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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Securities Litigation Equity Act of 1995

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Securities Exchange Act of 1934 to provide certain safeguards to ensure that the interests of investors are well protected under the implied private action provisions of the Act.


Actions Overview (1)

Date Actions Overview
01/25/1995Introduced in House

All Actions (6)

Date All Actions
02/21/1995Referred to the Subcommittee on Telecommunications and Finance.
Action By: Committee on Commerce
01/26/1995Sponsor introductory remarks on measure. (CR E184)
Action By: House of Representatives
01/25/1995Referred to the Committee on Commerce, 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.
Action By: House of Representatives
01/25/1995Referred to the Committee on Commerce, 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.
Action By: House of Representatives
01/25/1995Referred to the Committee on Commerce, 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.
Action By: House of Representatives
01/25/1995Introduced in House
Action By: House of Representatives

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Eshoo, Anna G. [D-CA-14]* 01/25/1995

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Commerce01/25/1995 Referred to
House Commerce Subcommittee on Telecommunications and Finance02/21/1995 Referred to
House Judiciary01/25/1995 Referred to

No related bill information was received for H.R.675.


Latest Summary (1)

There is one summary for H.R.675. View summaries

Shown Here:
Introduced in House (01/25/1995)

Securities Litigation Equity Act of 1995 - Amends the Securities Exchange Act of 1934 (the Act) to prohibit brokers, dealers, or associated persons from soliciting or accepting referral fees from an attorney for obtaining the representation of a customer in any implied private action.

(Sec. 2) Prohibits, unless otherwise ordered by the court, the use of funds disgorged solely as the result of any administrative or court action brought by the Securities and Exchange Commission (SEC) to pay legal expenses incurred by private parties seeking distribution of such funds.

Modifies the guidelines for class action litigation, including: (1) recovery by named plaintiffs in the same manner as all other members of the class; (2) court determination of conflicts of interest on the part of counsel with a beneficial interest in the securities that are the subject of the litigation; (3) restrictions on settlements under seal; (4) restrictions on payment of attorney's fees from settlement funds; (5) disclosure of settlement terms to class members; and (6) special verdicts.

(Sec. 3) Establishes a statute of limitations period for implied private rights of action.

(Sec. 4) Provides for a court-appointed guardian ad litem or class action steering committee to oversee counsel and settlement offers for the plaintiff class.

(Sec. 5) Delineates the requirements for securities fraud actions.

(Sec. 6) Modifies the allocation of damages scheme to distinguish between primary degrees of responsibility and the application of proportionate liability.

(Sec.7) Directs the SEC to re-examine the regulatory and judicial framework with respect to predictive statements ("forward-looking statements") concerning the future economic performance of an issuer of securities.

Amends the Securities Exchange Act of 1934 to prescribe litigation procedures with respect to safe harbors for forward-looking statements.

(Sec. 8) Modifies requirements for audits conducted by an independent public accountant of an issuer's financial statements to include procedures to: (1) detect illegal acts; (2) identify related party transactions material to financial statements; and (3) evaluate an issuer's ability to continue as a going concern. Sets forth notification and reporting guidelines for a public accountant who detects illegal activities during the course of an audit. Limits such auditor's liability for complying with such guidelines. Establishes civil penalties for an auditor's noncompliance with this Act.

(Sec. 9) Amends the Racketeer Influenced and Corrupt Organizations statute to exclude from its purview a civil action if the racketeering activity in question involves fraud in the sale of securities.