211 Arguments on this page are the opinions of the authors and have not been checked for accuracy by any official agency. Proposition 211 gives senior citizens stronger legal rights to take swindlers to court and get their money back. More young families are trying to save for retirement because there is no guarantee Social Security will take care of them. Proposition 211 reduces the risk that they could lose their life savings.
Corporate executives can hide behind their corporate shield when they defraud investors.
Proposition 211 holds them personally responsible for fraud they commit. The Federal Deposit Insurance Corporation says that many banks don't even tell investors that money in mutual funds is un insured against fraud. Congress gutted the law that allowed the victims of Charles Keating's fraud to recover most of their money. Stops Frivolous Lawsuits. Big business argues that under Proposition 211 out of state lawyers will come here to file lawsuits.