H.R. 636 · 108th Congress
Shareholder and Employee Rights Restoration Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StupakSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Shareholder and Employee Rights Restoration Act of 2003 - Amends the Securities Act of 1933 governing private securities litigation to repeal: (1) certain limits on private class actions; (2) the safe harbor applied to forward-looking statements (corporate predictions); (3) proportionate liability of an outside director; and (4) specified limitations on…
What it does: CRS summary · Introduced in House · Feb 5, 2003
Amends the Securities Exchange Act of 1934 to repeal guidelines governing: (1) the safe harbor applied to corporate predictions; (2) limitations on class actions remedies; (3) court-ordered security for payment of costs in class actions; (4) motions to dismiss and stay of discovery; (5) sanctions for abusive litigation; (6) written interrogatories as to defendant's state of mind; (7) limitation on damages; and (8) proportionate liability.
Modifies guidelines governing a securities fraud action to prohibit a complaint that is based upon information and belief from specifying the source of the facts upon which such belief is formed (thus granting whistle blower protection).
Amends the Securities Act of 1933 and the Investment Advisers Act of 1940 to establish liability for aiding and abetting securities violations.
Amends the Securities Exchange Act of 1934 to modify guidelines governing aiding and abetting.
Extends the statute of limitations for an implied private right of action to three years after the date on which the alleged violation was discovered.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Shareholder and Employee Rights Restoration Act of 2003
Latest action (Mar 6, 2003): Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 5, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.