SAN FRANCISCO–Attorney William Lerach, the onetime mastermind behind countless fraud-tainted securities class actions, said in an interview before going to prison that the illegal methods he used were common practice.
Mr. Lerach, now serving a two-year federal term for participation in a kickback scheme, justified his unethical conduct in a video presented at the PLUS International conference here Wednesday where legal actions resulting in directors and officers liability claims are a topic.
Mr. Lerach said, in the video titled "The Rise And Fall of William Lerach," that the illegal sharing of fees with persons who agreed to serve as named plaintiffs for class action lawsuits "was an industry practice."
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