Wednesday, 25 February 2009

Even in Jail, Weiss Has the Last Laugh

Today's Wall Street Journal opinion page has a scathing attack on the government handling of the settlement with Milberg law firm. While there was a large fine paid and Melvyn Weiss landed in jail, he orchestrated the settlement such that he could get paid from the firm's future fees even after being disbarred.

Part of the shady dealind included hiring the NY State Judge who ruled in favor of the Milberg law firm. Here's the recap from the WSj

A class-action firm's name partners are nailed in a 30-year fraud.
Class-action firm rewards lead perpetrator with share of future earnings. State
judge sanctions the earnings deal. Class-action firm hires state judge. We'll
let our readers decide what they think of this "fact pattern," as a plaintiffs
lawyer might put it.

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