Monday, June 2, 2008
The government and Milberg LLP are close to settling the government's prosecution of the firm for alleged kickbacks to plaintiffs in exchange for being named lead counsel in private class actions. The settlement would include payment of penalties of around $75 million. William Lerach, a former Milberg partner, is serving a two-year prison term, and Melvyn Weiss, a founder of the firm, has pleaded guilty and awaits sentencing. WSJ, Class-Action Law Firm Close to a Settlement.