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3/08/2009
Call to Unleash Lerach on the Banking System?
10/01/2008
Lerach Moved Up to Medium Security Prison
A Good Day for the Plaintiff Bar
Checking in With Inmate #46683-112 (Bill Lerach)
The Last (No Really, The LAST) Shoe Drops
Ideoblog on the Lerach Sentencing
Lerach Sentencing A Sign of Class Action Clean Up
Lerach Writes Own Ticket on Sentencing (UPDATE - He Gets 2 Years)
Bill Lerach's Former Firm Diversifies
Prosecutors Seek Two year Term for Bill Lerach
Seymor Lazar Sentenced
1/06/2008
Bill Lerach Commentary Runs in Pittsburgh Post Gazette 11/13/2007
Lerach Writes Op-Ed on Executive Compensation
Lerach: Guilty 10/22/2007
Milberg Strategic Errors Risk the Survivial of the Firm
Ripples of Lerach Guilty Plea Reach Coca Cola Class Action
Supreme Court Takes Up Stoneridge Tomorrow
Lerach Rivals Celebrate Fall
FT Looks at the "Fallen Angels" of the U.S. Plaintiffs Bar
Spring Brings SEC Examination of Securities Class Action
Call to Unleash Lerach on the Banking System?
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Lerach Moved Up to Medium Security Prison
You guys probably caught this before I did - famed litigator and current inmate, Bill Lerach was recently moved to a more secure facility after committing the gross faux pas of offering a guard his season tickets to the San Diego Chargers.
-- MDT
9/10/2008
-- MDT
Labels: Bill Lerach
A Good Day for the Plaintiff Bar
And the former shareholders of Enron, who will receive $1.7 billion, according to a recently approved settlement distribution plan. The law firm Coughlin Stoia Geller Rudman & Robbins (you may note the missing Lerach, there) will collect $688 million for their role in running the massive class action. If you're keeping score, both of those numbers have set new records, for settlement size and attorney fees.
-- MDT
8/20/2008
-- MDT
Labels: Bill Lerach, Coughlin Stoia, Enron, settlement
Checking in With Inmate #46683-112 (Bill Lerach)
I could do with out the triumphalism in the piece (and the transparent bitterness over not having a planned interview with Lerach take place), but give this DC Examiner article a gander anyway for a day-in-the life story for what Lerach is up to these days, while completing his sentence at a minimum security prison in Lompoc, California.
- MDT
7/14/2008
- MDT
Labels: Bill Lerach
The Last (No Really, The LAST) Shoe Drops
Paul T. Selzer -- the final defendant in the government's bribery case against law firm, Milberg Weiss -- plans to plead guilty in relation to the Milberg Weiss kickback investigation. Selzer was originally indicted in the probe back in June of 2005.
Details of Selzer's plea agreement are expected this morning. Selzer, a California attorney, had been one of the key figures at the heart of the government's investigation into Milberg Weiss. securities class action lawsuits against a variety of companies.
It was alleged that Selzer helped Milberg funnel payments to his client, Seymour Lazar, another attorney and reoccurring lead plaintiff for Milberg. It is expected that Selzer get probation and avoid jail time but be required to pay a $250,000 fine.
If you've hit the snooze button a few too many times in the course of the Milberg case and want a refresher, you might want to check out our recap of the Milberg investigation, penned on the eve of the firms indictment back in May of 2006.
--MDT
2/12/2008
Details of Selzer's plea agreement are expected this morning. Selzer, a California attorney, had been one of the key figures at the heart of the government's investigation into Milberg Weiss. securities class action lawsuits against a variety of companies.
It was alleged that Selzer helped Milberg funnel payments to his client, Seymour Lazar, another attorney and reoccurring lead plaintiff for Milberg. It is expected that Selzer get probation and avoid jail time but be required to pay a $250,000 fine.
If you've hit the snooze button a few too many times in the course of the Milberg case and want a refresher, you might want to check out our recap of the Milberg investigation, penned on the eve of the firms indictment back in May of 2006.
--MDT
Labels: Bill Lerach, Melvyn Weiss, Milberg Weiss, Paul Selzer, Seymour Lazar, Steven Cooperman
Ideoblog on the Lerach Sentencing
Mr. Ribstein is the thinking person's blogger on the subject of law and society. I encourage you to check out his comments on the Lerach sentencing.
