CARE TO CONTRIBUTE?
TIPS, COMMENTS and QUESTIONS are always welcome (and strictly confidential).
Contact The Daily Caveat via:
Or just
read the feed...
Previous Posts
- New Digs for The Daily Caveat
- Rudolph Elmer on Trial
- Sex By Surprise - Julian Assange Surrenders, Charg...
- Taken Aback By the Government's Insider Trading Pr...
- Corporate Crime Comics
- The Daily Caveat has moved...
- Goldman Sachs (Criminally) Probed
- Goldman Sachs Faces Fraud Charges from the SEC
- German Pensioners Jailed for Kidnapping and Tortur...
- Interfluidity - A Blog You Should KNow
- February 2005
- March 2005
- April 2005
- May 2005
- June 2005
- July 2005
- August 2005
- September 2005
- October 2005
- November 2005
- December 2005
- January 2006
- February 2006
- March 2006
- April 2006
- May 2006
- June 2006
- July 2006
- August 2006
- September 2006
- October 2006
- November 2006
- December 2006
- January 2007
- February 2007
- March 2007
- April 2007
- May 2007
- June 2007
- July 2007
- August 2007
- September 2007
- October 2007
- November 2007
- December 2007
- January 2008
- February 2008
- March 2008
- April 2008
- May 2008
- June 2008
- July 2008
- August 2008
- September 2008
- October 2008
- November 2008
- December 2008
- January 2009
- February 2009
- March 2009
- April 2009
- May 2009
- June 2009
- July 2009
- August 2009
- September 2009
- October 2009
- November 2009
- March 2010
- April 2010
- May 2010
- August 2010
- December 2010
- January 2011
- February 2011
5/18/2009
MIlberg Looks North for New Business
2/25/2009
The Journal Scoffs at Milberg's New Hire, Herman Cahn 1/27/2009
A Fat Win For Milberg Plaintiffs
Milberg Defendants Head to Prison
Milberg's David Bershad Gets Six Months
Indicted Milberg Plaintiff, Howard Vogel Sentenced
Milberg Prosecutor Moves to Mortage Backed Securities Matters
Milberg Settlement Forthcoming
Larry Ribstein on the Melvyn Weiss Sentence 6/02/2008
30 Months For Melvyn Weiss
Milberg Kickbacks, A Victimless Crime?
33 Months Behind Bars for Mel Weiss? 5/04/2008
Torkelson Pleads Guilty (Again)
Milberg in Settlement Talks 4/03/2008
It's Official
The End of Milberg Weiss?
Melvyn Weiss Pleads Guilty
Milberg Weiss Expert Witness, Torkelson, Pleads Guilty to Perjury
Lerach Writes Own Ticket on Sentencing (UPDATE - He Gets 2 Years)
Prosecutors Seek Two year Term for Bill Lerach
MIlberg Looks North for New Business
The noted, and notorious, securities class action powerhouse is apparently focusing on Canada when it comes to the development of new cases.
--MDT
--MDT
Labels: Canada, class action, Milberg, securities
0 Comments.
Post a Comment
The Journal Scoffs at Milberg's New Hire, Herman Cahn 1/27/2009
A Fat Win For Milberg Plaintiffs
Yes, the firm has seen a bit of a rough patch. But this ain't a bad win... And those Madoff cases keep on rollin' in.
-- MDT
1/21/2009
-- MDT
Labels: Bernie Madoff, Milberg, Xerox
Milberg Defendants Head to Prison
Steven Schulman and Howard Vogel begin their stint behind bars.
10/27/2008
Labels: Howard Vogel, Milberg, Steven Schulman
Milberg's David Bershad Gets Six Months
The former Milberg Weiss partner plead guilty last year to charges relating to his role in the law firm's 20 year scheme to to line up choice lead plantiffs thanks to generous, if illegal, kickbacks. Bershad, who has already forfeited about $8 million, was also assessed a $250,000 fine. More on Bershad's sentencing via Bloomberg.
-- MDT
10/08/2008
-- MDT
Labels: David Bershad, Milberg, Milberg Weiss
Indicted Milberg Plaintiff, Howard Vogel Sentenced
For his role in the firm's decades long, multi-million dollar plaintiff kickback scheme, mortgage broker Howard Vogel has received a sentence of three months in prison. Vogel plead guilty back in 2006 and served as a witness in the prosecutions case against Milberg Weiss and former Milbergattorney, Bill Lerach. For more on Vogel's connection to the case see here.
-- MDT
9/19/2008
-- MDT
Labels: Howard Vogel, kickbacks, Milberg
Milberg Prosecutor Moves to Mortage Backed Securities Matters
Thomas O'Brien's got a band new bag. And a few critics.
