Congressman Bart Stupak (D., Mich.) is leading the charge in Congress to rescind the PSLRA and also would like to reintroduce the concept of aiding and abetting liability for private Rule 10b-5 litigation (after its rejection under current law by the U.S. Supreme Court in the Central Bank case). Stupak cites the Enron scandal as the motivating factor behind the bill. His proposed legislation deserves a serious review and I will try to provide one later.
Quote of note: "My bill, the 'Shareholder and Employee Rights Restoration Act of 2002,' was introduced to strip away the shield that PSLRA and SLUSA placed around companies and their advisors and accountants."Posted by Lyle Roberts at May 8, 2003 12:36 PM | TrackBack