Bill to end 'illegal fees' considered
WASHINGTON, DC – Congress is considering a bill that would end 'illegal fees' paid by class action law firms to lead plaintiffs in securities litigation cases.
The bill comes in the aftermath of the federal indictment of New York-based Milberg Weiss, the nation's top class action law firm, for alleged kickbacks to class action plaintiffs.
Milberg Weiss is accused of giving $11.3 million in kickbacks to "paid plaintiffs". The indictment also alleges that the law firm received over $200 million in attorneys' fees from class action lawsuits over the past 20 years.
The Securities Litigation Attorney Accountability and Transparency Act of 2006 was introduced
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