Morning Wrap

Milberg Settlement: Federal prosecutors reached a $75 million settlement in the class action lawsuit against the law firm Milberg. The case has resulted in four name partners pleading guilty to charges stemming from their paying kickbacks to plaintiffs, The New York Law Journal reports. The firm must pay the fine in installments through 2012 in exchange for criminal charges being dropped.

Polygamist Raid: The raid on a polygamist compound in West Texas is expected to cost the state over $14 million, The Associated Press reports. One-third of the cost has come from lawyer fees.

The Hedgefund Fugitive: The Wall Street Journal reports that Federal authorities are not furthering their investigation into allegations that former hedge-fund executive Samual Isreal took his own life, meaning that the investigation will proceed solely as a search for a fugitive. The former chief executive of the defunct hedge-fund firm Bayou Management was supposed to begin serving a 20-year prison term. Israel pleaded guilty in April to charges of conspiracy, investor-adviser fraud and other charges relating to a scheme that lost investors over $400 million.

Guantánamo Bay Interrogations: A Senate investigation determined that top Pentagon officials began compiling lists of severe interrogation techniques that could be used on Guantánamo Bay detainees in the summer of 2002, The Washington Post reports. Those officials cited memos from field commanders allege the proposals came from far down the chain of command.