Securities Private Enforcement Act of 1992

Summary

Securities Private Enforcement Act of 1992 - Amends the Securities Exchange Act of 1934 to set a statute of limitations on private rights of action. Prescribes guidelines for the award of reasonable fees and expenses incurred by the prevailing party in any implied private action. Declares that a defendant may be liable jointly and severally for damages in an implied private action only if the trier of fact specifically determines that the defendant knowingly engaged in securities fraud. Sets forth a liability allocation scheme to determine the percentage of responsibility among the parties if the trier of facts finds that the defendant did not knowingly engage in securities fraud. Declares that in any implied right of action that is certified as a class action: (1) the share of damages that is awarded to the representative plaintiff shall be calculated in the same manner as the share awarded to all other members of the plaintiff class; (2) if a party is represented by any attorney who owns or has a beneficial interest in the securities that are the subject of the litigation the court shall determine whether such interest constitutes a conflict of interest sufficient to disqualify the attorney from representing the party; (3) no broker or dealer may solicit or accept remuneration for assisting an attorney in obtaining the representation of any member of the class; and (4) funds disgorged as a result of Securities and Exchange Commission action shall not be distributed as payment for attorneys' fees or expenses incurred by private parties seeking a share of the disgorged funds (except as otherwise determined by the court). Amends specified Federal securities law to provide that subpoenas for witnesses who are required to attend Federal court in any district may run into any other district.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 August 1992

  Open at official source

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