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Lawyers undermine securities law reform. (executives campaigning for transfer of some class-action suits to federal courts)
Crain's New York Business, September, 1997 by Lipowicz, Alice
Execs revive group as class-action cases shift to state courts Tired of being sued every time they reported disappointing earnings or their stock price unexpectedly plunged, corporate executives in 1995 pushed through a new federal law limiting such legal attacks. Their effort was impressive. The big corporate chiefs, high tech entrepreneurs and Wall Street executives successfully organized a broad-based coalition.
They were also able to win bipartisan support to override President Clinton's veto of the Private Securities Litigation Reform Act. But two years later, the same coalition is gearing up again. While the number of federal securities class-action filings has fallen off slightly, plaintiffs' attorneys have simply changed venue and are pressing the cases in...
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