Melvyn Weiss For The Plaintiffs
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