http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_3931.html?rev=21127 <p>H.R. 3931 would protect investors by fostering transparency and accountability of attorneys in private securities litigation.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether: (1) the position of the plaintiff was not substantially justified; (2) imposition of fees and expenses on the plaintiff's attorney would be just; and (3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust.</p> <p>Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case.</p> <p>Places the burden of persuasion upon the defendant as to whether or not the position of the plaintiff was substantially justified.</p> <p>Requires 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.</p> <p>Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest.</p> <p>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).</p> <p>Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 3/25/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 21127@http://www.washingtonwatch.com Tue, 01 Apr 2008 18:47:19 EDT http://www.washingtonwatch.com/bills/history/110_HR_3931.html?rev=18967 <p>H.R. 3931 would protect investors by fostering transparency and accountability of attorneys in private securities litigation.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether: (1) the position of the plaintiff was not substantially justified; (2) imposition of fees and expenses on the plaintiff's attorney would be just; and (3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust.</p> <p>Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case.</p> <p>Places the burden of persuasion upon the defendant as to whether or not the position of the plaintiff was substantially justified.</p> <p>Requires 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.</p> <p>Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest.</p> <p>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).</p> <p>Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 10/23/2007: Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 18967@http://www.washingtonwatch.com Wed, 05 Mar 2008 18:18:15 EST http://www.washingtonwatch.com/bills/history/110_HR_3931.html?rev=12355 <p>H.R. 3931 would protect investors by fostering transparency and accountability of attorneys in private securities litigation.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 12355@http://www.washingtonwatch.com Wed, 24 Oct 2007 17:30:41 EDT http://www.washingtonwatch.com/bills/history/110_HR_3931.html?rev=12356 <p>H.R. 3931 would protect investors by fostering transparency and accountability of attorneys in private securities litigation.</p> <h2 id="toc12"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 10/23/2007: Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 12356@http://www.washingtonwatch.com Wed, 24 Oct 2007 17:30:41 EDT