SECURITIES

Conferees OK Compromise Securities Lawsuit Measure: A House and Senate conference committee approved a compromise measure to restrict class-action securities fraud lawsuits against businesses, bringing the highly controversial measure a step closer to President Clinton’s desk. The complex bill contains several provisions to deter meritless lawsuits. It gives judges power to sanction attorneys who make frivolous court filings; prohibits attorneys from paying investors to lend their name to a lawsuit; and would have defendants pay settlements according to the proportion of their guilt, with certain exceptions for small investors. The bill’s most bitterly fought element would protect executives from lawsuits if they made forward looking statements, such as earnings projections, that later proved to be wrong.