Prison Sentence Part Of Lawyer's Plea Deal
Professor Joseph A. Grundfest is quoted in a San Diego Union Tribune story about former securities class action lawyer William S. Lerach:
Stanford University law professor Joseph Grundfest agreed. He said Lerach was involved in setting many records, including a colossal $7.2 billion in settlements recovered from executives, accountants, attorneys and financial institutions involved in the Enron fraud.
“But many of those records will now have an asterisk,” Grundfest added, “because there is no doubt now that his record was not clean. There were cases in which the ball was juiced and the fix was in. And his legacy will always be marred by that fact.”
Grundfest and other experts doubted that Lerach's plea would have any broader effects, because class-action litigation has become institutionalized.