If not for a case of insurance fraud, a kickback scheme William Lerach, who was one of the nation's busiest class actions before being imprisoned earlier this year, might never have come to light, according to a former assistant U.S. attorney.
Robert McGahan, lead prosecutor in the case United States v. William S. Lerach, described how the discovery of two famous paintings in a Cleveland storage locker and a complex series of events ultimately led to Mr. Lerach's imprisonment for paying illegal kickbacks to people who agreed to become plaintiffs in securities class actions.
Mr. McGahan's comments came during a video titled "The Rise and Fall of William Lerach," which was shown during the opening session of the Professional Liability Underwriting Society international conference in San Francisco earlier this month.
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