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 require 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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 May 2008

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 May 2008

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• Introduced in Senate

  summary · EN · 19 May 2008

  Open at official source

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