Cohen Milstein Sellers & Toll PLLC’s Steven Toll racked up a series of multimillion-dollar settlements in 2017, including a $175 million shareholder deal with BP over the Deepwater Horizon spill and $165 million in a mortgage-backed securities class action, landing him among Law360's 2018 Titans of the Plaintiffs Bar.
A long-time member of Cohen Milstein’s executive committee, Toll negotiated five multimillion-dollar victories in 2017, settling longstanding federal cases on behalf of pensioners, investors and consumers. One of his biggest was a $175 million settlement between BP PLC and investors who bought its shares in the wake of the deadly Deepwater Horizon explosion and oil spill in 2010.
Toll served as lead counsel in what he describes as a “long, very vigorously litigated case” that centered on the company’s statements about the volume of oil spilling into the Gulf of Mexico. Ultimately, the two sides reached a settlement that won final approval in February 2017, just weeks before a trial was set to begin.
“It was a very interesting, long battle with BP and its counsel, who fought us on every issue,” Toll said.
Not long after that case wrapped up, a New York federal judge granted preliminary approval in May 2017 for a $165 million settlement in another one of Toll's cases — a nine-year-old class action over risky residential mortgage loans authorized by Novastar Mortgage Inc.
Mr. Toll's Titans of the Plaintiffs Bar profile can be accessed here.