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9/01/2008
Melvyn Weiss Reports For Prison Term
7/14/2008
The Last (No Really, The LAST) Shoe Drops
Larry Ribstein on the Melvyn Weiss Sentence 6/02/2008
30 Months For Melvyn Weiss
33 Months Behind Bars for Mel Weiss? 4/03/2008
It's Official
The End of Milberg Weiss?
Melvyn Weiss Pleads Guilty
Lerach Writes Own Ticket on Sentencing (UPDATE - He Gets 2 Years)
Milber Weiss Faces Investor Lawsuit
Milberg Strategic Errors Risk the Survivial of the Firm
Mel Weiss Pleads Not Guilty, Has Not Yet Begun to Fight
Melvyn Weiss Makes Bond
FT Looks at the "Fallen Angels" of the U.S. Plaintiffs Bar
Spring Brings SEC Examination of Securities Class Action
Melvyn Weiss Steps Down, Indictment Expected Today
Melvyn Weiss Indictment Expected
Milberg's David Bershad Pleads Guilty on Kickback Charges
Milberg's Schulman Continues to Battle Charges Against Him
Lerach and Weiss Turned Down Plea Agreement in Kickback Probe
Melvyn Weiss Reports For Prison Term
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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
6/04/2008
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
Larry Ribstein on the Melvyn Weiss Sentence 6/02/2008
30 Months For Melvyn Weiss
Well, they finally got their man...
With the firm itself set to go before a judge in August, it sounds like we can expect another settlement before too much longer.
The Weiss docs are up - you can check out the settlement terms for yourself right here.
-- MDT
5/26/2008
With the firm itself set to go before a judge in August, it sounds like we can expect another settlement before too much longer.
The Weiss docs are up - you can check out the settlement terms for yourself right here.
-- MDT
Labels: Melvyn Weiss, Milberg, Milberg Weiss, settlement
33 Months Behind Bars for Mel Weiss? 4/03/2008
It's Official
Melvin Weiss pleads guilty to racketeering.
-- MDT
3/24/2008
-- MDT
Labels: class action, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss, racketeering
The End of Milberg Weiss?
With the guilty plea from firm patriarch, Melvin Weiss you know the talk of Milberg's demise is going to make the rounds, never mind that they still top the lists of securities class action firms over the last year. Still, if you're interested in what various persons of interest from around the legal world have to say about Milberg's future, this Portfolio article is your huckleberry.
-- MDT
3/20/2008
-- MDT
Labels: class action, Melvyn Weiss, Milberg, Milberg Weiss, securities
Melvyn Weiss Pleads Guilty
This has been a long road - a prosecution almost a decade in the making...
Melvyn Weiss, patriarch of securities class action powerhouse, Milberg Weiss, has plead guilty to one count of racketeering in connection with the government investigation into kickbacks meted out to lead plaintiffs in Milberg cases.
Weiss had been scheduled to go to trial in August. According to the terms of his deal with prosecutors, the 72 year old Weiss is expected to serve between 18 and 33 months and pay approximately $10 million in fines and forfeitures. More here, via the WSJ.
Through his legal representatives at Brafman & Associates, Weiss released this statement:
It is just a shame that Milberg, if in a slightly different context, became exactly the kind of entity they are supposed to protect clients against.
-- MDT
2/10/2008
Melvyn Weiss, patriarch of securities class action powerhouse, Milberg Weiss, has plead guilty to one count of racketeering in connection with the government investigation into kickbacks meted out to lead plaintiffs in Milberg cases.
Weiss had been scheduled to go to trial in August. According to the terms of his deal with prosecutors, the 72 year old Weiss is expected to serve between 18 and 33 months and pay approximately $10 million in fines and forfeitures. More here, via the WSJ.
Through his legal representatives at Brafman & Associates, Weiss released this statement:
"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 employees 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."I cut my teeth as an investigator locating witnesses for Milberg cases and despite their obvious and at this point, clearly illegal, overreaching I retain a great deal of sympathy for their role - representing aggrieved shareholders. I've simply see too much of what companies will try to get away with to feel differently.
It is just a shame that Milberg, if in a slightly different context, became exactly the kind of entity they are supposed to protect clients against.
