SECURITIES

Times Staff and Wire Reports

House Approves Securities Fraud Reform Bill: With strong bipartisan support, the House gave final passage to a bill that would restrict class-action securities fraud lawsuits, sending the measure to the White House. The 320-102 vote came after a debate that pitted those who argue there are too many frivolous lawsuits against those who contend the bill would eliminate a strong deterrent against fraud. A day earlier, the Senate passed the compromise bill, called the Private Securities Litigation Reform Act, that was part of the House Republicans' "contract with America" agenda. White House sources have said President Clinton is leaning toward signing the bill, though his political advisors have urged him not to.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
71°