Overview of securities litigation reform

Article Abstract:

Securities litigation reforms developed and under consideration in Congress in 1995 have focused on professional liability, limiting frivolous and meritless cases, and restructuring class action procedure. While it is uncertain whether securities litigation has increased, the public perception that there is a litigation explosion could harm markets and lower investment returns. The right of private action under securities law should be preserved, but excessive litigation can harm investors when companies incur significant expenses in defending these suits.

United States, Cases, Political aspects, Securities fraud, Law reform, Legal reform

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Underwriters' counsel in the current capital markets environment

Article Abstract:

Counsel to underwriters in a securities transaction have two roles, lawyering and help in the due diligence investigation. The tasks may be divided between bankers and lawyers although some activities overlap. New challenges in the modern capital market include dealing with the high speed of transactions. The traditional techniques of counsel come from a slower age and may provide inadequate support in the short time of a transaction.

Laws, regulations and rules, Capital market, Capital markets

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Due diligence procedures of issuers' representatives in the modern underwriting environment

Article Abstract:

Modern securities underwriting is not an effective guarantee of proper disclosure of information. This traditional role has decayed under the pressures of market efficiency and needs to be restored. The report of the Task Force on Sellers' Due Diligence and Similar Defenses under the Federal Securities Laws is correct in its criticisms although its solutions may be impractical.

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