Securities Law Prof Blog

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

Tuesday, June 17, 2008

Milberg Firm Pays $75 Million to Settle Government Charges

The Milberg law firm agreed to pay $75 million to settle criminal charges that the firm made secret payments to lead plaintiffs in securities fraud class actions.  The firm acknowledged that seven former partners paid kickbacks in more than 165 lawsuits over a period of 25 years.  No current Milberg partner was named in the agreement.  As part of the settlement, the firm must follow a "best practices program" for two years and present referrals and co-counsel fees to an outside "compliance monitor."  NYTimes, Big Penalty Set for Law Firm, but Not a Trial; WSJ, Milberg Settles With Government.

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