Federal prosecutors today reached a settlement with class action law firm Milberg, four of whose former name partners have pleaded guilty in the past year to criminal charges relating to the payment of kickbacks to individual plaintiffs in shareholder cases.

The deal calls for the New York-based firm to pay $75 million in fines in exchange for the dropping of criminal charges. That amount is to be paid in installments through 2012, but the schedule will be accelerated if Milberg’s revenues exceed $40 million in a single quarter or $120 million over four quarters.