Congressmen Warn SEC Of Effects Of Class Actions

Law360, New York (December 19, 2007, 12:00 AM EST) -- Two New York City congressmen, a Republican and a Democrat, asked the U.S. Securities and Exchange Commission to set a hard-and-fast date for a long-promised forum to address how securities class actions potentially threaten U.S. competitiveness internationally.

Reps. Vito J. Fossella (R-N.Y.) and Gregory W. Meeks (D-N.Y.), both members of the U.S. House of Representatives Financial Services Committee, sent a letter Wednesday to SEC Chairman Christopher Cox requesting that he schedule such a roundtable.

“The high costs of securities class action litigation is a significant competitive...
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