Political Quotes

“I rise today to speak as an original cosponsor of the Private Securities Litigation Reform Act of 1994. I have been hearing about an increase in lawsuits being filed alleging securities fraud--and they are based on nothing more than a dramatic change in the price of a company's stock. I was shocked to hear that some attorneys are paying stock brokers and others a bounty in return for identifying who they should sue-- without a care about whether anything wrong has been done. These lawsuits are filed at the courthouse just hours after a change in stock price--suing everyone imaginable--this is the kitchen sink approach to the courthouse, rather than a system of justice that protects people. This bill seeks to make sure that the people who are injured--the investors--are calling the shots, not some attorneys or bounty hunter. This bill makes it easier for investors to recover damages in strong cases. It extends the statute of limitations for fraud from 3 years to 5 years, so that people who are injured don't have to race to the courthouse. It also provides for alternative dispute resolution rather than requiring injured investors to go through a long, complicated, and expensive court proceeding. This puts the investor in the driver's seat, not some bounty hunter who is beholden only to attorneys. The bill also says that defendants who are hardly involved in a case are liable only up to their degree of fault.”