Litigation

Milberg Weiss and Bernie Madoff

By Ted Frank

There's a certain schadenfreude in learning that Mel Weiss and David Bershad of Milberg Weiss, the corrupt plaintiffs' firm which regularly bragged about its success in sniffing out fraud before anyone else did (which isn't hard when you indiscriminately accuse corporations of fraud whenever their stock price drops and ignore all the false positives), had invested their money with the infamous Bernie Madoff's Ponzi scheme. Except it turns out that Weiss and Bershad were among the few to profit from the scheme; the bankruptcy trustee is suing the two for the return of $20.4 million. [Bloomberg via ABAJ]

Weiss long claimed before his conviction that he didn't do anything other securities lawyers weren't doing. The return of Republicans to power in the House raises the possibility of the delicious scenario where Milberg Weiss lawyers are invited to testify under oath and name names.

Full post as published by Point of Law on November 19, 2010 (boomark / email).