Milberg Weiss specializes in class action suits, especially for violations of the securities laws. As many Wall Street Journal readers can attest, if a public company's stock plunges( for any and all reasons), you will likely see Milberg Weiss file a lawsuit. If you go to the web site of the law firm of Milberg Weiss, you will see it described as "protecting victims of corporate fraud and other public misconduct," the "most prestigious and recognized plaintiff law firm in the United States," but all is not as it seems. The U.S. Justice Department appears to have a much less positive view of Milberg Weiss. According to a Wall Street Journal story (on CNBC as well), the Justice Department has engaged in a three-year investigation of the law firm. Ironically and comically, the claims appear to be those that Milberg Weiss routinely files against its defendants -- fraud and conspiracy (to commit fraud). Allegedly (come on..who are we kidding?), Milberg Weiss paid kickbacks to prospective plaintiff, Seymour Lazar, 78, to file lawsuits against public companies. This was revealed last week when the Justice Department filed a case against an entertainment lawyer who was involved in more than 50 lawsuits for Milberg Weiss...what are the odds !? The allegation is that he collected roughly $2.4 million in kickbacks over a period from 1981 to 2001. Such arrangements are illegal for class-action suits. But hey, Milberg Weiss is "fighting for the little guy", so its ok to break the law..especally if it means a few million in fees. A good source of additional info...http://www.overlawyered.com/
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