The 72-year-old Weiss entered his plea under a previously announced plea deal. He has been ordered to pay nearly $10 million in fines and forfeiture penalties, and could be sentenced to up to 33 months in prison at a later hearing.

Asked by U.S. District Judge John F. Walter if he was pleading guilty, Weiss said, "Yes I am. "

He went on to apologize and said, "I take responsibility for everything. My direct participation differed as to each" incident.

Prosecutors have said the Milberg Weiss firm made an estimated $250 million over two decades by filing legal actions on behalf of professional plaintiffs who received $11.3 million in kickbacks.

A seven-year investigation resulted in guilty pleas by three of Weiss' former partners.

The firm dominated the industry in securities class-action lawsuits, which involve shareholders who claim they suffered losses because executives misled them about a company's financial condition.

Federal prosecutors have said they will ask Walter to impose the 33-month term.

The kickback scheme allowed the firm's attorneys to be among the first to file litigation and secure the lucrative position as lead plaintiffs' counsel, according to court documents.

The lawsuits the firm filed targeted companies such as AT&T, Lucent, WorldCom, Microsoft Corp. and Prudential Insurance.

With Weiss pleading guilty, there are two defendants remaining in the case — the firm itself and attorney Paul T. Selzer. Trials for those defendants are scheduled in August.

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