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Article: The Private Securities Litigation Reform Act of 1995
- Article from:
- The CPA Journal
- Article date:
- April 1, 1996
- Author:
CopyrightCopyright New York State Society of Certified Public Accountants Apr 1996. Provided by ProQuest LLC. (Hide copyright information)
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Proportional liability for wrongdoing
In overriding President Clinton's veto and passing the Reform Act, Congress has provided welcome relief to a number of groups, including the accounting profession. However, the measure of relief is not as great as it started out to be and there are a number of unanswered questions that courts will have to decide in the future.
"Tort Reform" was the battle cry of the 1980s. "Litigation Reform"much the same thing-is the mantra of the 1990s.
According to many news reports, the litigation reformers recently won a major battle. In late December 1995, both houses of Congress voted to override President Clinton's unexpected veto of the Private Securities ...