Specter's Stoneridge Amendment Helps Plaintiffs' Lawyers at the Expense of the Economy and Small Investors

WASHINGTON, May 5 /PRNewswire-USNewswire/ -- Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform (ILR), made the following statement in response to Senator Specter's introduction of an amendment addressing the issues in the Stoneridge v Scientific Atlanta Supreme Court case:

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"Senator Specter's amendment, which would overturn the Supreme Court precedent in the Stoneridge case, will greatly expand an already broken securities class action litigation system whose primary beneficiaries are a handful of plaintiffs' lawyers making huge sums at the expense of millions of small investors. Allowing more private securities class action lawsuits in every corner of our economy will only slow our financial recovery and impede the creation of much needed new jobs."

ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

The U.S. Chamber of Commerce is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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SOURCE U.S. Chamber Institute for Legal Reform