Milberg Weiss

Milberg Weiss is a New York City-based law firm that specializes in the prosecution of class action law suits. It was indicted in 2006 by the US Justice Department, on charges that the firm paid kickbacks to plaintiffs in class action law suits to induce them to sue.

1. Founded: 1965
2. Main Office: New York City, New York
3. Second Office: Los Angeles, California
4. Known for prosecuting class actions in federal courts for investors and consumers
5. Indicted May 18, 2006 for fraud, racketeering, and bribery
6. Partner: William Lerach was sentenced to two years in prison and fined $250,000
7. Founding Partner: Melvyn Weiss was sentenced to 30 months in prison and fined $10 million
8. Once largest U.S. plaintiff's law firm
9. 2002: Responsible for more than 50% of all securities class action settlements in the U.S.

The Milberg Weiss law firm was indicted on paying three plaintiffs $11.4 million in illegal kickbacks in roughly 180 cases over 25 years. The firm, allegedly, kept paying kickbacks even while the investigation was underway. Partners David Bershad and Steven Schulman will be sentenced in 2008. The two other partners (Melvyn Weiss and William Lerach) have both been sentenced to jail time and will pay heavy fines (see fast facts).

• 1965: Founded by Larry Milberg and Mel Weiss

• 1976: Blackie vs. Barrack resulted in class actions milestone precedent

• 1989: Exxon Valdez oil spill litigation resulted in a $500 billion settlement

• 2003: Oxford Health plans litigation resulted in $300 million

• 2004: Milberg Weiss Bershad Hynes & Lerach LLP becomes Milberg Weiss Bershad & Schulman LLP.

• 2006: May 18, Milberg Weiss indicted

• 2007: January 1, Milberg Weiss Bershad & Schulman LLP became Milberg Weiss & Bershad LLP

• 2007: July 9, Milberg Weiss & Bershad LLP dropped Bershad from its name

• 2007: July 9, Former partner David Bershad pleads guilty

• 2007: September 18, Former partner Bill Lerach pleads guilty

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