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Corporate Governance

: PomTalk

Bicameral Congressional Committee Takes Up ?Anti-Stoneridge? Legislation

By Jim Hodgson

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On Tuesday, members of the House and Senate finance committees began the process of reconciling two versions of the Wall Street Reform and Consumer Protection Act. Of particular interest to the Pomerantz firm, the legislators began negotiations on reform measures that would overturn the Supreme Court?s decision in Stoneridge v. Scientific-Atlanta ? the scheme liability case that the firm took to the Supreme Court in 2007.

Rep. Maxine Waters (D-Calif.) is championing the effort to return to shareholders the ability to sue secondary actors for fraud ? a right of action that was eviscerated by a 1994 Supreme Court decision. Sen. Arlen Specter (D-Penn.) had included an ?anti-Stoneridge? provision in the Senate version of the Act, but it failed to garner sufficient support. The firm hopes that a renewed legislative effort will give back to shareholders the right to pursue those who participate in ? and even promote ? securities fraud, but who cleverly remain disguised from the market and thereby immunized from prosecution.

Full post as published by PomTalk on June 17, 2010 (boomark / email).