Securities Regulation Law Journal
The Private Securities Litigation Reform Act of 1995 amended the Securities Act of 1933 and the Securities Exchange Act of 1934 in hopes of decreasing the number of class action lawsuits by enhancing procedural requirements to be met by private plaintiffs. The "RICO Amendment" removed securities fraud as a predicate act for civil RICO liability. In this article, the author argues that the Congress' poor drafting and "rushed debate" of the Amendment essentially enabled the courts to circumvent Congress' clear attempt to reform RICO.
J. Scott Colesanti,
The Private Securities Litigation Reform Act of 1995: Did The "Rushed Debate: Really Spell the End of Securities Claims and RICO?, 26 Securities Regulation Law Journal 139
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