Milberg Weiss
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Founded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg Weiss (currently known as Milberg Weiss Bershad & Schulman LLP) is a U.S. plaintiffs' law firm. Based in New York City, it is widely known for representing investors in securities class actions. Before its split in May 2004, it was the largest plaintiff' law firm in the United States, with over 200 attorneys and a leader in its field, responsible, at least in part, for over 50 percent of all securities class action cases settled in 2002.[1]
On May 18, 2006[2],[3], the firm and two of its named partners, David J. Bershad and Steven G. Schulman, were indicted by United States Attorney Debra Wong Yang of the United States District Court for the Central District of California on various counts, including racketeering, mail fraud, and bribery. The charges, which have not yet been resolved in court, include claims that Milberg Weiss paid portions of its legal fees to plaintiffs in order to induce them to sue. [4]
As of July 14, 2006, 15 out of of 42 (35%) of the firm's partners had resigned.
On October 18, 2006, Josh Gernstein reported that the "federal prosecutor overseeing the criminal case against a leading class action law firm, Milberg Weiss, has announced that she will resign next month to enter private practice." According to the article, "Ms. Yang will co-chair Gibson Dunn's crisis management practice, which is headed by a former solicitor general, Theodore Olson, and a former deputy to Mayor Giuliani, Randy Mastro. The firm is a Republican stronghold and home to many members of a conservative legal group, the Federalist Society."
[edit] References
- ^ [1]
- ^ Milberg Weiss Is Charged With Bribery and Fraud, Julie Creswell, The New York Times, May 18, 2006.
- ^ U. S. Department of Justice press release.
- ^ Peter Elkind, "The fall of America's meanest law firm", Fortune, November 3, 2006
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