Seymour lazar was an active investor who was not shy of seeking comfort in court when his stock picks tanked. According to an indictment filed in a federal court in Los Angeles, unveiled on June 23rd, between 1976 and 2004 Mr Lazar and his family were plaintiffs in more than 50 class-action lawsuits against both giant companies (British Petroleum, Lockheed) and tiddlers (Concord Holdings, zzzz Best). Prosecutors claim that, in return for acting as lead plaintiff, he received $2.4m in illicit kickbacks from an unnamed New York law firm. This firm is widely believed to be Mil-berg Weiss, which has played a seminal role in the development of shareholder litigation. Milberg Weiss says that for the past three years it has co-operated in the investigation of Mr Lazar. The firm adds that it is "outraged", "surprised" and "disappointed" by "baseless" allegations that have unfairly implicated it in the alleged wrongdoing.
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