EDITORIAL : 2 DANGEROUS INITIATIVES.THE initiative with the most misleading title on the November ballot is what its sponsors call the ``Frivolous Of minimal importance; legally worthless. A frivolous suit is one without any legal merit. In some cases, such an action might be brought in bad faith for the purpose of harrassing the defendant. Lawsuit Limitation Act,'' otherwise known as Proposition 207. Actually, Proposition 207 would make it more difficult to discourage frivolous lawsuits. A close runner-up in the deception derby is the ``Retirement Savings and Consumer Protection Act,'' or Proposition 211. In reality, the primary beneficiaries of this initiative would be attorneys - not consumers or people with money in retirement funds - who specialize in filing shareholder suits that often are thinly disguised legal shakedowns. These lawsuits actually can be counterproductive coun·ter·pro·duc·tive adj. Tending to hinder rather than serve one's purpose: "Violation of the court order would be counterproductive" Philip H. Lee. in that they may damage healthy companies that retirement funds have invested in. Some of the sponsors of these measures successfully opposed two tort-reform initiatives on the March primary election ballot that would have placed reasonable restrictions on attorneys' fees (Proposition 202) and required the losing party to pay the other side's legal bills in shareholder suits and class actions dealing with securities violations (Proposition 201). The campaigns against those tort-reform measures were outrageously deceptive de·cep·tive adj. Deceptive or tending to deceive. de·cep  tive·ness n. even by California standards.
Now these masters of deceit Deceit Aimwell pretends to be titled to wed into wealth. [Br. Lit.: The Beaux’ Stratagem] Ananias lies about amount of money received for land. [N.T.: Acts 5:1–6] Ananias Club all its members are liars. [Am. are trying to carry their March victories even further by persuading the voters to approve initiatives that in effect would make it impossible for the Legislature to deal with the often outrageous fees charged by lawyers. This is special-interest legislation at its worst. And in the case of Proposition 211, trial lawyers also are trying to dilute di·lute v. To reduce a solution or mixture in concentration, quality, strength, or purity, as by adding water. adj. Thinned or weakened by diluting. the impact of a recent federal tort reform law by making it easier to litigate frivolous securities cases in California courts. Proposition 211 would make California businesses, especially high-tech industries whose stocks often fluctuate wildly, especially vulnerable. Propositions 207 and 211 are bad enough individually. Together, they add up to a double whammy double whammy Noun informal a devastating setback made up of two elements double whammy n (col) → palo doble double whammy n (inf for California jobs and the state's economy - and the nest eggs Nest Egg A special sum of money saved or invested for one specific future purpose. Notes: Examples of the purposes for which nest eggs are usually intended include retirement, education, and even entertainment (vacations and cruises). of current and future pensioners. PROP. 207 AT A GLANCE Here is a summary of Proposition 207 on the statewide ballot Nov. 5: Attorneys' fees: Would prohibit new restrictions on the right to negotiate the amount of attorneys' fees; prohibit attorneys from charging or collecting excessive fees by enacting into law existing State Bar regulations; requires courts to impose sanctions on attorneys who file frivolous lawsuits. The Daily News recommends: NO PROP. 211 AT A GLANCE Here is a summary of Proposition 211: Securities fraud: Would prohibit new restrictions on attorney-client fee arrangements; prohibit deceptive conduct in securities transactions resulting in losses to pensions, savings and retirement funds; adds a presumption A conclusion made as to the existence or nonexistence of a fact that must be drawn from other evidence that is admitted and proven to be true. A Rule of Law. If certain facts are established, a judge or jury must assume another fact that the law recognizes as a logical that fraudulent acts affected market values of a security; shifts the burden of proof to those accused of securities fraud; prohibits indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from of officers found liable for fraudulent acts. The Daily News recommends: NO. CAPTION(S): 2 Boxes Box: (1) PROP. 207 AT A GLANCE (SEE TEXT) (2) PROP. 211 A T A GLANCE (SEE TEXT) |
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