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Federal Laws Addressing LiabilityReturn to federal reforms Securities Litigation Uniform Standards Act of 1998
The Securities Litigation Uniform Standards Act of 1998, Pub. L. No. 105-353, made federal courts the sole venue for most securities class action lawsuits involving 50 or more parties. The law was enacted to close a loophole in the Private Securities Litigation Reform Act of 1995. That law raised the standard for filing such suits in federal courts, but was undermined when plaintiffs' lawyers shifted their filings to state courts.
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