Way back in July of last year we wrote about a flurry of stories and editorials in the Wall Street Journal and the New York Times, among other places, alleging colossal funny business by one of the nation’s leading class action firms, Milberg, Weiss, Bershad and Schulman. We called that piece, “The Feds Close in on a Toxic Factory“, because this firm seemed toxic indeed.
Well the front page of the Wall Street Journal reported yesterday that the criminal indictments were finally handed down as expected. The story begins:
“A federal grand just indicted the nation’s best-known class-action law firm….Alleging a 20-year conspiracy to funnel kickbacks to plaintiffs in dozens of securities class-action cases.”
According to the indictment, named partner Mr. Bershad, “used cash from a safe in a credenza in his office to pay kickbacks to plaintiffs.” If it’s possible to lower the image of trial lawyers, this indictment will do exactly that. Here’s a link to more commentary on yesterday’s indictment from our friends over at Overlawyered.com.
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