Practice Areas:
Securities Litigation & Investor Protection
Admissions:
District of Columbia
Virginia
Education:
Georgetown University, J.D., 1975
University of Pennsylvania, B.S., cum laude, 1972
Steven J. Toll is Managing Partner at Cohen Milstein, a member of the Executive Committee, and Co-Chair of the firm's Securities Litigation & Investor Protection practice group. In this role, Mr. Toll guides the firm’s mediation efforts and strategy, and 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 land.
Mr. Toll has built a distinguished career and reputation as a fierce advocate of the rights of shareholders and has guided mediation efforts on the firm’s largest and most important matters (both securities fraud and other consumer type cases), a role in which he has earned the trust of mediators, as well as the respect of defense counsel. Mr. Toll has been 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. He also negotiated a $90 million settlement of a suit against MF Global.
Among Mr. Toll’s important cases is the Harman class action suit, where Mr. Toll 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.
Mr. Toll was also 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 misrepresenting 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 February 2017, the court granted final approval to a $175 million settlement reached between BP and lead plaintiffs for the “post-explosion� class.
CURRENT CASES
Boeing Derivative Shareholder Litigation
IBEW Local 98 Pension Fund v. Deloitte
In re American Realty Capital Properties Inc. Litigation
In re EQT Corporation Securities Litigation
In Re General Electric Securities Litigation
In re GreenSky Securities Litigation
In re Liberty Tax, Inc. Securities Litigation
In re SanDisk Securities Litigation
In re Valeant Pharmaceuticals International, Inc. Third-Party Payor Litigation
Karimian, et al. v. Alkermes Public Limited Company, et al.
Lewis Cosby, et al. v. KPMG, LLP
Mylan N.V. Securities Litigation
Plumbers & Pipefitters National Pension Fund v. Davis, et al.
Pluralsight, Inc. Securities Litigation
Seafarers Pension Plan v. The Boeing Company
Teva Pharmaceuticals Industries LTD Securities Litigation
Treasuries Antitrust Litigation
Weiner, et al. v. Tivity Health, Inc., et al.
RECENT SUCCESSES
Bear Stearns Mortgage Pass-Through Certificates Litigation
BP Securities Litigation
Braskem S.A. Securities Litigation
China MediaExpress
Countrywide Mortgage Backed Securities (MBS) Litigation
De Vito, et al. v. Liquid Holdings Group, Inc.
Fannie Mae Securities Litigation
Harborview MBS Litigation
Harman International Industries, Inc. Securities Litigation
Impax Laboratories, Inc. Securities Litigation
In re Lucent Technologies Securities Litigation (District of New Jersey)
In re Oppenheimer Rochester Funds Group Securities Litigation
In Re: Lumber Liquidators Chinese-Manufactured Laminate Flooring Products Marketing, Sales Practices and Products Liability Litigation
Intralinks
Navistar Litigation
New York City Employees’ Retirement System, et. al. v. Valeant Pharmaceuticals International, Inc.
Novastar MBS Litigation
Opus Bank Securities Litigation
RALI MBS Litigation
Sino-Forest
AWARDS & RECOGNITION
Cohen Milstein’s Antitrust, Civil Rights & Employment, Products Liability, and Securities Litigation Groups Recognized as “Leading Practices� by The Legal 500
Seventeen Cohen Milstein Attorneys Recognized as 2020 Washington, DC Super Lawyers; Seven Recognized as 2020 Washington, DC Rising Stars
Twelve Cohen Milstein Lawyers Recognized Among the 2020 Lawdragon 500 Leading Lawyers in America
Cohen Milstein’s Agnieszka Fryszman and Steve Toll Named to the 2019 List of “Lawdragon Legends�
Cohen Milstein’s Antitrust, Civil Rights & Employment, Products Liability, and Securities Litigation Groups Recognized as “Leading Practices� by The Legal 500
Twenty-One Cohen Milstein Attorneys Recognized as 2019 Super Lawyers; Nine Recognized as 2019 Rising Stars
Nine Cohen Milstein Lawyers Recognized Among the 2019 Lawdragon 500 Leading Lawyers in America
Steven J. Toll Named One of “America’s 50 Most Influential Trial Lawyers�
