To repeal the provisions of the Private Securities Litigation Reform Act and the Securities Litigation Uniform Standards Act that limit private securities actions, and for other purposes.
Amends the Securities Exchange Act of 1934 to repeal guidelines governing: (1) the safe harbor applied to corporate predictions; (2) limitations on class actions remedies; (3) court-ordered security for payment of costs in class actions; (4) motions to dismiss and stay of discovery; (5) sanctions for abusive litigation; (6) written interrogatories as to defendant's state of mind; (7) limitation on damages; and (8) proportionate liability.
Modifies guidelines for a securities fraud action to prohibit a complaint based upon information and belief from specifying the source of the facts upon which such belief is formed (thus granting whistle blower protection).
Amends the Securities Act of 1933 and the Investment Advisers Act of 1940 to establish liability for aiding and abetting securities violations.
Amends the Securities Exchange Act of 1934 to modify guidelines governing aiding and abetting.
Extends the statute of limitations for an implied private right of action to no later than three years after the date on which the alleged violation was discovered.
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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