Amends the Securities Act of 1933 to declare that the civil remedy of rescission shall not be available with respect to material misrepresentations or omissions in a prospectus or communication in connection with an offer or sale of a security if the defendant proves that any depreciation in the value of such security did not result from a misrepresentation or omission in a prospectus. Limits the plaintiff's recovery of damages to only so much of the depreciation in the security's value as the defendant fails to prove to have resulted from a cause other than the misrepresentation or omission in the prospectus.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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