Friday, March 16, 2007

Looking Out For Me?

Some day's it seems that O'Reilly is the only one. We can't depend on politicians doing the people's business. We can't depend on lawyers doing salvation work through class actions. The WSJ Law Blog Continues it's reporting on the slow rolling scandal:

Federal Judge, Citing Indictment, Disses Milberg Weiss

MilbergWhile on our interminable Milberg Weiss Watch, we’ve tracked how judges have dealt with the issue of the plaintiffs’ firm’s indictment (here, here, and here.). Yesterday, Judge Joseph Tauro of federal court in Boston denied class certification in the Organogenesis securities-fraud litigation and ruled that Milberg was not adequate as sole lead counsel, due in part to the law firm’s indictment. Here’s the 29-page opinion, and here is an excerpt from the Court’s decision:

As noted above, Milberg Weiss’s performance in this case has not been ideal. Although it has defeated a Motion to Dismiss, it has also given the court reason to question its ability to adequately present truthful factual information to the court . . . A court concerned with insuring competent representation for an absent class must worry about the possibility of distraction as the firm and its partners struggle to defeat the criminal charges. Envision a future where the class is certified, then Milberg Weiss loses this case and is then convicted under the indictment. Looking back, this court would not be able to say that it met its obligations to the class if it ignored the effect of the indictment and the mounting questions in this case about Milberg Weiss’s credibility and diligence.

Through a spokesman, Milberg Weiss declined to comment.

These were supposed to be the good guys saving the small investor from sneaky-crooked-businessmen. Looks like it was the Lawyers ginning up some contingency fee millions. (Tongue firmly in-cheek)

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