Julie Goldsmith Reiser, co-chair of Cohen Milstein’s Securities Litigation & Investor Protection practice, is a highly accomplished securities class action attorney. Clients, co-counsel, and opposing counsel recognize her tenacious advocacy, shrewd understanding of complex financial and economic issues, meticulous preparation, and dynamic leadership.
Julie has led or played an instrumental role in the prosecution of more than 100 matters during her more than 20 years of practice, recovering billions of dollars for investors. She was recognized by The American Lawyer as “Litigator of the Week” for her role in negotiating an historic $310 million settlement in In re Alphabet Shareholder Derivative Litigation, a shareholder derivative action which established a framework for board accountability following allegations of systemic sexual harassment, discrimination, and retaliation claims. Including Alphabet, Julie has helped shareholders achieve a total of $550 million in corporate commitments and workplace policy changes at Wynn Resorts, Pinterest, and L Brands through novel shareholder derivative litigation she helped pioneer.
In addition, Julie has led litigation teams in several of the country’s most complex securities class actions and landmark settlements, including a $500 million settlement related to Countrywide’s issuance of mortgage-backed securities and the Fifth Circuit affirmation of an investor class in the BP securities fraud litigation stemming from the 2010 Deepwater Horizon oil spill, which settled for $175 million. She was also a member of the Cohen Milstein team that secured an historic, all-cash $1 billion settlement against Wells Fargo in 2023, now the 17th largest securities class action settlement of all time and the 6th largest in the last decade.
Julie’s accomplishments have not gone unnoticed. Law360 recognized Julie as a Titan of the Plaintiffs Bar, not long after citing her as one of the 25 Most Influential Women in Securities Law. Benchmark Litigation named her one of the Top 250 Women in Litigation, Corporate Counsel recognized her with a Women, Influence & Power in Law Award in the Innovative Leadership category, The National Law Journal placed her among the Elite Women of the Plaintiffs Bar and, Lawdragon has repeatedly named her one of the leading 500 lawyers in America.
- Chair, Legal Advisory Committee, U.S. Youth Soccer
- District of Columbia
- Washington
- University of Virginia School of Law, J.D., 1997
- Vassar College, B.A., With Honors, 1992
Current Cases
In re Fox Corporation Derivative Litigation
In re Fox Corporation Derivative Litigation (Del. Ch.): Cohen Milstein is leading a shareholder derivative lawsuit representing New York City’s five pension funds and the State of Oregon, by and through the Oregon State Treasurer and the Oregon Department of Justice, on behalf of the Oregon Investment Council and the Oregon Public Employee Retirement Fund, against various directors and officers of Fox Corporation, the corporate parent of Fox News Network, LLC. Plaintiffs allege that Fox News’ leadership breached its fiduciary duties by adopting a business model that promoted or endorsed defamation by failing to establish systems or practices to minimize defamation risk despite the known risk of liability, including broadcasting false claims about election technology companies Dominion Voting Systems and Smartmatic USA.
Stock Loan Antitrust Litigation
Iowa Public Employees Retirement System, et al. v. Bank of America Corp., et al. (S.D.N.Y.): Cohen Milstein is co-counsel in this groundbreaking putative class action, in which investors accuse Wall Street banks of engaging in a group boycott and conspiring to thwart the modernization of and preserve their dominance over the $1.7 trillion stock loan market. On September 4, 2024, the court granted final approval of a historic $580 million cash settlement and significant injunctive relief against defendants Morgan Stanley, Goldman Sachs, UBS, JP Morgan, Credit Suisse, and EquiLend. Litigation against Bank of America continues.
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.
Matterport Shareholder Derivative Litigation
Matterport Shareholder Derivative Litigation (Del. Ch.): On February 6, 2024, Cohen Milstein and co-counsel filed a verified stockholders’ derivative complaint nominally, on behalf of Matterport Inc., against the Company’s directors, officers, their affiliated entities, and others, who were unjustly enriched by the Board of Directors’ approval of a self-interested transaction.
Texas and Indiana Pension Funds v. InnovAge Holding Corp. et al.
Texas and Indiana Pension Funds v. InnovAge Holding Corp. et al. (D. CO.): Cohen Milstein is Lead Counsel in this securities class action that alleges InnovAge "substantially failed" to “provide to its participants medically necessary items and services" as required by government regulation. As a result, CMS and the State of Colorado suspended enrollment at InnovAge’s Colorado facilities. InnovAge's stock price declined 78% just nine months after its IPO, giving InnovAge the distinction of being one of 2021's five worst performing stocks.
Nikola Corp. Derivative Litigation
Nikola Corporation Derivative Litigation (Del. Ch.): Cohen Milstein is co-lead counsel in a shareholder derivative action against Trevor Milton, the founder and former CEO and Executive Chairman of Nikola Corporation, a zero-emissions vehicle startup company, and certain other current and former directors and officers of Nikola. The action alleges that Milton engaged in an ongoing criminal fraud involving the dissemination of materially false and misleading statements about Nikola’s business, technology and expected financial performance. The action further alleges that Nikola and VectoIQ entered into a de-SPAC transaction harmful to stockholders.
Seavitt, et al. v. N-Able
Seavitt, et al. v. N-Able, Inc. (Del. Chn.): Cohen Milstein represents a shareholder of N-able’s common stock in a groundbreaking legal issue challenging the validity of nine provisions in a governance agreement N-able entered into with its lead investors at the time of its IPO. Plaintiff claims the provisions violate Delaware General Corporations Law because they unduly favor certain shareholder control over the company. On July 25, 2024, the court agreed that many of the provisions are statutorily invalid. This is only the second time the court has addressed the validity of such provisions.
