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Telecommunications industry

Montana Employers Back Senate Legislation to Reform Securities Litigation System

Strategic Insights

— 1 min read

Montana's major employers are rallying behind Senate legislation (S.240) to reform the nation's securities litigation system, citing the need to protect shareholder rights and curb the influence of plaintiffs' attorneys in class action suits. Representing over 2,100 employees, nine major employers in the state, including Sears Roebuck & Company, US West Communications, and Exxon Corporation, have announced their support for the bill, which is co-sponsored by Montana Senators Conrad Burns and Max Baucus. The bill, sponsored by Senators Domenici and Dodd, is expected to receive a floor vote this month after passing the Senate Banking Committee on May 25.

Key Takeaways:

  • Nine Montana employers, including Sears Roebuck & Company, US West Communications, and Exxon Corporation, have announced their support for Senate legislation (S.240) to reform the nation's securities litigation system.
  • These employers, representing over 2,100 employees, are part of the Coalition to Eliminate Abusive Securities Suits (CEASS), a 1,450-member alliance of U.S. companies, professional firms, and organizations.
  • CEASS member companies are among the nation's fastest-growing and most innovative companies, spanning multiple sectors such as high-technology, financial services, and basic manufacturing.
  • The bill, co-sponsored by Montana Senators Conrad Burns and Max Baucus, aims to protect shareholder rights and curb the influence of plaintiffs' attorneys in class action suits.
  • Lynn Zempel, a representative of CEASS, emphasized the need for reform, stating that current securities laws "do shareholders an injustice" by handing plaintiffs' attorneys control over the outcome of class action securities suits.

Statistics:

  • 2,100 employees are represented by the nine Montana employers in support of the legislation.
  • 1,450 is the number of member companies, professional firms, and organizations in the Coalition to Eliminate Abusive Securities Suits (CEASS).
  • 15:32 EDT is the time stamp for the release of the press statement.

Sources:

  • PRNewswire: WASHINGTON, June 6 /PRNewswire/
  • The Coalition to Eliminate Abusive Securities Suits (CEASS)

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