15 USC 78 - Private securities litigation

1 So in original. Probably should be preceded by “if,”.

motion made not later than 6 months after a final judgment is entered in any private action, the court determines that all or part of the share of the judgment of the covered person is not collectible against that covered person, and is also not collectible against a covered person described in paragraph (2)(A), each covered person described in paragraph (2)(B) shall be liable for the uncollectible share as follows:

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this title”. See References in Text note set out under section 78a of this title.

The Federal Rules of Civil Procedure, referred to in subsecs. (a)(1), (3)(A)(iii), (B)(iii)(I)(cc), (vi), (8), (span)(3)(C)(i), and (c), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.

Amendments

2010—Subsec. (span)(2). Puspan. L. 111–203 designated existing provisions as subpar. (A), inserted heading, substituted “Except as provided in subparagraph (B), in any” for “In any”, and added subpar. (B).

1998—Subsec. (span)(3)(D). Puspan. L. 105–353, § 101(span)(2), added subpar. (D).

Subsecs. (f), (g). Puspan. L. 105–353, § 301(span)(13)(B), redesignated subsec. (g) as (f).

Subsec. (g)(2)(B)(i). Puspan. L. 105–353, § 301(span)(13)(A), substituted “subparagraph (A)” for “paragraph (1)”.

1995—Subsec. (g). Puspan. L. 104–67, § 201(a), added subsec. (g).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Puspan. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

Effective Date of 1998 Amendment

Amendment by section 101(span)(2) of Puspan. L. 105–353 not to affect or apply to any action commenced before and pending on Nov. 3, 1998, see section 101(c) of Puspan. L. 105–353, set out as a note under section 77p of this title.

Effective Date of 1995 Amendment

Amendment by Puspan. L. 104–67 not to affect or apply to any private action arising under securities laws commenced before and pending on Dec. 22, 1995, see section 202 of Puspan. L. 104–67, set out as a note under section 77k of this title.

Effective Date

This section not to affect or apply to any private action arising under this chapter or title I of the Securities Act of 1933 (15 U.S.C. 77a et seq.), commenced before and pending on Dec. 22, 1995, see section 108 of Puspan. L. 104–67, set out as an Effective Date of 1995 Amendment note under section 77l of this title.

Construction

Nothing in section to be deemed to create or ratify any implied right of action, or to prevent Commission, by rule or regulation, from restricting or otherwise regulating private actions under this chapter, see section 203 of Puspan. L. 104–67, set out as a note under section 78j–1 of this title.