Past Cases
In re Alphabet Shareholder Derivative Litigation
In re Alphabet Shareholder Derivative Litigation (Cal. Sup. Crt., Santa Clara Cnty.): 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 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.
L Brands, Inc. Derivative Litigation
L Brands, Inc. Derivative Litigation (S.D. Ohio): In partnership with the State of Oregon, the Oregon Public Employees Retirement Fund, and other shareholders, Cohen Milstein helped resolve allegations that officers and directors of L Brands, Inc., previous owners of Victoria’s Secret, breached their fiduciary duties by maintaining ties with alleged sex offender and pedophile Jeffrey Epstein and fostering a culture of discrimination and misogyny at the company. Following a Delaware General Corporate Law Section 220 books and records demand and an extensive, proprietary investigation, L Brands and the now-standalone company, Victoria’s Secret, agreed to stop enforcing non-disclosure agreements that prohibit the discussion of a sexual harassment claim’s underlying facts; stop using forced arbitration agreements; implement sweeping reforms to their codes of conduct, policies and procedures related to sexual misconduct and retaliation; and to invest $45 million each, for a total of $90 million, in diversity, equity and inclusion initiatives and DEI Advisory Councils. On May 16, 2022, the court granted final approval of the settlement.
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.
Wynn Resorts, Ltd. Derivative Litigation
Wynn Resorts, Ltd. Derivative Litigation (Eighth Jud. Dist. Crt., Clark Cnty., Nev.): Cohen Milstein represented the New York State Common Retirement Fund and the New York City Pension Funds as Lead Counsel in a derivative shareholder lawsuit against certain officers and directors of Wynn Resorts, Ltd., arising out of their failure to hold Mr. Wynn, the former CEO and Chairman of the Board, accountable for his longstanding pattern of sexual abuse and harassment of company employees. In March 2020, the Court granted final approval of a $90 million settlement in the form of cash payments and landmark corporate governance reforms, placing it among the largest, most comprehensive derivative settlements in history.
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.
ERISA Industry Committee v. Tobias Read
ERISA Industry Committee v. Tobias Read (D. Or.) Cohen Milstein represented the ERISA Industry Committee (ERIC) in a lawsuit against the Oregon Retirement Savings Board (ORSB). The lawsuit, filed in 2017, and dismissed by ERIC claimed that the process for exempting large employers from OregonSaves violated the Employee Retirement Income Security Act of 1974 (ERISA).
In re American Realty Capital Properties Inc. Litigation
In re American Realty Capital Properties Inc. Litigation (S.D.N.Y.): On January 21, 2020, the court granted final approval to a $1.025 billion settlement against American Realty Capital Properties (ACRP) in this high-profile securities class action, in which plaintiffs alleged that ARCP, a real estate investment trust now known as VEREIT, Inc., misrepresented its financials, including manipulating its adjusted funds from operations, a key measure of performance. Beyond the class action, criminal charges led to a guilty plea from ARCP’s former chief accounting officer and a June 2017 conviction of its former chief financial officer. Cohen Milstein represented the New York City Employees Retirement Systems, as court-appointed class representative.
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.
In re Valeant Pharmaceuticals International, Inc. Third-Party Payor Litigation
In re Valeant Pharmaceuticals International, Inc. Third-Party Payor Litigation (D.N.J.): On February 22, 2022, the court granted final approval of a $23 million settlement against Valeant Pharmaceuticals International Inc., as well as a $125,000 settlement against specialty pharmacy Philidor RX Services LLC and certain officers and directors for their roles in an alleged RICO Act scheme to shield the company’s drugs from competition, fraudulently inflate the prices of its products, and artificially boost sales at the expense of third party payors.
Harborview MBS Litigation
New Jersey Carpenters Health Fund, et al., v. The Royal Bank of Scotland Group, PLC (S.D.N.Y.): Litigation gave rise to a $275 million settlement with Royal Bank of Scotland. Cohen Milstein was lead counsel in a complex case, in which presiding Judge Loretta A. Preska, of the U.S. District Court, Southern District of New York, commented on the “job well done” by the Cohen Milstein team.
Novastar MBS Litigation
NovaStar MBS Litigation: Cohen Milstein is lead counsel in litigation alleging that RBS, Wells Fargo (formerly Wachovia) and Deutsche Bank sold toxic mortgage-backed securities to investors. The litigation is one of the last outstanding class action MBS lawsuits. The Second Circuit Court of Appeals reversed an earlier dismissal of the lawsuit, paving the way for prosecution of the case. In March 2019, the Court granted final approval of a $165 million all-cash settlement.
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.
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.
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.
Amicus Briefs
Estados Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al.
Estados Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al. (D. Mass.): On March 21, 2023, Cohen Milstein filed an amicus curiae brief on behalf of senior law enforcement officers in support of the United States of Mexico, plaintiff-appellant, before the United States Court of Appeals for the First Circuit. Amici argue for the reversal of the district court’s grant of defendants’ motion to dismiss in Estados Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al., Case No. 1:21-CV-11269-FDS, United States District Court for the District of Massachusetts.
