July 25, 2024
Bloomberg Law interviews Molly J. Bowen, a partner in the firm’s Securities Litigation & Investor Protection practice, and recipient of Bloomberg Law’s 40 Under 40: They’ve Got Next award.
Please describe two of your most substantial, recent wins in practice.
I was on the leadership team in In re Wells Fargo Securities Litigation, which resulted in a landmark $1 billion settlement—the largest securities class action settlement of 2023 and largest ever not involving a restatement or parallel enforcement action by the SEC or DOJ. I played a significant role in our successful opposition to motion to dismiss, oversaw discovery, and worked closely with experts on our damages theory, which involved novel questions about market volatility during the Covid-19 pandemic.
I also played a pivotal role in the FirstEnergy’s derivative litigation, stemming from the company’s involvement in a major bribery scandal. The case was hard-fought; we overcame a motion to dismiss, a motion to stay, and appeal of the denial of that motion, and conducted extensive party and non-party discovery before reaching a settlement. We recovered $180 million for the company plus historic corporate governance reforms, including six directors departing and active board oversight of political spending and lobbying.
Cohen Milstein’s securities practice is unique in the opportunity to litigate both class action and shareholder derivative matters. I’m proud to partner with our extraordinary clients in protecting their investments and holding public companies accountable.
What is the most important lesson you learned as a first-year attorney and how does it inform your practice today?
Always be preparing for trial. I started out at a mid-size firm in Miami that was a local leader in complex commercial litigation and regularly went to trial, and I was lucky to be thrown into multiple trial teams starting just a month after I joined the firm. It was daunting, exhilarating, and incredibly educational.
In my current world of securities class actions at Cohen Milstein, a national plaintiffs’ law firm, trials are exceedingly rare, but having that mindset and understanding how to put together a succinct, compelling case that makes sense to a jury has profoundly shaped my approach to litigation.
In discovery we can get hundreds of thousands of documents and take scores of depositions, but at the end of the day, whether at trial or mediation, what really matters is focusing your audience on a few key documents, having an air-tight damages calculations, and persuasively explaining what happened and why it matters.
How do you define success in your practice?
Success is achieving an amazing result for the clients and the class that we represent. We have a wide range of cases and so the best possible outcome differs—sometimes potential damages are huge and sometimes they are smaller, and sometimes the most impactful result is internal governance reforms rather than a financial remedy.
In each case, we carefully consider what wrong occurred and how to best repair the injured party, and then zealously fight for that result in partnership with our clients and with the guidance of experts. It’s always a thrill on the day that checks go out to class members, or you see a reform implemented, and the work you’ve been doing for years has a concrete impact out in the world.
What are you most proud of as a lawyer?
In terms of case victories, Pinterest was a special one for me. With support of my mentor and practice group co-chair Julie Goldsmith Reiser, this was the first case where I really led the litigation—investigating and drafting the complaint and motion to dismiss opposition, as well as the settlement negotiations.
We achieved best-in-class reforms that really brought human capital management and diversity, equity, and inclusion efforts from sort of a remote HR function to the core of the business model and governance, including significant support for making Pinterest’s platform more inclusive and requiring internal audit to monitor the settlement commitments and DEI [Diversity, Equity, and Inclusion] efforts. The settlement also ended the company’s use of non-disclosure agreements in many circumstances, which was a key issue for former employee whistleblowers.
On a personal note, I’m proud that I have found a way to litigate my cases aggressively and achieve excellent results while remaining true to myself. Now and again, I run into bullying or obstructive tactics, and it just doesn’t have to be that way. You can be persuasive, be effective, and uphold high standards while treating others with professional respect.
Who is your greatest mentor in the law and what have they taught you?
I have learned so much from the judge that I clerked for, Hon. Karen Nelson Moore on the Sixth Circuit Court of Appeals. She is a brilliant, incisive thinker and asks excellent questions.
She also exemplifies what it looks like to stay the course and continue doing the work, even though at times she has often been in the dissent among her colleagues—a perspective that has felt particularly relevant for me as a plaintiffs’ lawyer. The year that I spent in her chambers thinking, debating, and writing about the law will always be a career highlight and source of inspiration.
Tell us your two favorite songs on your summer music playlist. (Feel free to also include a line or two on why these resonate if you like.)
We take lots of road trips in the summer, and “I’ve Been Everywhere” by Johnny Cash is one of those perfect driving songs.
I am also really enjoying Maggie Rogers’ recent album, full of beautiful songs about transitions and friendship. Plus, she is a Maryland native—the governor recently declared it Maggie Rogers Day!
Read They’ve Got Next: The 40 Under 40 – Molly Bowen of Cohen Milstein Sellers & Toll.