Two former Milberg partners have sued Melvyn I. Weiss, William S. Lerach, David J. Bershad and Steven G. Schulman, claiming their illegal conduct constituted a breach of their fiduciary duty to their partners. The suits could be the beginning of a tide of litigation against the former name partners, who have pleaded guilty over the past several months to orchestrating a kickback scheme. Indeed, a Milberg management committee member said the firm itself was exploring litigation against its former leaders.
Ex-Milberg Partners Sue Convicted Leaders for Breach of Financial Duty
New York Law Journal
June 18, 2008