Securities Class Action Expert Witness Pleads to Perjury
An allegedly independent witness in hundreds of securities class action cases between 1985 and 2003 pleaded guilty today to one count of perjury concerning a false declaration made in one such case that he was not being paid on a contingent basis.
In fact, however, John Torkelsen, of Princeton, N.J., “admitted that he lied to numerous federal judges across the country while testifying in securities class action cases,” about such payment arrangements, according to a government press release (PDF).
Torkelsen, 62, faces up to five years in prison when he is sentenced on Aug. 5.
Additional details about today’s plea are discussed in the Star-Ledger, a New Jersey newspaper.
Earlier coverage:
ABAJournal.com: “Two Coughlin Stoia Lawyers Linked to Contingency-Paid Witness”
ABAJournal.com: “Milberg Weiss Probe Touches Other Firms”
Legal Pad: “Pamela Torkelsen Visits Milberg Grand Jury”
Wall Street Journal (sub. req.): “Prosecutors Probe Milberg Payments To Witness”
