An Indictment Seems Imminent for a Prominent Class-Action Law Firm
The New York Times reported today, article here, on the possible indictment of the prominent securities class-action law firm of Milberg Weiss Bershad & Schulman after a six-year federal investigation into whether the firm made illegal payments to clients. An indictment, while it would not prevent the firm from continuing to represent clients, would have dire consequences for its business. According to the article, the firm made a last-ditch attempt to stave off indictment last week when two of its senior partners, David Bershad and Steven Schulman announced they would be taking leaves of absence to prepare possible defenses, since it is believed that both lawyers are likely to face individual criminal charges for their roles in the supposed kick-back scheme.