STATEMENT OF MELVYN I. WEISS
“I deeply regret my conduct and apologize to all those who have been affected, including all of the wonderful and extremely talented lawyers and other eemployees of the Firm, none of whom had any involvement in any wrongdoing. I believe that it is very important to preserve this unique legal resource for the benefit of victims of wrongdoing affecting the masses, who historically have been under-served in so many ways.”
LOS ANGELES – Becoming the fourth current or former partner of the law firm now known as Milberg Weiss to admit criminal conduct, Melvyn I. Weiss has agreed to plead guilty to a federal racketeering charge and acknowledge that he and others concealed secret payment arrangements that Milberg Weiss had with named plaintiffs in class-action lawsuits.
A plea agreement filed this morning calls for a sentence of between 18 months and 33 months, and the government expects that it will ask United States District Judge John F. Walter to impose the 33-month term after Weiss formally pleads guilty. In the plea agreement, Weiss agrees to forfeit $9.75 million in ill-gotten gains derived from the criminal enterprise and to pay a criminal fine of $250,000.
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