Embattled plaintiffs firm Milberg Weiss & Bershad, which has been indicted on criminal bribery and fraud charges in federal court in Los Angeles, will not be removed from a high-profile securities litigation pending in Manhattan federal court.
Southern District of New York Judge Shira A. Scheindlin, saying that the firm is “adequately” representing the class and that she “takes seriously the presumption of innocence afforded to defendants until proven guilty,” last week denied the removal request filed in In re: Initial Public Offering Securities Litigation, 21 MC 92.
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