SECURITIES LITIGATION REFORM - THE LONG AND WINDING ROAD TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

On December 22, 1995, the U.S. Senate voted to override President Clin ton's veto of the Private Securities Litigation Reform Act of 1995, co ncluding the long and often rancorous legislative effort to bring abou t sweeping changes to private litigation under the federal securities laws. While the Act does not clearly achieve its goal of bringing mean ingful reform to the system of private litigation, one thing seems cle ar-it will take many years of litigation to resolve the many uncertain ties the Act creates. This Article reviews the issues underlying the l itigation reform effort and the legislative process leading to the ena ctment of the bill. The Article also analyzes the various provisions o f the Act and their apparent intent.