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To: ravenseye who wrote (2137)	12/5/2006 11:51:29 AM
From: ravenseye	Read Replies (1) \| Respond to of 5034

Feds Win Milberg Discovery Battle Justin Scheck The Recorder December 5, 2006 L.A. federal prosecutors have won a behind-the-scenes discovery fight in the undying probe of plaintiffs firm Milberg Weiss Bershad & Schulman. In a sealed ruling issued the day before Thanksgiving, U.S. District Judge A. Howard Matz ordered the production of reams of discovery that prosecutors had sought from various plaintiffs firms, according to lawyers familiar with the case. Attorneys for Milberg -- which was indicted in May, as were two of its name partners, on charges of paying kickbacks to clients -- had argued that the material was covered by work-product privilege. ... read the rest @ law.com Lawyers said the prosecutors are interested in whether Milberg paid brokers for referring investors to serve as lead plaintiffs in shareholder suits. While such payments were made explicitly illegal by a 1995 federal law, it's not clear whether they were allowed in earlier years. That legal gray area, the lawyers said, muddles whether brokers could be forced to cooperate

To: ravenseye who wrote (2137)	12/7/2006 12:34:39 PM
From: ravenseye	Respond to of 5034

Court Rejects Class Action Against Banks By JULIE CRESWELL Published: December 6, 2006 ... The ruling was a devastating blow to the embattled securities class-action powerhouse Milberg Weiss Bershad & Schulman, which is a co-leader for the plaintiffs. nytimes.com

To: ravenseye who wrote (2137)	12/8/2006 7:18:19 AM
From: ravenseye	Respond to of 5034

Milberg's Weiss Wanted $12.5 Billion in IPO Case (Update1) By David Glovin Dec. 6 (Bloomberg) ...The investors' case was led by a six-attorney executive committee, headed by Weiss. One committee member, Howard Sirota, said in an interview today that he pressed Weiss to accept a possible settlement of $3 billion or $4 billion, which, Sirota said, the banks appeared willing to pay. Weiss refused to consider anything less than $12.5 billion, Sirota said. ``I was desperately trying to salvage a settlement,' said Sirota, of the New York-based firm of Sirota & Sirota. ``Literally millions of public investors have been deprived of any recovery because of what Milberg has done.'... ...Weiss said in an interview today it would be unethical for him to comment on confidential settlement talks. He criticized Sirota, with whom he's previously clashed. ``He doesn't know what he's talking about because he's not a good lawyer,' Weiss said. ... ...Earlier this week, Sirota said that Scheindlin should strip Milberg of its role as lead lawyer in the IPO lawsuit because the firm and the two partners had been indicted. Today, Sirota said the ``taint' of the criminal case against Weiss's firm worked to the disfavor of plaintiffs in the IPO case. Other lawyers on the committee sided with Weiss, Sirota said. Sirota said he staked his small firm's future on the outcome of the IPO case and another lawsuit. With the possible failure of the IPO case, Sirota said his firm's days are numbered. ``We're going to close the firm,' he said. The case is In Re: Initial Public Offering Securities Litigation, 21-MC-92, U.S. District Court for the Southern District of New York (Manhattan). To contact the reporter on this story: David Glovin in U.S. District Court in New York at dglovin@bloomberg.net . Last Updated: December 6, 2006 18:49 EST bloomberg.com read the complete article at the above link.

To: ravenseye who wrote (2137)	12/9/2006 1:15:30 PM
From: ravenseye	Respond to of 5034

Milberg's Schulman, Indicted for Payoffs, Quits Firm (Update3) By Lindsay Fortado Dec. 8 (Bloomberg) -- Steven G. Schulman, a partner at New York law firm Milberg Weiss Bershad & Schulman, resigned, eight months after he and the firm were indicted for giving kickbacks to clients in exchange for filing complaints against companies. Schulman, 55, was charged in May along with partner David Bershad, 67, and the firm in a 20-count indictment alleging mail fraud and conspiracy. The U.S. claimed they gave three clients a total of $11 million for allowing Milberg to represent them in securities fraud litigation against publicly traded companies. ... read the rest @ bloomberg.com

