When The 10b-5 Daily last posted about the Class Action Fairness Act, it had been left for dead on the U.S. Senate floor – the victim of a Democrat-led filibuster. The Washington Times reports, however, that a compromise has been reached with a few Senate opponents that will revive the bill for a vote early next year.
Quote of note: “Three Democratic senators changed their stances after language was inserted they say better protects consumers while still reining in many frivolous lawsuits and preventing lawyers from “venue shopping” in search of sympathetic judges and juries that award the biggest settlements. Those supporters now include Democratic Sens. Charles E. Schumer of New York, Christopher J. Dodd of Connecticut and Mary L. Landrieu of Louisiana, all of whom opposed the bill last month.”
The Senate Committee Report on the bill can be found here.