The Associated Press has a lengthy interview with Mel Weiss of Milberg Weiss, the leading plaintiffs’ securities class action firm.
Quote of note:
Interviewer – “How big was the $1 billion settlement for ordinary investors in the IPO fraud case in your view? How much do you hope to get from the brokerages?”
Weiss – “The billion dollars is an expression of concern that these allegations are real and could give rise to staggering liability. It simplifies the litigation in that we can focus our attention on the conduct of the investment banks. The interesting part here is how much broader our inquiries will be than the government’s has been because we’re covering 55 banks, not 10. It’s going to be far more fascinating to demonstrate that the conduct we allege to be serious violations of the law was widespread throughout the entire industry. … I would be very disappointed if we don’t achieve multiple billions (in recovery).”