This NY Times article reports on the long brewing split into two firms of the large class action plaintiffs’ firm, Milberg Weiss Bershad Hynes & Lerach. One of the firms will be led by William Lerach, based in San Diego, and will be called Lerach Coughlin Stoia & Robbins. The other firm will be led by Melvyn Weiss, based in New York, and will be called Milberg Weiss Bershad & Schulman.
Mr. Lerach s the lead counsel in the main investor multi-district securities lawsuit pending in Houston against Enron Corporation‘s banks and several former officers. Grizzled veterans of that type of litigation have speculated that Milberg Weiss split has been one of the main reasons behind the glacial progress in settlement negotations in Enron-related civil litigation.