Milberg Weiss Partner Pleads Guilty
July 11th, 2007A partner at the law firm Milberg, Weiss—long the nemesis of publicly listed corporations—has pled guilty to charges related to the paying of illegal kickbacks to plaintiffs in shareholder lawsuits.
As I noted some time ago, this is quite ugly disclosure about the private “disclosure police.”
More cases are pending; others are likely to be filed, with this cooperating partner providing damning evidence.
Alas, since Milberg, Weiss is not a publicly traded firm, it cannot be sued by an entreprenurial lawyer on the exact claims that it has so long used to cludgeon defendants, but perhaps some of its former clients, or shareholders not in on these kickbacks, will still bring a deliciously ironic class action fraud suit against the firm’s current and former partners.
The New York Times reports on the guilty plea here.