Nathan Koppel at the WSJ reports today that Melvyn Weiss, founding partner of the Milberg Weiss LLP law firm, will plead guilty in a case alleging improper kickbacks to class representatives in securities fraud cases. The plea deal requires him to serve 18 to 33 months in prison and to pay $10 million in fines and penalties. The ABA Journal discusses the development here.
The firm will change its name to Milberg LLP. Firm’s statement about the Weiss plea here.
Former partners William Lerach, David Bershad, and Steven Schulman pleaded guilty in 2007.