Regular readers know that it has been the practice of The 10b-5 Daily not to post about the legal troubles of Milberg Weiss – a subject matter that is arguably outside of the scope of this blog. A number of excellent legal blogs cover white collar crime issues and have extensively posted about the recent criminal indictment of the firm (see, e.g., the WSJ Law Blog and White Collar Crime Prof Blog).
That said, the indictment of one of the leading securities class action plaintiff firms in the country will inevitably have ripple effects on this area of the law. Especially given that Milberg Weiss is, according to ISS’s Securities Class Action Services (SCAS), lead or co-lead counsel in 95 active shareholder suits. Accordingly, The 10b-5 Daily will post relevant articles discussing the effect of the indictment on pending or previous securities class actions.
A recent roundup includes articles from The American Lawyer and The Recorder (via law.com) discussing Milberg Weiss’ ability to continue as lead counsel in current cases and an article from Reuters suggesting that it is unlikely that companies who have settled with Milberg Weiss in cases cited in the indictment will bring legal actions to recover the funds.
The 10b-5 Daily 