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Still Divisive: PSLRA Discovery Stay

Law360 (March 9, 2009, 12:00 AM EDT) -- A recurring issue in securities litigation is whether the Private Securities Litigation Reform Act automatic discovery stay should be lifted when defendants produce documents to regulators, prosecutors or other litigants not bound by the stay and the plaintiffs seek access to those documents.

The circuit courts have not yet provided any specific guidance as to this issue. The district courts have reached starkly differing conclusions.

Indeed, within just the past few months, in two of the auction rate securities cases involving precisely the same circumstances and...
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