S.3033 - Securities Litigation Attorney Accountability and Transparency Act110th Congress (2007-2008)
|Sponsor:||Sen. Cornyn, John [R-TX] (Introduced 05/19/2008)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/19/2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3033 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (05/19/2008)
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require 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.