- Law360 Titan of the Plaintiffs Bar (2021)
- American Lawyer Litigator of the Week (2020)
- Lawdragon 500 Global Plaintiff Lawyers (2024)
- Lawdragon 500 Leading Plaintiff Financial Lawyer (2019-2024)
- Lawdragon 500 Leading Lawyers in America (2018-2024)
- Legal 500, Leading Lawyers (2022-2024)
- Chambers USA Securities Litigation: Plaintiff – Nationwide Notable Practitioner (2022-2024)
- Benchmark Litigation Top 250 Women in Litigation (2022-2025)
- Corporate Counsel Women, Influence & Power in Law Award (2022)
- Benchmark Litigation, Litigation Star (2023 – 2025)
- Super Lawyers (2018-2020, 2023 – 2024)
- National Law Journal Elite Women of the Plaintiffs Bar (2018)
- Law360 25 Most Influential Women in Securities Law (2016)
December 10, 2024
Merrill Lynch Can’t Beat Stock Loan Class Cert. Bid
A New York federal judge overruled objections from Bank of America unit Merrill Lynch to certify a class of investors, with a slightly extended class period, in a suit alleging the financial institution colluded with other major banks to avoid modernizing the stock loan market.
In the News | Law360
November 25, 2024
Fox Corp., Class Battle Over Multibillion Del. Defamation Suit
Fox Corp. “demonstrated willingness to republish demonstrably false material” promoting bogus 2020 election conspiracies to bolster its market share, a class attorney said during dismissal arguments Friday in a Delaware Court of Chancery suit seeking billions of dollars in damages. . . . The derivative suit named Fox’s chairman, Rupert Murdoch, and his son Lachlan […]
In the News | Law360
November 4, 2024
$580 Million Stock Lending Settlement Earns Final Approval
On September 4, 2024, reading her decision into the record from the bench, Judge Katherine Failla of the Southern District of New York granted final approval to a partial settlement with a number of the world’s largest banks to resolve allegations that they violated the antitrust laws by colluding to prevent the modernization of the […]
Articles | Shareholder Advocate Fall 2024
October 31, 2024
What’s Chevron Got To Do With It?
The U.S. Supreme Court’s decision in Loper Bright Enterprises v. Raimondo surprised the legal world by overturning Chevron USA v. Natural Resources Defense Council, 467 US 837 (1984).1 For the past forty years, Chevron has required judicial deference to federal agencies’ reasonable interpretation of statutes that courts deem ambiguous. This departure from precedent left lawyers in every regulated industry pondering, with apologies to Tina Turner, “What’s Chevron got to do, got to do with it?”
Articles | The NAPPA Report
March 12, 2024
Murdochs Seek Toss of Epic Election Defamation Suit
Fox Corp. media mogul Rupert Murdoch and other Fox empire figures have urged Delaware’s Court of Chancery to toss as unwinnable a stockholder suit seeking to make them liable for billions in potential damages for defamatory statements alleging 2020 election conspiracies on network and affiliate broadcasts. The motion to dismiss made public Monday argued that […]
In the News | Law360
January 19, 2024
JP Morgan, Others Must Face Sr. Care Investors’ Claims
Claims that a group of securities underwriters were negligent in a senior health care company’s initial public offering have been kept alive by a Colorado federal judge. Separate claims that J.P. Morgan Securities lied and misled investors also survived a motion to dismiss Thursday, but U.S. District Judge William J. Martinez tossed similar claims against […]
In the News | Law360
July 25, 2024
Chancery Says DGCL ‘Donut Hole’ Dooms Governance Deal
A “donut hole” baked into a rushed Delaware General Corporation Law amendment by state lawmakers earlier this year has tripped up most governance concessions that information technology company N-able Inc. granted to its lead investors, a Delaware vice chancellor ruled on Thursday. Vice Chancellor J. Travis Laster — whose strikedown earlier this year of charter-trumping […]
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
April 11, 2024
‘Are Nursing Homes Our Only Option?’ These Centers Offer Older Adults an Alternative.
PACE centers attract bipartisan interest, some state scrutiny. George Raines, a white-haired man in a red track suit and matching University of Alabama ballcap, cracked jokes as physical therapist Brad Ellis led him through a series of exercises designed to strengthen his legs. Raines, who is 79, pretended to be in pain, but his grin […]
In the News | Stateline
April 10, 2024
Nikola Investors’ SPAC Fraud Suit Moves Ahead
Board directors of electric truck maker Nikola Corp. and the blank-check company that took it public for $3.3 billion in 2020 must face shareholders’ derivative claims of insider trading, securities fraud and merger-related breaches after Delaware’s Court of Chancery on Tuesday denied more than half of the defense’s motions to dismiss. In a telephonic bench […]
In the News | Law360
February 28, 2024
Matterport Stockholders Say Officials Wrongly Cashed $225M
Shareholders of 3D model maker Matterport Inc. accused top company officials in Delaware Chancery Court of self-dealing by paying themselves performance rewards following a 2021 merger, even though the company hadn’t met benchmarks to allow them to cash out $225 million in shares. In a partially redacted derivative complaint made public Tuesday, shareholders Laurie Hanna […]
In the News | Law360
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
September 13, 2023
NYC Pensions Say Fox ‘Chose To Invite’ Defamation Suits
New York City’s pension funds and Oregon’s state retirement fund sued Fox Corp. and its board of directors on Tuesday, alleging they ignored the risk of Fox News’ persistent false reporting and “chose to invite robust defamation claims” at the expense of the company’s shareholders. Unlike other media companies that try to minimize their exposure […]
In the News | Law360
August 23, 2023
Morgan Stanley, Goldman Sachs, JP Morgan and UBS Agree to Pay Nearly Half a Billion Dollars to Settle Stock Lending Case
MORGAN STANLEY, GOLDMAN SACHS, JP MORGAN, AND UBS AGREE TO PAY NEARLY HALF A BILLION DOLLARS TO SETTLE STOCK LENDNG ANTITRUST LAWSUIT Joint Venture EquiLend to Implement Landmark Governance Reforms Aimed at Limiting Future Anticompetitive Misconduct NEW YORK, NY – After six years of litigation, a class of investors led by the Iowa Public Employees’ Retirement […]
Press Releases
August 18, 2023
More Boards Adopt Rooney Rule Policies
