Melvyn Weiss
Encyclopedia
Melvyn I. Weiss was an American attorney
who co-founded the well-known plaintiff class action law firm Milberg Weiss
.
of the City University of New York
in 1957 and a JD Degree from the New York University School of Law
in 1959. After getting married in 1959, Mel Weiss moved to Queens and became a member of the North Shore Democratic Club and the Bay Terrace Community Alliance, where he successfully acted as campaign manager for several reform democrats in northeast Queens.
In 1960 he served in the army reserves, and after a six month active duty, joined a Wall Street law firm. In 1961, Mr. Weiss was also appointed by Mayor John Lindsay
as the chairman of the NYC Sidewalk Café Study Committee, which succeeded in expanding the number of sidewalk cafés in New York from a handful to several hundred and changed the landscape of the city to what it is today.
In 1962, he was recalled during the Berlin Crisis
and served for another year of active duty. After three years with another New York law firm where he practiced litigation, he co-founded the Milberg Weiss
firm, which ultimately had offices throughout the country and practiced complex securities, anti-trust and consumer fraud actions predominantly representing plaintiffs in class-actions against major corporations. Thereafter he handled, as a lead counsel, some of the largest complex actions in the country, such as the Washington Public Power Supply System, a municipal bond default case, which was then the largest ever in the country; the Michael Milken
- Drexel Burnham case, dealing with the collapse of numerous companies, including savings and loans, as a result of the sale of junk bonds; Weiss’ efforts, along with the US government, led to a joint recovery of over 2 billion dollars. In addition, he was a lead counsel in numerous other major life insurance marketing fraud cases, such as the Tyco securities fraud case.
On March 20, 2008, Melvyn Weiss announced through his attorney that he would plead guilty to making illegal client kickbacks in exchange for an 18- to 33-month prison sentence and fines and restitution of $10 million.
Prior to his sentencing for what he admitted was “wrongful conduct,” and for which he was “profoundly sorry,” supporters had flooded the Federal court with over 275 letters detailing Weiss' philanthropic history, including $6.25 billion in settlements he helped win for Holocaust victims. Both the Federal judge hearing the case and U.S. Attorney called the support for Weiss “unprecedented.”
Weiss was sentenced to 30 months of incarceration on Monday June 2, 2008, where he served half of his sentence at the minimum security Federal Correctional Institution in Morgantown, West Virginia
, with the remainder served under home confinement.
Weiss is now on probation, and in 2010 he formed MIW Consulting, LCC, in Boca Raton, FL, to be available as a mediator or arbitrator in complex disputes.
, and asked to serve on the board of the Salzburg Seminar
Foundation in Austria, where he also served as a member of the faculty.
Mr. Weiss was a Commissioner of the Nassau County Charter Revision Commission, in Long Island, NY, after the county charter was declared unconstitutional. He also previously served on the boards of the Israel Policy Forum
, NYU Law School, Lawyers’ Committee for Civil Rights Under Law, the World Council of the American Jewish Congress
, and the American Constitution Society.
He served as Vice Chairman of the Drum Major Institute for Public Policy, which acts as a think tank to aid the middle class, and as International Chair of the Hatikva Project, which built a memorial park on site of the Israeli Embassy attack in Buenos Aires
.
He and his wife established a Public Interest Foundation at NYU Law School to assist graduating students to accept public interest jobs and to pay off their student loans.
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
who co-founded the well-known plaintiff class action law firm Milberg Weiss
Milberg Weiss
Founding and HistoryFounded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg LLP is a U.S. plaintiffs' law firm...
.
Career
Mr. Weiss received a BBA in accounting from Baruch CollegeBaruch College
Bernard M. Baruch College, more commonly known as Baruch College, is a constituent college of the City University of New York, located in the Flatiron district of Manhattan, New York City. With an acceptance rate of just 23%, Baruch is among the most competitive and diverse colleges in the nation...
of the City University of New York
City University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...
in 1957 and a JD Degree from the New York University School of Law
New York University School of Law
The New York University School of Law is the law school of New York University. Established in 1835, the school offers the J.D., LL.M., and J.S.D. degrees in law, and is located in Greenwich Village, in the New York City borough of Manhattan....
in 1959. After getting married in 1959, Mel Weiss moved to Queens and became a member of the North Shore Democratic Club and the Bay Terrace Community Alliance, where he successfully acted as campaign manager for several reform democrats in northeast Queens.
In 1960 he served in the army reserves, and after a six month active duty, joined a Wall Street law firm. In 1961, Mr. Weiss was also appointed by Mayor John Lindsay
John Lindsay
John Vliet Lindsay was an American politician, lawyer and broadcaster who was a U.S. Congressman, Mayor of New York City, candidate for U.S...
as the chairman of the NYC Sidewalk Café Study Committee, which succeeded in expanding the number of sidewalk cafés in New York from a handful to several hundred and changed the landscape of the city to what it is today.
In 1962, he was recalled during the Berlin Crisis
Berlin Crisis of 1961
The Berlin Crisis of 1961 was the last major politico-military European incident of the Cold War about the occupational status of the German capital city, Berlin, and of post–World War II Germany. The U.S.S.R...
and served for another year of active duty. After three years with another New York law firm where he practiced litigation, he co-founded the Milberg Weiss
Milberg Weiss
Founding and HistoryFounded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg LLP is a U.S. plaintiffs' law firm...
firm, which ultimately had offices throughout the country and practiced complex securities, anti-trust and consumer fraud actions predominantly representing plaintiffs in class-actions against major corporations. Thereafter he handled, as a lead counsel, some of the largest complex actions in the country, such as the Washington Public Power Supply System, a municipal bond default case, which was then the largest ever in the country; the Michael Milken
Michael Milken
Michael Robert Milken is an American business magnate, financier, and philanthropist noted for his role in the development of the market for high-yield bonds during the 1970s and 1980s, for his 1990 guilty plea to felony charges for violating US securities laws, and for his funding of medical...
