Following Guilty Pleas of Former Partners, Weiss Vows to Fight Criminal Charges
Noted class action plaintiff lawyer Melvyn Weiss, co-founder of the Milberg Weiss securities fraud class action firm, has been released after depositing $1,000,000 in cash with the court, posting a $500,000 bond and surrendering his passport, Michael Parrish of the New York Times reports today. According to Parrish’s report, Weiss intends to fight the federal criminal charges of conspiracy, racketeering, obstruction of justice and making false statements under oath arising out of his alleged payment of millions of dollars in illegal kickbacks to various individuals in return for their agreement to serve as plaintiffs in shareholder class action lawsuits. We have previously reported that others indicted in connection with this scheme – including Weiss’s former partners David Bershad and Steven Schulman, and protégé William Lerach – have pleaded guilty. Weiss is reportedly permitted to travel throughout California, Florida and Washington, but must report travel of more than three days to any other state within the continental U.S.
Mr. Parrish’s article, entitled “Bail Is Set For Lawyer Who Sued For Investors,” may be found in Section C. of the October 13, 2007 edition of the New York Times.