Printer Friendly

Litigation reform bill introduced in House of Representatives.

A new litigation reform bill, identical to legislation endorsed by the American Institute of CPAs and the Coalition to Eliminate Abusive Securities Suits (CEASS), was introduced in the House of Representatives by Congressman Billy Tauzin (D-La.). The new bill, HR 417, was cosponsored by Congressmen Mike Parker (D-Miss.), Ralph Hall (D-Texas), J. Roy Rowland (D-Ga.), Clay Shaw (R-Fla.), Sonny Montgomery (D-Miss.), James Moran (D-Va.) and Ronald Machtley (R-R.I.). The legislation requires that judgments against codefendants who have not committed intentional fraud be based on their proportionate liability for the losses sustained rather than on their ability to pay most or all of the judgments. It also requires plaintiffs and attorneys to pay defendants' legal fees, under certain conditions, if their allegations are deemed meritless.
COPYRIGHT 1993 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Mar 1, 1993
Words:125
Previous Article:Tapping the equity of older homeowners with reverse mortgages.
Next Article:High court to rule on nonfiduciary liability under ERISA.
Topics:


Related Articles
Litigation reform bills introduced; drive for passage builds.
1995 legislative preview: the new agenda and what it means to the accounting profession.
Securities Litigation Reform Act passes the House.
Tort reform in jeopardy.
CPAs on Capitol Hill: a behind-the-scenes look at the passage of securities litigation reform.
Tort reform revolution.
Pennsylvania legislators try to stop the bleeding. (Briefing).
House passes bill to change regulation of accounting profession.
Responsible education about life act introduced in the House and Senate.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters