In a statement released earlier in the week the firm of Lerach Coughlin Stoia Geller Rudman & Robbins announced that effective August 31st they would be dropping "Lerach" from their name. This move signals the expected retirement of firm co-founder and big gun (arguably the biggest gun in class action litigation), William S. Lerach.

Bill Lerach has spend the last year or so increasingly dogged by the results of a federal investigation into he and his former colleagues at plaintiff firm Milberg Weiss. After seven years of digging the probe heated up this year as authorities turned up the heat on key witnesses like former Milberg lead plaintiffs; retired entertainment attorney, Seymour Lazar and and the colorful eye doctor, art dealer and insurance fraudster, Steven Cooperman.

Since then we've seen indictments, resignations and, just perhaps, the end of an era. Lerach has yet to be indicted himself and may never be, but he remains one of the biggest fish in the case and - no doubt - the one prosecutors were looking to land all along. Amid all the speculation over whether an indictment of Lerach would be forthcoming murmers started about a potential retirement, one that might spare his current firm should Lerach be prosecuted.

It appears that August 31st will be the date.

Lerach, with typical brass, had this to say, “I have appreciated the opportunity to fight for the victims of corporate fraud. However, I realize that my success has made me a target,” Mr. Lerach said in a statement. “These allegations have proven to be personally time-consuming, and I have decided to focus single-mindedly on putting the matter behind me once and for all.”

-- MDT

Labels: Bill Lerach, kickbacks, Lerach, Milberg, Milberg Weiss, Seymour Lazar, Steven Cooperman