Tuesday, August 5, 2008

WSJ Editorial on Milberg

Editorial in the Wall Street Journal -- Justice and Milberg.  Here's an excerpt:

Poor Bernie Ebbers, the former WorldCom boss now serving a 25-year prison sentence. If he'd been a class-action lawyer, the former CEO might have ended up with a fat payout from his employer despite his felony rap. At least that's one way to look at the Justice Department's recent nonprosecution agreement with the notorious Milberg law firm.

We criticized the deal last month for letting the law firm pay Melvyn Weiss -- its former lead partner and now admitted felon -- a share of the firm's future lawsuit winnings. Milberg also picked up his legal fees and expenses. We've since learned that all of this was fine with prosecutors at Justice. Thom Mrozek, spokesman for the U.S. Attorney's office in the Central District of California, confirmed the contents of last week's letter to us from five Milberg partners saying Justice had given them the green light to keep Weiss in the financial style to which he had become accustomed



Class Actions, Ethics, Procedure | Permalink

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For those who read the full text of the WSJ op-ed, it references a recent Washington Legal Foundation publication on the Milberg LLP settlement. If you are interested in reading it, it can be seen at http://www.wlf.org/upload/07-25-08sklaire.pdf

Posted by: Glenn Lammi | Aug 6, 2008 8:03:01 AM

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