Milberg Weiss Bershad & Schulman LLP, the most prominent class-action securities law firm, was indicted on Thursday by a federal grand jury on fraud, conspiracy and other charges related to an alleged kickback scheme.
A Los Angeles grand jury issued a 20-count indictment against the firm and partners David Bershad and Steven Schulman. Prosecutors accused them of making illegal payments over a 20-year period to clients who agreed to act as plaintiffs. The charges include perjury, bribery and obstruction of justice in more than 150 lawsuits against a wide swath of corporate America.
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