Milberg Agrees To $75M Settlement For Kickbacks

Law360, New York (June 17, 2008, 12:00 AM EDT) -- Milberg LLP has reached a $75 million settlement with federal prosecutors, putting to rest a long-running criminal probe that has already led to prison sentences for two former partners.

Under the settlement filed Monday, the firm admitted that senior members had paid secret kickbacks to individuals who agreed to serve as named plaintiffs in class actions.

Those kickbacks were paid in more than 165 lawsuits filed from 1970 through 2005, the firm admitted as part of the settlement. Kickbacks were also paid to stockbrokers who referred...
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