United States 113th Congress Status: Died 1 R cosponsors

S 652 — Securities Litigation Attorney Accountability and Transparency Act

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read S 652 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2334-2335)

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

Civil actions and liability Congressional oversight Government studies and investigations Lawyers and legal services Legal fees and court costs Securities Finance and financial sector
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 652 do?
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.
Who sponsors S 652?
S 652 is sponsored by John Cornyn (R).
What is the current status of S 652?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 652?
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