New York State Comptroller Alan G. Hevesi, trustee of the state's $140 billion Common Retirement Fund, says he will ask a judge to replace indicted class action firm Milberg Weiss as lead counsel in a shareholder suit against pharmaceutical giant Bayer. The CRF has been one of Milberg Weiss' largest clients and the move is a major blow to the firm, which was indicted last month by federal prosecutors, who allege the firm paid some $11 million in kickbacks to individuals who were plaintiffs in class actions.
June 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New York State Comptroller Alan G. Hevesi, the trustee of the $140 billion New York State Common Retirement Fund, has announced he will ask Southern District Judge William H. Pauley to replace indicted class action firm Milberg Weiss Bershad & Schulman as lead counsel in a shareholder suit against German pharmaceutical giant Bayer.
Hevesi also said he was removing the firm from the pool of those eligible to serve as the CRF’s counsel in future securities litigation matters.
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