OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

S 1260 - Securities Litigation - National Key Vote

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NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

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Title: Securities Litigation

Vote Smart's Synopsis:

Vote to adopt a conference report requiring securities class action lawsuits involving more than fifty parties to be filed in a federal district court.

Highlights:

  • States that any class action suit brought in a state court involving a covered security shall be subject to removal to the applicable federal district court.
  • Notes that the securities commission or similar agency of any state shall retain the power to investigate and bring enforcement actions.
  • Stipulates that all covered class action suits brought by parties alleging fraud in securities transactions are governed by the relevant federal statutes, which supercede similar state and local laws.
  • Retains the discretion of state courts to determine whether actions should be filed jointly or consolidated.
  • Amends the Securities Exchange Act of 1934 to rescind the certification, filing, and reporting requirements for the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR).
  • Amends the Securities Act of 1933 to exempt certain state securities hearings from federal registration requirements.

NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.

Full Bill Text

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

Full Bill Text

See How Your Politicians Voted

Title: Securities Litigation

Vote Smart's Synopsis:

Vote to pass a bill requiring securities class action lawsuits involving more than fifty parties, to be filed in a federal district court.

Highlights:

  • States that any class action suit brought in a state court involving a covered security shall be subject to removal to the applicable federal district court.
  • Notes that the securities commission or similar agency of any State shall retain the power to investigate and bring enforcement actions under the laws of that state.
  • Stipulates that all covered class action suits brought by parties alleging fraud in securities transactions are governed by the relevant federal statutes, which supercede similar state and local laws.

Full Bill Text

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