To: ravenseye who wrote (2137)	12/9/2006 1:26:08 PM
From: ravenseye	Respond to of 5034

Name Partner Schulman Exits Milberg Weiss Resignation comes seven months after he, another partner and the firm were indicted in an alleged kickback scheme Elizabeth Goldberg and Justin Scheck ALM December 11, 2006 Lawyers familiar with the case said the timing of his departure was designed to maximize his financial payout on leaving the partnership. ... Both Weiss and Schulman's spokesman, Sam Singer, said the resignation will have no impact on Schulman's joint defense with the firm against the conspiracy allegations. "Mr. Schulman will continue to work closely with Milberg Weiss in defense of the firm and in his own defense. He will vigorously fight all charges," Singer said. How long his vigor lasts remains to be seen. Lawyers familiar with the case say Schulman is not averse to negotiating with prosecutors -- and could well be offered a lenient deal if the U.S. Attorney's office in Los Angeles feels he can incriminate Weiss and former Milberg partner William Lerach, who now heads his own firm. ... People familiar with Milberg's partnership structure said that a shareholder's payout upon leaving the firm is based in part on revenue in that partner's last three full years at Milberg. Since the current year has been a weak one for Milberg -- with court complications sidetracking several large cases -- they said Schulman had an incentive to leave before completing 2006. Indeed, by one account, Schulman could reap an extra several million dollars by leaving before year's end. According to his indictment, Schulman's share of the firm between 1991 and 2005 was worth $67.1 million. ... "I don't know what's better for [the firm,]" said Stanley Bernstein, of Bernstein Liebhard. "But I would imagine the firm would prefer not to have an indicted partner as a name partner." Elizabeth Goldberg is a reporter for The American Lawyer magazine. Justin Scheck is a reporter for The Recorder. read the full article @ law.com

To: ravenseye who wrote (2137)	2/1/2007 2:48:18 AM
From: ravenseye	Read Replies (1) \| Respond to of 5034

Former Milberg Plaintiff to Plead Guilty in Probe (Update3) By Edvard Pettersson Jan. 31 (Bloomberg) -- A former eye doctor agreed to plead guilty to taking more than $6.4 million in secret payments from New York law firm Milberg Weiss & Bershad in exchange for serving as the lead plaintiff in class-actions, prosecutors said. Steven Cooperman, 64, of Fairfield, Connecticut, some of his relatives and associates served as named plaintiffs in about 70 securities-fraud class-actions and other shareholder suits, the U.S. Attorney's Office in Los Angeles said today in a statement.... bloomberg.com kickback skid marks!

To: ravenseye who wrote (2137)	2/1/2007 4:21:57 PM
From: ravenseye	Respond to of 5034

More Milberg charges possible Prosecutors may target Lerach, experts say, after a doctor admits his role in class-action schemes. By Molly Selvin, Times Staff Writer February 1, 2007 A plea agreement by a former Brentwood eye doctor in the federal case against a prominent New York law firm suggests that prosecutors are seeking still more indictments, possibly including class-action lawsuit king William S. Lerach, legal experts said.... latimes.com

To: ravenseye who wrote (2137)	2/1/2007 4:59:52 PM
From: ravenseye	Respond to of 5034

Milberg, Seeking $101 Million Fees, Gets $38 Million (Update2) By David Glovin Jan. 29 (Bloomberg) -- Milberg Weiss & Bershad, the law firm indicted for paying kickbacks to plaintiffs, was awarded a little more than one-third of the $101 million it sought for winning a billion-dollar shareholder settlement from Nortel Networks Corp. U.S. District Judge Richard Berman in New York today said Milberg was entitled to $37.7 million in legal fees and expenses. Berman said the $101 million the firm was asking for would have been ``excessive,''.... bloomberg.com

To: ravenseye who wrote (2137)	3/17/2007 1:32:33 PM
From: ravenseye	Respond to of 5034

