H.R.5491 - Securities Litigation Attorney Accountability and Transparency Act109th Congress (2005-2006)
Summary: H.R.5491 — 109th Congress (2005-2006)
Introduced in House (05/25/2006)
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require, in any private action in which the court enters a final judgment, that the court award the defendant reasonable fees and expenses, and impose such fees and expenses on the plaintiff's attorney, if the plaintiff's position was not substantially justified.
Requires each plaintiff and plaintiff's attorney in a private action to provide sworn certifications, filed with the complaint, that identify any conflict of interest, including any direct or indirect payment, between the attorney and the plaintiff.
Authorizes the court, in exercising its discretion over the approval of lead counsel, to employ alternative means in the selection and retention of counsel for the most adequate plaintiff, including a competitive bidding process.