• March 24, 2009

Securities fraud defendants sue securities fraud plaintiff’s counsel and expert in U.S. District Court, D. Minn. (PACER password required to access link)

As those who follow securities fraud class action litigation, a notorious damages expert for the Milberg Weiss law firm, Paul Torkelson, plead guilty to perjury in connection with his bought testimony (undisclosed payments, that is) about a year ago.

Grand Casinos and well-known Minnesota business man, Lyle Berman, were sued 1996 (D. Nev.) by a plaintiffs’ class represented by the Milberg/Torkelson team. Now Grand Casinos and Berman, represented by Dorsey & Whitney LLP, are seeking retribution, pleading fraud, conspiracy, negligent supervision, and RICO. The case has been assigned to Judge Magnuson (and Mag. Judge S.R. Nelson). They seek $18 million in compensatory damages, trebled under the RICO statute.

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