Securities Bill Goes To Conference

The Securities Litigation Uniform Standards Act, eagerly sought by the business community, heads for a House-Senate conference committee following its approval by the House, by a 340-83 vote, July 21. The Senate earlier OK'd the bill, which closes a loophole left after passage of earlier securities litigation-reform legislation in 1995. The previous measure has been effective in limiting frivolous lawsuits against companies in federal courts, but didn't apply to state courts. The new bill would make such suits harder to bring in state courts, too.