U.S. Chamber Institute for Legal Reform Hails Professor for Exposing Impact of Milberg Weiss Kickbacks

Presents 2008 Outstanding Research Award to Michael Perino

WASHINGTON, D.C.—The U.S. Chamber Institute for Legal Reform (ILR) today presented the 2008 Award for Outstanding Research to Professor Michael Perino of St. John's University School of Law for his work in securities regulation, securities fraud, and class action litigation. As the author of the May 2008 article, "The Milberg Weiss Prosecution: No Harm, No Foul?" Perino cast doubt on claims by the Milberg Weiss law firm that paying illegal kickbacks to lead plaintiffs was a victimless crime.

"Professor Perino's research helped us gain a better understanding of the impact of Milberg Weiss' scheme on investors and American taxpayers," said ILR President Lisa Rickard. "His work proved that Mel Weiss and his colleagues—many of whom are currently residing in, or on their way to, federal prison—actually harmed those clients they were supposed to protect by paying out illegal kickbacks."

In 2006, the U.S. Department of Justice indicted Milberg Weiss and several of its partners for allegedly paying kickbacks to individuals who served as class representative plaintiffs. For his article, Perino analyzed over 700 class action settlements and fee awards to determine whether the kickbacks harmed class members. Perino concluded that the firm asked for and got a greater share of the settlements in those cases subject to the indictment, thereby lowering the payments for class members.

Perino is the Dean George W. Matheson Professor of Law at St. John's University School of Law. He has testified before both the Senate and House and his empirical findings were relied on by Congress when enacting the Securities Litigation Uniform Standards Act of 1998.

Perino received the award at ILR's 9th Annual Legal Reform Summit, which brought together the nation's leading legal reform experts to discuss the problems in the civil justice system and solutions to fix them.

ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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