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 Public Employees Retirement System, who purchased Harman stock between April 2007 and February 2008. In their lawsuit, filed in 2007, APERS and others alleged Harman made false statements about its business, which artificially inflated its stock prices. In a 2015 decision, the U.S. Court of Appeals in the District of Columbia reversed the district court’s dismissal of the case and remanded it.
