Milberg’s Schulman, under indictment, quits

Steven G. Schulman, a partner at New York law firm Milberg Weiss Bershad & Schulman, resigned, eight months after he and the firm were indicted on charges of giving kickbacks to clients in exchange for filing complaints against companies.

Schulman, 55, was charged in May along with partner David Bershad, 67, and the firm in a 20-count indictment alleging mail fraud and conspiracy. The government claimed that they gave three clients $11 million for allowing Milberg to represent them in securities fraud suits against publicly traded companies.

The two lawyers and the firm, which is renaming itself Milberg Weiss & Bershad, pleaded not guilty in federal court in Los Angeles in July.