Reforming The System

The U.S. Chamber Institute for Legal Reform has issued a paper entitled Securities Class Action Litigation: The Problem, Its Impact, and the Path To Reform. The paper expands upon some of the concerns and recommendations raised by recent capital market studies and offers a series of proposed reforms. The proposed reforms include: more disclosure surrounding possible conflicts of interest between plaintiffs and their counsel, permitting cost-shifting for certain discovery, providing equal access to interlocutory appeals, and having Congress clarify the pleading standards for scienter and loss causation.

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