--MDT
2/11/2008
--MDT
Labels: Bill Lerach, Ideoblog, Lerach, sentencing
Lerach Sentencing A Sign of Class Action Clean Up
Interesting comment from Stephen Bundy, professor of law art UC Berkeley: "What you're watching is a bit of a transition from a world in which class-action practice did have some disreputable aspects to a different model that's much more responsible, publicly oriented and closely regulated..."
More on the changing face of class action litigation, via the LA Times.
-- MDT
2/10/2008
More on the changing face of class action litigation, via the LA Times.
-- MDT
Labels: Bill Lerach, class action, securities, sentencing
Lerach Writes Own Ticket on Sentencing (UPDATE - He Gets 2 Years)
Bill Lerach has requested a one year prison term, half of that to be spent at home. Prosecutors have been aiming for something more like two years. Specifically, "The federal probation office recommended a sentence of 15 to 21 months, two to three years of supervised release and a fine of $4,000 to $40,000."
The penalty would stem from Lerach's guilty plea on one count of conspriacy in relation to the governments investigation into plaintiff kickbacks paid by Lerach's former law firm, Milberg Weiss. Milberg co-founder Melvyn Weiss along with attorney Paul Selzer have both maintained their innocence and face trial later in the year.
SENTENCED: The final numbers are 2 years in prison, 250,000 fine, 1,000 hours of community service. Lerach is expected to surrender himself for incarceration in April.
-- MDT
2/01/2008
The penalty would stem from Lerach's guilty plea on one count of conspriacy in relation to the governments investigation into plaintiff kickbacks paid by Lerach's former law firm, Milberg Weiss. Milberg co-founder Melvyn Weiss along with attorney Paul Selzer have both maintained their innocence and face trial later in the year.
SENTENCED: The final numbers are 2 years in prison, 250,000 fine, 1,000 hours of community service. Lerach is expected to surrender himself for incarceration in April.
-- MDT
Labels: Bill Lerach, kickbacks, Lerach, Melvyn Weiss, Milberg, Milberg Weiss, Paul Selzer
Bill Lerach's Former Firm Diversifies
Coughlin Stoia Geller Rudman & Robbins, the firm formerly headed by the now awaiting sentencing, Bill Lerach, is broadening its base. Well known for their shareholder class action cases, Coughlin Stoia has announced the creation of a new litigation group focusing on patents.
Details via The San Siego Tribune.
-- MDT
1/29/2008
Details via The San Siego Tribune.
-- MDT
Labels: Bill Lerach, class action, Coughlin Stoia, Lerach, patents, securities
Prosecutors Seek Two year Term for Bill Lerach
Sentencing recommendation: two years in the clink, $250,000 fine, two years probation. This in response to Lerach's prior guilty plea on one count of conspiracy to obstruct justice and make false statements. February 11th will tell the tale.
-- MDT
-- MDT
Labels: Bill Lerach, kickbacks, Lerach, Milberg, sentencing
Seymor Lazar Sentenced
Seymour Lazar, the 80 year old attorney - and serial securities plaintiff - who plead guilty in the Milberg kickback case has received his sentence - six months home detention and two years probation. He was also fined $600,000. Lazar is the first to be sentenced in the Milberg probe.
Lazar has also already repaid $1.5 million, which amounts to what he was allegedly paid by Milberg Weiss in exchange for acting as a re-occurring lead plaintiff in the firm's securities class actions. Milberg stands accused (and seven people have already plead guilty in connection with) distributing $11 million in kickbacks to individuals they called upon to routinely serve as lead plaintiff in their cases.
-- MDT
Lazar has also already repaid $1.5 million, which amounts to what he was allegedly paid by Milberg Weiss in exchange for acting as a re-occurring lead plaintiff in the firm's securities class actions. Milberg stands accused (and seven people have already plead guilty in connection with) distributing $11 million in kickbacks to individuals they called upon to routinely serve as lead plaintiff in their cases.
