Adding to speculation that he might soon be indicted, renowned class-action lawyer William Lerach on Friday confirmed reports that he was "considering retirement" from the San Diego firm he founded three years ago.
Lerach Coughlin Stoia Geller Rudman & Robbins issued a statement Friday saying that Lerach "is cognizant of the fact that although our firm has never been a target of this or any investigation, the investigation should not become a distraction to our firm."
Firm spokesman Dan Newman declined to elaborate on the reasons for Lerach's possible retirement or a timetable for his decision. A call to Lerach's attorney, John Keker, was not returned.
Lerach, 61, has been widely considered the last major target of federal prosecutors, who have indicted a major New York law firm and two of its partners on charges of fraud, conspiracy and payment of illegal kickbacks. Lerach had been a partner at the firm, Milberg Weiss Bershad & Schulman.