Spencer Cox: “First, it was not the 1995 Republican Act. It was passed overwhelmingly by Democrats and Republicans, including such…”

“First, it was not the 1995 Republican Act. It was passed overwhelmingly by Democrats and Republicans, including such well-known Democrats as the chairman of the Democratic National Committee, Chris Dodd from Connecticut, who supported this in the Senate, in the other body; Ted Kennedy, from the Member's own State who made these remarks; my own Senator Feinstein, and so on. And it was supported by all these Democrats and Republicans because it benefits the plaintiffs in these cases. The Enron case is the best example. In the old days, before this law, the first plaintiff to file would have been able to pick who the lead plaintiff in the case is and collusion between the lawyers and the favored class member through bonus payments, which were also outlawed in that legislation, resulted in cents on the dollar. But now the University of California Regents have been selected as the lead plaintiff in the Enron case, and they will be a real lead plaintiff and stand up for the rights of all the plaintiffs. That is the kind of reform that both Democrats and Republicans supported.”