Milberg Weiss Firm Indicted
At this point, given the amount of press that the investigation received, it does not come as a surprise that plaintiffs’ firm Milberg Weiss Bershad & Schulman has been indicted for providing “kickback” payments plaintiffs in securities class action cases. The firm has launched this new website to deny the charges (and presumably do some damage control).
Having previously worked for a plaintiff’s securities law firm, and knowing how passionately the partners there cared about cleaning up some of the worst abuses in the corporate world, I’m saddened by this. Over many years, Milberg Weiss has taken on many big, high-dollar, controversial cases that have shaken things up. On the other hand, will it really have that big an impact on class actions? If Milberg’s reputation and market share decreases, that leaves a power vacuum for its other competitors to fill. More details here from the government’s press release, all over the WSJ blog, and commentary from Conglomerate here.