[blau993]

You can indict a corporation or an LLP -- the corporate form makes no difference. There is considerable reluctance of prosecutors to do so, because inevitably a lot of innocent people will see their jobs and pensions disappear. Case in point -- Arthur Anderson, indicted over destruction of Enron audit files, convicted, but eventually cleared of charges by the Supreme Court. Anderson folded almost overnight following the indictment, and a lot of honest, talented people who had nothing at all to do with its work for Enron were unemployed.

In this case, the indictment follows refusal of Milberg Weiss to cooperate with the investigation by waiving attorney-client privilege and providing documents. The firm will say it is between a rock and a hard place -- it has to respect the privilege which is owned by its clients, not the firm. The prosecutor will say Milberg is hiding behind the privilege.

One thing you can bet on is that Milberg Weiss will be a hollow shell within a month. Its lawyers will jump ship to other firms, and it will fold up its operations.

[Grampa Dave]

"One thing you can bet on is that Milberg Weiss will be a hollow shell within a month. Its lawyers will jump ship to other firms, and it will fold up its operations."


Amazing how this works.