Legal 500 (2018) Recognizes Cohen Milstein’s Antitrust, Securities Litigation, and Employment Disputes Practices, as well as Steven J. Toll, Richard A. Koffman, Kit A. Pierson, Sharon K. Robertson, and Brent W. Johnson
Law360 Names Cohen Milstein’s Steven J. Toll a 2018 “Titan of the Plaintiffs Bar�
Twenty Cohen Milstein Attorneys Recognized as 2018 Super Lawyers; Eleven Recognized as 2018 Rising Stars
Cohen Milstein Ranks No. 3 in Investor Recoveries (2017), ISS Securities Class Action Services
Seven Cohen Milstein Lawyers Recognized Among the 2018 Lawdragon 500 Leading Lawyers in America
Cohen Milstein’s Steven J. Toll and Theodore J. Leopold Recognized as Leaders in Class Action Litigation (2017)
Six Cohen Milstein Partners Selected to the 2016 Lawdragon 500
Cohen Milstein's Steven J. Toll Named a Law360 MVP in Securities Law
Congratulations to Cohen Milstein's 2015 Washington, DC Super Lawyers and Rising Stars
Four Cohen Milstein Partners Selected to the 2014 Lawdragon 500
Congratulations to Cohen Milstein's 2014 Washington, DC Super Lawyers and Rising Stars
NEWS
“6 Firms Vie to Lead Suit Over Wells Fargo House Report,� Law360
“Tivity Health Bid for New Look at Investor Class Approval Denied,� Bloomberg Law
“Deloitte Wants Investor's Nuclear Energy Project Suit Tossed,� Law360
“Boeing Shareholder Challenges Forum Selection Clause for Barring Federal Derivative Claim,� Reuters
“Miller Energy Investors Win Cert. in Suit Over KPMG Audit,� Law360
“GreenSky Investors Score Class Cert. in IPO Suit,� Law360
“Performance Sports Execs Must Face Securities Fraud Suit,� Law360
“Shareholders’ Class Action Lawyers: We’re Not Rushing to Bring COVID-19 Cases,� Reuters
“Investors Seek Cert. in Action Over GreenSky IPO,� Law360
“Feds Certify Securities Class Action Against Tivity,� Nashville Post
“Tivity Investors Win Class Cert. in Tenn. Stock-Drop Suit,� Law360
“Investors Fight Performance Sports Execs’ Bid to Nix Suit,� Law360
“Litigation Leaders Across the ‘v’: Cohen Milstein’s Steven Toll on Fearless Litigation, Defense-Side Competition and the Greater Good,� The American Lawyer’s Litigation Daily
“Fintech Lender Loses First of 2 Bids to Kill Stock-Drop Suits,� Law360
“Liquid Holdings Reaches $4M Settlement over IPO Claims,� Law360
“Bernstein Litowitz, Cohen Milstein to Lead EQT Stock Suit,� Law360
“Bernstein, Robbins, Others Vie for Lead in EQT Deal Suit,� Law360
Investigation Notice Cohen Milstein Announces Investigation of Jumia Technologies AG (NYSE: JMIA)
Investigation Notice Cohen Milstein Announces Investigation of Apyx Medical Corp. (NASDAQ: APYX)
Investigation Notice Cohen Milstein Announces Investigation of Mueller Water Products, Inc. (NYSE: MWA)
“SEC Fraud Suit Roils VW Bid to Shake Emissions Scandal,� Law360
“SanDisk Inks $50M Deal over Investors’ Juked Forecasts Suit,� Law360
Investigation Notice Cohen Milstein Announces Investigation of American Renal Associates Holdings, Inc. (NYSE: ARA)
“Washington Hebrew Preschool Sued over Worker Accused of Child Sex Abuse,� NBC 4 Washington
“D.C. Synagogue Accused in Lawsuit of Enabling ‘Systemic, Regular’ Sexual Abuse at Preschool� USA Today
“Administrators at Washington Jewish Preschool Accused of Child Sex Abuse,� Jewish News Syndicate
“Administrators at Washington Jewish Preschool Accused of Child Sex Abuse,� South Florida Sun Sentinel
“DC Preschool Accused of Enabling Sexual Abuse of Children,� Law360
“Tivity Atty’s ‘Suspicious Stock Sales’ Support Suit, Judge Says,� Law360
“$165M NovaStar Deal OK'd over FHFA Objections,� Law360
Investigation Notice Cohen Milstein Announces Investigation of DBV Technologies S.A. (NASDAQ: DBVT)
“Experts at Odds over Call to Overhaul Securities Litigation,� Law360
Investigation Notice Cohen Milstein Announces Investigation of Immunomedics, Inc. (NASDAQ: IMMU)
Investigation Notice Cohen Milstein Announces Investigation of Apogee Enterprises, Inc. (NASDAQ: APOG)
Investigation Notice Cohen Milstein Announces Investigation of Sonus Networks, Inc. (NASDAQ: SONS)
Cohen Milstein Sellers & Toll PLLC Announces Securities Class Action Lawsuit Against GreenSky, Inc.