A majority of S&P 500 companies now disclose having diverse board candidate search policies, known as Rooney Rules, for director searches, according to new data from search firm Spencer Stuart. Some 56% of the S&P 500 report having a policy like the Rooney Rule, up from 50% in 2022 and 39% in 2021. Companies including […]
In the News | AgendaWeek
August 15, 2023
Fourth Time’s Not the Charm, Second Circuit Decertifies Goldman
On August 10, 2023, the Second Circuit decertified Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., a long-pending class action against Goldman Sachs related to a $550 million fine for failing to disclose conflicts of interest tied to investments in various collateralized debt obligation transactions. The decision (Goldman IV) raises important implications about what […]
Articles
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
February 10, 2023
Plaintiffs Attorneys Expect 2023 to Be Record-Setting Year for Securities Litigation Results
Crypto, Big Tech and the threat of a commercial real estate bubble are some of the areas plaintiffs attorneys are closely watching as targets of potential securities litigation this year. Securities litigation filings may have settled in at a “baseline” of 200 to 225 cases per year after a two-year deviation in 2018-2019 to roughly […]
In the News | The National Law Journal
January 27, 2023
McDonald’s Ruling Means New Risks for Del. Corp. Officers
The Delaware Court of Chancery took a long-anticipated step this week when it ruled a McDonald’s Corp. officer had oversight obligations on par with directors, in a trailblazing decision experts say will have wide-reaching implications for corporate law in the First State. The 65-page decision released Wednesday by Vice Chancellor J. Travis Laster drew on […]
In the News | Law360
January 26, 2023
DE Court: Ex-McDonald’s Exec Doesn’t Deserve a Break Today
In Far-Reaching Decision, Delaware Chancery Court Rules that Officers Who Engage in Sexual Harassment Act in Bad Faith and may be Liable for Acts of Disloyalty In a decision with important implications for businesses and stockholders nationwide, a Delaware Chancery Court judge ruled yesterday that corporate officers may be held liable for failing to oversee misconduct […]
Articles
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
October 10, 2022
Initiating Recovery Mode
Facing a lawsuit and enrollment caps, a local senior-care company tries to make a comeback. During InnovAge’s Sept. 13 earnings call, CEO Patrick Blair spoke like a man who was watching a family member recover from a serious illness. In this case, however, that family member was the Denver-based senior-care company that Blair runs. In […]
In the News | Denver Business Journal
July 1, 2022
Judge Says Stock Loan Antitrust Class Should Be Certified
A federal magistrate judge has called for the partial certification of a proposed class of investors who accused major banks including JPMorgan and Goldman Sachs of colluding to kill competition in the stock loan market, saying that the class meets all the necessary requirements, but the class period should not be expanded. U.S. Magistrate Judge […]
In the News | Law360
July 1, 2022
Stock-Loan Case Against Goldman, Other Banks Takes Step Toward Class Certification
Pension funds allege “group boycott” of startup platforms in stock loan market Manhattan federal judge in 2018 declined to dismiss case Credit Suisse in February first to settle, for $81 million A Manhattan federal judge on Thursday recommended the certification of a class of investors who have alleged Goldman Sachs Group Inc, JPMorgan Chase & […]
In the News | Reuters
June 22, 2022
InnovAge Accused of Defrauding Investors, Failing Ailing Seniors in Reckless Pursuit of Profit
National Healthcare Company’s Alleged Prioritization of Enrollment-Fueled Profits Over Care Caught in Regulators’ Snares, Resulting in Top Five Worst-Performing IPOs of 2021 DENVER–InnovAge (NASDAQ: INNV), a national healthcare company providing medical care to ailing seniors, allegedly violated federal securities laws when it went public in March of 2021, as detailed by a shareholders lawsuit filed […]
Press Releases | Cohen Milstein
June 22, 2022
The Cohen Milstein Benefits Blog
Employee Stock Ownership Plans – Understanding the Risks and Rewards Michelle C. Yau and Daniel R. Sutter Employee Stock Ownership Plans (ESOPs) are retirement plans that are set up to invest solely in the stock of the employer. Among other things, ESOPs offer the company and employee participants various tax benefits, making them “qualified” plans […]
Resources
April 21, 2022
Spring 2022 Edition of the Shareholder Advocate Published
The Spring 2022 issue of the Shareholder Advocate includes: Rooney Rule Regression: Takeaways for Corporate Board Diversity – Julie Goldsmith Reiser Cohen Milstein Seeks Final Approval of Securities Fraud Settlement with Auditor Defendant KPMG – Jan E. Messerchmidt NCPERS Signs Amicus Brief in Support of Investors’ Appeal of Overstock Dismissal – Richard E. Lorant Securities Litigation 101: Understanding […]
Articles
March 7, 2022
Rooney Rule Regression: Takeaways for Corporate Board Diversity
By Julie Goldsmith Reiser, co-chair of Cohen Milstein’s Securities Litigation & Investor Protection practice, and Lori Nishiura Mackenzie, co-founder of the Stanford VMware Women’s Leadership Innovation Lab. The NFL’s Rooney Rule, requiring that at least one person of color be interviewed for head coaching vacancies, has lost its effectiveness in the NFL but should still be used by […]
Articles | Bloomberg Law
February 22, 2022
Valeant Judge OKs $23M to End ‘Secret’ Pharmacy RICO Suits
A New Jersey federal judge adopted a special master’s report Tuesday approving two settlements totaling over $23 million to resolve claims that the former Valeant Pharmaceuticals used a “secret network of captive pharmacies” to stifle generic competition, driving up prices for third-party payors. The approval ends what U.S. District Judge Michael A. Shipp in his memorandum opinion […]
In the News | Law360
February 17, 2022
New Ban on Mandatory Arbitration of Sex Assault Claims May Spur More Worker Protections
Congress passed a bill banning mandatory arbitration for sexual harassment and assault claims. Employment attorneys say it could pave the way for more expansive worker protections. Efforts to ban mandatory arbitration clauses have been ramping up for years. Workers alleging sexual assault and harassment scored a key victory last week, when Congress passed a bill […]
In the News | Law.com
February 11, 2022
Congress Acted to Help Sex Harassment Victims. Now What?
