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06/19/08
Turns out that one of the reasons it was so good is it bought the lead plaintiffs for the classes. That's a no-no, and it has cost many of the old partners of Milberg jail time and more. But the firm itself was under indictment. If they had been convicted, the firm would have had to shut down, most likely — most criminal penalties for artificial organizations are in effect death sentences.
On June 17, 2008, however, the firm announced a deal with the government. The firm will pay $75 million over five years and admit wrongdoing in the past but not actually plead guilty. In exchange, the government will say that no current attorneys at the firm committed wrongdoing. Indeed, most of the guilty parties, including former partner Mel Weiss, are gone. So's Weiss's name from the letterhead; the firm is now just Milberg, LLP.
It's been reported that Milberg is contemplating suing its old partners in an attempt to recoup some of the $75 million that the firm has to pay. That should lead to some more drama, as discovery will be quite entertaining. If there really is no current attorney at Milberg that is guilty, they may go ahead. However, if the old partners can finger some of the remaining Milberg people, the firm may just choose to eat the $75 million.
The real scandal is the dark hints from the guilty former Milberg partners that their practice of buying lead plaintiffs was an "industry-wide" activity. That's got lots of trial lawyers sweating.
Still, it appears that now you can finally hire Milberg without hiring a firm under indictment.
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