Securities Litigation Improvement Act of 1997 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to proscribe bringing a private civil action in State court or under State law (including a pendent State claim to an action under Federal law) which alleges: (1) a misrepresentation or omission in connection with the purchase or sale of a covered security (a security that is exclusively under Federal registration); or (2) that the defendant used any manipulative or deceptive device in connection with such a transaction.
Grants Federal district courts exclusive jurisdiction over suits and offenses brought under the Act.
Introduced in House
Introduced in House
Referred to the House Committee on Commerce.
Referred to the Subcommittee on Finance and Hazardous Materials.
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