Posted Jun 01, 2007 01:02 pm CDT
Four top partners from Milberg Weiss & Bershad met with federal prosecutors in Los Angeles on Wednesday to talk about settling charges that the firm paid kickbacks to lead class-action plaintiffs.
The securities class-action law firm has been indicted along with former name partners David Bershad and Steven Schulman. The deal under discussion would require the firm to pay a “heavy fine,” according to the Recorder.
The legal newspaper said amounts as high as $50 million to $100 million have been discussed.
Bershad is also talking to prosecutors about a deal. He is accused of paying plaintiffs with money stashed in a safe in his office.
Sources told the Wall Street Journal (sub. req.) that a “global settlement” could be reached that includes additional defendants.