Following up on yesterday's post concerning plaintiffs' securities lawyer William Lerach's expected guilty plea: Today's Washington Post has this article discussing Lerach's plea to one count of conspiracy to obstruct justice and Lerach's impact in the legal world. Lerach agreed to pay $8 million in fines and penalties and plead guilty to the conspiracy charge. He also agreed to serve one to two years in federal prison. The courts, of course, will have final say over the terms of Lerach's punishment. Here's Lerach's explanation: "I have always fought for my clients aggressively and vigorously in order to hold powerful corporations responsible when their actions harmed people. However, I regrettably crossed a line and pushed too far. For my actions, I apologize and accept full responsibility for my conduct."
Beyond the description of Lerach's current legal woes, the article contains a breezy discussion of Lerach's impact on securities litigation, the claim that his litigation successes brought about Congressional securities "reform" legislation in the 1990s, and his involvement in Democratic Party politics. A less detailed New York Times article appears here.
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