A Thursday indictment charging name partner David Bershad, partner Steven Schulman and the Milberg Weiss firm itself with illegally paying clients to be lead plaintiffs says the firm "kept cash used to make such payments in a safe located in a credenza in Bershad's office." Prosecutors argue that a plaintiffs firm that's made its name by suing large companies for fraud was itself a corrupt operation. The indictment also points to an unnamed lawyer, whom sources say is former partner William Lerach.
May 19, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
How, class action lawyers wondered for decades, did the firm now known as Milberg Weiss Bershad & Schulman consistently beat its competitors in the race to find lead plaintiffs in securities suits?
If you believe L.A. federal prosecutors, the firm’s secret — which let Milberg get lucrative lead counsel status in scores of cases — resided in the bowels of name partner David Bershad’s New York office.
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