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United States · Bill · S

S. 1933 (107th)

Investor Protection Act of 2002

referredUnited States· United States Congress· EN

Introduced

12 February 2002

Last action

12 February 2002 · Introduced

Status

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S661-662)

Sponsors

Sen. Shelby, Richard C. [R-AL], Sen. Durbin, Richard J. [D-IL]

Subjects

Discovery layer

Source updated

19 August 2025

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Summary

Investor Protection Act of 2002 - Amends the Securities Exchange Act of 1934 regarding liability standards in private securities litigation to repeal: (1) the scienter requirement limiting joint and several liability for damages to covered persons who knowingly committed a violation of the securities laws; and (2) the allowance of proportionate liability, under which a covered person is liable solely for the portion of a judgment that corresponds to the person's percentage of responsibility for a securities violation. (Thus makes any covered person against whom a final judgment is entered in private securities litigation liable for one hundred percent of damages jointly and severally, even if the securities violation was not committed knowingly.) Deems any person that recklessly provides substantial assistance to (aids or abets) another person in violation of Federal securities laws to be in violation of such laws to the same extent as the person to whom such assistance is provided. Establishes a statute of limitations for an implied private right of action of: (1) five years after an alleged violation occurred; or (2) three years after it was discovered. Repeals the prohibition against all but specified types of private class actions alleging either misrepresentation or omission of a material fact or manipulative or deceptive practices in connection with securities sales or purchases (thus permitting private class actions without limitation).

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

Timeline

  1. 12 February 2002

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S661-662)

    Source: IntroReferral

  2. 12 February 2002

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 12 February 2002

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 12 February 2002

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 12 February 2002

    Open at official source

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Sponsors

Related records

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Sources

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