Melvyn I. Weiss (August 1, 1935 – February 2, 2018) was an American attorney who co-founded plaintiff class action law firm Milberg Weiss.
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Early life and education
Born in The Bronx, Weiss grew up in Hollis Hills, Queens and attended Jamaica High School. After graduating from City College of New York in 1956, he graduated three years later with a law degree from New York University School of Law. He served in the United States Army.[1]
Bribery charges and incarceration
At one point Weiss and his law firm dominated the market in securities class-action suits, in which investors who suffer losses typically claim that executives had misled them about a company's financial condition.[2]
On March 20, 2008, Weiss announced through his attorney that he would plead guilty to making illegal client kickbacks in exchange for an 18- to 33-month prison sentence and fines and restitution of $10 million.[3]
Prior to his sentencing for what he admitted was "wrongful conduct," and for which he was "profoundly sorry," supporters had flooded the Federal court with over 275 letters detailing Weiss' philanthropic history, including his pro bono work resulting in $6.25 billion in settlements he helped win for Holocaust victims. Both the Federal judge hearing the case and U.S. Attorney called the support for Weiss "unprecedented."
Weiss was sentenced to 30 months of incarceration on Monday June 2, 2008. He served half of his sentence at the minimum security Federal Correctional Institution in Morgantown, West Virginia, with the remainder served under home confinement.[4]
Death
Weiss died on February 2, 2018, at his home in Boca Raton, Florida.[1] He had been suffering from Amyotrophic lateral sclerosis (ALS).[5]
See also
References
- ^ a b Roberts, Sam. "Melvyn Weiss, Lawyer Who Fought Corporate Fraud, Dies at 82", The New York Times, February 5, 2018. Accessed February 5, 2018. "He was raised in the Hollis Hills section of Queens and graduated from Jamaica High School. He helped his father keep the books for small businesses while earning a bachelor's degree from City College of New York in 1956. He graduated from New York University Law School in 1959 and served in the Army."
- ^ Koppel, Nathan (2008-03-21). "Class-Action King Weiss to Plead Guilty to Conspiracy". The Wall Street Journal. Retrieved 2008-04-04.
- ^ Martha Graybow (March 21, 2008). "US shareholder lawyer Melvyn Weiss to plead guilty". Reuters.
- ^ Edvard Pettersson (June 2, 2008). "Weiss Sentenced to 2½ Years for Kickback Scheme (Update1)". Bloomberg L.P.
Weiss, 72, must also forfeit $9.75 million and pay a fine of $250,000. He pleaded guilty April 2 to racketeering conspiracy, admitting he helped secretly pay a stable of plaintiffs to file suits from 1979 through 2005. By using them to sue first, the firm was more likely to lead cases and reap larger fees.
- ^ LLP, Seeger Weiss. "Seeger Weiss LLP Mourns the Passing of Melvyn I. Weiss". www.prnewswire.com (Press release). Retrieved 2018-02-02.
This page was last edited on 21 April 2024, at 22:38