3.0.0 652 2019-02-20T12:30:40Z 2019-02-23T19:07:53Z Senate S S 2013-03-22 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-03-22T16:47:51Z 2013-03-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335) IntroReferral 2013-03-22 Introduced in Senate IntroReferral 10000 9 Library of Congress C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX N Finance and Financial Sector Civil actions and liability Congressional oversight Government studies and investigations Lawyers and legal services Legal fees and court costs Securities Finance and Financial Sector 00 2013-03-22 Introduced in Senate 2013-05-07T21:14:16Z Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require plaintiff and plaintiff's attorney in any private securities class action to disclose in sworn certifications filed with the complaint: (1) any direct or indirect payment, or promise of such, by the attorney (or an affiliated person) to the plaintiff (or any affiliated person), beyond the pro rata share of any recovery received by the plaintiff; (2) the nature and terms of any legal representation provided by such attorney (or an affiliated person) to such plaintiff (or an affiliated person), other than the representation of the plaintiff in the private action; and (3) any contribution made during the five-year period preceding the filing date of the complaint by such attorney (or an affiliated person) or any political action committee controlled by such attorney, to any elected official with real or apparent authority to retain counsel for such plaintiff or to select or appoint, influence the selection or appointment of, or oversee any individual or group of individuals with that authority.

Requires the court, in exercising its discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria in the selection and retention of counsel for the most adequate plaintiff in a class action, unless the court determines on the record that such a process is not feasible.

Directs the Comptroller General to: (1) study fee awards to lead counsel in securities class actions during the seven-year period preceding the enactment of this Act; and (2) determine the effective average hourly rate for lead counsel in such actions, including lead counsel perquisites such as travel and accommodation.

]]> Securities Litigation Attorney Accountability and Transparency Act Short Titles as Introduced Securities Litigation Attorney Accountability and Transparency Act Display Title Securities Litigation Attorney Accountability and Transparency Act Official Title as Introduced A bill to protect investors by fostering transparency and accountability of attorneys in private securities litigation. Introduced in Senate 2013-03-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s652is/xml/BILLS-113s652is.xml 2013-03-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.