Milberg Weiss insists its practice unfazed by indictment.

The law firm of Milberg Weiss Bershad & Schulman has had a successful record obtaining huge settlements for shareholders and policyholders in class-action suits against insurance companies.

Few will go on record to discuss Milberg Weiss. But UCLA professor Stephen Bainbridge, on his blog ProfessorBainbridge.com, said while he's not aware of any mechanism for disbarring an entire law firm, the potential for huge fines and (ironically) even a class action against the law firm, "coupled with the possible loss of major institutional investors as potential clients may do serious damage to the firm over time."

Milberg Weiss denies the government's allegations that it paid individuals and entities to serve as plaintiffs in class-action suits and has vowed to vigorously defend itself against the charges. Spokeswoman Marina Ein said the firm will continue to represent its clients in all pending matters.

Milberg Weiss has obtained settlements valued at hundreds of millions of dollars, and sometimes even billions of dollars, from life insurers including Prudential, Metropolitan Life, John Hancock, New York Life, State Farm, American Express/IDS, and Transamerica, the firm said.

Milberg Weiss also has obtained millions of dollars in settlements representing physicians against health insurers arising from conduct dating back to 1990. Cigna reached a settlement valued in excess of $500 million in 2004 and Aetna also settled in 2003 for more than $400 million.