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Sources: Milberg Weiss Indictment Expected Today

The whispers out there on Milberg Weiss indicate that chances  are slim for negotiating a nonprosecution agreement with the Justice Department and that a grand jury indictment is looming for Thursday. The Recorder's Justin Scheck over at the Legal Pad blog on Wednesday posted an item, Always Darkest Before the Indictment, with gloomy predictions for the firm working out a deal:

"If possible, the cloud over Milberg, Weiss, Bershad & Schulman grew darker Wednesday afternoon. People familiar with the long-running investigation of whether the class action firm paid kickbacks to lead plaintiffs said the Milberg lawyers and L.A. federal prosecutors remained far apart on a deferred-prosecution agreement that’s been discussed for months. Such a deal would prevent an indictment -- widely assumed to be a death sentence for the firm. ...

"If the government determines that it won’t soften its demands, these sources said, it will probably seek a grand jury indictment Thursday against the firm and two of its name partners, David Bershad and Steven Schulman."

Meanwhile, Peter Lattman on Thursday cited a report in The Wall Street Journal that says Milberg Weiss will be indicted Thursday afternoon, according to lawyers familiar with the situation. Lattman writes that the U.S. Attorneys office in Los Angeles has scheduled a conference for 12:15 p.m. PT to announce an indictment to be returned from a federal grand jury.

Lattman says, "More when we have it." Stay tuned.

Posted by Laurel Newby on May 18, 2006 at 01:34 PM | Permalink | Comments (0) | TrackBack (0)

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