Posted May 31, 2007 06:04 pm CDT
Securities class-action lawyer William S. Lerach has been telling clients that he will be leaving his San Diego law firm.
Lerach has sued high-profile companies such as AOL, Enron and WorldCom on behalf of shareholders. Anonymous sources told the Washington Post about Lerach’s plans to leave.
Lerach formed Lerach Coughlin after leaving a law firm in 2004 where he practiced with Melvin I. Weiss. Since then, Weiss’ firm–now known as Milberg, Weiss & Bershad– has been indicted along with two of its partners, Steven Schulman and David J. Bershad, on charges they paid kickbacks to lead plaintiffs.
Bershad is talking to prosecutors about a possible deal a plea in the case.