-- MDT
Labels: guilty, Melvyn Weiss, Milberg, Milberg Weiss, plea agreement
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
11/30/2007
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
Milber Weiss Faces Investor Lawsuit
Texas billionaire Sam Wyly is concerned that the cozy relationship between Milberg founder Melvyn Weiss and Computer Associates board of director member (and former highly embarrassing U.S. Senator, Alfonse D'Amato), might have undercut the compensation obtained for aggrieved investors in CA.
Wyly has filed suit against Milberg, and a host of other firms who participated in the case (Stull, Stull & Brody; Schiffrin, Barroway Topaz & Kessler; and Coughlin Stoia Geller Rudman & Robbins). A key allegation in the case involves a summer 2003 meeting between Weiss, D'Amato and another CA board member in which a reasonable settlement was discussed.
The reasonable deal that followed included an end to all pending actions against CA, immunity for past and present CA executives and board members as well as less that a penny to the dollar reimbursment of lost funds - a result which the Wyly team has labeled "one of the most egregious cases of [legal] malpractice I've seen in 23 years.".
Get the full-on details of the Wyly / Milberg suit at Newsday.
And for a little more background on Mr. Wyly, including proxy fights at CA and a particularly spectacular hedge fund flame-out, see this BusinessWeek article.
-- MDT
10/22/2007
Wyly has filed suit against Milberg, and a host of other firms who participated in the case (Stull, Stull & Brody; Schiffrin, Barroway Topaz & Kessler; and Coughlin Stoia Geller Rudman & Robbins). A key allegation in the case involves a summer 2003 meeting between Weiss, D'Amato and another CA board member in which a reasonable settlement was discussed.
The reasonable deal that followed included an end to all pending actions against CA, immunity for past and present CA executives and board members as well as less that a penny to the dollar reimbursment of lost funds - a result which the Wyly team has labeled "one of the most egregious cases of [legal] malpractice I've seen in 23 years.".
Get the full-on details of the Wyly / Milberg suit at Newsday.
And for a little more background on Mr. Wyly, including proxy fights at CA and a particularly spectacular hedge fund flame-out, see this BusinessWeek article.
-- MDT
Labels: Alfonse D'Amato, CA, Melvyn Weiss, Milberg Weiss, Sam Wyly
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
10/16/2007
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
Mel Weiss Pleads Not Guilty, Has Not Yet Begun to Fight
We'll see how this goes...via the WSJ law Blog.
-- MDT
10/15/2007
-- MDT
Labels: indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Melvyn Weiss Makes Bond
He is currently free on $1 million bond and is, at a hearing today, expected to plead innocent to a variety of charges stemming from the government's investigation into kickbacks offered to Milberg clients. Weiss is facing four counts of conspiracy, racketeering, obstruction of justice and making false statements and could serve up 40 years based on the charges.
A trial is scheduled for January, where Weiss along with will co-defendants Seymour Lazar and attorney Paul Selzer, will get a chance to defend themselves against federal prosecutors' ever-expanding case. The Lazar and Selzer indictments kicked of a renewed push in the government's years-long investigation of Milberg Weiss. Lazar and Selzer were a multi-time Milberg plaintiff who purportedly received kickbacks from the firm.
Further details on the Melvyn Weiss trial can be found via Reuters... and of course, for past coverage from The Daily Caveat, try the tags below.
9/26/2007
A trial is scheduled for January, where Weiss along with will co-defendants Seymour Lazar and attorney Paul Selzer, will get a chance to defend themselves against federal prosecutors' ever-expanding case. The Lazar and Selzer indictments kicked of a renewed push in the government's years-long investigation of Milberg Weiss. Lazar and Selzer were a multi-time Milberg plaintiff who purportedly received kickbacks from the firm.
Further details on the Melvyn Weiss trial can be found via Reuters... and of course, for past coverage from The Daily Caveat, try the tags below.
Labels: kickbacks, Melvyn Weiss, Milberg, Milberg Weiss, Paul Selzer, Seymour Lazar
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
9/21/2007
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
Melvyn Weiss Steps Down, Indictment Expected Today
The word is out on the Mel Weiss indictment. Milberg issued a statement late yesterday indicating that, in anticipation of a revised indictment expected to be filed in short order (via the New York Observer):
Roger Parloff's Legal Pad blog has the Shulman plea agreement linked if you want to review it for your own speculations. See Defendants Obligations sub 18 for notes on Schulman's cooperation with authorities.
