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Article: The boot's on the other foot; Milberg Weiss.(Milberg Weiss Bershad & Schulman L.L.P.)
- Article from:
- The Economist (US)
- Article date:
- May 27, 2006
CopyrightCOPYRIGHT 2006 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The legal scourge of American companies is itself accused
FOR years a lawsuit from Milberg Weiss Bershad & Schulman has been a common aftershock for American companies hit by financial earthquakes. After a sharp decline in a firm's share price, Milberg Weiss would threaten a class-action suit on behalf of shareholders allegedly cheated into buying overpriced equity. The company would typically settle, in effect compensating shareholders with their own money--a slice of which went to Milberg Weiss.
To Milberg Weiss and its sympathisers, this is civil justice; to the companies forced to pay, it is a shake-down. The defendants enjoyed a form of redress on ...