Famed plaintiffs' lawyer Melvyn Weiss, a co-founder of law firm Milberg Weiss, has pleaded guilty to a federal racketeering charge in connection with his former firm's arrangement to pay kickbacks to named plaintiffs of its high-profile class actions. The firm also announced Weiss has resigned, and the firm will now be known as Milberg.

Under the plea agreement filed March 20, Weiss will pay $10 million in fines and forfeitures. He could also receive 18 to 33 months in prison, and in a news release U.S. Attorney Thomas O'Brien said the government plans to ask for the 33-month sentence.

Weiss is the fourth current or former partner to admit criminal conduct, joining William Lerach, David Bershad and Steven Schulman. Lerach was sentenced last month to two months in federal prison, and Bershad and Schulman await sentencing. All have admitted to participating in a scheme that paid millions of dollars to plaintiffs in more than 225 shareholder derivative class actions filed throughout the U.S. over a period of more than 25 years.

“The scheme was based in greed and it affected the integrity of the courts and the interests of an untold number of absent class members,” O'Brien said in a statement.

In his own statement, Weiss apologized to the lawyers and employees of Milberg Weiss and said, “I believe it is very important to preserve this unique legal resource for the benefit of victims of wrongdoing affecting the masses, who historically have been underserved in so many ways.”

Remaining as defendants in the case are the Milberg Weiss firm and attorney Paul Selzer. Both are expected to face trial in August.