Milberg Weiss Criticized for Misrepresenting Involvement in Indictment Sheri Qualters The National Law Journal March 19, 2007 A Massachusetts federal judge ruled that last year's indictment of Milberg Weiss & Bershad and two of its lawyers and the firm's conduct during a proposed securities class action case meant the firm was "not adequate" lead counsel.... law.com ...In his Thursday order, Judge Joseph L. Tauro also denied class certification in the case against former executives and board members of Canton, Mass.-based skin substitute maker Organogenesis Inc. Organogenesis has since become a private company after investors bought it out of bankruptcy. In In Re: Organogenesis Securities Litigation, No. 04-10027 (D. Mass.), Tauro's memo took issue with a Milberg Weiss letter to the court stating that no attorneys litigating the case were indicted. Indicted lawyer Steven Schulman had filed the amended complaint and signed the engagement letters of the lead plaintiffs before his withdrawal from the firm. "This court is not the first court to analyze the terms of this letter from Milberg Weis and to find 'such fine shading of words' disturbing," Tauro wrote. "The court cannot ignore the fact that by virtue of the indictment Milberg Weiss is a different firm than it once was." In May, 2006, the then-named Milberg, Weiss, Bershad, and Schulman and two former partners were indicated by a federal grand jury for fraud and obstruction of justice for making illegal payments to plaintiffs in securities class action cases./i...

To: ravenseye who wrote (2137)	4/13/2007 1:50:12 PM
From: ravenseye	Read Replies (1) \| Respond to of 5034

uh oh doesn't look good .... "The settlement includes no money for class members but does arrange for payment of well over $300 million in legal fees and expenses." Theodore A. Bechtold Esq. to seek removal of Milberg Weiss from the IPO Securities Litigation Written by Theodore A. Bechtold Brooklyn, New York / Apr 11, 2007 prbuzz.com ...From its inception the IPO Securities Litigation appears to have been directed by Milberg Weiss solely to obtain the legal fees. The still pending issuer settlement presented to the Court by Milberg Weiss provides a clear picture of the priorities of counsel. The settlement includes no money for class members but does arrange for payment of well over $300 million in legal fees and expenses. Milberg Weiss even agreed that the class would be required to pay all legal fees incurred by the issuer defendants in the case. An indicted racketeering enterprise responsible for presenting such a self interested and absurd settlement proposal to a Federal Court on behalf of his clients does not provide fair and adequate representation for the Class members in the IPO Securities Litigation. Under the direction of Milberg Weiss the IPO Securities Litigation Executive Committee failed to charge hundreds of underwriters listed in the prospectuses for the 309 charged IPO’s. In the 6 “focus cases” decertified by the Second Circuit the Committee failed to charge 70% of the underwriters listed in the prospectus. Venture capital investors, hedge funds and other clearly culpable parties were completely ignored as defendants even if they were listed in the prospectus as principle shareholders or otherwise identified by counsel as participants in the manipulation....

To: ravenseye who wrote (2137)	4/17/2007 3:32:49 PM
From: ravenseye	Read Replies (2) \| Respond to of 5034

A Matrix Of Rocker-Shorted Companies Sued by Milberg Weiss, Investigated by The SEC, & Bashed by The Street ncans.net very interesting presentation! ncans.net

To: ravenseye who wrote (2137)	4/30/2007 10:02:15 PM
From: ravenseye	Respond to of 5034

Former Milberg Partner Seeks Dismissal of Kickback Charge Anthony Lin New York Law Journal April 30, 2007 law.com ...set to be heard June 4 in Los Angeles...

To: ravenseye who wrote (2137)	6/2/2007 12:52:30 PM
From: ravenseye	Respond to of 5034

