SEC defines 'securities' expansively; agency wants U.S. laws to protect Lloyd'd investors

Article Abstract:

Lloyd's of London terms itself an English insurance market not controlled by US securities law in defense against securities fraud actions by American 'names', but an amicus brief by the SEC held that the 'names' did not waive their US securities law remedies when entering into the contract with Lloyd's. The amicus brief noted that the choice of forum provisions favored by Lloyd's would allow foreign securities promoters to avoid private liability.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Cases, Insurance industry, Lloyd's of London, United States. Securities and Exchange Commission

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Securities defense finds a safe harbor

Article Abstract:

The House has passed a bill that would create a safe harbor against lawsuits based on performance projections for publically traded companies. The Securities Litigation Reform Act is aimed at protecting companies from securities fraud suits. The passed version has been criticized from keeping too many potentially fraudulent actions immune from suit and not properly addressing recklessness.

Laws, regulations and rules, Securities fraud

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GOP threatens securities suits: House bill would kill 'fraud on the market' theory behind class actions

Article Abstract:

The Republican Contract with America promises to eliminate securities class action suits that are frivolous. However, the actual changes, such as increased burden of proof and level of intent requirements, would prevent any class action suits while some provisions would harm securities firms by making it difficult to obtain liability insurance.

Investment advice, Investment Advisory Services, Political activity, Prevention, Investment advisers, Republican Party (United States), Frivolous suits (Civil procedure)

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