The 10b-5 Daily has been following the up-and-down fortunes of the Class Action Fairness Act over the past year. The legislation applies some of the reform concepts in the PSLRA and SLUSA to all class actions. Notably, class actions meeting certain jurisdictional criteria would have to be heard in federal court.
With Republicans gaining seats in the Senate in this month’s election, the Legal Times reports (via law.com – free regist. req’d) that the Class Action Fairness Act may finally get a floor vote. The timing, however, is still up in the air.
Quote of note: “If supporters want such legislation to pass during the lame duck period, [Stanton Anderson, head of the U.S. Chamber Institute for Legal Reform] and his team must persuade appropriators to attach the legislation to their spending bills, something they are often reluctant to do. Otherwise, they’ll have to wait for the new Congress. ‘If the decision is made to have riders, then we want to be at the top of the list,’ he says. The urgency, adds Stanton, comes from not knowing for sure what will be on the legislative calendar next year. One thing that worries him: A drawn-out fight over the Supreme Court. ‘If there’s a Supreme Court nomination,’ he says, ‘then that will suck up everybody’s time and energy.'”