Securities Litigation Attorney Accountability and Transparency Act

Summary

Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether: (1) the position of the plaintiff was not substantially justified; (2) imposition of fees and expenses on the plaintiff's attorney would be just; and (3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust. Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case. Places the burden of persuasion upon the defendant as to whether or not the position of the plaintiff was substantially justified. Requires plaintiff and plaintiff's attorney to provide sworn, signed certifications that identify any actual or promised payment by the attorney to the plaintiff, beyond the plaintiff's pro rata share of any recovery. Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest. Requires the court, in exercising discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria (unless the court determines that such a process is not feasible). Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 October 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 October 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 October 2007

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.