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Rating:Investor Class Action Partner Pleads Guilty Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 10, 2007

Investor Class Action Partner Pleads Guilty

by: Neil Anderson, Managing Editor

More than a year after Milberg Weiss & Bershad got hit with a 20-count indictment for an alleged lawsuit kickback scheme, the attorney formerly in charge of the New York City-based class action firm's finances agrees to hand over $8 million and cooperate with prosecutors. Reuters reports that David Bershad plead guilty as part of a plea bargain with federal prosecutors. Firm founder Melvyn Weiss and ex-partner William Lerach both have not been charged, while retired partner Steven Schulman and the firm itself have both plead not guilty. And Milberg Weiss doesn't seem to be fazed by the plea bargain. The firm released a statement saying Bershad's deal "was not unexpected" and adding that "his actions will have no effect on the firm's commitment to its clients and its ongoing work to protect public shareholders and consumers." 

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