PUBLIC LAW 104-67—DEC. 22, 1995 109 STAT. 737 Public Law 104-67 104th Congress An Act To reform Federal securities litigation, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE. — This Act may be cited as the "Private Securities Litigation Reform Act of 1995". (b) TABLE OF CONTENTS. — The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I—REDUCTION OF ABUSIVE LITIGATION Sec. 101. Private securities litigation reform. Sec. 102. Safe harbor for forward-looking statements. Sec. 103. Elimination of certain abusive practices. Sec. 104. Authority of Commission to prosecute aiding and abetting. Sec. 105. Loss causation. Sec. 106. Study and report on protections for senior citizens and qualified retirement plans. Sec. 107. Amendment to Racketeer Influenced and Corrupt Organizations Act. Sec. 108. Applicability. TITLE II—REDUCTION OF COERCIVE SETTLEMENTS Sec. 201. Proportionate liability. Sec. 202. Applicability. Sec. 203. Rule of construction. TITLE III—AUDITOR DISCLOSURE OF CORPORATE FRAUD Sec. 301. Fraud detection and disclosure. TITLE I—REDUCTION OF ABUSIVE LITIGATION Dec. 22, 1995 [H.R. 1058] Private Securities Litigation Reform Act of 1995. 15 USC 78a note. SEC. 101. PRIVATE SECURITIES UTIGATION REFORM. (a) SECURITIES ACT OF 1933.Title I of the Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended by adding at the end the following new section: " SEC. 27. PRIVATE SECURITIES LITIGATION. " (a) PRIVATE CLASS ACTIONS. — "(1) IN GENERAL.— The provisions of this subsection shall apply to each private action arising under this title that is brought as a plaintiff class action pursuant to the Federal Rules of Civil Procedure. "(2) CERTIFICATION FILED WITH COMPLAINT. — 15 USC 77z-l.
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