3.11 Securities Litigation Uniform Standards Act of 1998

• Library: Corporations and Partnerships in Virginia (Virginia CLE) (2016 Ed.)

3.11 SECURITIES LITIGATION UNIFORM STANDARDS ACT OF 1998

Finding that a number of securities class action lawsuits had shifted from federal to state courts and in order to prevent certain private class actions alleging fraud from frustrating the objectives of the Securities Litigation Reform Act, Congress sought to enact national standards for these lawsuits involving nationally traded securities. The result was the Securities Litigation Uniform Standards Act of 1998. ⁴⁰³ Private class actions based on state law alleging an untrue statement or omission of a material...