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Federal Judge Rejects Bid to Remove Milberg From IPO Litigation
Embattled plaintiffs firm Milberg Weiss & Bershad, which has been indicted on criminal bribery and fraud charges in federal court in Los Angeles, won't be removed from high-profile securities litigation pending in Manhattan federal court. Solo Theodore A. Bechtold had submitted a "formal" motion on behalf of his clients to intervene in the case against IPO underwriters and to remove Milberg. Judge Shira A. Scheindlin denied the request last week, saying the firm is "adequately" representing the class.