H.R.5463 - Federal Government - To protect investors by fostering transparency and accountability of attorneys in private securities litigation.

To protect investors by fostering transparency and accountability of attorneys in private securities litigation. 2/14/2008--Introduced. Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether: (1) the position of the plaintiff was not substantially justified; (2) imposition of fees and expenses on the plaintiff's attorney would be just; and (3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust. Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case. Places [...]

show full description