U.S. Congress - H.R.3931 Securities Litigation Attorney Accountability and Transparency Act
H.R.3931 - Securities Litigation Attorney Accountability and Transparency Act
To protect investors by fostering transparency and accountability of attorneys in private securities litigation. view all titles (2)
All Bill Titles
- Short: Securities Litigation Attorney Accountability and Transparency Act as introduced.
- Official: To protect investors by fostering transparency and accountability of attorneys in private securities litigation. as introduced.
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Official Summary
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 tOfficial Summary
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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Paul did not co-sponsor the Downed Animal Protection Act (HR.3931): to ban "downed" (unable to walk to slaughter) cattle, pigs & sheep in human food. Paul did not sign the Funding Letter of 4/28/2006, to the Agriculture Appropriations ...
OpenCongress - U.S. Congress - S.3033 Securities Litigation ...
Related Bills:. H.R.3931 · H.R.5463. Related Issue Areas:. Securities industry · Securities fraud · Politics and government · Political action committees · 18 more · Legal fees · Legal ethics · Legal
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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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