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October 15, 2009 4:01 PM

Bill Lerach Out of Prison, Into Halfway House

Posted by Brian Baxter

Bill Lerach One of the most feared adversaries in securities litigation is one step closer to rejoining society.

Reuters reports that William Lerach, the bane of many a corporate defense lawyer, was quietly transferred a few months ago from a low-security facility in Safford, Ariz., to a halfway house in California.

Lerach pled guilty in February 2008 to a federal conspiracy charge related to his role in a kickback scheme involving class action plaintiffs. Lerach, who won more than $7 billion in settlements for Enron investors, penned a scathing defense of his conduct in an essay for Portfolio magazine before beginning his sentence that May.

But Lerach's time in the slammer has been eventful.

He was denied placement in an alcohol-abuse treatment program for inmates, found himself in 23-hour lockdown as punishment for offering a prison guard the use of his San Diego Chargers season tickets, ditched his high-powered white-collar defense lawyer John Keker, had an irate federal judge in Minnesota cite him when docking his former firm Coughlin Stoia Geller Rudman & Robbins about $45 million in fees from a class action against UnitedHealth, and wrote a letter to The Daily Beast earlier this year detailing how he'd clawback executive bonuses.

An inmate locator provided by the Federal Bureau of Prisons shows that Lerach is now at the CCM Long Beach Community Corrections Office in San Pedro, Calif.

His projected release date is March 8, 2010.

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From his prison record it doesn't appear he learned much or is prepared to change his behavior. At least he has been disbarred.

Hardly anything that appears in this article is true. Ever hear of fact-checking?

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