Now, the real battle begins.

Thursday’s indictments of Milberg Weiss Bershad & Schulman and two of its name partners are likely to set off a wave of fights over lead counsel status in ongoing securities class actions involving the firm. Judges may balk at giving a firm under indictment plum lead or co-lead counsel roles, and plaintiffs who were passed over for lead status in favor of Milberg’s clients may reopen fights for those slots.

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