“The embattled securities class-action law firm Milberg Weiss Bershad & Schulman received some political backing last week with the release of a statement signed by four Democrats from the House of Representatives condemning last month’s indictment in Los Angeles of the firm on criminal charges. … The statement was signed by three representatives from New York — Charles Rangel, Carolyn McCarthy and Gary Ackerman — and Robert Wexler from Florida. One of the founders of the law firm, Melvyn Weiss, is a high-profile fund-raiser for the Democratic Party.” (Julie Creswell, New York Times/Wilmington (N.C.) Star-News, Jun. 12).
TheLawyer.com, based in the United Kingdom, fumbles the story badly by reporting that Milberg “has picked up a powerful ally in the shape of the US Congress”. (Joanne Harris, “US Congress slams Milberg Weiss indictment”, Jun. 13, note the equally erroneous headline). In fact, the four representatives who signed the letter are hardly typical members even of the Democratic caucus in the House, let alone of the Congress as a whole (which, someone should tell TheLawyer.com, is controlled by Republicans). See, for example, Jeremy Pelofsky, “Democrats returning money to two Milberg lawyers”, Reuters, Jun. 9 (Democratic National Committee, perhaps wiser than Reps. Rangel, McCarthy et al., seek to distance themselves from firm by returning some of its donations, a step already taken by New York’s Eliot Spitzer). More: Prof. Bainbridge, Jun. 12.
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