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A securities class action (SCA), or securities fraud class action, is a lawsuit filed by investors who bought or sold a company's publicly traded securities within a specific period of time (known as a “class period”) and suffered economic injury as a result of violations of the securities laws.
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In 1995, Congress passed the Private Securities Litigation Reform Act (PSLRA), claiming that the class action device was being used to injure "the entire U.S. economy" through nuisance filings, targeting of deep-pocket defendants, vexatious discovery requests, and "manipulation by class action lawyers of the clients whom they purportedly represent."
By opting into a class action lawsuit or filing a claim, you waive your right to sue the company independently over the same issue. You have a choice to opt out of the class action suit, if you ...
Facebook recently paid 1.4 million Illinois residents $397 in 2022 as part of a class action lawsuit for facial recognition breaches through its “Tag Suggestions” feature, per CNBC.
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The Private Securities Litigation Reform Act of 1995, Pub. L. 104–67 (text), 109 Stat. 737 (codified as amended in scattered sections of 15 U.S.C.) ("PSLRA") implemented several substantive changes in the United States that have affected certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation, and awards fees ...
In the United States, the class representative, also called a lead plaintiff, named plaintiff, or representative plaintiff, is the named party in a class-action lawsuit. [63] Although the class representative is named as a party to the litigation, the court must approve the class representative when it certifies the lawsuit as a class action.