Jack Fields: “Both portions of the motion to recommit we have already voted on. The Dingell amendment, we do not want to see a dual…”

“Both portions of the motion to recommit we have already voted on. The Dingell amendment, we do not want to see a dual standard: one standard that applies to municipalities and cities, and another standard that applies to everyone else. In regard to the Manton amendment, we do not want to see the 'loser pays' provision weakened. What we do want to see, Mr. Speaker, is H.R. 1058 should not be changed as it was brought to the House because it revolutionizes the standard by which disputes arising under the securities laws are litigated. This truly is a historic moment. This legislation will introduce for the first time the concept of proportional liability into the Federal securities laws. A defendant may be liable for joint and several damages only if found to have acted knowingly. Defendants found liable for recklessness will be held proportionately liable. Arguably, this is the most significant development in private securities litigation in the 61 years since the Securities Act was passed. The bill also provides that the losing party, his attorney, or both, will pay the prevailing party's legal fees if the court enters a final judgment against them.”