SIFMA urges court to keep limits on lawsuits

06/15/2007 | InvestmentNews (free registration)

SIFMA is working to keep a 1994 ruling that bans private shareholders from filing lawsuits alleging fraud against third parties, such as investment banks and accounting firms. "The inclusion of third parties would cause litigation costs to skyrocket at the expense of the American economy," said Marc Lackritz, SIFMA president and CEO. The SEC has backed shareholders' right to sue third parties.

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