Lawyer under probe may quit William Lerach says he could retire, adding to talk he may be indicted. By Molly Selvin, Times Staff Writer June 2, 2007 Adding to speculation that he might soon be indicted, renowned class-action lawyer William Lerach on Friday confirmed reports that he was "considering retirement" from the San Diego firm he founded three years ago... latimes.com U.S. lawyer Lerach considering retirement, firm says By Martha Graybow REUTERS 1:52 p.m. June 1, 2007 NEW YORK – Well-known U.S. class-action lawyer William Lerach is considering retirement, his law firm said Friday, saying a kickbacks probe that has led to criminal charges against his former firm should not become a distraction. Lerach's former firm, Milberg Weiss & Bershad LLP, was indicted last year on federal charges of paying millions of dollars in kickbacks to clients. Milberg Weiss held talks this week with U.S. prosecutors in Los Angeles about settling the case, according to published reports. “As has been speculated on internet blogs and in newspaper articles... signonsandiego.com Class-action lawyer could face charges A partner's possible plea deal feeds rumors that William Lerach may be indicted soon. By Molly Selvin, Times Staff Writer June 1, 2007 latimes.com What's leading Lerach to think of leaving firm? By Bruce V. Bigelow UNION-TRIBUNE STAFF WRITER June 2, 2007 The news release was innocuous, but still it's official.... signonsandiego.com Lawyer's future subject of speculation 'King of Pain' Lerach reported to be retiring By Terri Somers UNION-TRIBUNE STAFF WRITER June 1, 2007 signonsandiego.com ...Widespread reports that Wall Street's so-called “King of Pain” may be retiring have fueled speculation that the move might be related to a long-standing criminal investigation into his former firm of Milberg Weiss Bershad & Schulman for allegedly paying more than $11 million in kickbacks to clients. “I cannot talk . . . I cannot confirm or deny anything,” Lerach said yesterday when contacted on his cell phone.... Lerach Considers Retiring Amid Legal Scrutiny By PETER LATTMAN Iconic plaintiffs' attorney William Lerach, who has been under scrutiny in the legal probe of his former law firm, now called Milberg Weiss & Bershad LLP, is considering retirement, according to a statement released Friday by his law firm, Lerach Coughlin Stoia Geller Rudman & Robbins LLP.... online.wsj.com ...The announcement comes amid a flurry of activity in the investigation. Federal prosecutors are in plea negotiations with one of the indicted lawyers, David Bershad... Top Lawyer, Under Fire, May Depart William S. Lerach, one of the most powerful securities class-action lawyers in the nation, is considering plans to leave the law firm he founded three years ago... wilmingtonstar.com ...While the exact reasons behind Mr. Lerach’s abrupt and surprising career considerations remain unclear, it suggests that a long-running criminal investigation into allegations of kickbacks paid to class-action plaintiffs has gained momentum.... ...Still, people who have been briefed on the criminal investigation suggested that Mr. Lerach’s lawyer, John W. Keker, might be trying to make federal prosecutors an offer: Mr. Lerach would resign from the firm in exchange for the firm’s not being indicted.... ...Going quietly into the night would also be a reversal in style for Mr. Lerach.... ...Milberg Weiss said in a statement: “We have heard reports that David J. Bershad apparently plans to plead guilty to some of the charges that have been asserted against him.... Milberg's Bershad Weighing Guilty Plea, Person Says (Update3) By Jef Feeley and Bob Van Voris June 1 (Bloomberg) -- David Bershad, a former partner at New York-based Milberg Weiss Bershad & Schulman, is talking to prosecutors about pleading guilty over charges the law firm paid kickbacks to clients, a person familiar with the talks said.... bloomberg.com ...``It's a safe bet that the only reason the government would be sitting down with this guy is to secure his testimony against his former partners,' said Robert Mintz, a white-collar crime defense attorney in Newark, New Jersey, and a former federal prosecutor.... Milberg Weiss settlement talks 01 Jun 2007 Milberg Weiss held talks on settling criminal case The Wall Street Journal Law firm Milberg Weiss & Bershad held talks this week with federal prosecutors about settling a criminal case that alleges the firm made improper kickbacks to class-action clients, according to two people familiar with the case. Milberg partners had a meeting at the US attorney's office in Los Angeles to discuss terms of a possible deal, which could be finalised within "weeks," the two people say. Some of the terms discussed, according to a person briefed on the meeting, included Milberg's paying a fine and agreeing to increased oversight of its business practices. financialnews-us.com Top Lawyer, Under Fire, May Depart By JULIE CRESWELL Published: June 1, 2007 William S. Lerach, one of the most powerful securities class-action lawyers in the nation, is considering plans to leave the law firm he founded three years ago.... nytimes.com there are more articles to be read upon doing a google news search. news.google.com

To: ravenseye who wrote (2137)	7/3/2007 10:27:09 AM
From: ravenseye	Respond to of 5034

