Daniel S. Sommers is a highly regarded and deeply experienced securities litigator and thought leader in the areas of securities and class action litigation and investor rights.
During his more than three-decade career at Cohen Milstein, Dan has taken leadership roles in large, complex, and significant securities cases. He has provided litigation counsel to institutional investors, including state-wide public pension funds, public safety pension funds, and Taft-Hartley pension funds. His cases span industries including financial services, computer software, pharmaceutical, healthcare, energy, insurance, real estate, and telecommunications, among others. In addition, he has substantial experience in cases presenting complex accounting and auditing issues.
In addition, Dan has successfully handled matters involving non-U.S. issuers including the groundbreaking $58.4 million securities class action recovery, in which the Amsterdam Court of Appeal declared binding a world-wide class action settlement of claims of non-U.S. investors who purchased Converium shares outside of the United States. The ruling was a major victory for worldwide investors because it successfully implemented the Dutch Collective Settlement Statute even though the underlying transactions had limited contact with the Netherlands.
Many of Dan’s cases have resulted in important rulings and legal precedents, as well as recoveries for investors totaling hundreds of millions of dollars. For example, Dan was co-lead counsel for a group of pension funds in In re Bear Stearns Mortgage-Pass Through Certificates Litigation, which resulted in a recovery of $500 million. The recovery was among the largest ever obtained in a securities class action arising from the issuance of mortgage-backed securities. Dan has also been responsible for many other recoveries for investors in securities class action cases in federal courts throughout the United States including among others:
- Steiner v. Southmark Corporation (N.D. Tex.) (over $70 million recovery)
- In re PictureTel Inc. Securities Litigation (D. Mass.) ($12 million recovery)
- In re Opus Bank Securities Litigation (C.D. Cal.) (representing the Arkansas Public Employees Retirement System and obtaining a $17 million recovery)
- In re Physician Corporation of America Securities Litigation (S.D. Fla.) ($10.2 million recovery)
- In re Gilat Satellite Securities Litigation (E.D.N.Y.) ($20 million recovery)
- In re Pozen Inc. Securities Litigation (M.D.N.C.) ($11.2 million recovery)
- In re Nextel Communications Securities Litigation (D.N.J.) (up to $27 million recovery)
- In re PSINet Inc. Securities Litigation (E.D. Va.) ($17.8 million recovery)
- In re Cascade International Inc. Securities Litigation (S.D. Fla.) (global recovery of approximately $10 million)
- In re GT Solar Securities Litigation (D.N.H.) (representing the Arkansas Public Employees Retirement System and obtaining a recovery of $10.5 million)
- Mulligan v. Impax Laboratories, Inc. (N.D. Cal.) (representing the Boilermakers Blacksmith National Pension Trust and obtaining a recovery of $8 million)
- Plumbers & Pipefitters National Pension Fund v. Orthofix, N.V. (S.D.N.Y.) (representing the Plumbers & Pipefitters National Pension Fund and obtaining a recovery of $11 million)
- In re ECI Telecom Securities Ltd. Litigation (E.D. Va.) ($21.75 million recovery)
Dan has handled significant appellate matters including arguing before the United States Court of Appeals for the Ninth Circuit in Hemmer Group v. Southwest Water Company, where he obtained a reversal of the district court’s order dismissing investors’ claims under the Securities Act of 1933. In addition, he was co-lead counsel for investors before the Supreme Court of the United States in Broudo v. Dura Pharmaceuticals, Inc., 544 U.S. 336 (2005) (addressing the standards for pleading loss causation).
Also experienced in non-class action litigation, Dan represented TBG Inc., a multi-billion dollar privately held overseas corporation, in a multi-party, complex action alleging fraud in a corporate acquisition and represented individuals in connection with investigations brought by the United States Securities and Exchange Commission. He also has represented publicly traded corporations in the prosecution and defense of claims. Dan has also served as a leader and mentor inside the firm. He served on the firm’s executive committee for twelve years from 2007 through 2019 and is the immediate past co-chair of the Securities Litigation and Investor Protection practice.
- Member, Securities Litigation Committee, National Association of Public Pension Attorneys
- Past chairman, Markets Advisory Council, Council of Institutional Investors (2018–2019)
- Past chairman and vice-chair, Investor Rights Committee of the Corporation, Finance & Securities Law Section, District of Columbia Bar
- Past editorial advisory board member, Bloomberg BNA Securities Litigation & Law Report and Law360 Securities
- Guest Lecturer, Georgetown Law Center, The George Washington University Law School, and Columbus School of Law, Catholic University of America
- District of Columbia
- New Jersey
- New York
- The George Washington University Law School, J.D., 1986
- Union College, B.A., magna cum laude, 1983
Current Cases
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.”
