PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Congressional Research Service
Version 00 · Introduced in House · Feb 28, 2002
Shareholder and Employee Rights Restoration Act of 2002 - Amends the Securities Act of 1933 governing private securities litigation to repeal: (1) certain limits on private class actions; (2) the safe harbor applied to forward-looking statements (corporate predictions); (3) proportionate liability of an outside director; and (4) limitations on class action remedies.Amends the Securities Exchange Act of 1934 to repeal guidelines governing: (1) the safe harbor applied to corporate predictions; (2) limitations on class actions remedies; (3) court-ordered security for payment of costs in class actions; (4) motions to dismiss and stay of discovery; (5) sanctions for abusive litigation; (6) written interrogatories as to defendant's state of mind; (7) limitation on damages; and (8) proportionate liability.Modifies guidelines for a securities fraud action to prohibit a complaint based upon information and belief from specifying the source of the facts upon which such belief is formed (thus granting whistle blower protection).Amends the Securities Act of 1933 and the Investment Advisers Act of 1940 to establish liability for aiding and abetting securities violations.Amends the Securities Exchange Act of 1934 to modify guidelines governing aiding and abetting.Extends the statute of limitations for an implied private right of action to no later than three years after the date on which the alleged violation was discovered.
People & committees
Rep. Stupak, Bart [D-MI-1] · D–MI
Legislative record
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Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
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