White House backs banks in Supreme Court case
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Such a move could expose customers, vendors and others to "billions of dollars in liability when issuers of securities make misstatements to the market," he wrote.
The case, Stoneridge Investment Partners v. Scientific-Atlanta, Inc., has attracted considerable interest from lawmakers and industry associations. On Tuesday, Senate Banking Committee Chairman Christopher Dodd, D-Conn., asked President Bush to back the SEC's position.
Meanwhile, Securities Industry and Financial Markets Association President Marc Lackritz said allowing third parties to be held liable would result in skyrocketing litigation costs for companies.
"Investors already receive substantial protections under the law, and the Securities and Exchange Commission and other securities regulators are already armed with all the necessary regulatory tools to recoup lost money for investors," Lackritz said.
"Congress authorized the SEC to enforce securities laws against third parties and disburse funds to harmed investors," said Robin Conrad, executive vice president of the National Chamber Litigation Center.
"The Supreme Court should not upset that legislative decision by allowing class action lawyers to increase litigation risk and further hamper the competitiveness of American markets," Conrad said.
The Supreme Court is scheduled to hear the case in its fall term.
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Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.