“$36 Million Settlement Approved in Lumber Liquidators Lawsuit,� CBS News
Investigation Notice OPKO Health, Inc.
Investigation Notice USA Technologies, Inc.
“Objector Loses Lead Plaintiff Challenge in Credit Suisse Suit,� Law360
Investigation Notice Rockwell Medical, Inc.
“KPMG Can't Escape Investors' Suit over Miller Energy Audit,� Law360
“JPML Won't Centralize Credit Suisse Inverse VIX Suits in NY,� Law360
Investigation Notice - Ormat Technologies, Inc.
“Cohen Milstein, Levi & Korsinsky to Lead Credit Suisse Suit,� Law360
“Lumber Liquidators MDLs Get Initial OK for $36M Settlement,� Law360
“Titan of the Plaintiffs Bar: Cohen Milstein’s Steven Toll,� Law360
“Funds Fight Bids to Toss $80B Valeant Price-Gouging Suit,� Law360
“Securities Settlements in 2018 Exceed Value for All of 2017,� Law360
“Mylan Must Face Many of Investors’ EpiPen Fraud Claims,� Law360
Cohen Milstein Sellers & Toll PLLC Announces Investigation of NQ Mobile Inc.
Cohen Milstein Sellers & Toll PLLC Announces Investigation of Quantum Corp.
“Brazilian Petrochemical Braskem to Settle Lawsuit for $10 Million Filing,� Reuters
“Opus Bank Cuts $17M Deal to End Suit Over Risky Loans� Law360
Cohen Milstein’s Steven J. Toll Named a 2017 Law360 Class Action MVP
“US Treasury Dealers Accused of Collusion by Big Investors,� Financial Times
“Big Banks Face Wider Treasury Auction-Fixing Suit,� Law360
Opus Bank to Pay $17 Million to Settle Allegations of Misleading Investors About Lending Practices
“Lumber Liquidators Plans $36M Settlement in Flooring Cases,� Associated Press
“Lumber Liquidators Settles Class-Actions Related to China-Made Products,� Reuters
“Lumber Liquidators Strikes $36M Deal in Laminate MDL,� Law360
“Lumber Liquidators Near Settlement in Class-Action Suit: Retailer Will Pay Out $36 Million in Cash and Store Credit,� The Wall Street Journal
Braskem Agrees to Pay Investors $10 Million for Role in Petrobras Corruption Scandal
“Braskem to Pay Pension Fund, Others $10 Million from Lawsuit Related to Petrobras Corruption,� Pensions & Investments
“Brazil's Braskem Agrees to Settle U.S. Class Action for $10 Million,� Reuters
“Braskem, Investors Strike $10M Deal in Corruption Suits,� Law360
“Braskem Signs $10 Million Settlement over Bribery Scandal,� The Wall Street Journal
“Cohen Milstein, Robbins Geller to Lead Booz Allen Fraud Suit,� Law360
“This Multitrillion-Dollar Suit Can’t Go Unnoticed,� New York Post
“Judge Approves Law Firms for Class-Action Suit Against Banks,� New York Post
“Judge in American Realty Case Expects To OK Class Period,� Law360
Federal Court Appoints Three Prominent Firms to Lead Class Action Against World’s Largest Banks
“BigLaw Triumvirate Leads US Securities Antitrust MDL,� Law360
“Teamsters' Fund Seeks Leading Role in Booz Allen Stock Suit,� Law360
Cohen Milstein’s Antitrust and Securities Litigation Practices Recognized by The Legal 500; Richard Koffman Named to the Legal 500 Hall of Fame
“Harman’s $28.3M Deal Gets Initial OK in Stock Drop Suit,� Law360
“Big Banks’ $165M Deal Gets Initial OK in NovaStar MBS Suit,� Law360
“$28M Settlement Ends Decade-Old Security Fraud Case,� The National Law Journal
“Harman Int'l Settles Stock Drop Saga for $28.25M,� Law360
Harman International Agrees to Pay $28.25 Million to Settle Allegations of Misleading Investors
“Harman International to Pay $28 Million to Settle Pension Fund-Led Lawsuit,� Pensions & Investments
“Brazil's Braskem Must Face U.S. Lawsuit over Petrobras Scandal,� Reuters
