Melvyn Weiss Posts $1.5M Bond

A lawyer who cofounded class action securities firm Milberg Weiss is scheduled to be arraigned today after posting a $1.5 million bond.

Melvyn Weiss agreed to pay $1 million in cash and a bond for the additional $500,000, the New York Times reports. He is accused of paying kickbacks to lead plaintiffs to help give the law firm a leadership role in the cases.

Weiss issued a statement vowing to fight the charges after a bond hearing on Friday, the Los Angeles Times reports. He will plead not guilty today, his lawyer said.

"I look forward to clearing my name and returning to a practice to which I have devoted my professional life," he said in the statement.