He made his millions as the nation’s premier class-action securities lawyer. Then he served time. So what’s San Diego’s own Bill Lerach up to now?
Bill Lerach built a behemoth securities class-action law business taking on massive corporations like Enron and Halliburton. But some of his business dealings left him behind bars. Now a free man, Lerach is planning to teach law and stays up on national happenings by reading six daily newspapers.
San Diego’s Bill Lerach was a man who inspired fear and loathing in corporate boardrooms across America. Lerach ran the West Coast operations of Milberg Weiss and was for many years the foremost class-action securities lawyer in America.
He extracted settlements in the millions, even tens of millions of dollars. That earned him powerful enemies. Congress tried to rein him in by overriding a presidential veto in 1995 to pass what became known as the “Get Lerach Act.” But he went on to lead the biggest class-action lawsuit in history, the University of California’s $7.2 billion judgment against Enron Corp.
In 2008, Lerach was sentenced to two years in federal prison after pleading guilty to conspiring to conceal kickbacks paid to plaintiffs. The 64-year-old Lerach spoke with us not long after he finished serving his prison sentence, part of which was spent in home confinement at his La Jolla mansion.
You cooperated with the authors of Circle of Greed, the book that chronicles your rise and fall. How fairly did the book portray you?
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