Monday, February 11, 2008
William Lerach, one of the plaintiffs' securities lawyers that corporate management most despised, was sentenced to two years in prison (exactly what prosecutors requested) and two years' probation, as well as agreeing to forfeit $7.75 million in ill-gotten gains and pay a $250,000 fine. In an interview with the Wall St. Journal, Lerach stood by his guilty plea, but said that no one had previously been prosecuted for what he saw as "ethical violations." Lerach and his law firm paid kickbacks to named plaintiffs in class actions. WSJ, Lerach Gets Two-Year Sentence For Role in Kickback Scheme.