US SB652 | 2013-2014 | 113th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on March 22 2013 - 25% progression, died in committee
Action: 2013-03-22 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 22 2013 - 25% progression, died in committee
Action: 2013-03-22 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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 in any private securities class action to disclose in sworn certifications filed with the complaint: (1) any direct or indirect payment, or promise of such, by the attorney (or an affiliated person) to the plaintiff (or any affiliated person), beyond the pro rata share of any recovery received by the plaintiff; (2) the nature and terms of any legal representation provided by such attorney (or an affiliated person) to such plaintiff (or an affiliated person), other than the representation of the plaintiff in the private action; and (3) any contribution made during the five-year period preceding the filing date of the complaint by such attorney (or an affiliated person) or any political action committee controlled by such attorney, to any elected official with real or apparent authority to retain counsel for such plaintiff or to select or appoint, influence the selection or appointment of, or oversee any individual or group of individuals with that authority. Requires the court, in exercising its discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria in the selection and retention of counsel for the most adequate plaintiff in a class action, unless the court determines on the record that such a process is not feasible. Directs the Comptroller General to: (1) study fee awards to lead counsel in securities class actions during the seven-year period preceding the enactment of this Act; and (2) determine the effective average hourly rate for lead counsel in such actions, including lead counsel perquisites such as travel and accommodation.
Title
Securities Litigation Attorney Accountability and Transparency Act
Sponsors
Sen. John Cornyn [R-TX] |
History
Date | Chamber | Action |
---|---|---|
2013-03-22 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335) |
Subjects
Civil actions and liability
Congressional oversight
Finance and financial sector
Government studies and investigations
Lawyers and legal services
Legal fees and court costs
Securities
Congressional oversight
Finance and financial sector
Government studies and investigations
Lawyers and legal services
Legal fees and court costs
Securities
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/senate-bill/652/all-info |
Text | https://www.congress.gov/113/bills/s652/BILLS-113s652is.pdf |