Congress’ recent passage of legislation banning mandatory arbitration for sexual harassment and assault claims marked a rare bipartisan effort to make a meaningful change to federal employment law. Experts told Law360 that aside from legislation created in response to the COVID-19 pandemic, they believe the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act […]
In the News | 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 11, 2022
Credit Suisse to Pay $81M to Exit Stock Loan Antitrust Suit
Credit Suisse has agreed to pay investors $81 million to be the first bank to exit a putative New York federal court class action accusing banks of colluding to kill competition in the stock loan market, the investors said in a bid for preliminary approval of the so-called icebreaker deal Friday. As a part of […]
In the News | Law360
February 2, 2022
NFL ‘Rooney’ Rule Creator Says Coach’s Suit Exposes Hiring Flaws
Popular hiring strategy copied, but effectiveness unclear. Diverse hiring remains a problem in NFL, other companies. The architect of the National Football League’s “Rooney” Rule says the hiring policy has failed to diversify the league’s top positions because of shortcomings in how it’s implemented, despite being widely adopted by U.S. banks, tech companies, and law […]
In the News | Bloomberg Law
January 13, 2022
Investor Alleges Nikola Board Was Blind to Fraud
A shareholder of battery-electric truck manufacturer Nikola Corp. sued 10 of its officers and directors in Delaware’s Court of Chancery for allegedly allowing the company’s founder to carry out a criminal fraud leading up to and following its $3.3 billion merger with VectoIQ Acquisition Corp. In a 140-page derivative complaint filed late Wednesday, shareholder Barbara […]
In the News | Law360
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 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
September 27, 2021
The Delaware Supreme Court’s Facebook Decision: The More Things Change, the More They Stay the Same
On September 23, 2021, the Delaware Supreme Court issued a decision in United Food and Commercial Workers Union and Participating Food Industry Employers Tri-State Pension Fund v. Mark Zuckerberg, et al. and Facebook, Inc., C.A. No. 2018-0671-JTL, which set forth a “new” demand futility test designed to supplant the use of the Court’s prior Aronson […]
Articles | Cohen Milstein Shareholder Alert
August 9, 2021
Cuomo Harassment Scandal Underscores Limits of #MeToo Movement
WHAT TO KNOW: Recent issues highlight barriers for victims Systemic change needed to end harassment New York Gov. Andrew Cuomo, slammed with state investigative findings that say he sexually harassed multiple women, became the latest powerful figure years after the launch of the #MeToo movement to give face to the persistent toxic culture that creates […]
In the News | Bloomberg Law
August 6, 2021
Valeant to Pay $23m to End ‘Secret’ Pharmacy RICO Claims
Valeant Pharmaceuticals agreed Thursday to pay $23 million to end a proposed class action accusing the drug company of violating the Racketeer Influenced and Corrupt Organizations Act with an alleged scheme to block its drugs from generic competition through a “secret network of captive pharmacies.” A putative class of third-party payors asked a New Jersey […]
In the News | Law360
August 2, 2021
Oregon: Settlement with Victoria’s Secret Owner Ends Fear
Oregon officials believe a $90 million settlement it has reached with the parent company of Victoria’s Secret guarantees an end to its “culture of harassment and fear.” Under the settlement, Victoria’s Secret and Bath & Body Works, owned by L Brands Inc., each committed to invest $45 million over at least five years to protect […]
In the News | Associated Press
July 30, 2021
L Brands to Pay $90 Million to End Shareholder #MeToo Suits
WHAT TO KNOW: Parent company L Brand agrees to corporate reforms Lawsuit alleged culture of harassment and misogyny L Brands Inc., the parent company of Victoria’s Secret, agreed to spend $90 million on changes to corporate practices, including eliminating non-disclosure agreements, as part of a settlement to end shareholder lawsuits that alleged a toxic culture […]
In the News | Bloomberg Law
July 30, 2021
L Brands Agrees to New Policies Tied to Sexual Harassment Claims
The owner of Victoria’s Secret will release current and former employees from certain nondisclosure agreements as part of a settlement of a shareholder lawsuit. L Brands, the owner of Victoria’s Secret and Bath & Body Works, will release current and former employees from nondisclosure agreements tied to sexual harassment claims and take steps to promote […]
In the News | The New York Times
May 13, 2021
Don’t Wait for Legislation Banning NDAs: Write Ethical Policies Now
By: Julie Goldsmith Reiser and Louise Renne Companies across the United States should be closely following the California State Legislature hearings on the “Silenced No More Act,” which would prevent the use of nondisclosure agreements (NDAs) to silence employees from speaking up about all forms of discrimination and harassment. The legislation was introduced in response to […]
Articles | TechCrunch
March 28, 2021
Julie Goldsmith Reiser Named a 2021 Titan of the Plaintiffs’ Bar
Law360’s 2021 Titans of the Plaintiffs’ Bar includes 11 lawyers, spans the U.S. and includes many heavyweights in the fields of antitrust, securities and class action law. It includes firm executives, teachers and advocates, as well as champions of diverse legal theories holding corporations accountable and protecting the rights of consumers. . . . Cohen […]
In the News | Law360
December 3, 2020
Rhode Island ERS Sues Pinterest Over Culture of Discrimination
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 | Pensions & Investments
December 2, 2020
Retirement System Sues Pinterest Board and Execs Over Discrimination
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 | Institutional Investor
December 1, 2020
Pinterest Shareholders Sue Over ‘Toxic’ Work Culture
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 | The Verge
November 20, 2020
Julie Goldsmith Reiser and Molly Bowen Discuss the Alphabet Settlement – The Sexual Harassment Settlement That Could Change an Entire Industry
Securities litigators take center stage in the #MeToo movement. You don’t always think of securities litigators taking a key role in the fight against sexual harassment, but in the wake of #MeToo, that’s exactly what’s happened. Shareholder derivative lawsuits have sprung up as a response to revelations of sexual misconduct by executives or prominent employees […]
Multimedia | The Jabot Podcast
October 5, 2020
Paul Hodgson: Derivative vs. Class Action Lawsuits – What’s Best for Shareholders?
