Nathan Koppel at the WSJ reports that a federal grand jury indicted Melvyn Weiss yesterday on charges relating to paying securities purchasers to serve as class representatives.
The indictment comes after former partners at Milberg Weiss Bershad Hynes & Lerach agreed to plead guilty to making "secret payments" to people who succeeded in representing classes of securities buyers. The pleaders include David Bershad, William Lerach, and Steven Schulman. The firm split three years ago.
Also yesterday, the editorial page of the WSJ gloated about the fall of the mighty Mr. Lerach while today celebrating its hope to preserve the sanctity of the attorney-client communication privilege for criminal suspects.