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November 30, 2008 | Inside Counsel

The Year in Review

20 Stories the In-House Bar Couldn't Ignore.
36 minute read
October 23, 2008 |

Newsbriefs

7 minute read
July 15, 2008 |

Last Defendant in Milberg Kickback Case Pleads Guilty

Paul Selzer, the last remaining defendant in the federal government's kickback case against Milberg, has pleaded guilty to filing false documents with the IRS. The plea agreement ends an investigation spanning nearly a decade in which federal prosecutors alleged that Milberg and seven of its partners generated $251 million in attorney fees by paying kickbacks to lead plaintiffs. Last month, Milberg agreed to pay $75 million as part of a nonprosecution agreement with federal prosecutors.
9 minute read
June 24, 2008 | Insurance Coverage Law Center

Y2K Implications for Directors and Officers - Archive

Archive of information written in 1999 about potential implications of the Y2K issue on directors and officers.
17 minute read
June 17, 2008 |

Milberg Agrees to Pay $75 Million in Settlement Over Kickback Scheme

Federal prosecutors today reached a settlement with the Milberg law firm, four of whose former name partners pleaded guilty in the past year to criminal charges relating to the payment of kickbacks to individual plaintiffs in shareholder cases. The deal calls for the firm to pay $75 million in fines in exchange for the dropping of criminal charges. In a statement of facts accompanying the settlement agreement, Milberg admitted earning around $239 million in legal fees on cases where plaintiffs were paid.
28 minute read
May 28, 2008 |

Study Claims Milberg Weiss Scheme Hurt Shareholders

As Melvyn I. Weiss awaits sentencing for his role in the payment of kickbacks to named plaintiffs in shareholder suits, a conservative think tank is set to release a study purporting to show that the scheme injured shareholders. The American Enterprise Institute Legal Center is releasing today an article by a law professor that takes on the argument that the kickbacks constituted a victimless crime because the payments came out of legal fees and named plaintiffs had incentive to maximize class recoveries.
7 minute read
May 06, 2008 |

Congressmen Call for Milberg Weiss-Related Hearings

Referring to the kickback issue at the heart of the federal government's case against Milberg Weiss as "a cancerous growth" and an "economic threat" that threatens American jobs, two high-ranking Republican congressmen have called on the House Judiciary Committee chairman to investigate the pervasiveness of such unethical conduct among trial lawyers. Congressmen said a hearing should take place before May 19, when plaintiffs lawyer William Lerach is scheduled to begin serving a two-year prison sentence.
8 minute read
May 02, 2008 |

Former Milberg Expert Witness Pleads Guilty to Perjury

John B. Torkelsen, a former expert witness in hundreds of shareholder derivative and class action cases for Milberg Weiss, pleaded guilty on Thursday to perjury charges. Torkelsen, who is serving a prison sentence in West Virginia on an unrelated charge, could face up to five more years in federal prison. Under his plea agreement, which was reached earlier this year, Torkelsen admitted that he lied to a federal judge in San Jose, Calif., while testifying in a 1999 securities class action case.
6 minute read
April 18, 2008 |

Milberg Weiss Case Yields Small Recovery

The defendants who have pleaded guilty in the Milberg Weiss case have collectively agreed to pay more than $32 million in monetary recoveries -- a far cry from the $251 million in attorney fees that federal prosecutors allege the firm and its lawyers obtained by paying kickbacks to lead plaintiffs. "A firm like Milberg probably couldn't come up with $200 million," said a Columbia Law School professor who is following the case, "but probably could pay $50 million."
14 minute read
March 21, 2008 |

Melvyn Weiss Agrees to Plead Guilty to Role in Kickback Scheme

Famed securities class action lawyer Melvyn I. Weiss agreed Thursday to plead guilty to a federal racketeering charge over his participation in a scheme to pay kickbacks to lead plaintiffs in shareholder suits. The agreement recommends a sentence of between 18 and 33 months in prison. He also agreed to pay $10 million in fines and forfeited fees. Coincidentally, a court ruled Thursday to disbar Steven Schulman, a former name partner of Weiss' old firm, which anounced it's changing its name to Milberg.
25 minute read

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