Weiss, Lerach Reject Offer to Plead Guilty June 29, 2007; Page B6 Class-action lawyers Melvyn Weiss and William Lerach rejected an offer to plead guilty and serve prison time in a criminal case pending in Los Angeles, according to a person with knowledge of the situation... online.wsj.com US plaintiffs' lawyers reject plea deal - report Thu Jun 28, 2007 11:01am ET NEW YORK, June 28 (Reuters) today.reuters.com

To: ravenseye who wrote (2137)	7/10/2007 10:56:02 PM
From: ravenseye	Respond to of 5034

Ex-LA Doc Pleads Guilty in Kickback Case Associated Press 07.10.07, 4:59 PM ET A former Brentwood physician pleaded guilty to a federal conspiracy charge on Tuesday for his role in a lawsuit kickback scheme that prosecutors said netted more than $200 million for a major New York law firm.... forbes.com ...Prosecutors claimed that the law firm now known as Milberg Weiss paid more than $11.3 million in attorney fee kickbacks between 1984 and 2005 to people who agreed to be plaintiffs in more than 150 lawsuits against companies such as PG&E, United Airlines and Sun Microsystems. Authorities said Cooperman, his wife and other family members were plaintiffs in about 70 class-action and shareholder lawsuits. Prosecutors said he received $6.4 million in kickbacks. On Monday, a former partner in the law firm pleaded guilty to one count of conspiracy that includes obstruction of justice and making false statements under oath. David J. Bershad, 67, of Montclair, N.J.,... .......................................................... Guilty Plea Puts Pressure On Firm Ex-Milberg Weiss Official to Pay Fine, Help Government By Carrie Johnson Washington Post Staff Writer Tuesday, July 10, 2007; Page D01 A former official at the Milberg Weiss law firm pleaded guilty yesterday to a conspiracy charge, significantly advancing a criminal investigation against one of the nation's largest class-action firms and its top partners.... washingtonpost.com ...The documents allege that Milberg Weiss offered kickbacks to plaintiffs in more than 150 cases that brought the firm more than $200 million over the past two decades. Sometimes the partners "pooled their personal cash" into a fund Bershad kept in his office, a system that Bershad tracked closely during the scheme's early years, court filings said. Later, the partners developed a system to award themselves bonuses to recover out-of-pocket payments they had made to plaintiffs, according to court papers. The secret deals generally offered plaintiffs about 10 percent of the net attorneys' fees, allowing Milberg Weiss and its partners to "secure a reliable source of individuals who were ready, willing and able to serve as named plaintiffs in Class Actions" the firm wanted to file, according to a statement of facts presented to U.S. District Judge John F. Walter yesterday. The agreements helped the firm and its partners become "lead counsel" in many cases, guaranteeing them more control over the cases and greater fees in the event of settlements or court victories, according to documents filed by Assistant U.S. Attorneys Richard E. Robinson, Robert J. McGahan and Douglas A. Axel....

To: ravenseye who wrote (2137)	10/9/2007 8:24:43 PM
From: ravenseye	Respond to of 5034

another one bites the dust ... Milberg partner pleads guilty to racketeering Tue Oct 9, 2007 2:16pm EDT By Gina Keating LOS ANGELES, Oct 9 (Reuters) - Attorney Steven Schulman on Tuesday become the second former Milberg Weiss LLP partner to plead guilty in a long-running federal probe of illegal kickbacks paid to plaintiffs in shareholder class-action suits by one of the top U.S. law firms.... reuters.com ...Walter set Schulman's sentencing for June 23, the same day sentencing is scheduled for a former Milberg Weiss colleague, David Bershad, who pleaded guilty in July and has been cooperating with prosecutors....