Past Cases
Bear Stearns Mortgage Pass-Through Certificates Litigation
Bear Stearns MBS Litigation (S.D.N.Y.): Cohen Milstein as co-lead counsel represented the New Jersey Carpenters Health Fund in a $505 million landmark settlement (including a $5 million expense fund) of a securities class action suit alleging that Bear Stearns violated securities laws in the sale of mortgage-backed securities to investors. This is the largest recovery ever obtained in a securities class action on behalf of investors in mortgage-backed securities.
City of Birmingham Firemen’s and Policemen’s Supplemental Pension System v. Credit Suisse Group AG, et al.
City of Birmingham Firemen’s and Policemen’s Supplemental Pension System v. Credit Suisse Group AG, et al. (S.D.N.Y.): Cohen Milstein, as Co-Lead Counsel, represented plaintiffs in this class action against Credit Suisse Group AG, regarding its misrepresentations of its trading limits and risk controls and resulting in accumulation of billions of dollars in extremely risky, highly illiquid investments, including the surreptitious accumulation of nearly $3 billion in distressed debt and U.S. collateralized loan obligations (“CLOs”). On December 16, 2020, the court granted final approval of a $15.5 million settlement.
Converium/SCOR Securities Litigation (S.D.N.Y./Netherlands)
In re Converium/SCOR Holding AG Securities Litigation (S.D.N.Y./Netherlands): Cohen Milstein was Co-Lead Counsel in this first cross-border securities class action litigation of its kind settled on a Trans-Atlantic basis. On January 17, 2012, the Amsterdam Court of Appeal declared binding two international settlement agreements – an aggregate recovery of $58.4 million to a class of European and other non-U.S. investors who were excluded from participating in the U.S. securities class action against the Swiss reinsurer Converium Holding AG and Zurich Financial Services. The decision is significant for investors around the globe. These non-U.S. investors – who previously brought U.S. federal claims and were excluded from the U.S. action because they were not U.S. residents and because they purchased their shares on the Swiss Stock Exchange. Moreover, the Amsterdam Court’s decision confirmed that the Dutch Collective Settlement Act, which allow claimants to reach a collective settlement with a defendant or group of defendants, is available to a broad range of securities plaintiffs and corporate defendants-inside and outside the Netherlands-and that the Amsterdam Court is a pragmatic and investor-friendly forum.
In Re: CP Ships Ltd. Securities Litigation
In Re: CP Ships Ltd. Securities Litigation (M.D. Fla.): Cohen Milstein was Co-Lead Counsel in this securities class action, alleging that CP Ships violated several generally accepted accounting principles (“GAAP”) and underreported the company’s profits and income, thereby helping company executives profit from artificially inflated stock prices. In 2009, the Eleventh Circuit affirmed the 2008 decision of the lower to grant final approval of a $1.3 million settlement in this securities class action. The litigation involved novel issues of subject matter jurisdiction over claims of non-U.S. investors of CP Ships stock who purchased shares on the New York Stock Exchange.
In re Fannie Mae Securities Litigation
In re Fannie Mae Securities Litigation (D.D.C.): Cohen Milstein served as local counsel for the Lead Plaintiffs, Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio in this significant, certified securities fraud class action and multidistrict litigation against Federal National Mortgage Association (Fannie Mae) and its former accountant, KPMG. The litigation is significant, given the risk investors faced in trying to hold Fannie Mae accountable since it is a public company that operates under a congressional charter. On December 5, 2013, the court granted final approval of a $153 million settlement. In his opinion, Judge Leon stated, the settlement constitutes one of “the largest securities class action settlements in the history of our Circuit (since the Private Securities Litigation Reform Act (PSLRA) went into effect in 1996).”
Opus Bank Securities Litigation
Nancy Schwartz v. Opus Bank, et al. (C.D. Cal.): Cohen Milstein was appointed lead counsel in this securities class action litigation against defendants Opus Bank. Arkansas Public Employees Retirement System was appointed Lead Plaintiff. On November 5, 2018, the Honorable André Birotte Jr. for U.S. District Court Central District of California granted final approval of a $17 million settlement.
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.
Zucker, et al. v. Bowl America, Inc., et al.
Zucker, et al. v. Bowl America, Inc., et al. (D. Md.): Cohen Milstein serves as co-lead counsel in this certified securities class action. Shareholders of Bowl America, Inc. allege that the board of directors of Bowlero Corp. orchestrated a merger that was unfair, misleading and grossly inadequate, forcing the sale of Bowl America at a fire sale price. On August 30, 2024, the court granted preliminary approval of a $2.2 million settlement.
