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

Labels: Bill Lerach, Ideoblog, Lerach, sentencing

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

Labels: Bill Lerach, kickbacks, Lerach, Melvyn Weiss, Milberg, Milberg Weiss, Paul Selzer

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

Labels: Bill Lerach, class action, Coughlin Stoia, Lerach, patents, securities

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

Labels: Bill Lerach, kickbacks, Lerach, Milberg, sentencing

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

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

The former partner at Milberg Weiss claims that the firm agreed to cover his legal bills subsequent to his guilty plea on the federal kickback case pending against the firm. Schulman has also sued Bill Lerach's former spin-off firm, Coughlin Stoia. More from Peter Lattman at the WSJ Lawblog.

-- MDT

Labels: Coughlin Stoia, kickbacks, Lerach, Milberg Weiss, Steven Schulman

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

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

Alan Salpeter would be one.

-- MDT

Labels: Alan Salpeter, Bill Lerach, Lerach, Lexecon, Milberg

Via an article entitled Bloodsucking Scumbag written by Karen Donovan of the National Law Journal. Lets call this:

Lerach: A Negative View

An interesting blast from the past and definitely a piece for those who view his current travails as comuppance.

And in case you missed it late yesterday, Lerach's statement regarding his guilty plea:

"I have always fought for my clients aggressively and vigorously in order to hold powerful corporations responsible when their actions harmed people. However, I regrettably crossed a line and pushed too far. For my actions, I apologize and accept full responsibility for my conduct."

I should also note that in addition to the $8 million (Ok, $7.8 million) mentioned yesterday as part of the settlement is a straight forfeiture. There is also a $250,000 fine. Most notably, Lerach's settlement in no way obligates him to cooperate with authorities in their investigation

-- MDT

Labels: Bill Lerach, Lerach, Wilson Sonsini

It is being widely reported today that William Lerach is expected to accept a plea bargain in connection with the continuing kickback investigation into his former firm, Milberg Weiss. While Lerach had yet to be formally faced with any charges, it has been long assumed that he was one of the unnamed attorneys mentioned throughout the government's case against Milberg.

The word coming in from all over creation is that Lerach will accept a guilty plea on one count of conspiracy for which he would face a sentence of 12 to 24 months and an $8 million fine. It is widely known that Lerach and his lawyers have been negotiating with federal prosecutors for some time now and this purported agreement apparently reflects the outcome of those talks. A judge would still have give final approval to the deal.

Lerach would be the second former Milberg attorney to plead guilty in connection with the case. The other would be indicted former partner David Bershad, who plead guilty back in July to similar charges. Steven Schulman, a third attorney from Milberg continues to deny kickback-related charges, as does the firm itself.

Please step back and allow the dancing on the grave to begin. Overlawyered, I'm looking at you. Point of Law, don't disappoint me now.

Personally, I'm biased. I'll admit it. I've worked in product safety and consumer advocacy. I also cut my teeth as an investigator working on too many securities class action lawsuits not to have my sympathies with Lerach and the plaintiffs' bar. Frankly, I can count the number of cases where something significant wasn't found - probably on one hand. And yet clearly you must play by the rules, rules which it seems were broken.

Of couse, the guilty plea isn't what burned Lerach's rep. Even before the kickback case got going in earnest (about 6 years into the 7 year investigation) Lerach was a already a polarizing figure. His tactics over the year have done little to endear him to the other side of the aisle, but his success on behalf of investors have also not been insignificant.

The legal profession might be a bit dirtier for Lerach's influence and, lets call it zealous advocacy, but you can't tell me that business isn't also a little cleaner as a result. I won't mourn his rightful prosecution but I don't plan on celebrating it either.

-- MDT

Labels: Bill Lerach, David Bershad, Lerach, Milberg, Milberg Weiss, Seymour Lazar, Steven Cooperman, Steven Schulman

LABizObserved, which I've mentioned before as a blog to watch, has details on a supposed plea agreement that Bill Lerach is said to have been working out with federal prosecutors. Similar insinuations have come from the WSJ alongside the formal announcement of Lerach's August 31st retirement date. That Lerach had been in conversation with prosecutors is not exactly news, but the idea that a plea deal is close to done is certainly interesting stuff. The next few weeks will tell the tale... In the meantime, here's another Lerach retrospective from The UK's Independent.

-- MDT

Labels: Bill Lerach, kickbacks, Lerach, plea agreement

Here's one from David Weidner at CNNMoney...

-- MDT

Labels: Bill Lerach, Lerach

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

Is that wistfullness I hear?
As always with the WSJ Lawblog, half the fun is in the comments.

-- MDT

Labels: Bill Lerach, indictment, kickbacks, Lerach, Milberg, Milberg Weiss

Good read from Andrew Longstreth over at Law.com... And for all the current stats on securities litigation, you know you can count on the Stanford Securities Class Action Clearing House.

-- MDT

Labels: class action, Lerach, Milberg, securities