,,ii  #aac? ,,congress  #a/ ,session    
,s4 #feb  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #bb1 #bjac ,mr4   
,cornyn introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to protect inve/ors by fo/]+   
transp>5cy & acc\ntability ( attorneys 9
 private securities litigation4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,securities ,litigation ,attorney       
,acc\ntability & ,transp>5cy ,act4  #b4 
,disclosures ( paym5ts1 fee arrangem5ts1
 contributions1 & o!r pot5tial conflicts
 ( int]e/ betwe5 pla9tiff & attorneys   
7a7 ,securities ,ex*ange ,act ( #aicd   
,section #ba;,d7a7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu-#d7;a77 is am5d$ by add+ at ! end !
 foll[+3  7#aj7 ,disclosures reg>d+     
paym5ts  7,a7 ,sworn c]tifications      
requir$  7i7 ,9 g5]al ,9 any private    
action aris+ "u ?is title1 ea* pla9tiff 
& any attorney = su* pla9tiff %all      
provide sworn c]tifications1 :i* %all-- 

7,i7 be p]sonally sign$ by su* pla9tiff 
& ea* su* attorney1 respectively2       
7,,ii7 be fil$ ) ! compla9t2 &  7,,iii7 
id5tify any direct or indirect paym5t1  
or promise ( any paym5t1 by su*         
attorney1 or any p]son affiliat$ ) su*  
attorney1 to su* pla9tiff1 or any p]son 
affiliat$ ) su* pla9tiff1 beyond ! pro  
rata %>e ( any recov]y receiv$ by !     
pla9tiff1 except z ord]$ or approv$ by !
 c\rt 9 accordance ) p>agraph 7#d74     
7ii7 ,c\rt actions ,^u disclosure ( any 
paym5t or promise ( paym5t describ$ 9   
clause 7i71 ! c\rt %all disqualify !    
attorney f repres5t+ ! pla9tiff4  7,b7  
,def9ition ,= purposes ( ?is p>agraph1 !
 t]m paym5t includes ! transf] ( money &
 any o!r ?+ ( value1 includ+ ! provision
 ( s]vices1 o!r ?an repres5tation ( !   
pla9tiff 9 ! private action aris+ "u ?is
 title4  7#aa7 ,disclosures reg>d+ legal
 repres5tations  7,a7 ,9 g5]al ,9 any   
private action aris+ "u ?is title1 ea*  
pla9tiff & any attorney = su* pla9tiff  
%all provide sworn c]tifications1 :i*   

%all--  7i7 be p]sonally sign$ by su*   
pla9tiff & ea* su* attorney1            
respectively2  7ii7 be fil$ ) !         
compla9t2 &  7iii7 id5tify ! nature &   
t]ms ( any legal repres5tation provid$  
by su* attorney1 or any p]son affiliat$ 
) su* attorney1 to su* pla9tiff1 or any 
p]son affiliat$ ) su* pla9tiff1 o!r ?an 
! repres5tation ( ! pla9tiff 9 ! private
 action aris+ "u ?is title4  7,b7 ,c\rt 
actions ,! c\rt--  7i7 may all[         
c]tifications "u subp>agraph 7,a7 to be 
made "u seal2  7ii7 %all review su*     
c]tifications to det]m9e :e!r cause     
exi/s to believe t ! nature or t]ms ( ! 
fee arrangem5t = any o!r matt] influ5c$ 
! selection & ret5tion ( c\nsel 9 !     
private action aris+ "u ?is title2      
7iii7 may conduct a factual inquiry or  
ref] ! "q to a magi/rate1 if ! c\rt     
makes a f9d+ describ$ 9 clause 7ii72 &  
7iv7 %all disqualify ! attorney f       
repres5t+ ! pla9tiff 9 any action aris+ 
"u ?is title1 if ! c\rt f9ds1 aft] su*  
inquiry1 t ! nature or t]ms ( ! fee     

