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Class action lawyer Lerach may plead guilty

William Lerach set to plead guilty in probe into kickbacks; faces one to two years in prison - reports.

September 18 2007: 4:38 AM EDT

LONDON (CNNMoney.com) -- Class action lawyer William Lerach is set to plead guilty to conspiracy in a criminal case involving Milberg Weiss, his former law firm, according to a published reports.

A plea agreement that calls for Lerach to serve one to two years in prison could be announced as early as Tuesday, according to the Wall Street Journal and Bloomberg News. He will also pay a fine of $8 million, the reports said.

The case brought against Milberg Weiss alleges the firm paid clients to be plaintiffs in securities-fraud cases, according to the reports.

Lerach, a leader in the field of securities class action lawsuits, has been under investigation but hasn't been charged in the case, according to the Journal.

Only Mel Weiss can save Milberg Weiss now

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