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Milberg Weiss Sued Over Settlement

Posted Nov 27, 2007 11:37 AM CDT
By Debra Cassens Weiss

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Texas billionaire Sam Wyly is among the investors who have filed a suit against Milberg Weiss that claims the law firm quickly settled a shareholder lawsuit to make big attorney fees.

The suit claims the law firm settled the suit against Computer Associates to reap $40 million in attorney fees for it and three other law firms, New York Newsday reports. Yet shareholders recovered "not even a penny on the dollar" for their losses, says the suit, filed in state court in Manhattan.

The company promised to support attorney fees of up to $1,000 an hour, the suit says, in a settlement that protected board members and executives from lawsuits. The suit seeks disgorgement of the fees, undisclosed legal papers, and unspecified damages.

A hat tip to the Wall Street Journal Law Blog, which posted the story.

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