FacultyFaculty/Author Profile
Carol V. Gilden

Carol V. Gilden

Cohen Milstein Sellers & Toll PLLC

Chicago, IL, USA


Carol Gilden is a Partner at Cohen Milstein Sellers & Toll, PLLC, and a member of the Securities Fraud/Investor Protection practice group. Ms. Gilden represents public pension funds, Taft-Hartley Benefit Funds, private pension funds and high net worth individuals. She is the Resident Partner of the firm’s Chicago office. 

 Ms Gilden has extensive experience in protecting the rights of investors, including five years of experience as an enforcement attorney in the Securities and Exchange Commission, Midwest Regional Office. Prior to joining Cohen Milstein in 2007, Ms. Gilden worked at the Chicago law firm of Much Shelist, where she headed up the securities class action practice and served as Vice Chair of the Class Action Department.  Ms. Gilden has served as co-lead counsel, a member of the Executive Committee and on the litigation teams of many high profile cases. 

 Ms. Gilden is currently lead counsel in the IntraLinks Holdings Securities Litigation, ITT Educational Services Securities Litigation, Navistar Securities Litigation, Orthofix Securities Litigation, as well as co-lead counsel in derivative cases against Intuitive Surgical and BioScrip Inc.  In addition, Ms. Gilden is the lead attorney in the City of Chicago’s pending case against on-line travel companies.  Prior notable cases include Ms. Gilden’s role as co-lead counsel in the MF Global Securities case, which settled for $90 million. Her work in the case, which included winning an appeal before the Second Circuit Court of Appeals of the lower court’s dismissal of the case, was singled out for recognition by the National Law Journal in connection with its selection of Hot Plaintiffs’ Firms for 2011.  Other recent cases in which she has served as co-lead counsel include the RehabCare merger case (settled for significant deal term changes, disclosure changes and a cash settlement fund), and the Huron Consulting Inc. Securities Litigation, which settled for $40 million (cash plus stock).  Among other prior notable cases, Ms. Gilden actively litigated and served on the Executive Committees of the Global Crossing Securities Litigation (settlements of $448 million) and the Merrill Lynch & Co. Research Reports case ($125 million settlement).  Further, she served as co-lead counsel in the ML Lee Securities Litigation and Smith Kline Litigation, as well as lead counsel in Pacha, et al. v. McKesson Corporation, et al., a private action which settled for a substantial, confidential sum.  She also was liaison counsel and an active litigation team member in the Waste Management Litigation, which settled for $220 million. Under her leadership, her former firm was an active member of the litigation teams in the AOL Time Warner Securities Litigation ($2.5 billion settlement), Salomon Analyst Litigation/In re AT&T ($75 million settlement), and CMS Securities Litigation ($200 million settlement).

 In addition to case work, Ms. Gilden speaks at legal conferences around the country on securities litigation and class action law.  Ms. Gilden has spoken on such topics as corporate ethics, financial reporting, officer and director liability, pleading standards in securities fraud class actions, the Sarbanes-Oxley Act of 2002, the Private Securities Reform Act of 1995, class certification standards, trends and decisions, Illinois class actions, deferred prosecution agreements, directors and officers insurance risks, advising companies in crisis, settlements, settlement objections and claims administration and the LIBOR scandal and ensuing litigation.

Ms. Gilden also has given presentations regarding the LIBOR scandal and ensuing litigation.  Further, she has served as a panelist and/or moderator at Loyola University Chicago School of Law’s Annual Institute for Investor Protection/ILEP on such topics as “Behavioral Economics and State of Mind: Pleading and Proving Scienter in Securities Fraud Cases; “The Effective and Ethical Use of Confidential Witnesses and Whistle Blowers” and  “Navigating Alternatives to Securities Fraud Class Actions:  State Court Opt-out Litigation”

 Ms. Gilden also speaks at investor conferences regarding shareholder rights, corporate governance and regulatory reform.  In prior years, she has given talks titled: the “Dodd-Frank Wall Street Reform and Consumer Protection Act - The Implications for Institutional Investors”; “The Power of Your Pension Plan Assets”; “Corporate Governance: The Fiduciary’s Right to Be Heard; the “Overhaul of the U.S. Financial Regulatory System”; “What’s Ahead in Regulatory Reform: Storm Clouds on the Horizon?” and “A New Era Of Regulation: The Three Legged Stool”.   She previously served as a panelist at a Vanderbilt Law School symposium on the “Future of Federal Regulation of Financial Markets, Corporate Governance and Shareholder Litigation,” and  has spoken at the International Foundation on shareholder rights and proxy voting.

 Ms. Gilden has published a variety of scholarly articles and course materials.  She has authored and/or co-authored articles published by the National Law Journal, IICLE,  the American Bar Association, Illinois Bar Journal, and Practising Law Institute on Class Actions Litigation.   She also has been a commentator in the national media on market scandals, recent developments and trends in securities law and high profile securities fraud cases.  She appeared numerous times on CNBC, including an appearance on a special segment titled I Want My Money Back where she was described as "one of the top investor advocacy attorneys in the country." Ms. Gilden was featured on various ABC news programs, First Business and BBC World News and has been quoted by prominent publications, including the Associated Press, Bloomberg News, Crain's,  Fortune magazine, Dow Jones, Business Insurance and Corporate Legal Times. Ms. Gilden appeared on the cover of Chicago Lawyer in connection with a feature article on The Ebb and Flow of Securities Class Actions.

Ms. Gilden served as the President of the National Association of Shareholder and Consumer Attorneys (NASCAT), the preeminent trade association for securities class action attorneys, from April 2007- April 2009. As President of NASCAT, Ms. Gilden actively worked to promote the interests of investors. Prior to becoming President, Ms. Gilden served as the President-Elect and Treasurer.  Ms. Gilden continues to be actively involved in NASCAT and serves on its Executive Committee. Ms. Gilden is a Vice President of the Institute for Law and Economic Policy (ILEP). ILEP is a preeminent think tank with leading academics, and was established to preserve and enhance access to the civil justice system by investors and consumers.

 Ms. Gilden has been repeatedly selected as an "Illinois Super Lawyer" (2005-2012) by Law & Politics, which published its selections in Chicago magazine. Only 5 percent of Illinois attorneys are awarded this honor. Ms. Gilden also has achieved the "AV" Peer Review Rating by Martindale-Hubbell.

 Ms. Gilden is a graduate of the University of Illinois (B.S., Business Administration, 1979). She graduated with honors from Chicago-Kent College of Law (J.D. 1983) where she was a member of the Chicago-Kent Law Review. Ms. Gilden is admitted to practice in Illinois, the federal district court for the Northern District of Illinois, the United States Circuit Court of Appeals for the Seventh Circuit and the United States Supreme Court, as well as pro hac before other federal and state courts throughout the country.

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