-- MDT
Labels: Bill Lerach, kickbacks, Lerach, Milberg, Milberg Weiss, Seymour Lazar
1 Comments.
The report regarding the sentencing of Seymour Lazar does not tell the entire story, and seriously mischaracterizes the circumstances and this fine man. I have known Mr. Lazar for over twenty years, and know him to be the kindest,one of the most honorable and generous persons I've ever met. Earlier in life, as an attorney, Mr. Lazar defended and gained acquittal for Lenny Bruce in an obsenity trial, and as a partner of the legendary Melvin Belli, he committed himself to many charitable and philanthropic endeavors. What the article does not reveal is that Mr. Lazar's involvement in class action lawsuits were for the benefit of all of us. As an example of some of the class action suits he masterminded was "Lazar vs. Hertz", wherein Hertz ceased from charging unfair amounts of money for fuel, when a customer returned the car with less than a full tank. Another recent example of the good things he accomplished was the class action lawsuit against Denny's, which eliminated the policy of making people of color wait hours to get a table. These are just a few examples of causes, Mr. Lazar felt were "doing good things". From my perspective, he engaged in these class action suits NOT for his personal gain as is alleged. I have been saddened to see what tactics our government has employed in their quest to bring an end to class action lawsuits, and even though Mr. Lazar's legal antics are on the periphery, he has suffered greatly for refusing to be a pawn in the overall strategy to bring down Milberg Weiss. Know this-the world is alot better because and for the things that Mr. Lazar has done in his life.
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Bill Lerach Commentary Runs in Pittsburgh Post Gazette 11/13/2007
Lerach Writes Op-Ed on Executive Compensation
This Lerach piece on executive compensation ran in the Sunday Washington Post. I missed it, but Prof. Picker over at the Legal Infrastructure of Business blog, which I've mentioned to you folks before, did not.
The notable idea put forth by Lerach - golden parachute as hush money.
Discuss!
-- MDT
10/30/2007
The notable idea put forth by Lerach - golden parachute as hush money.
Discuss!
-- MDT
Labels: Bill Lerach, executive compensation, Legal Infrastructure of Business
Lerach: Guilty 10/22/2007
Milberg Strategic Errors Risk the Survivial of the Firm
Great piece from The Recorder at Law.com. Lots of detail from the 7 or so year history of the Milberg investigation that may have slipped your mind, along with a detailing of some strategic missteps by Milberg that may end up costing the firm everything.
Of course, for a refresher on the investigation, all you need to do is click the tags below. There was a huge flurry of news coverage back in and around January '06 at right about the time Lazar was indicted. And The Daily Caveat was there.
-- MDT
10/21/2007
Of course, for a refresher on the investigation, all you need to do is click the tags below. There was a huge flurry of news coverage back in and around January '06 at right about the time Lazar was indicted. And The Daily Caveat was there.
-- MDT
Labels: Bill Lerach, Lerach, Melvyn Weiss, Milberg, Milberg Weiss, Seymour Lazar, Steven Cooperman
Ripples of Lerach Guilty Plea Reach Coca Cola Class Action
New ammunition to prevent the certification of a class in the seven year old case? The defense is hoping so...
-- MDT
10/08/2007
-- MDT
Labels: Bill Lerach, class action, Coca-Cola, securities
Supreme Court Takes Up Stoneridge Tomorrow
A potential pyrrhic victory for Bill Lerach, whose Enron investor suit weighs heavily on the outcome, Stoneridge Investment Partners, LLC v. Scientific-Atlanta will be one of the most watched cases of the year. The case will determine the currency of scheme liability - whether third parties that knowingly participate in fraud can be held liable for their actions. Will the Supremes back the President's play or follow the lead of SEC Chairman Christopher Cox? We'll see. WSJ handicaps the case right here.
-- MDT
9/26/2007
-- MDT
Labels: Bill Lerach, Enron, scheme liability, Stoneridge
Lerach Rivals Celebrate Fall
FT Looks at the "Fallen Angels" of the U.S. Plaintiffs Bar
Interesting, some might say apologist, perspective from the Financial Times on the embroglio surrounding Messers Weiss and Lerach.
- MDT
9/24/2007
- MDT
Labels: Bill Lerach, FTI Consulting, kickbacks, Melvyn Weiss, Milberg Weiss
Spring Brings SEC Examination of Securities Class Action
The WSJ has details on the upcoming securities lit round table at the SEC. Chairman Christopher Cox has committed to a meeting on class action litigation reform for the first quarter '08, according to the Journal. Obviously this is a subject on the minds of many given the recent travails of class action kings, Bill Lerach and Melvyn Weiss.
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
Labels: Bill Lerach, Christopher Cox, class action, Melvyn Weiss, SEC, securities
