The Fall of Milberg Weiss:

The Nov. 3 Fortune has a gripping account of the fall of leading plaintiffs' class action firm Milberg Weiss. My Yale classmate and current colleague (as a visiting professor) Tony Sebok comments at Findlaw.

jallgor (mail):
Is anyone in the legal community at all surprised by this? I've litigated against Milberg on a number of occasions and very quickly formed the opinion that they were a disgrace to the profession. I wouldn't put any of this stuff past them and would be surprised if there weren't some much uglier skeletons in the closet.
11.8.2006 10:31am
Milberg never successfully adapted their business model following the enactment of the PSLRA. Competitors seized the opportunity and have done very well for themselves, while complying with the PSLRA framework. Milberg simply resorted to a variety of workarounds and shady practices, and we see the result.
11.8.2006 10:47am
Lerach isn't popular with the class action plaintiffs' side of the bar either. Lerach hogs the role of lead counsel and its motions in that regard tend to aggrandize its contributions to the class -- this is especially true when Lerach is outside of its securities bailiwick. Class counsels' fees are likely to be more competitive when and if Lerach and Milberg's influence over the bar decline. (They are by no means the worst in that regard, though. Edelman Combs' shotgun approach to objections might win that prize. Class counsels' fees have to account for either paying Edelman Combs off or recouping the expense of opposing the objections.)
11.8.2006 11:38am
Congress has never had the guts to outlaw these phony suits. I know that plaintiff's lawyers are very influential, both as Members and as contributors, but can't we hope that for once Congress will do the right thing?
11.8.2006 1:01pm