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Pour milk into large bowl. Stir in food color. Add pudding mixes. Beat with wire whisk 2 minutes or until well blended. Let stand 5 minutes. Gently stir in whipped topping.
Layer crushed cookies, toffee bits and pudding mixture in 3-quart bowl, beginning and ending with crushed cookies.
Refrigerate 1 hour or until ready to serve. Sprinkle with additional toffee bits, if desired.