
October 5, 2022
Wells Fargo Shareholders Move for Class Certification in Consent Order Compliance Lawsuit
The lead plaintiffs in securities litigation involving Wells Fargo & Company filed a motion for class certification on Monday in the Southern District of New York. Specifically, the motion seeks class certification, appointment of the lead plaintiffs as class representatives, and appointment of Bernstein Litowitz and Cohen Milstein as class counsel. The suit alleges that the defendants’ […]
In the News | Law|Street
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 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 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 10, 2022
Spicing It Up: Scientific Reports Drive New Wave of Class Actions
Hundreds of consumer class actions allege household items like spices, baby food, sunscreen and deodorant contain toxic substances, such as arsenic, lead and benzene. What You Need to Know Half a dozen class actions target spices, the latest household items alleged to contain toxic metals. More than 100 lawsuits claim toxic metals are in baby […]
In the News | Law.com
January 13, 2022
7th Circ. Boeing Ruling Tears Open Forum Rift in Delaware
Boeing shareholders still have an uphill fight ahead after winning a Seventh Circuit ruling that ran right through the crossroads of corporate law and a Catch-22 company bylaw restricting federal derivative claims to Delaware’s Chancery Court, which is barred from hearing them. Experts said the decision last week in Seafarers Pension Plan v. Robert Bradway, […]
In the News | Law360
January 10, 2022
Split 7th Circ. Says Boeing Can’t Curb 737 Max Derivative Suit
A split Seventh Circuit panel said Friday that Boeing can’t use its bylaws to prevent shareholders from bringing federal derivative claims alleging its board directors and officers issued false and misleading statements concerning the 737 Max jets in the years leading up to two fatal crashes. The 2-1 appellate panel revived a shareholder derivative suit […]
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
December 2, 2021
Performance Sports Investors Score $13M Deal in Fraud Suit
Two former Performance Sports Group executives will pay $13 million through company insurance to end a proposed class action alleging they lied to shareholders about the now-bankrupt athletic gear manufacturer’s sales tactics, according to a proposed deal filed Wednesday. The all-cash deal requires former PSG CEO Kevin Davis and ex-CFO Amir Rosenthal, through the company’s […]
In the News | Law360
November 21, 2021
2 Firms Want to Lead, Combine XL Fleet Merger Suits in Del.
Grant & Eisenhofer PA and Cohen Milstein Sellers & Toll PLLC have agreed to a stipulation that would consolidate two lawsuits filed in Delaware Chancery Court over a $1 billion merger that created XL Fleet Corp., and are seeking to serve as co-lead counsel for the proposed shareholder class. In a stipulation and proposed order […]
In the News | Law360
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 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 4, 2021
Investigation Notice: Cohen Milstein Investigates Spectrum Pharmaceuticals, Inc. on Shareholders’ Behalf
WASHINGTON, DC / ACCESSWIRE / October 4, 2021 / Cohen Milstein Sellers & Toll PLLC is investigating Spectrum Pharmaceuticals, Inc. (NYSE:SPPI) (“Spectrum Pharmaceuticals” or the “Company”) following the filing of class action lawsuits alleging violations of federal securities law. If you purchased Spectrum Pharmaceuticals shares between December 27, 2018 and August 5, 2021 (the “Class Period”) and suffered […]
Press Releases
September 30, 2021
Wells Fargo Must Face Shareholder Fraud Claims over Its Recovery from Scandals
A federal judge on Thursday rejected Wells Fargo & Co’s (WFC.N) bid to dismiss a lawsuit claiming it defrauded shareholders about its ability to rebound from five years of scandals over its treatment of customers. The fourth-largest U.S. bank has operated since 2018 under consent orders from the Federal Reserve and two other U.S. financial […]
In the News | Reuters
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 25, 2021
IBM Settles Pa. Labor Dept.’s Suit Over $110M IT Upgrade
Pennsylvania Gov. Tom Wolf’s administration announced on Tuesday that it has settled a fraud lawsuit accusing IBM of racking up tens of millions in cost overruns while failing to deliver under a $110 million contract to create a new integrated computer system for handling the state’s unemployment compensation program. The Pennsylvania Department of Labor & […]
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
May 25, 2021
GreenSky Investors Reach $27.5 Million Settlement, Seek Court OK
GreenSky Inc. investors who accuse the fintech firm of misleading them about its 2018 initial public offering asked a federal judge in New York to grant preliminary approval to their $27.5 million settlement. The deal represents almost 14% of the investors’ “estimated recoverable damages, discounted for certain potential defenses,” the class said in a memo […]
In the News | Bloomberg Law
April 28, 2021
Market Manipulation Case Reopening Adds to Credit Suisse’s Woes
Although appellate court judges threw out some claims against the bank, they said that market manipulation allegations were “plausible.” Credit Suisse is having another rough week. A U.S. Appeals Court reopened a 2018 case alleging that Credit Suisse had engaged in market manipulation of some exchange-traded notes that short the VIX, a popular proxy for […]
In the News | Institutional Investor
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
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
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 […]
Press Releases
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
April 5, 2021