Shareholder derivative and class action lawsuits serve very different ends for shareholders, but which best serve their interests It’s not the biggest derivative suit ever settled, but it is the biggest related to diversity, equity and inclusion (DEI) initiatives, with its $310 million (€363 million) fund for instituting workplace equity and board oversight reforms. Yes, […]
In the News | Responsible Investor
September 30, 2020
Google’s $310 Million Sexual Harassment Settlement Aims to Set New Industry Standards
Google’s recent $310 million settlement includes more than 80 updates or changes to its handling of sexual misconduct, discrimination and retaliation cases, the settlement filing shows. The company’s settlement terms target policy gaps that executives were allegedly able to exploit. The parties hoped the settlement would also act as a progressive bellwether for Silicon Valley, […]
In the News | CNBC
September 25, 2020
Alphabet, Inc. Shareholders Secure Historic Sexual Harassment and Governance Reforms Including $310M Fund
For Immediate Release: Alphabet Board to Form Diversity, Equity and Inclusion Advisory Council Comprised of Executives, Including CEO Sundar Pichai, and Renowned Outside Experts Settlement Ends Mandatory Arbitration in Harassment, Discrimination and Retaliation-Related Disputes for all Alphabet Entities MOUNTAIN VIEW, Calif. – Google parent company Alphabet, Inc. (GOOG, GOOGL) will commit a record-setting $310 million […]
Press Releases
September 25, 2020
Alphabet Settlement Includes $310 Million for Diversity Initiatives
Google parent company Alphabet Inc. has agreed to settle a shareholder lawsuit filed by two union pension funds that said the technology company breached its fiduciary duties in covering up a data breach and allegations of sexual harassment and discrimination. The lawsuit was originally filed in January 2019 in a California Superior Court in San […]
In the News | Pensions & Investments
September 25, 2020
Google Parent Alphabet Settles Shareholder Suit Over Sexual Misconduct Allegations
Alphabet will commit $310 million to corporate diversity initiatives. Google parent company Alphabet has settled a shareholder lawsuit over the company’s handling of sexual misconduct allegations. As part of the settlement, announced Friday, Alphabet will commit $310 million to corporate diversity initiatives, as well as form an advisory board dedicated to diversity and equality issues. […]
In the News | CNET
September 25, 2020
Google Ends Mandatory Arbitration in $310M Sexual Harassment Settlement
Cohen Milstein Sellers & Toll in Washington, D.C., and Bottini & Bottini helped negotiate the settlement. Google parent company Alphabet has agreed to devote $310 million to diversity, equity and inclusion efforts as part of a settlement with shareholders after several executives in the company, including its former top lawyer, faced allegations of sexual misconduct […]
In the News | The Recorder
September 25, 2020
Alphabet Settles Shareholder Sexual Harassment Suit; Limits NDAs, Ends Mandatory Arbitration
YouTube and Google parent Alphabet has committed $310 million over ten years to diversity and inclusion initiatives to settle a shareholder lawsuit stemming from allegations the company concealed payouts to top male executives accused of sexual harassment. The deal disclosed Friday establishes a DEI (Diversity, Equity, Inclusion) Advisory Council of outside experts and Alphabet executives […]
In the News | Deadline
September 25, 2020
Alphabet to Fund $310 Million Diversity Initiative to Settle Sexual Misconduct Lawsuit from Shareholders
Google parent Alphabet has agreed to commit $310 million to diversity, equity, and inclusion initiatives as part of a settlement for a series of sexual harassment and misconduct lawsuits filed against some of the company’s officers and directors. As part of the settlement, Alphabet will establish a diversity, equity, and inclusion advisory council featuring outside […]
In the News | Fortune
September 25, 2020
Alphabet Agrees to Eliminate Arbitration in Sexual Misconduct Claims
Google’s parent company, Alphabet, agreed to spend $310 million over the next 10 years on diversity programs and hand over greater oversight to its board of directors on sexual misconduct claims in settling a series of shareholder lawsuits Friday. The settlement, filed in California Superior Court, prohibits Alphabet’s use of private arbitrators to settle those […]
In the News | UPI
September 25, 2020
Alphabet Settles Shareholder Suits Over Sexual Harassment Claims
