A bill to protect investors by fostering transparency and accountability of attorneys in private securities litigation.
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require plaintiff and plaintiff's attorney to provide sworn, signed certifications that identify any actual or promised payment by the attorney to the plaintiff, beyond the plaintiff's pro rata share of any recovery.
Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest.
Requires the court, in exercising discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria (unless the court determines that such a process is not feasible).
Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4376-4377)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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