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Popeo on Lerach and Stoneridge



Daniel J. Popeo of the Washington Legal Foundation has more to say on Bill Lerach and the Stoneridge case:

The U.S. Supreme Court recently agreed to review a novel interpretation of the federal securities laws. The case won�t be argued until this fall, but its outcome, and possibly the fate of America�s dynamic securities market, may be determined in the next several weeks.

During that time, the Securities and Exchange Commission (SEC) must decide whether to take a formal position in this case, Stoneridge v. Scientific-Atlanta. The SEC�s options: Support the securities laws as Congress intended, or endorse class action lawyers� efforts to drastically expand their litigation targets and reap millions more in fees.

The battle for the SEC�s support has been fierce, with the notorious Bill Lerach leading the public relations offensive for the plaintiffs� bar. Lerach has enlisted powerful politicians and activists in the effort, and he even penned a rare op-ed in an influential legal publication arguing that the stakes for securities fraud suits have never been higher.

Mr. Lerach is right, the stakes are high, but investors and America�s position in the global economy would not come out the winners if his view prevails.

Read the whole thing in today's Examiner, here.

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.