|  | | 2007 News and Press Releases | | |
HEADLINE NEWS:
Lawmakers Seek SEC Review Of Securities Litigation To Determine Impact On U.S. Competitiveness
Judith Burns
AP DataStream. December 19, 2007
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EXCERPT: Two U.S. lawmakers have called on the Securities and Exchange Commission to hold a round-table to review the impact of securities class - action lawsuits on U.S. competitiveness, according to a letter released Wednesday. In the letter sent to SEC Chairman Christopher Cox, New York Reps. Vito Fossella, a Republican, and Gregory Meeks, a Democrat, noted that Cox announced in August that he would hold such a round-table, but that no date for it has been scheduled as of yet. SEC spokesman John Nester said the agency intends to hold such a meeting "soon into the new year." Fossella and Meeks serve on the House Financial Services Committee, which oversees the SEC. Fossella also chairs a Republican Policy Committee task force focused on ways to enhance U.S. capital markets and economic competitiveness. Fossella called for the SEC to conduct a comprehensive review of securities litigation to see if it is deterring fraud and providing relief to harmed investors. Meeks said such a review is needed as part of an effort to ensure U.S. capital markets maintain their competitive advantage. While both lawmakers said they support the right of defrauded shareholders to join in legal actions, they expressed concern about the growing size and frequency of securities class action lawsuits, a trend they say may be a drain on the competitiveness of the U.S. capital markets and the health of the U.S. economy. |
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