Google’s parent company was hit with a wave of lawsuits after The New York Times reported that an accused executive had received a $90 million exit package. Google’s parent company, Alphabet, has settled a series of shareholder lawsuits over its handling of sexual harassment claims, agreeing to greater oversight by its board of directors in […]
In the News | The New York Times
September 25, 2020
Google Parent Makes ‘Sweeping’ Deal to Boost Diversity
Google parent Alphabet Inc. has agreed to spend $310 million on diversity and inclusion initiatives to settle California litigation alleging the company misled investors by covering up sexual harassment and abuse by executives, the shareholders’ attorneys said Friday. The company has also agreed to “sweeping policy reforms” that include ending the use of forced arbitration […]
In the News | Law360
May 18, 2020
Boards Beware: Culture Risk Is Intensifying
From a public company in Texas to a number of C-suites and boardrooms across the United States, business leaders grapple with the complexity of managing corporate culture. Everything from ensuring that employees feel comfortable reporting issues through company hotlines to updating policies around sexual harassment has come under the microscope in the wake of the […]
In the News | Agenda
April 22, 2020
Securities Litigation & Investor Protection Practice Issues Spring 2020 Shareholder Advocate
The Spring 2020 edition of the Shareholder Advocate includes: Fiduciary Focus: Public Pension Plan Clients Share How They’re Meeting Their Fiduciary Duty During the COVID-19 Crisis – Suzanne M. Dugan Court Operations Continue Despite Restricted Access – Christina D. Saler Cohen Milstein Appointed to Represent Investors in Three Securities Class Actions
Articles
February 21, 2020
Julie G. Reiser to Speak on Pension System Participation Class Action Lawsuits
Julie G. Reiser has been invited to speak at the National Association of Public Pension Attorneys (NAPPA) 2020 Winter Seminar at the Tempe Mission Palms Hotel in Tempe, AZ. Ms. Reiser’s panel program, entitled “Pension System Participation Class Action Lawsuits,” focuses on important considerations for a pension system when it determines whether to participate as a […]
Events | National Association of Public Pension Attorneys 2020 Winter Seminar
February 10, 2020
Cohen Milstein Issues Winter 2020 Shareholder Advocate
The Winter 2020 edition of the Shareholder Advocate includes: Equivalence Suits Target ERISA Fiduciaries – Michelle C. Yau Boards Must be Held Accountable for Sexual Harassment Scandals – Julie Goldsmith Reiser Judge in Greensky Allows Plaintiffs to Move Forward – Richard E. Lorant Blue Slips Ignored to Fill Federal Bench – Molly J. Bowen Fiduciary […]
Articles | Cohen Milstein
January 10, 2020
Alphabet Legal Head Drummond Exits, Giving New CEO Chance to Shake Up Team
Alphabet’s new Chief Executive Sundar Pichai on Friday gained the opportunity to reshape the leadership of Google’s parent with the exit of Chief Legal Officer David Drummond, whose outsized strategic role was overshadowed by employee concerns about his personal relationship with a subordinate. Drummond, also senior vice president of corporate development, had been with Google […]
In the News | Reuters
January 1, 2020
Boards Must Be Held Accountable for Sexual Harassment Scandals
By: Julie Goldsmith Reiser Note: This opinion piece originally appeared in the January 1, 2020 edition of the Financial Times. Toxic corporate culture drags down morale and can be a bombshell waiting to explode When banks harm customers and preventable wildfires rage, corporate boards are remade and top executives are fired. Since 2016, when […]
Articles | Financial Times
July 23, 2019
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Summer 2019 Edition of the Shareholder Advocate
The Summer 2019 edition of the Shareholder Advocate includes: Congress Considers Laws to Curb Insider Trading – Richard E. Lorant Deterring Corporate Recklessness: A Response to the U.S. Chamber’s Attack on “Event-Driven” Securities Litigation – Julie G. Reiser and Steven J. Toll Cohen Milstein Leads Charge Against Google Parent Alphabet and General Electric – Christina […]
Articles
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
March 28, 2019
Sandy Hook Decision Reins in Gun Industry Shield Law
The Connecticut Supreme Court limited the scope of a federal law that shields gun manufacturers and dealers, reviving a lawsuit filed by Sandy Hook families. The Brady and Cohen Milstein attorneys examine the ruling and explain how it may have a domino effect nationwide. By Julie Goldsmith Reiser and Molly J. Bowen of Cohen Milstein, and Jonatha Lowy of The […]
Articles | Bloomberg Law
February 25, 2019
Lavish Severance Amid ‘Credible’ Allegations?
