Your report on the Prudential Insurance settlement ("What does Prudential really owe?" Finance, Feb. 2) contained several misleading statements, at least some of which, as plaintiffs' lead counsel, I must correct. First, you characterized Michael Malakoff, a Pittsburgh attorney for 21 clients, as "leading the charge" to overturn the deal. In fact, Mr. Malakoff and his clients are not leading anyone: They are the only appellants out of 8 million policyholders.
In addition, your statement that the fee was "paid to the class's law firm, Milberg Weiss Bershad Hynes & Lerach," is wrong. The fee (which includes almost $5 million in advanced out-of-pocket expenses) will be shared by more than 24 law firms, which have already expended more than $35 million in billable time on a contingency basis.
Melvyn I. Weiss
Milberg Weiss Bershad Hynes & Lerach