- Drexel Burnham case, dealing with the collapse of numerous companies, including savings and loans, as a result of the sale of junk bonds; Weiss’ efforts, along with the US government, led to a joint recovery of over 2 billion dollars. In addition, he was a lead counsel in numerous other major life insurance marketing fraud cases, such as the Tyco securities fraud case.
Bribery charges and incarceration
At one point Weiss dominated the market in securities class-action suits, in which investors who suffer losses typically claim that executives had misled them about a company's financial condition.On March 20, 2008, Melvyn Weiss announced through his attorney that he would plead guilty to making illegal client kickbacks in exchange for an 18- to 33-month prison sentence and fines and restitution of $10 million.
Prior to his sentencing for what he admitted was “wrongful conduct,” and for which he was “profoundly sorry,” supporters had flooded the Federal court with over 275 letters detailing Weiss' philanthropic history, including $6.25 billion in settlements he helped win for Holocaust victims. Both the Federal judge hearing the case and U.S. Attorney called the support for Weiss “unprecedented.”
Weiss was sentenced to 30 months of incarceration on Monday June 2, 2008, where he served half of his sentence at the minimum security Federal Correctional Institution in Morgantown, West Virginia
Morgantown, West Virginia
Morgantown is a city in Monongalia County, West Virginia. It is the county seat of Monongalia County. Placed along the banks of the Monongahela River, Morgantown is the largest city in North-Central West Virginia, and the base of the Morgantown metropolitan area...
, with the remainder served under home confinement.
Weiss is now on probation, and in 2010 he formed MIW Consulting, LCC, in Boca Raton, FL, to be available as a mediator or arbitrator in complex disputes.
Achievements and Philanthropy
Mr. Weiss has lectured extensively internationally. He was granted an honorary professorship at the University of Buenos AiresUniversity of Buenos Aires
The University of Buenos Aires is the largest university in Argentina and the largest university by enrollment in Latin America. Founded on August 12, 1821 in the city of Buenos Aires, it consists of 13 faculties, 6 hospitals, 10 museums and is linked to 4 high schools: Colegio Nacional de Buenos...
, and asked to serve on the board of the Salzburg Seminar
Salzburg Seminar
Salzburg Global Seminar is an American non-profit organization that holds seminars on economics, politics, and other issues for future political, economic, and business leaders from around the world...
Foundation in Austria, where he also served as a member of the faculty.
Mr. Weiss was a Commissioner of the Nassau County Charter Revision Commission, in Long Island, NY, after the county charter was declared unconstitutional. He also previously served on the boards of the Israel Policy Forum
Israel Policy Forum
The Israel Policy Forum is a New York, NY based American Jewish organization that works for a two state solution to the Israeli-Palestinian Conflict. The organization lobbies American policymakers in support of this goal and writes opinion pieces that have appeared in many Jewish and non-Jewish...
, NYU Law School, Lawyers’ Committee for Civil Rights Under Law, the World Council of the American Jewish Congress
American Jewish Congress
The American Jewish Congress describes itself as an association of Jewish Americans organized to defend Jewish interests at home and abroad through public policy advocacy, using diplomacy, legislation, and the courts....
, and the American Constitution Society.
He served as Vice Chairman of the Drum Major Institute for Public Policy, which acts as a think tank to aid the middle class, and as International Chair of the Hatikva Project, which built a memorial park on site of the Israeli Embassy attack in Buenos Aires
Israeli Embassy attack in Buenos Aires
The attack on the Israeli embassy in Buenos Aires was a bomb attack on building of the Israeli embassy of Argentina located in Buenos Aires which was carried out on March 17, 1992. 29 civilians were killed in the attack and 242 additional civilians were injured.- The attack :On March 17, 1992...
.
He and his wife established a Public Interest Foundation at NYU Law School to assist graduating students to accept public interest jobs and to pay off their student loans.
Awards
- The Anti-Defamation League’s Gotham Award and Humanitarian Award;
- The United Jewish AppealUnited Jewish AppealThe United Jewish Appeal was a Jewish philanthropic umbrella organization that existed from its creation in 1949 until it was folded into the United Jewish Communities, which was formed from the 1999 merger of United Jewish Appeal , Council of Jewish Federations and United Israel Appeal, Inc.In...
’s Proskauer Award; - The B’nai B’rith of Argentina Dignity and Justice Award;
- The Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundation, Inc
- Honored as one the outstanding graduates of Baruch CollegeBaruch CollegeBernard M. Baruch College, more commonly known as Baruch College, is a constituent college of the City University of New York, located in the Flatiron district of Manhattan, New York City. With an acceptance rate of just 23%, Baruch is among the most competitive and diverse colleges in the nation...
, in NYC in 1982 - Fellow of the American College of Trial LawyersAmerican College of Trial LawyersThe American College of Trial Lawyers is a professional association of trial lawyers from the United States and Canada. Founded in 1950, the College is dedicated to maintaining and improving the standards of trial practice, the administration of justice and the ethics of the profession...
. - The 1993 Arthur T. Vanderbilt Medal from NYU Law School and the Alumni Achievement Award.
- Accounting TodayAccounting TodayAccounting Today is a trade magazine servicing the public accounting profession in the United States. Started in 1987, it quickly grew to a circulation of more than 30,000. The parent company of Accounting Today is SourceMedia. With just under 800 employees Source Media is the publisher of more...
has named Mr. Weiss as one of its Top 100 Most Influential People. He has addressed national and state accounting and auditing boards and has testified before Congress. He has been frequently quoted as a leading authority on shareholder and consumer rights in the national media.