“Wells Fargo, RBS, Deutsche Bank in $165 million NovaStar Settlement,� Reuters
NovaStar, RBS, Wells Fargo, Deutsche Bank to Pay $165 Million in MBS Settlement
Cohen Milstein Named a Law360 2016 Practice Group of the Year: Class Actions
"$175M BP Deal Gets Judge's OK With Opt-Out Method Intact," Law360
Cohen Milstein Sellers & Toll Recognized by The National Law Journal as “Elite Trial Lawyers� in Antitrust and Class Actions
Settlement of $9.1 Million Approved in Navistar Shareholder Suit
Cohen Milstein Sellers & Toll PLLC Announces the Investigation of American Renal Associates Holdings, Inc.
“Valeant's Legal Woes Aren't New, but They Are Mounting,� The Motley Fool
“Valeant Faces RICO Suit in ‘Secret’ Pharmacy Network Row,� Law360
Court Grants Preliminary Approval of $9.1 Million Navistar Securities Settlement
“High Court Rejects Harman’s Appeal in Securities Suit,� Law360
Federal Court Approves $14 Million Settlement in IntraLinks Holdings Securities Class Action
Lumber Liquidators Purchasers File Class Actions in Five States Over Flooring Containing Hazardous Formaldehyde Levels
Fifth Circuit Affirms Federal Court's Class Certification Decision in In Re: BP p.l.c. Securities Litigation
Federal Court Appoints Steven J. Toll Co-Lead Counsel in Lumber Liquidators Class Action Lawsuit
DC Circuit Court Reinstates Harman International Industries Securities Fraud Case
Judge grants preliminary approval in connection with $325 million global RALI MBS class action settlement
“American Realty Capital Properties Hit by Lawsuit from Institutional Investors,� Investment News
Federal Court Approves $275 Million Royal Bank of Scotland Settlement
Class Certification Granted in China MediaExpress Securities Litigation
Cohen Milstein Sellers & Toll PLLC Comments on Supreme Court's Halliburton Securities Class Action Decision
Cohen Milstein Managing Partner Steven J. Toll Profiled in Lawdragon’s “Lawyer Limelight� Feature
Motion to Dismiss Denied in Impax Securities Litigation
Leopold Law Firm Merges with Cohen Milstein Sellers & Toll PLLC
Federal Court Approves $500 Million Countrywide MBS Settlement Agreement
Cohen Milstein Appointed Lead Counsel in Magnum Hunter Securities Litigation
Oppenheimer Municipal Bond Fund Litigation Settles for $89.5 Million
Investors and Countrywide Agree to Landmark $500 Million Settlement
Court Permits Claims to Advance in BP Securities Litigation
Judge Rejects WaMu's Motion to Block MBS Class Action from Proceeding to Trial
Cohen Milstein Announces Class Action Lawsuit Against MF Global, Ltd.
PUBLICATIONS
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Spring 2020 Edition of the Shareholder Advocate
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Summer 2019 Edition of the Shareholder Advocate
“Event-Driven Litigation Defense,� Harvard Law School Forum on Corporate Governance and Financial Regulation
Cohen Milstein’s Securities Litigation & Investor Protection Practice Issues Spring 2018 Edition of the Shareholder Advocate
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 - A Case Study
EVENTS
Cohen Milstein’s Steven J. Toll Invited to Speak at George Mason University’s Scalia Law School Symposium on Civil Justice Issues
Cohen Milstein’s Steven J. Toll Invited to Speak at George Mason University’s Scalia Law School Congressional Civil Justice Academy
Cohen Milstein Partner Steven J. Toll to speak at the Mass Torts Made Perfect Conference
