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Indicted Class Action Plaintiff Law Firm Milberg Weiss Loses Named Partner Schulman To “New Ventures” And To Preparation Of Criminal Defense

After 20 Years of Class Action Securities Litigation at Milberg Weiss, Indicted Named Partner Steve Schulman Resigns to Focus on Defense of Criminal Charges

Julie Creswell of the New York Times reported yesterday that class action plaintiff law firm Milberg Weiss Bershad & Schulman suffered a devastating blow last Friday: Steven G. Schulman, indicted in May 2006 for his part in the alleged payment of $11 million to three individuals who served as plaintiffs in more than 150 lawsuits, resigned from the law firm after 20 years of class action securities litigation. Ms. Creswell reports that the firm name now shall be Milberg Weiss & Bershad. David J. Bershad also was indicted in May 2006. A January 2008 trial date has been set.

According to Ms. Creswell, Schulman will continue to represent class action plaintiffs but will be seeking out “new ventures.” Schulman reportedly has for some time considered leaving the firm – he has been on a leave of absence since his indictment – and that he plans to “devote time to defending himself against criminal charges.”

Julie Creswell’s article, entitled “Partner at Law Firm Resigns to Focus on Criminal Charges Against Him,” may be round in Section C. of the December 9, 2006, edition of the New York Times.