Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, September 21, 2007

Weiss Is Indicted

As expected, Melvyn Weiss was indicted, charged with conspiracy, racketeering, obstruction of justice and making false statements to a grand jury.  The indictment also broadened the charges against the Milberg Weiss firm, alleging that the firm received $250 million in legal fees over the last 25 years from class actions in which it paid kickbacks to named plaintiffs.  Another former Milberg Weiss partner, Steven Schulman, agreed to plead guilty to a conspiracy charge and cooperate with prosecutors.  The government's indictment apparently was strengthened through information obtain from another former partner, David Bershad, who previously pleaded guilty.  NYTimes, Top Class-Action Lawyer Faces Federal Charges; WSJ, In Role Reversal, Melvyn Weiss Is Indicted.

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