Senate committee approves bill to restrict Investor Suits
Unlike the House version, the Senate bill does not require a plaintiff who loses a lawsuit to pay the legal costs of the defendant. But the Senate version requires that the judge consider sanctions against lawyers who bring frivolous deemed appropriate.
Proponents of the bill argued that too many investors are to justice, accusing them of providing misleading information when their stocks plunge after the financial results do not meet previous forecasts of the company.
But Senator Paul S. Sarbanes of Maryland, the ranking Democrat on the committee, said the bill would result in greater corporate fraud and especially deter lawsuits brought against companies that have lied to investors about their prospects ‘attract capital. He also strongly opposed the bill he had tried in vain to tie up the committee in procedural matters.
However, Senator Alfonse M. D’Amato, the New York Republican and chairman of the committee, said the legislation is necessary to discourage lawyers for the plaintiffs seeking to bring baseless prosecutions against companies whose shares fell suddenly in value.
The issue pits lawyers and some consumer groups against the securities, insurance, accounting and technology industries.
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