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Article: Dominator of securities class actions looks for new clients; Reform in securities suits shakes law firm's security.(Milberg Weiss Bershad Hynes and Lerach L.L.P. has lost virtual monopoly on shareholder suits)(Brief Article)(Company Profile)
- Article from:
- Business Insurance
- Article date:
- March 12, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. 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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At the end of 1999, Cendant Corp. agreed to pay aggrieved shareholders $3.2 billion in the largest securities class-action settlement in history.
The lawsuit was noteworthy for another reason: Law firm Milberg Weiss Bershad Hynes & Lerach was not at the bargaining table.
Manhattan-based Milberg Weiss has long dominated the securities class-action field, representing individual shareholders in civil complaints.
But changes in a law that favors suits by institutional investors, as well as a costly judgment against the firm, have eroded Milberg Weiss' lofty position and pushed the firm to expand into other practice areas.
``Milberg had ...