Senate Bill May Make California Home for Filing Securities Litigation Cases

By Loretta Macktal, Executive Assistant to the Vice President, Government Relations

Capitol Update, March 21, 2003 Share this on FacebookTweet thisEmail this to a friend

Senator Dean Florez (D-Shafter) has introduced SB 766 that greatly expands securities litigation against all publicly traded corporations, directors and officers of corporations, and accounting and financial service firms.

The bill allows an action for securities fraud against the directors, officers, accountants and financial institutions even if they did not directly engage in the buying or selling of stock. Additionally, this bill removes the requirement that the directors, officers, accountants or financial institutions knowingly and intentionally made a false statement.

CMTA will be opposing this legislation along with a coalition led by the Civil Justice Association of California.
Read more Regulatory / Legal articles

Capitol updates archive 989898989