-- MDT
6/12/2008
-- MDT
Labels: Milberg, mortgage backed securities, Thomas O'Brien
Milberg Settlement Forthcoming
$75 million is rumored number. The trial is set for August, but it seems increasingly likely we won't get there.
-- MDT
6/04/2008
-- MDT
Labels: kickbacks, Milberg, Milberg Weiss, settlement
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
5/30/2008
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
Milberg Kickbacks, A Victimless Crime?
Not so, says Michael Perino of St. John's University School of Law.
Perino, in a paper sponsored by the trial lawyer-loving fellas over at the American Enterprise Institute, compared 730 settlements negotiated by Milberg and found that those alleged to involve kickbacks actually saw a lower return to shareholders by a small but measurable percentage.
On the whole, Milberg collected some $25o million in legal fees on cases involving the kickbacks.
In addition to some interesting commentary on the impact of Milberg's illegal acts on the firm's clients, the paper also offers a pretty darn good re-cap of the kickback investigation and prosecution.
You can read Perino's The Milberg Weiss Prosecution: No Harm, No Foul right here.
-- MDT
5/26/2008
Perino, in a paper sponsored by the trial lawyer-loving fellas over at the American Enterprise Institute, compared 730 settlements negotiated by Milberg and found that those alleged to involve kickbacks actually saw a lower return to shareholders by a small but measurable percentage.
On the whole, Milberg collected some $25o million in legal fees on cases involving the kickbacks.
In addition to some interesting commentary on the impact of Milberg's illegal acts on the firm's clients, the paper also offers a pretty darn good re-cap of the kickback investigation and prosecution.
You can read Perino's The Milberg Weiss Prosecution: No Harm, No Foul right here.
-- MDT
Labels: kickbacks, Michael Perino, Milberg, settlement
33 Months Behind Bars for Mel Weiss? 5/04/2008
Torkelson Pleads Guilty (Again)
This time former expert witness, John Torkelson's court date was in Philly, where he plead guilty to one charges of perjury arising from a 1999 statement under oath. At issue was whether or not Torkelson took secret payments from his law firm clients (he did). Notable among Torkelson's clients was the continually beleaguered Milberg, LLC. For more on Torkelson's back story, check out the tags below this post.
4/30/2008
Labels: John Torkelson, Milberg, perjury, plaintiffs bar
Milberg in Settlement Talks 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
3/02/2008
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
Milberg Weiss Expert Witness, Torkelson, Pleads Guilty to Perjury
John B. Torkelson is already serving time, but the former star expert witness (he billed $60 million in expert fees between 1993 and 1996) still found himself pleading guilty this past week on perjury charges...
Essentially Torkelson like any other expert had to attest to his independence each time he served as an expert. To protect this independence law firms are forbidden from paying experts on a contingency basis: i.e. - if they win. But that is exactly the type of arrangement Torkelson had over possibly hundreds of cases, including very many with what this press release wimpily refers to as a law firm "with a principle office in New York."
Now, most people who'd bother to visit The Daily Caveat might recognize this as a probable reference to Milberg Weiss and the phrasing as how that firm was referred to in the government investigation of class action litigation kickbacks prior to being officially named in the ensuing indictment. But a relationship between Torkelson and Milberg isn't exactly news.
We wrote about the connection and Torkelson's significance to the brewing Milberg indictment three years ago. Torkelson, aside from whatever inappropriate payment arrangements that he may have had with Milberg, was also involved in the AHI Healthcare lawsuit, which presented a perfect storm of informants for the Feds including involved parties: Torkelson himself, fraudster Steven Cooperman and Milberg alum turned mortal enemy, Alan Schulman.
-- MDT
2/10/2008
Essentially Torkelson like any other expert had to attest to his independence each time he served as an expert. To protect this independence law firms are forbidden from paying experts on a contingency basis: i.e. - if they win. But that is exactly the type of arrangement Torkelson had over possibly hundreds of cases, including very many with what this press release wimpily refers to as a law firm "with a principle office in New York."
Now, most people who'd bother to visit The Daily Caveat might recognize this as a probable reference to Milberg Weiss and the phrasing as how that firm was referred to in the government investigation of class action litigation kickbacks prior to being officially named in the ensuing indictment. But a relationship between Torkelson and Milberg isn't exactly news.
We wrote about the connection and Torkelson's significance to the brewing Milberg indictment three years ago. Torkelson, aside from whatever inappropriate payment arrangements that he may have had with Milberg, was also involved in the AHI Healthcare lawsuit, which presented a perfect storm of informants for the Feds including involved parties: Torkelson himself, fraudster Steven Cooperman and Milberg alum turned mortal enemy, Alan Schulman.
-- MDT
Labels: Alan Schulman, John Torkelson, Milberg, Milberg Weiss, Steven Cooperman
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
1/29/2008
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
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
