Law360, New York (January 23, 2015, 4:19 PM EST) -- On Dec. 19, 1995, President Bill Clinton vetoed the Private Securities Litigation Reform Act, commonly known as the PSLRA. Days later, the United States House and Senate both overrode the president's veto with strong support from Democrats and Republicans alike, and the bill became law on Dec. 22, 1995.
Politics aside, the PSLRA is a gift to an individual or entity named as a defendant in a federal securities lawsuit. It was passed for the express purpose of ending abusive practices committed in private securities litigation, including "strike suits," where a party files suit based on the scantest of evidence in...
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