The securities lawyers’ initiative, certified for the November ballot, is bankrolled by securities plaintiffs’ lawyers. They want to use California courts to bring the same kinds of frivolous lawsuits that Congress recently prohibited in federal courts (June 6). The federal reforms were overwhelmingly passed by Congress in December with a strong bipartisan vote.
The prime targets of bogus securities lawsuits are high-growth, high-tech and biotech companies, many of which are headquartered in Southern California and are significantly contributing to our economic recovery.
This initiative is the most blatant and self-serving abuse of the initiative system we have seen in years.
JOHN SULLIVAN, President
Assn. for California Tort Reform
Co-Chair, Taxpayers Against
Frivolous Lawsuits, Sacramento