-- MDT
9/20/2007
"Milberg Weiss understands that a second superseding indictment will be issued tomorrow that will include new charges against the Firm and also Melvyn Weiss. Mr. Weiss has decided to discontinue his participation in Firm management in order to focus on the defense of the charges against him. The Firm’s other partners, none of whom is alleged to have been involved in any wrong doing, will be responsible for its management and litigation activities. Mr. Weiss will remain available to counsel clients and Firm attorneys. The Firm remains proud of Mr. Weiss’s and the Firm’s accomplishments over the years and will continue to fight for its clients and class members and to produce the excellent results for which it is known. We do not anticipate any interruption in our work and we look forward to putting this difficult period behind us."It has been reported that the recent zeroing in on Weiss is the result of information obtained following the plea agreement of former Milberg lawyer, Steven Schulman. Over at CNNMoney,
Roger Parloff's Legal Pad blog has the Shulman plea agreement linked if you want to review it for your own speculations. See Defendants Obligations sub 18 for notes on Schulman's cooperation with authorities.
-- MDT
Labels: indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Melvyn Weiss Indictment Expected
The WSJ law Blog has details and a statement from Milberg Weiss on the upcoming, revised kickback indictment, which is expected to include charges against Milbeg Weiss patriarch, Melvyn Weiss.
And as usual, at the WSJ Law Blog, half the fun is in the comments.
-- MDT
7/10/2007
And as usual, at the WSJ Law Blog, half the fun is in the comments.
-- MDT
Labels: indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Milberg's David Bershad Pleads Guilty on Kickback Charges
Formerly a name partner at embattled plaintiff firm, Milberg Weiss, David Bershad has plead guilty on conspiracy charges stemming from the Justice Department's seven year long investigation into business practices at his former firm.
Word on the street for the last few weeks had been that Bershad had started dealing and that a plea deal was imminent. Coincidentally or not, this talk of a Bershad cutting a plea occurred simultaneously with the leak about Bill Lerach's planned retirement.
Whatever the other undisclosed terms of Bershad's deal might be, we know that Bershad will forfeit $7.5 million, pay a $250,000 fine and - most importantly - cooperate with prosecutors in their ongoing investigation.
The Feds are still working on landing the big fish - Bill Lerach and Melvyn Weiss. This move by Bershad definitely puts the hooks a bit closer than they were just a week ago.
-- MDT
7/06/2007
Word on the street for the last few weeks had been that Bershad had started dealing and that a plea deal was imminent. Coincidentally or not, this talk of a Bershad cutting a plea occurred simultaneously with the leak about Bill Lerach's planned retirement.
Whatever the other undisclosed terms of Bershad's deal might be, we know that Bershad will forfeit $7.5 million, pay a $250,000 fine and - most importantly - cooperate with prosecutors in their ongoing investigation.
The Feds are still working on landing the big fish - Bill Lerach and Melvyn Weiss. This move by Bershad definitely puts the hooks a bit closer than they were just a week ago.
-- MDT
Labels: Bill Lerach, David Bershad, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Milberg's Schulman Continues to Battle Charges Against Him
Steven Schulman, one of the former Milberg Weiss partners facing charges in the ongoing probe of the firm, continues to pursue the dismissal of charges against him. While his former firm talks plea deal, Schulman has expanded his motion seeking a dismissal of charges against him.
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
6/29/2007
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
Labels: class action, indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss, securities, Steven Schulman
Lerach and Weiss Turned Down Plea Agreement in Kickback Probe
So says the Los Angeles Daily Journal. Reportedly Melvyn Weiss and Bill Lerach, the federal government's two biggest targets in their kickback probe of Milberg Weiss lit igation practices, both turned down a potential plea agreement that would have seen them each serve three to four years in prison. For further details, start with this post from CNNMoney's Roger Parloff and from there you can get to the original article.
-- MDT
-- MDT
Labels: Bill Lerach, kickbacks, Melvyn Weiss, Milberg Weiss, securities
