Securities Litigation Attorney Accountability and Transparency Act

To protect investors by fostering transparency and accountability of attorneys in private securities litigation.

10/23/2007--Introduced.
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether:
(1) the position of the plaintiff was not substantially justified;
(2) imposition of fees and expenses on the plaintiff's attorney would be just; and
(3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust.
Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case.
Places the burden of persuasion upon the defendant as to whether or not the position of the plaintiff was substantially justified.
Requires 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.


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Sponsor

• Rep. Richard Baker [R, LA-6]
• and 2 Co-Sponsors
  • Rep. Jeb Hensarling [R, TX-5]
  • Rep. Edward Royce [R, CA-40]
  close

Committees

• House Financial Services
• 3 more
  • House Judiciary
  • House Judiciary
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.3931

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 23, 2007

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All Bill Actions

• Mar 25, 2008: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
• Feb 25, 2008: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
• Oct 23, 2007: Referred to House Judiciary
• Oct 23, 2007: Referred to House Financial Services
• Oct 23, 2007: 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.
• Introduced on Oct 23, 2007.

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Related Bills:

• H.R.5463
• S.3033

Related Issue Areas:

• Securities industry
• Securities fraud
• Politics and government
• Political action committees
• 18 more
• Legal fees
• Legal ethics
• Legal advertising and soliciting
• Lawyers
• Law
• Frivolous lawsuits
• Evidence (Law)
• Elections
• Congressional reporting requirements
• Congressional investigations
• Congress
• Conflict of interests
• Competitive bidding
• Class actions (Civil procedure)
• Campaign funds
• Business
• Actions and defenses
• Finance

Data from the Congressional Research Service

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February 24, 2008 Joe and his role in beef recall

HR 3931, introduced by Representatives Gary Ackerman (D-NY) and Steven LaTrourette (R-OH) to prohibit USDA certification of meat from livestock too sick or injured to walk unassisted, making permanent the USDA's administrative ban on ...

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January 29, 2008 Just This, Then I'm Done. Really.

HR3931: A bill to amend the Coinage Act of 1965 to provide that coins and currencies of the United States, including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations, shall be legal ...

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October 22, 2007 Bill Introduced: HR3931 To protect investors by fostering ...

To protect investors by fostering transparency and accountability of attorneys in private securities litigation.

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