arrangem5t = any o!r matt] influ5c$ !   
selection & ret5tion ( c\nsel 9 any su* 
action4  7#ab7 ,disclosures reg>d+      
contributions ,9 any private action     
aris+ "u ?is title1 ea* pla9tiff & any  
attorney = su* pla9tiff %all provide    
sworn c]tifications1 :i* %all--  7,a7 be
 p]sonally sign$ by su* pla9tiff & ea*  
su* attorney1 respectively2  7,b7 be    
fil$ ) ! compla9t2 &  7,c7 id5tify any  
contribution made dur+ ! #e-ye> p]iod   
prec$+ ! date ( fil+ ( ! compla9t by su*
 attorney1 any p]son affiliat$ ) su*    
attorney1 or any political action       
committee controll$ by su* attorney1 to 
any elect$ (ficial ) real or app>5t     
au?ority to reta9 c\nsel = su* pla9tiff 
or to select or appo9t1 influ5ce !      
selection or appo9tm5t (1 or ov]see any 
individual or gr\p ( individuals ) t    
au?ority4  4  7b7 ,securities ,act (    
#aicc ,section #bg7;a7 ( ! ,securities  
,act ( #aicc 7#ae ,u4,s4,c4 #ggz-#a7;a77
 is am5d$ by add+ at ! end ! foll[+3    
7#i7 ,disclosures reg>d+ paym5ts  7,a7  

,sworn c]tifications requir$  7i7 ,9    
g5]al ,9 any private action aris+ "u ?is
 title1 ea* pla9tiff & any attorney =   
su* pla9tiff %all provide sworn         
c]tifications1 :i* %all--  7,i7 be      
p]sonally sign$ by su* pla9tiff & ea*   
su* attorney1 respectively2  7,,ii7 be  
fil$ ) ! compla9t2 &  7,,iii7 id5tify   
any direct or indirect paym5t1 or       
promise ( any paym5t1 by su* attorney1  
or any p]son affiliat$ ) su* attorney1  
to su* pla9tiff1 or any p]son affiliat$ 
) su* pla9tiff1 beyond ! pro rata %>e ( 
any recov]y receiv$ by ! pla9tiff1      
except z ord]$ or approv$ by ! c\rt 9   
accordance ) p>agraph 7#d74  7ii7 ,c\rt 
actions ,^u disclosure ( any paym5t or  
promise ( paym5t describ$ 9 clause 7i71 
! c\rt %all disqualify ! attorney f     
repres5t+ ! pla9tiff4  7,b7 ,def9ition  
,= purposes ( ?is p>agraph1 ! t]m paym5t
 %all include ! transf] ( money & any   
o!r ?+ ( value1 includ+ ! provision (   
s]vices1 o!r ?an repres5tation ( !      
pla9tiff 9 ! private action aris+ "u ?is

 title4  7#aj7 ,disclosures reg>d+ legal
 repres5tations  7,a7 ,9 g5]al ,9 any   
private action aris+ "u ?is title1 ea*  
pla9tiff & any attorney = su* pla9tiff  
%all provide sworn c]tifications1 :i*   
%all--  7i7 be p]sonally sign$ by su*   
pla9tiff & ea* su* attorney1            
respectively2  7ii7 be fil$ ) !         
compla9t2 &  7iii7 id5tify ! nature &   
t]ms ( any legal repres5tation provid$  
by su* attorney1 or any p]son affiliat$ 
) su* attorney1 to su* pla9tiff1 or any 
p]son affiliat$ ) su* pla9tiff1 o!r ?an 
! repres5tation ( ! pla9tiff 9 ! private
 action aris+ "u ?is title4  7,b7 ,c\rt 
actions ,! c\rt--  7i7 may all[         
c]tifications "u subp>agraph 7,a7 to be 
made "u seal2  7ii7 %all review su*     
c]tifications to det]m9e :e!r cause     
exi/s to believe t ! nature or t]ms ( ! 
fee arrangem5t = any o!r matt] influ5c$ 
! selection & ret5tion ( c\nsel 9 !     
private action aris+ "u ?is title2      
7iii7 may conduct a factual inquiry or  
ref] ! "q to a magi/rate1 if ! c\rt     