- Lawdragon 500 Leading Plaintiff Financial Lawyers (2021-2024)
- Super Lawyers (2011-2024)
- Benchmark Litigation, Litigation Star
- Martindale Hubbell AV rated
September 3, 2024
$2.2M Bowling Co. Investor Settlement Gets Initial Green Light
A Maryland federal judge has preliminarily approved a nearly $2.2 million settlement ending a class action that alleged Bowl America’s board of directors acted in bad faith when approving a merger with Bowlero Corp. According to U.S. District Judge Stephanie A. Gallagher’s order issued Friday, a fairness hearing is scheduled for Oct. 31. . . […]
In the News | Law360
August 28, 2024
Bowl America Board Strikes $2.2M Deal To End Merger Suit
Bowl America board members have agreed to pay nearly $2.2 million to settle a class action that alleged the company’s board of directors acted in bad faith when it approved a merger with Bowlero Corp., according to a proposal submitted to a Maryland federal court. The settlement comes more than three years after Bowlero Corp. […]
In the News | Law360
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
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
August 24, 2020
Credit Suisse Gets Initial OK for $15.5M Write-Down Deal
A New York federal judge gave a preliminary green light Monday to a $15.5 million settlement between Credit Suisse and investors who sued the bank alleging it hid problems with risk management in its fixed-income franchise before $1 billion in write-downs in 2016. The four pension funds who are leading the class asked U.S. District […]
In the News | Law360
July 24, 2020
Tivity Health Bid for New Look at Investor Class Approval Denied
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 | Bloomberg Law
July 10, 2020
Credit Suisse Settles U.S. Shareholder Lawsuit Over Debt Writedowns, Disclosures
Credit Suisse Group AG (CSGN.S) agreed to pay $15.5 million to settle a lawsuit accusing it of defrauding shareholders about its risk appetite and management before taking $1 billion of write-downs on souring debt, court filings on Friday show. The preliminary settlement of the proposed class action by holders of the Swiss bank’s American depositary […]
In the News | Reuters
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
January 22, 2020
Credit Unions, CDFIs, CRL File Amicus Brief to Defend Constitutional Structure of Consumer Financial Protection Bureau
FOR IMMEDIATE RELEASE: The CFPB’s structure is constitutional and critical to ensuring that it can carry out its consumer protection mission free from undue political and industry influence. WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and Cohen Milstein Sellers & Toll PLLC (Cohen Milstein) submitted an amicus brief to the United States Supreme […]
In the News
April 24, 2018
Securities Litigation & Investor Protection Practice Issues Spring 2018 Edition of the Shareholder Advocate
The Spring 2018 edition of the Shareholder Advocate includes: Allowing Forced Arbitration Clauses in IPOs Would Lead to End of Securities Law Remedies – Daniel S. Sommers Placing Limits on Dual-Class Stock – Richard E. Lorant Supreme Court Grapples with Constitutionality of “Fair Share” Union Fees – Christina D. Saler Fiduciary Focus: The Continuing Relevance […]
Articles
April 24, 2018
Allowing Forced Arbitration Clauses in IPOs Would Lead to End of Securities Law Remedies
Adopting Commissioner Piwowar’s proposal to permit companies to impose mandatory arbitration provisions in connection with their IPOs would rapidly lead to the end of meaningful securities law remedies for investors. This proposal in fact presents as great a threat to investor rights as anything I have seen in the past thirty years—ranking with challenges in […]
Articles | Shareholder Advocate Spring 2018
November 9, 2017
Opus Bank to Pay $17 Million to Settle Allegations of Misleading Investors About Lending Practices
FOR IMMEDIATE RELEASE: West Coast bank settles securities class action pending in the U.S. District Court for the Central District of California. Washington, D.C. – Opus Bank (NASDAQ:OPB) will pay $17 million to settle claims that the bank deceived investors about its lending practices. The settlement is subject to notification to investors and court approval. […]
Press Releases
March 7, 2017
North American Securities Administrators Association Calls on U.S. Supreme Court to Protect Investors from Fraud and Abuse
Arguing on Behalf of the North American Securities Administrators Association, Cohen Milstein Urges Supreme Court to Preserve Investor Protections in CalPERS v. ANZ Securities WASHINGTON – Urging the U.S. Supreme Court to preserve investors’ ability to exercise important securities fraud claims, the North American Securities Administrators Association, Inc. (“NASAA”), the non-profit association of state, provincial and […]
In the News
June 20, 2014
The Pension Fund Perspective on Halliburton II: An Important Decision for Investors, but Not a Game Changer
Bloomberg BNA Pension & Benefits Daily By Daniel S. Sommers and S. Douglas Bunch The Bloomberg BNA Pensions & Benefits Daily article can be read here.
Articles