EQT Investors Seek Class Cert. in Suit Over $6.7B Merger
A group of investors have asked a Pennsylvania federal court to certify their class in a suit over the $6.7 billion merger between EQT Corp. and Rice Energy, which they say lost them millions as a result of misrepresentations. Investors including lead plaintiffs Government of Guam Retirement Fund and Northeast Carpenters Pension Fund, asked Friday […]
In the News | Law360
March 30, 2021
Doormaker’s Investors Win Cert. in Suit Over Antitrust Scheme
A Virginia federal court has certified a class of investors alleging that doormaker Jeld-Wen Inc. manipulated its stock price by concealing that it had violated antitrust law through an anti-competitive merger and other conduct. U.S. District Judge John A. Gibney Jr. issued an order Monday certifying a class of Jeld-Wen investors and appointing Robbins Geller […]
In the News | Law360
December 11, 2020
Steven J. Toll to Speak at 2020 Congressional Civil Justice Academy
Steven J. Toll, co-chair of Cohen Milstein’s Securities Litigation & Investor Protection practice, will address “The Changing Landscape of Securities Litigation: Mergers, Events-Based Securities Claims, and Emerging Litigation and Settlement Dynamics in Federal and State Courts” at the Antonin Scalia School of Law’s Congressional Civil Justice Academy. Examining Current Trends On December 11, 2020 panelists […]
Events | George Mason University Scalia Law School
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
November 30, 2020
Boeing Can’t Limit Forum for Shareholder Suits, 7th Circ. Told
A Boeing shareholder told the Seventh Circuit during oral arguments Monday that the aerospace giant’s bylaws deprive shareholders of their rights to bring federal derivative claims over allegedly misleading proxy statements made about its 737 Max jets. Seafarers Pension Plan, which has alleged in Illinois federal court that current and former Boeing board members and […]
In the News | Law360
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
July 22, 2020
Deloitte Wants Investor’s Nuclear Energy Project Suit Tossed
Deloitte told a South Carolina federal court that it shouldn’t have to face a thinly substantiated shareholder suit accusing the firm of issuing audit reports that misled investors about the progress SCANA Corp. was making on a nuclear energy expansion project that failed. Deloitte said that despite the length of the more than 200-page complaint, […]
In the News | Law360
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
May 23, 2019
Event-Driven Litigation Defense
The authors address criticism of shareholder lawsuits presented in two recent reports by the U.S. Chamber’s Institute for Legal Reform (“ILR”). Released in October 2018 and February 2019, the ILR reports emphatically urge Congress, the Securities and Exchange Commission, and federal judges to act to curb a “contagion” of “abusive” securities class action litigation. Reiser […]
Articles | Harvard Law School Forum on Corporate Governance and Financial Regulation
October 25, 2017
Lumber Liquidators Plans $36M Settlement in Flooring Cases
Lumber Liquidators has agreed to a $36 million settlement to resolve claims brought on behalf of people who bought Chinese-manufactured laminate flooring reported to contain unsafe levels of formaldehyde. The Virginia-based company said Tuesday that it has signed a memorandum of understanding to settle all claims in two class-action lawsuits filed in the Eastern District […]
In the News | Associated Press
October 24, 2017
Lumber Liquidators Near Settlement in Class-Action Suit: Retailer Will Pay Out $36 Million in Cash and Store Credit
Lumber Liquidators Holdings Inc. moved closer Tuesday to resolve class-action lawsuits concerning the safety of Chinese-made flooring that has tangled the company in litigation for over two years. The specialty flooring retailer entered a memorandum of understanding with a group of law firms led by Cohen Milstein Sellers & Toll PLLC to settle allegations that […]
In the News | The Wall Street Journal
April 19, 2017
Harman International to Pay $28 Million to Settle Pension Fund-Led Lawsuit
A class-action investor lawsuit against Harman International Industries led by the $7.6 billion Arkansas Public Employees Retirement System was resolved Wednesday, with the company agreeing to pay $28.25 million to settle claims that it misled investors about its personal navigation device business.
In the News | Pensions & Investments
February 13, 2017
Judge Grants Final Approval to Settlement in BP Securities Litigation
On February 13, 2017, Judge Keith Ellison of the United States District Court for the Southern District of Texas granted final approval to the settlement reached between BP and Lead Plaintiffs for the “post-explosion” class. That settlement is in the amount of $175 million, payable during 2016-2017. In granting final approval, Judge Ellison said the […]
In the News
November 8, 2016
$175M BP Deal Gets Judge’s OK With Opt-Out Method Intact
A Texas federal judge preliminarily approved a $175 million settlement between BP PLC and a class of investors alleging the company downplayed the magnitude of the Deepwater Horizon oil spill in the weeks following the blowout, rejecting a bid by 135 institutional investors to modify the settlement opt-out procedures. BP’s settlement resolves a certified class […]
In the News | Law360
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
While plaintiffs’ securities lawyers are often vilified by the U.S. Chamber of Commerce, elected officials of the Republican party, and other persons and entities associated with the political right, the use of private attorneys to help enforce the nation’s securities laws is actually in synch with a number of the core beliefs typically advocated by […]
Articles | Bloomberg BNA Pension & Benefits Daily