By a surprisingly large margin, the Senate passed the Class Action Fairness Act yesterday. The legislation applies some of the reform concepts in the PSLRA and SLUSA to all class actions. Notably, class actions meeting certain jurisdictional criteria would have to be heard in federal court. The Associated Press reports that the final vote in the Senate was 72-26. The House of Representatives, which had previously passed its own version of the legislation, is expected to take up the matter next week.
Addition: A reader has sent in this link to the U.S. Senate Republican Policy Committee's "Legislative Notice" describing the legislation and its history.Posted by Lyle Roberts at February 11, 2005 4:16 PM | TrackBack