Barbara Mikulski: “I rise to support the Securities Litigation Uniform Standards Act. I supported the 1995 Private Securities Litigation…”

“I rise to support the Securities Litigation Uniform Standards Act. I supported the 1995 Private Securities Litigation Reform Act for three reasons: to stop the bounty hunters, to put the person who had lost the most money in charge of class action suits, and to penalize people who commit fraud. I have been very disturbed and disappointed to hear from many Maryland biotechnology and high technology companies that the 1995 reforms are being circumvented and, that in some respects, nothing has changed. Why has nothing changed even though we enacted those important reforms? Because some have refused to accept the law of the land. Rather than abide by congressional efforts to protect small companies that create jobs and help to maintain our robust economy, a small group of specialized lawyers have simply shifted their filings to state courts. Enacting this uniform standards legislation would close this loophole and enable Congress to finish the job of eliminating abusive securities litigation that hampers and harms our economic future.”