Shareholder and Employee Rights Restoration Act of 2003

Summary

Shareholder and Employee Rights Restoration Act of 2003 - Amends the Securities Act of 1933 governing private securities litigation to repeal: (1) certain limits on private class actions; (2) the safe harbor applied to forward-looking statements (corporate predictions); (3) proportionate liability of an outside director; and (4) specified limitations on class action remedies. Amends the Securities Exchange Act of 1934 to repeal guidelines governing: (1) the safe harbor applied to corporate predictions; (2) limitations on class actions remedies; (3) court-ordered security for payment of costs in class actions; (4) motions to dismiss and stay of discovery; (5) sanctions for abusive litigation; (6) written interrogatories as to defendant's state of mind; (7) limitation on damages; and (8) proportionate liability. Modifies guidelines governing a securities fraud action to prohibit a complaint that is based upon information and belief from specifying the source of the facts upon which such belief is formed (thus granting whistle blower protection). Amends the Securities Act of 1933 and the Investment Advisers Act of 1940 to establish liability for aiding and abetting securities violations. Amends the Securities Exchange Act of 1934 to modify guidelines governing aiding and abetting. Extends the statute of limitations for an implied private right of action to three years after the date on which the alleged violation was discovered.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 February 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 5 February 2003

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• Introduced in House

  summary · EN · 5 February 2003

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