Michael A. Toomey, Partner
New York, NY

e: mtoomey@barrack.com
p: (212) 688-0782
f: (212) 688-0783

Download vCard

Attorneys & Professionals

Michael A. Toomey

Michael A. Toomey, Partner
New York, NY

e: mtoomey@barrack.com
p: (212) 688-0782
f: (212) 688-0783

Download vCard

Michael A. Toomey, a partner in Barrack, Rodos & Bacine's New York office, joined the firm in 2011. At BR&B, Mr. Toomey has represented investors, including state, local and union pension funds, in several class and derivative actions, including cases involving securities fraud, shareholder rights and corporate governance. Mr. Toomey was an integral part of the litigation teams that prosecuted In re American International Group, Inc. 2008 Securities Litigation, which resulted in a $970.5 million settlement for defrauded investors, among the largest recoveries ever achieved in a securities fraud class action stemming from the 2008 financial crisis, and Pennsylvania Public School Employees' Retirement System v. Bank of America Corp et. al., which resulted in a $335 million settlement in 2016.  Mr. Toomey has also successfully represented investors in class and derivative actions such as Pub. Employees’ Ret. Sys. of Miss. v. Schleifer, which challenged the excessive compensation provided to Regeneron Pharmaceuticals, Inc.’s board of directors.  The successful settlement of this case resulted in the largest reduction in board compensation in any excessive director compensation case, ever: $44.5 million.  Mr. Toomey also represented investors in In re Cheniere Energy Stockholders Litigation, which challenged whether shareholders approved an equity compensation plan that provided Cheniere’s CEO with $126 million in one year.  The successful settlement of this litigation resulted in the withdrawal of a new equity compensation plan that proposed to grant executives 30 million shares, a new stockholder vote on the shares that were challenged by the litigation, and several other corporate reforms.  Mr. Toomey also successfully represented shareholders in a derivative case challenging the payment by Barnes & Noble for an asset held by its chairman Leonard Riggio whereby Riggio agreed to pay $29 million to settle shareholders’ claims.  Mr. Toomey has also helped to establish important standards in shareholder derivative actions such as Seinfeld v. Slager, No. CIV.A. 6462-VCG, 2012 WL 2501105 (Del. Ch. June 29, 2012) (directors must show entire fairness of their own compensation if compensation plan lacks meaningful limits) and Kaufman v. Allemang, 70 F. Supp. 3d 682 (D. Del. 2014) (companies must strictly comply with SEC regulation 17 C.F.R. § 240.14a-101 (Item 10(a)(1)) when attempting to gain shareholder approval of company compensation plans).

Before joining the firm, Mr. Toomey was an intern for Judge Benjamin Lerner of the Court of Common Pleas of Philadelphia County and for Magistrate Judge Elizabeth Hey of the United States District Court for the Eastern District of Pennsylvania.  He also interned at the Philadelphia Public Defender where he advocated in court on behalf of indigent defendants.

Education:
  • Temple University School of Law (J.D. 2010)
  • Tufts University (B.A. 2005)
Admissions:
  • New York, 2010
  • New Jersey, 2010
  • United States District Court for the Southern District of New York
  • United States District Court for the Eastern District of New York
Publications:
  • The August 2008 Battle of South Ossetia:  Does Russia Have a Legal Argument for Intervention?, Temp. Int'l & Comp. L.J., Vol. 23, no. 2