Pioneering corporate class-action lawyer William Lerach pleaded guilty in federal court to obstruction of justice charges and agreed to pay an $8 million fine. Investigators charged that Lerach, 61, and his partners secretly paid clients to be plaintiffs in shareholder class actions the firm would file. The "king of the class actions" will spend a year or two in prison. (The Washington Post)
The Bottom Line
September 19, 2007
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