Former Milberg Weiss Partner Steven Schulman Sentenced to Six Months in Prison

Former Milberg Weiss Bershad & Schulman name partner Steven Schulman was sentenced on Monday to six months in federal prison for his role in a scheme to pay clients to serve as plaintiffs in securities class action lawsuits, Reuters reports.  Schulman’s sentencing came on the same day as that of his fellow former name partner, David Bershad, who was also sentenced to six months in prison in a separate hearing.

As part of their plea agreements, Bershad paid $8 million and Schulman paid about $2 million in fines and forfeiture of gains from the tainted cases, Reuters reports.

Bershad reportedly told the court on Monday that he took “personal responsibility for what I did. It was wrong.”  Schulman told the judge that “My error was to take the wrong route” and “from that, all else followed. Everything.”

Read the Reuters article