Securities Litigation Attorney Accountability and Transparency Act

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

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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Sponsor

• Rep. Jeb Hensarling [R, TX-5]
• and 5 Co-Sponsors
  • Rep. James Barrett [R, SC-3]
  • Rep. Christopher Cannon [R, UT-3]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Samuel Johnson [R, TX-3]
  • Rep. Edward Royce [R, CA-40]
  close

Committees

• House Financial Services
• 3 more
  • House Judiciary
  • House Judiciary
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.5463

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
February 14, 2008

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All Bill Actions

• Mar 25, 2008: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
• Mar 17, 2008: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
• Feb 14, 2008: Referred to House Judiciary
• Feb 14, 2008: Referred to House Financial Services
• Feb 14, 2008: 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 Feb 14, 2008.

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Related Bills:

• H.R.3931
• 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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Blog Coverage

August 11, 2008 Law Librarian Blog: US Chamber of Commerce Think Tank Proposes ...

Enacting the “Securities Litigation Attorney Accountability and Transparency Act,” (S.3033, H.R. 5463) because it would cast sunlight onto the relationships between attorneys and plaintiffs, eliminate pay-to-play conflicts and other ...

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Source: Law Librarian Blog

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July 31, 2008 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 ...

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Source: The chamberpost

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July 27, 2008 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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Source: The D & O Diary

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