Uniform Standards in Private Securities Litigation: Limitations on Shareholder Lawsuits
Publication Date: May 1998
Publisher: Library of Congress. Congressional Research Service
Author(s):
Research Area: Banking and finance
Type:
Abstract:
The 104th Congress enacted the Private Securities Litigation Reform Act, P.L. 104-67, to address the perceived problem of an increase in frivolous shareholder lawsuits. The stated reasons for bringing those lawsuits were varied -- fraud, mismanagement, nondisclosure of material information--but practically all of the lawsuits involved the loss of money by shareholders of the corporation. The Act limits shareholder lawsuits in federal courts. There are currently bills in Congress which would remove most state securities antifraud cases to federal courts.
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