Presents! Presents, falling from the sky!

The class-action legal juggernaut that was the law firm [and organized criminal conspiracy] now known as Milberg Weiss suffered more body blows yesterday as its co-founder, Melvyn I. Weiss, was indicted…

[P]rosecutors in Los Angeles charged Mr. Weiss, one of the architects of class-action securities lawsuits, with conspiracy, racketeering, obstruction of justice and making false statements to a grand jury… could face a sentence of as much as 40 years…

The indictment also broadened existing charges against Milberg Weiss, the firm Mr. Weiss co-founded in 1972, contending that the firm received some $250 million in legal fees over the last 25 years from class-action cases in which it paid kickbacks [bribes] to individuals who had served as named, or lead, plaintiffs…

“The indictment outlines a decades-long kickback scheme that was deliberately concealed from courts that were overseeing significant class-action cases,” said George S. Cardona, the United States attorney in Los Angeles, in announcing the charges against Mr. Weiss…

The charges against Mr. Weiss contend that he knew about and participated in the plaintiff kickback scheme since its inception in the late 1970s, and that he continued to participate in it in even after federal prosecutors began their investigation.

But there’s more!

In a related development, Steven Schulman, a former named partner at Milberg Weiss, agreed to plead guilty to a conspiracy charge in connection with the plaintiff kickback scheme.

Mr. Schulman, who will cooperate with prosecutors, also agreed to disgorge $1.85 million in profits, pay a $250,000 fine and accept a prison sentence that is likely to be 27 to 33 months, according to court papers.

All the gory details about this organized criminal conspiracy were outlined in detail in a sworn statement from their partner and now convicted felon David Bershad from earlier this year. Fun reading!

News clippings from the New York Times.