Lerach Could Earn $50M in Enron Fees
Securities class-action lawyer William Lerach, who has pleaded guilty to paying kickbacks to lead plaintiffs, could get as much as $50 million in attorney fees from a settlement in Enron-related litigation.
The Wall Street Journal Law Blog reported the figure based on anonymous sources familiar with the distribution. Lerach’s firm, Coughlin Stoia Geller Rudman & Robbins, is seeking a record $700 million in fees for plaintiffs’ lawyers in a $7.2 billion settlement of the litigation.
If a judge approves the requested fees, Coughlin Stoia could earn as much $400 million, the Law Blog says.
Lerach founded Coughlin Stoia after leaving the law firm now known as Milberg Weiss, which is under indictment in the kickback probe. Several current and former partners have been charged, including Melvyn Weiss, who has pleaded not guilty.
Lerach’s plea deal calls for a sentence of one to two years in prison. He is scheduled to be sentenced on Jan. 14.
