Milberg Weiss Bershad & Schulman LLP

The class-action litigation firm of Milberg Weiss responded to news that an indictment is coming for its name partner, Melvyn Weiss, today:

Milberg Weiss understands that a second superseding indictment will be issued tomorrow that will include new charges against the Firm and also Melvyn Weiss. Mr. Weiss has decided to discontinue his participation in Firm management in order to focus on the defense of the charges against him.  read more »

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The AP is reporting that the New York State comptroller has decided to to cut the state's ties to Milberg Weiss Bershad & Schulman, the prominent New York law firm that was recently indicted for alleged kickbacks.

Since 2003, Milberg Weiss has served as the lead counsel in a class action law suit brought by Hevesi (in his role as sole trustee of New York's public employee pension fund) against the pharmaceutical colossus Bayer. Hevesi said he plans to ask that Milberg Weiss be booted from the case -- as well as from the list of law firms that are eligible to serve as the pension fund's counsel.

In an interesting twist that wasn't included in the AP report, Milberg Weiss has been one of Hevesi's more loyal and generous donors in years past. The firm reportedly coughed up $100,000 for Hevesi's bid for comptroller in 2002, and its senior partners Melvyn Weiss and William Lerach each pumped in another $13,500 of their own money.

Sounds like it's going to be an unhappy break-up.