Friday, May 19, 2006

Prominent Law Firm & Powerful Lawyers Indicted for Class Action Frauds

In a 20-count indictment against Milberg Weiss Bershad & Schulman LLP, often called the most prominent class-action securities law firm in the nation, and partners David Bershad and Steven Schulman prosecutors charged that they illegally paid portions of nearly $250 million in fees over a 20-year period to clients who had agreed to act as plaintiffs to the suits.

The charges include perjury, bribery and obstruction of justice in more than 150 lawsuits against corporations.

As usual, the lawyers are Democrat Party contributors and claim political motive. Remember, lawyers by training are "paid liars" and actually, U.S. Attorney Debra Wong Yang stated Thursday that the case came to light in 1999 under the Clinton administration. It seems that a Beverly Hills ophthalmologist, one Steven Cooperman, facing unrelated fraud charges, alerted prosecutors about the kickbacks in hopes of receiving a plea agreement.

Quoting Reuters: "The widening government probe also was expected to open the door for a score of rivals in the world of shareholder litigation, long dominated by Milberg Weiss and its scorched-earth tactics. By its own account, Milberg Weiss has won more than $45 billion in its suits against corporations.

Three Milberg clients named in the indictment allegedly received more than $11 million in illegal kickbacks from the firm. One of those clients, Howard Vogel, agreed recently to plead guilty to charges stemming from the case and cooperate with prosecutors as part of a plea agreement."

Of course, no one has been convicted yet. Before that happens, you may wish to review Lawyers as Parasites (Infestations Ofthebar and More) and in case of aquittal, Legal Theft: When Lawyers Win, Retirees, Workers, and Taxpayers Lose.

I hope now that you understand the endemic problem with a party lead by LAWYERS and 2 of the 3 branches of our government dominated by lawyers. Isn't it time yet to stop electing most of them?