Wednesday, September 19, 2007
The rise and fall of William Lerach is recounted in the press, a day after he agreed to pay fines and penalties of $8 million, plead guilty to one charge of conspiracy to obstruct justice and serve between one and two years in prison. (The agreement is subject to court approval.) Joel Seligman summed it up:
"Bill Lerach transformed the securities class action in ways that both benefited many investors through compensation and deterrence and contributed to some backlash. It is very rare for any individual to have had so profound an impact on litigation and legislation."