Milberg Weiss & Bershad

New York, NY: US District Judge Richard Berman in New York decreed that Milberg Weiss & Bershad, a New York-based law firm, receive a little more than one-third of the $101 million it sought for winning a billion dollar shareholder settlement from Nortel Networks Corp. Milberg Weiss & Bershad was indicted for paying kickbacks to plaintiffs. The court decree awarded $37.7 million to serve as the dual purpose of encouraging counsel to bring appropriate cases and not granting fee awards that are excessive. The ruling has served as the latest setback for Milberg, which has been charged with paying clients to lend their names to securities class action lawsuits. Since the firm and two partners were indicted in May 2006, Milberg has lost clients, lawyers, and lead counsel status in several cases. (Jan-29-07) [BLOOMBERG: LEGAL MALPRACTICE]