Wall Street might finally have got its way. Reports in the US claim class action stormtrooper Bill Lerach may have cut a deal with investigating authorities to leave his practice in return for his firm Lerach Coughlin Stoia Geller Rudman & Robbins getting off scot free. See story.
If Lerach does call it a day there will be champagne quaffed in boardrooms across the US. But they would be wise not to bet against one of the most powerful securities class action lawyers in the country staging a comeback.
The news of Lerach’s departure comes as class action culture makes its first steps in the UK. US class action boutique Cohen Milstein Hausfeld & Toll launched in the UK last month and DLA Piper swiftly launched a new practice to defend UK plc.
Perhaps Lerach will make a dramatic reappearance on this side of the pond? Relax, we’re sure it’ll never happen. You’d better hope it doesn’t.