John Kerry: “I support this effort to reestablish the reasonable limitations the Congress established in 1995 with respect to class…”

“I support this effort to reestablish the reasonable limitations the Congress established in 1995 with respect to class action lawsuits alleging the commission of securities fraud in connection with the purchase or sale of a covered security. This was a warranted and important step, and the efforts to effectively nullify it by bringing such suits in state courts must be halted, which this legislation does by requiring all class action suits of this type be brought in federal courts. While fraudulent actions by a company's management can destroy an individual investor's retirement nest egg, a frivolous suit filed against a start-up high-technology company can stop that business dead in its tracks. We need to protect the rights and interests of both shareholders and entrepreneurs. Although no law can do that perfectly, I believe this legislation will bring us as close as possible to the correct balance. The high technology sector has played an important part in the economic development of Massachusetts and the nation.”