Lawyer pleads guilty in securities case

A former partner at Milberg Weiss pleaded guilty to a federal conspiracy charge in the U.S. District Court.

A former partner at Milberg Weiss LLP pleaded guilty to a federal conspiracy charge in the U.S. District Court.
David Bershad, formerly a name partner at the New York-based firm, pleaded guilty to a federal conspiracy charge at a hearing before U.S. District Judge John Walter yesterday, prosecutors said in a statement.
Milberg Weiss was indicted last year on charges that it made secret kickbacks to plaintiffs in more than 150 class actions and shareholder derivative actions.
Mr. Bershad, a 67-year-old resident of Montclair, N.J., can face up to five years in jail under the charge.
Steven Schulman, another partner who has since retired from the firm, was also indicted.
In a plea agreement also filed yesterday, Mr. Bershad, also agreed to forfeit $7.75 million, to pay a $250,000 fine and to cooperate in the government’s ongoing investigation and prosecution of other participants in the conspiracy.
Mr. Schulman and the firm have pleaded not guilty to the charges in the 20-count indictment and are scheduled to be tried in January 2008.