Thursday, July 12, 2007

Class Action Lawyer Flips

So, are you a fan of class-action lawsuits? The common man, rising up against evil corporate America? Well, think about this while you're enjoying your 3-dollar-off coupon from your multi-million dollar settlement:

A former managing partner of the Milberg Weiss law firm on Monday pleaded guilty to conspiring to pay kickbacks to ­clients who served as plaintiffs in the firm's class-action securities lawsuits.

David Bershad, who had primary responsibility for the firm's financial affairs, admitted in a signed statement that for nearly 20 years Milberg Weiss partners recruited investors who took kickbacks in exchange for serving as a ready supply of named plaintiffs whenever the firm wanted to file class-action lawsuits.

Mr Bershad also said in the statement that he and six other partners contributed to secret funds that Mr Bershad kept in his office to pay off the recruits and that they counselled the plaintiffs to lie to conceal the payments.

Don't fall for this "people against the powerful" garbage. They lawyers, and their handpicked collaborators, are the only ones who ever get paid. You just get USED.