Faced with allegations that executives have engaged in or enabled sexual misconduct, directors face a number of decisions, including whether the individuals should be terminated and if a payout, such as for a severance agreement or accelerated stock award, should be made. Recent examples have shown that parting ways while handing executives multimillion-dollar checks has […]
In the News | Agenda
February 18, 2019
The Critical ABCs of Financial Antitrust Litigation & Recovery Opportunities
By: Julie Goldsmith Reiser, Partner, Cohen Milstein Sellers & Toll and Elisa Mendoza, Vice President, ISS Securities Class Action Services Investors have filed many lawsuits in recent years alleging that Wall Street banks and related entities have unlawfully colluded to rig financial and commodities markets to benefit themselves and harm investors. Filed primarily under federal antitrust […]
Articles | ISS Securities Class Action Services
December 19, 2018
INSIGHT: Holding Firearms Dealers Accountable for Online Straw Sales
By Julie G. Reiser, Raymond M. Sarola, Molly J. Bowen, and Sally Handmaker Guido Given the epidemic levels of gun violence in America and the increasing shift to online commerce, a recent suit in Oregon established new legal precedent at the state and federal level to hold dealers accountable for unlawful straw sales and provides […]
Articles | Bloomberg Law
October 18, 2018
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Fall 2018 Edition of the Shareholder Advocate
The Fall 2018 edition of the Shareholder Advocate includes: Investors Are Among Those Closely Watching Midterm Elections – David M. Maser Supreme Court Will Revisit ‘Scheme Liability’ in Lorenzo v. SEC – Laura H. Posner and Eric C. Berelovich Ninth Circuit Allows Plaintiffs to Argue That Over-the-Counter Toshiba ADRs Are Subject to U.S. Securities Laws […]
Articles | Shareholder Advocate Fall 2018
October 12, 2018
Settlement Could Prompt Changes in Online Gun Sales, Group Says
First case to succeed against online gun dealer, anti-gun-violence advocate says Industry changes, legislative efforts may follow An online gun dealer and an Oregon pawn shop will change their business practices and pay $750,000 to the family of a woman killed in a shooting, the Brady Center to Prevent Gun Violence and other attorneys for […]
In the News | Bloomberg Law
October 11, 2018
Brady Center and Cohen Milstein Announce Landmark Settlement Against Internet and Retail Gun Dealers in Precedent-Setting Oregon Lawsuit
FOR IMMEDIATE RELEASE Washington, D.C. – In April 2013, Kirsten Englund was shot and killed by a mentally troubled man whose mother had illegally purchased two guns on his behalf. Today, Kirsten’s family is announcing a landmark settlement in their lawsuit against J&G Sales, a national online gun dealer, and World Pawn Exchange, a firearms dealer […]
In the News
September 27, 2018
Goldman, JPMorgan, Four Others Must Face Stock Lending Antitrust Case
A U.S. judge on Thursday ordered Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and four other large banks to face an antitrust lawsuit by investors who said they conspired to stifle competition in the nearly $2 trillion stock lending market. U.S. District Judge Katherine Polk Failla in Manhattan rejected the banks’ arguments […]
In the News | Reuters
August 17, 2017
Pension Funds Sue 6 Investment Banks Over Securities Lending Market Collusion
Three public pension funds claim in a federal class-action lawsuit filed Thursday that six major investment banks colluded to overcharge investors and maintain control of the $1.72 trillion stock loan market, according to a court document. The suit was filed in U.S. District Court in New York by the $28.5 billion Iowa Public Employees’ Retirement […]
In the News | Pensions & Investments
August 17, 2017
Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts
Goldman Sachs, JP Morgan, UBS, Credit Suisse, Morgan Stanley and Bank of America Face Antitrust Allegations NEW YORK—Several of the world’s largest investment banks have colluded, in violation of federal antitrust laws, to create and maintain exclusive control of the more than $1 trillion stock loan market, reaping massive profits at the expense of investors, […]
In the News
May 22, 2017
Revisiting Affiliated Ute: Impact In The 7th Circ.
Last month marked 45 years since the U.S. Supreme Court’s ruling in Affiliated Ute Citizens of Utah v. United States, which established a rebuttable presumption of reliance for securities fraud claims based on omissions of material fact. This Expert Analysis special series explores the decision’s progeny in the Supreme Court and various circuits. Affiliated Ute […]
Articles | Law360
April 20, 2017
$28M Settlement Ends Decade-Old Security Fraud Case
After nearly a decade of litigation and a rare ruling from an appeals court, attorneys at Cohen Milstein Sellers & Toll reached a $28.25 million settlement Wednesday with Harman International Industries Inc. in a securities fraud case. Partner Steven Toll and a team at Cohen Milstein represented a class of investors, led by the Arkansas […]
In the News | The National Law 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. The class represented investors who purchased Harman stock between April 26, 2007, and […]
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
January 25, 2017
Carefully Tailored ERISA Claims After Amgen v. Harris
A year ago, the U.S. Supreme Court issued a per curiam order in Amgen Inc. v. Harris 136 S. Ct. 758 (2016). The Amgen decision came in the wake of the Supreme Court’s determination that there is no special presumption of prudence for employee stock ownership plan fiduciaries. Fifth Third Bancorp v. Dudenhoeffer, 134 S. […]
Articles | Law360
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
December 1, 2015
Pre-Dispute Arbitration Clauses: Taking the Alternative Out of Dispute Resolution
From the Class Action Litigation Report “Pre-dispute arbitration clauses should be restricted because they harm consumer welfare…consumers often don’t grasp the implications of arbitration clauses until they have a dispute and are seeking relief.”
Articles | Bloomberg BNA
March 20, 2015
Omnicare: Negligence is the New Strict Liability When Pleading Omissions Under the Securities Act
The 1933 Securities Act requires a company, prior to issuing securities via a public offering, to file a registration statement, and § 11 of the Act makes statement issuers liable, via a private right of action, if, inter alia, that statement ‘‘contain[s] an untrue statement of a material fact’’ or ‘‘omit[s] to state a material […]
Articles | Corporate Law & Accountability Report (BNA)
May 30, 2013
Dodd-Frank’s Protections for Senior Citizens: An Important, Yet Insufficient Step
Senior financial abuse is a problem that does, or will, affect all of us. We may be the victim, the victim could be a relative or a friend, or we could simply just feel the effect, through higher taxes or fees at financial institutions, of the billions of dollars lost to senior financial abuse every […]
Articles | University of Cincinnati Law Review