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Friend of Bill and Hillary Admits Role in Kickback Scheme
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Thu Sep 20, 2007 10:00 am Post subject: Friend of Bill and Hillary Admits Role in Kickback Scheme |
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 Friend of Bill and Hillary Admits Role in Kickback Scheme
The fall of San Diego trial lawyer William S. Lerach may end his reign as Wall Street's king of pain, but the class-action lawsuit industry he helped create has become an established reality for corporate America. William S. Lerach: "I ... crossed a line and pushed too far.”
Category: Top Story
Lerach, 61, admitted in a plea agreement that prosecutors filed yesterday that he participated in a scheme that secretly paid kickbacks to recruit plaintiffs for more than 150 class-action lawsuits brought against U.S. companies. As part of the deal, Lerach agreed to forfeit $7.75 million in unlawful gains, pay a $250,000 fine and accept a prison sentence ranging between one and two years.
He will be arraigned at a later date, said Thom Mrozek, a spokesman for U.S. Attorney George Cardona in Los Angeles.
“From a historical perspective, this is the fall of a titan,” said Professor John Coffee of the Columbia University School of Law. “Bill Lerach did not invent the securities class-action lawsuit. But he converted it from being an irritant and a nuisance to public corporations to being a major threat.”
Stanford University law professor Joseph Grundfest agreed. He said Lerach was involved in setting many records, including a colossal $7.2 billion in settlements recovered from executives, accountants, attorneys and financial institutions involved in the Enron fraud.
“But many of those records will now have an asterisk,” Grundfest added, “because there is no doubt now that his record was not clean. There were cases in which the ball was juiced and the fix was in. And his legacy will always be marred by that fact.”
Grundfest and other experts doubted that Lerach's plea would have any broader effects, because class-action litigation has become institutionalized.
While Lerach “has been extraordinarily influential,” Georgetown University Law Center professor Donald Langevoort said, “it's a maturing industry, with plenty of talent and plenty of brainpower to carry on this work.”
Read more...
Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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