We have just received a formal statement from the Lerach firm regarding earlier reports, including mine (see here), concerning his retirement. Here it is in its entirety. Below it is a statement, also just received, on behalf of Lerach Coughlin’s client, the University of California Regents, which is the lead plaintiff in the Enron shareholder litigation.
STATEMENT FROM LERACH COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP
As has been speculated on internet blogs and in newspaper articles, after 35 years of successfully practicing law, Bill Lerach is considering retirement. The investigation into allegedly improper activity at Milberg Weiss has continued for almost 7 years, and Mr. Lerach is cognizant of the fact that although our firm has never been a target of this or any other investigation, the investigation should not become a distraction to our firm and its ongoing work.
As the Honorable J. Lawrence Irving, former U.S. District Judge and Senior Counsel to Lerach Coughlin notes: “As a result of our high-profile successes, this firm and its partners have been a regular subject of rumors and speculation. It is important to note that our firm has never been under investigation. The outstanding lawyers in our firm will not be distracted from providing our clients with top-notch legal services.”
“If Bill Lerach retires, our firm will continue pursuing the largest ongoing corporate fraud cases in the country,” said Patrick Coughlin, co-founder of the firm. “No single firm has the depth or breadth of talent that our firm has, nor does any other firm have as many tough, high-profile cases on behalf of the largest public and private pension funds.”
STATEMENT FROM TREY DAVIS, UC Director of special projects:
“The University’s general counsel was informed earlier this week that Mr. Lerach is considering retirement. With respect to the ongoing Enron class action, the firm has a strong team of attorneys and experts in place, and we will continue to prosecute the case vigorously. We will ensure that continuity in pursuit of our goal of a fair and substantial recovery for investors is sustained should Mr. Lerach decide to retire.”