California poised to vote on securities law initiative.

Summary

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California's proposition 211, titled the Retirement Savings and Consumer Protection Act, will be voted on in November 1996, and if it passes, it will undo most of the restrictions on securities fraud liability imposed by the Private Securities Litigation Reform Act of 1995. The initiative has been criticized as an attempt by trial lawyers to expand their ability to bring frivolous and abusive securities suits. The law would affect most securities holdings, despite the fact that the statute appears to limit itself to retirement savings plans held by Californians over 40 years old.

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Extract

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California poised to vote on securities law initiative.

An initiative that will appear on the November 1996 election ballot in California known as the Retirement Savings and Consumer Protection Act, or proposition 211, could have far-...

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