makes a f9d+ describ$ 9 clause 7ii72 &  
7iv7 %all disqualify ! attorney f       
repres5t+ ! pla9tiff 9 any action aris+ 
"u ?is title1 if ! c\rt f9ds1 aft] su*  
inquiry1 t ! nature or t]ms ( ! fee     
arrangem5t = any o!r matt] influ5c$ !   
selection & ret5tion ( c\nsel 9 !       
private action aris+ "u ?is title4      
7#aa7 ,disclosures reg>d+ contributions 
,9 any private action aris+ "u ?is      
title1 ea* pla9tiff & any attorney = su*
 pla9tiff %all provide sworn            
c]tifications1 :i* %all--  7,a7 be      
p]sonally sign$ by su* pla9tiff & ea*   
su* attorney1 respectively2  7,b7 be    
fil$ ) ! compla9t2 &  7,c7 id5tify any  
contribution made dur+ ! #e-ye> p]iod   
prec$+ ! date ( fil+ ( ! compla9t by su*
 attorney1 any p]son affiliat$ ) su*    
attorney1 or any political action       
committee controll$ by su* attorney1 to 
any elect$ (ficial ) real or app>5t     
au?ority to reta9 c\nsel = su* pla9tiff 
or to select or appo9t1 influ5ce !      
selection or appo9tm5t (1 or ov]see any 

individual or gr\p ( individuals ) t    
au?ority4  4  #c4 ,selection ( lead     
c\nsel  7a7 ,securities ,ex*ange ,act ( 
#aicd ,section #ba;,d7a77#c77;,b77v7 ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #ghu-#d7;a77#c77;,b77v77 is   
am5d$ by add+ at ! end ! foll[+3 ,9     
ex]cis+ ! discretion ( ! c\rt ov] !     
approval ( lead c\nsel1 ! c\rt %all     
employ a competitive bidd+ process z "o 
( ! crit]ia 9 ! selection & ret5tion (  
c\nsel = ! mo/ adequate pla9tiff1 unless
 ! c\rt det]m9es on ! record t su* a    
process is n feasible44  7b7 ,securities
 ,act ( #aicc ,section                  
#bg7;a77#c77;,b77v7 ( ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4                 
#ggz-#a7;a77#c77;,b77v77 is am5d$ by    
add+ at ! end ! foll[+3 ,9 ex]cis+ !    
discretion ( ! c\rt ov] ! approval (    
lead c\nsel1 ! c\rt %all employ a       
competitive bidd+ process z "o ( !      
crit]ia 9 ! selection & ret5tion (      
c\nsel = ! mo/ adequate pla9tiff1 unless
 ! c\rt det]m9es on ! record t su* a    

process is n feasible44  #d4 ,/udy (    
av]age h\rly fees 9 securities class    
actions  7a7 ,/udy & review requir$ ,!  
,comptroll] ,g5]al ( ! ,unit$ ,/ates 79 
?is section ref]r$ to z ! ,comptroll]   
,g5]al7 %all conduct a /udy & review (  
fee aw>ds to lead c\nsel 9 securities   
class actions dur+ ! #g-ye> p]iod prec$+
 ! date ( enactm5t ( ?is ,act1 to       
det]m9e ! effective av]age h\rly rate = 
lead c\nsel 9 su* actions4 ,su* /udy &  
review %all also consid] lead c\nsel    
p]quisites1 includ+ travel &            
accommodation4  7b7 ,report requir$ ,n  
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,comptroll] ,g5]al %all    
submit a report to ! ,committee on      
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives on 
! results ( ! /udy & review requir$ by  
?is section4 ,! ,comptroll] ,g5]al %all 
submit an updat$ report e #c ye>s       
!reaft]4  7c7 ,def9ition ,= purposes (  
?is section1 ! t]m securities class     

action means a private class action     
aris+ "u ! ,securities ,act ( #aicc 7#ae
 ,u4,s4,c4 #gg et seq47 or ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#gh et seq47 t is br\ght z a pla9tiff   
class action pursuant to ! ,f$]al ,rules
 ( ,civil ,proc$ure4