Page:United States Statutes at Large Volume 109 Part 1.djvu/757

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PUBLIC LiVW 104-67—DEC. 22, 1995 109 STAT. 741 "(iii) INADMISSIBILITY FOR CERTAIN PURPOSES.— A statement made in accordance with clause (i) or (ii) concerning the amount of damages shall not be admissible in any Federal or State judicial action or administrative proceeding, other than an action or proceeding arising out of such statement. "(C) STATEMENT OF ATTORNEYS' FEES OR COSTS SOUGHT. — If any of the settling parties or their counsel intend to apply to the court for an award of attorneys' fees or costs from any fund established as part of the settlement, a statement indicating which parties or counsel intend to make such an application, the amount of fees and costs that will be sought (including the amount of such fees and costs determined on an average per share basis), and a brief explanation supporting the fees and costs sought. "(D) IDENTIFICATION OF LAWYERS' REPRESENTATIVES.— The name, telephone number, and address of one or more representatives of counsel for the plaintiff class who will be reasonably available to answer questions from class members concerning any matter contained in any notice of settlement published or otherwise disseminated to the class. • "(E) REASONS FOR SETTLEMENT.— A brief statement explaining the reasons why the parties are proposing the settlement. "(F) OTHER INFORMATION.—Such other information as may be required by the court. "(8) ATTORNEY CONFLICT OF INTEREST.—I f a plaintiff class is represented by an attorney who directly owns or otherwise has a beneficial interest in the securities that are the subject of the litigation, the court shall make a determination of whether such ownership or other interest constitutes a conflict of interest sufficient to disqualify the attorney from representing the plaintiff class. " (b) STAY OF DISCOVERY; PRESERVATION OF EVIDENCE.— "(1) IN GENERAL.—In any private action arising under this title, all discovery and other proceedings shall be stayed during the pendency of any motion to dismiss, unless the court finds, upon the motion of any party, that particularized discovery is necessary to preserve evidence or to prevent undue prejudice to that party. "(2) PRESERVATION OF EVIDENCE.—During the pendency of any stay of discovery pursuant to this subsection, unless otherwise ordered by the court, any party to the action with actual notice of the allegations contained in the complaint shall treat all documents, data compilations (including electronically recorded or stored data), and tangible objects that are in the custody or control of such person and that are relevant to the allegations, as if they were the subject of a continuing request for production of documents from an opposing party under the Federal Rules of Civil Procedure. "(3) SANCTION FOR WILLFUL VIOLATION.— A party aggrieved by the willful failure of an opposing party to comply with paragraph (2) may apply to the court for an order awarding appropriate sanctions. "(c) SANCTIONS FOR ABUSIVE LITIGATION.—