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Encyclopedia > Private Securities Litigation Reform Act

The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, and awards fees and expenses. 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... There are seven federal statutes that regulate federal securities transactions: Securities Act of 1933 Securities Exchange Act of 1934 Public Utility Holding Company Act of 1935 Trust Indenture Act of 1939 Investment Company Act of 1940 Investment Advisers Act of 1940 Securities Investor Protection Act of 1970 Categories: Stub | United...


The PSLRA imposes new rules on securities class action lawsuits. It allows judges to decide the most adequate plaintiff in class actions. It mandates full disclosure to investors of proposed settlements, including the amount of lawyers' fees. It bars bonus payments to favored plaintiffs, and permits judges to scrutinize lawyer conflicts of interest. Security is a type of transferrable interest representing financial value. ... In law, a class action is an equitable procedural device used in litigation for determining the rights of and remedies, if any, for large numbers of people whose cases involve common questions of law and fact. ... A lawsuit is a civil action brought before a court in order to recover a right, obtain damages for an injury, obtain an injunction to prevent an injury, or obtain a declaratory judgment to prevent future legal disputes. ...


The PSLRA was enacted into law by the U.S. Congress over a veto by President Bill Clinton. The U.S. House of Representatives approved the bill by a 319-100 margin, and the U.S. Senate approved it 68-30. Every Republican in the House voted in favor of the legislation, and only four Republicans in the Senate voted against it: William Cohen, John McCain, Richard Shelby, and Arlen Specter. This event was one of two times during Bill Clinton's entire two terms in office that Congress successfully overrode one of his 37 presidential vetoes to enact a bill into law. Congress in Joint Session. ... The word veto comes from Latin and literally means I forbid. ... The President of the United States (unofficially abbreviated “POTUS”) is the head of state of the United States. ... William Jefferson Bill Clinton (born William Jefferson Blythe, III on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The United States House of Representatives is one of the two houses of the Congress of the United States. ... Seal of the Senate The United States Senate is one of the two chambers of the Congress of the United States, the other being the House of Representatives. ...


The PSLRA was originally developed as part of Newt Gingrich's Contract With America. Its principal author in the House was Representative Chris Cox. Senators Chris Dodd and Pete Domenici sponsored the legislation in the Senate. The neutrality of this article is disputed. ... The Contract with America was a document released during the 1994 United States Congressional election campaign by the Republican Party. ... Chris Cox For other people named Chris Cox, see Chris Cox (disambiguation). ... Christopher John Dodd (born May 27, 1944), is an American politician. ... Office: Senior Senator, New Mexico Political party: Republican Term of office: January 1973 – Present Preceded by: Clinton P. Anderson Succeeded by: Incumbent (2009) Date of birth: May 7, 1932 Place of birth: Albuquerque, New Mexico Marriage: Nancy Burk Domenici Peter Vichi Domenici (born May 7, 1932) has served as a...


  Results from FactBites:
 
Census of Securities Class Action Litigation After the Private Securities Litigation Reform Act of 1995 - 07/24/1997 - ... (4422 words)
The studies agree, however, that this increase in state court litigation is one of the most significant developments in securities litigation in the wake of the Reform Act.
The difficulty in attributing the sudden rise in state securities filings to these procedural advantages is that they were readily available in state court prior to the passage of the Reform Act.
The more significant effects associated with the Reform Act appear to be the substitution effect that has shifted the venue for much of this litigation from federal to state court and the newly created incentives to file parallel litigation in state court.
  More results at FactBites »

 
 

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