[lbo-talk] jury duty/Real expertise

Carl Remick carlremick at hotmail.com
Sat May 20 05:34:43 PDT 2006



>From: andie nachgeborenen <andie_nachgeborenen at yahoo.com>
>
>OK, you are a lawyer hater, a common type. All we have
>to do is toa dopt a simple set of commonsense rules
>that reasonable people can agree on and we do without
>these greedy and arrogant parasites. Alas, for reasons
>I've explained here, this is a fantasy in the modern
>world,a nd indeed was a fantasy as soon as societies
>became reasonably articulated with a moderately
>complex division of labor and clash of interests. ...

[But surely you can see what fuels the "fantasy" you mention. Arguably, what's wrong with the tort system isn't juries; it's lawyers -- these lawyers at least:]

May 19, 2006

U.S. Indictment for Big Law Firm in Class Actions

By JULIE CRESWELL

The nation's leading class-action securities law firm, Milberg Weiss Bershad & Schulman, and two of its partners were charged yesterday with making more than $11 million in secret payments to three individuals who served as plaintiffs in more than 150 lawsuits.

The indictment is the first instance of a law firm with national reach facing criminal charges, and it could prove to be a fatal blow for the firm. The lawsuits cited in the indictment spanned two decades, occurring as recently as 2005, and generated some $216 million in legal fees for the firm.

Its lucrative business made Milberg Weiss a target for political critics who saw the firm as a symbol of a national litigation industry that had gone out of control. These critics said that many of the firm's lawsuits against corporations were frivolous, raising the cost of doing business.

The critics contended that investors, for the most part, saw only pennies on the dollar from any recoveries won by the firm. In the 1990's, Congress raised the legal hurdle for such lawsuits in large part in response to Milberg Weiss. Even so, the firm continued to thrive.

"There's never been a firm of their prominence that has been indicted," said Ralph C. Ferrara, a former general counsel with the Securities and Exchange Commission who is now a lawyer with the law firm of LeBoeuf, Lamb, Greene & MacRae. "This is a regrettable and remarkable thing." ...

<http://www.nytimes.com/2006/05/19/business/19legal.html?ex=1148270400&en=f665633249d37f88&ei=5087%0A>

Carl



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