It's not every day that a federal judge accuses a prominent law firm like Coughlin Stoia of engaging in "the most obvious conflict of interest" he's ever seen, only to be told that the practice in question is nearly universal. But that's what happened recently in New York federal court. Did Judge Jed Rakoff overreact? Or did he uncover an ethical morass encompassing a huge swath of the plaintiffs bar? A partner in another large securities class action firm says the practice in question is indeed common.
Judge Accuses Coughlin Stoia of 'Shocking Conflict of Interest,' but How About Other Firms?
The American Lawyer
April 17, 2009