U.S. Congress - H.R.5463 Securities Litigation Attorney Accountability and Transparency Act
H.R.5463 - 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
- Official: To protect investors by fostering transparency and accountability of attorneys in private securities litigation. as introduced.
- Short: Securities Litigation Attorney Accountability and Transparency Act as introduced.
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Official Summary
2/14/2008--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 toOfficial Summary
2/14/2008--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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Recent Blog Coverage
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Law Librarian Blog: US Chamber of Commerce Think Tank Proposes ...
Enacting the âSecurities Litigation Attorney Accountability and Transparency Act,â (S.3033, H.R. 5463) because it would cast sunlight onto the relationships between attorneys and plaintiffs, eliminate pay-to-play conflicts and other ...
another threat to average investors: securities lawsuits
enacting the "securities litigation attorney accountability and transparency act," (s.3033, hr 5463) introduced by senator john cornyn (r-tx) and congressman jeb hensarling (r-tx), which, among other things, would cast sunlight onto the ...
A Renewed Plea for Securities Litigation Reform
The intervening subprime meltdown makes it seem longer ago than it really was, but it was only a short time ago that regulatory reform was a very hot topic (as noted, for example, here). Dramatic intervening events have advanced other ...
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