NU Online News Service
WASHINGTON–Business groups and insurers are mobilizing to defeat a proposed amendment to the financial services reform bill that would substantively expand the reach of private securities litigation.
The amendment, sponsored by Sen. Arlen Specter, D-Pa., seeks to modify the Restoring Financial Stability Act of 2010 (S. 3217), which would make someone vulnerable to civil damages based on their failure to discover the fraud of another party.
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