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Securities Litigation Attorney Accountability and Transparency Act

Introduced: May 19, 2008 Introduced by: Cornyn, John Republican · Texas See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 19, 2008
Sponsor introductory remarks on measure. (CR S4376-4377)
May 19, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now May 19, 2008

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1