Here is the latest scoop from Bloomberg on the David Bershad guilty plea to one count of conspiracy. He's going to pay a $250k fine and forfeit $7.75 million. Sentencing is set for June 2008, presumably to give prosecutors enough time to see how much dirt he gives them in order to recommend a sentence, which could be as high as five years. Bershad, needless to say, has had his relationship severed with Milberg. The story also reports that Bill Lerach will step down as the leader of his own firm within 60 days, so if that is true we know what that means. But then those reports have been floating about for some time now.
I know from reading the blogosphere that there are some people that will be ecstatic about this. Many people just loathe Milberg and their ilk. I'm not one of them. I just can't be happy about the misery of others. As for Bershad, some may say that he is getting off easy given the money he's made, but a felony conviction and its accompanying disbarment, with or without time, is still a high price to pay. And there's no guarantee that we know of that he won't serve some jail time.