To: ravenseye who wrote (2137)	10/16/2007 11:03:25 AM
From: ravenseye	Read Replies (1) \| Respond to of 5034

another one bites the dust ... Weiss Pleads Not Guilty in Kickback Case, but Lazar Agrees to Plea Anthony Lin New York Law Journal October 16, 2007 law.com ...Several other people have already pleaded or agreed to plead guilty, including former Milberg Weiss partners William S. Lerach, David J. Bershad and Steven G. Schulman. At the status conference Monday, the parties also agreed to push the January trial date to Aug. 12, 2008. Lawyers for Weiss also said they would be moving to have the case transferred to the Southern District of New York.... Milberg ex-client's announcement follows not guilty plea by Weiss By Matt Krasnowski COPLEY NEWS SERVICE October 16, 2007 signonsandiego.com UPDATE 1-US lawyer Weiss pleads not guilty in kickback case Mon Oct 15, 2007 7:14pm ET today.reuters.com Monday, October 15, 2007 Milberg Weiss co-founder pleads not guilty to conspiracy charges Leslie Schulman at 4:13 PM ET jurist.law.pitt.edu Class-action lawyer to fight federal charges Six people, including Melvyn Weiss' protege, attorney William Lerach, have made plea deals in the case. By Ronald D. White, Los Angeles Times Staff Writer October 13, 2007 latimes.com ...Weiss is charged with conspiracy, racketeering, obstruction of justice and making false statements. If convicted of all four counts, the 72-year-old could be sentenced to 40 years in prison.... ...Federal prosecutors claim that Weiss' law firm, Milberg Weiss, paid illegal kickbacks to people who agreed to act as plaintiffs in 225 shareholder cases in order to be the first to file lawsuits against corporations that allegedly defrauded investors.... Issue 4.11 - Nov 1996 Bloodsucking Scumbag Attorney Bill Lerach makes his living filing class-action lawsuits against high tech companies. His latest initiative - Proposition 211 - has finally inspired Silicon Valley to fight back. By Karen Donovan Speaking with forked tongue wired.com ...Most companies would rather cut Lerach a hefty check than go through the hassle of a protracted courtroom fight. But T. J. Rodgers, president and CEO of Cypress Semiconductor Corp., would rather die than settle. Rodgers savors the moment when lawyers from LA's Weiss & Yourman - a "Lerach clone," he says - sued Cypress for fraud then immediately brought up the topic of settlement. "My exact quote was, 'You will get the first nickel out of me when you pry it out of my cold, dead fingers.'" When the suit was dismissed, Rodgers framed the decision and hung it on his wall. But his defense cost him $1 million in legal fees.... ...In 1995, Adler and Doerr were among the Silicon Valley execs who took their gripes to Washington. Last December, the Republican Congress took heed, overriding a presidential veto to pass the Private Securities Litigation Reform Act, designed to curb some of the wilder antics of Lerach & Co. For instance, the law now limits investors from filing more than five securities class actions in a three-year period. In the past, "professional plaintiffs" like the late William Weinberger turned up repeatedly in suits filed by Lerach's firm. When he was deposed in a 1986 case, Weinberger had racked up 33 suits alleging securities fraud. Another 45 were pending. Weinberger died in 1993 at age 95. (He may have been old, but at least Weinberger was breathing. When Lerach sued Digital Microwave Corp., his firm neglected for more than a year to inform the San Jose federal court that the investor named in the original complaint had died.)... ...Lerach's firm bankrolled Proposition 211 with a hefty $3.6 million contribution. The Weiss & Yourman firm contributed another $600,000....

To: ravenseye who wrote (2137)	10/19/2007 12:27:04 AM
From: ravenseye	Respond to of 5034

copping that plea shaved off lots of charges! Oct 18, 7:06 PM EDT Man pleads guilty in kickback case By GREG RISLING Associated Press Writer hosted.ap.org ....pleaded guilty Thursday to obstruction of justice and two other charges. After reaching a plea deal, Seymour Lazar, 80, of Palm Springs appeared before U.S. District Court Judge John Walter. Lazar also pleaded guilty to one count each of subscribing to a false tax return and making a false declaration to the court. Lazar also agreed to forfeit $1.5 million and pay $600,000 in fines.... ...Lazar was initially indicted on more than a dozen charges, including money laundering, conspiracy and mail fraud. The indictment said he "frequently served" as a plaintiff, and received about $2.6 million from the firm. Lazar didn't plead guilty to any charges of receiving kickbacks, and prosecutors will move to drop those charges after he is sentenced. But prosecutors said in court that if he stood trial they could prove he was paid about 10 percent of attorneys' fees obtained in lawsuits in which he was a plaintiff...