only be liable for the portion of the judgment that
corresponds to that party’s degree of responsibility,
as determined under subsection (c).
‘‘(2) UNCOLLECTIBLE SHARES.—If, upon mo-
tion made not later than 6 months after a final
judgment is entered, the court determines that all or
part of a defendant’s share of the obligation is
uncollectible—
‘‘(A) the remaining defendants shall be
jointly and severally liable for the uncollectible
share if the plaintiff establishes that—
‘‘(i) the plaintiff is an individual
whose recoverable damages under a final
judgment are equal to more than 10 per-
cent of the plaintiff’s net financial worth;
and
‘‘(ii) the plaintiff’s net financial worth
is less than $200,000; and
‘‘(B) the amount paid by each of the re-
maining defendants to all other plaintiffs shall
be, in total, not more than the greater of—
‘‘(i) that remaining defendant’s per-
centage of fault for the uncollectible share;
or
‘‘(ii) 5 times—
‘‘(I) the amount which the de-
fendant gained from the conduct that
gave rise to its liability; or
‘‘(II) if a defendant did not ob-
tain a direct financial gain from the
conduct that gave rise to the liability
and the conduct consisted of the pro-
vision of deficient services to an entity
involved in the violation, the defend-
ant’s gross revenues received for the
provision of all services to the other
entity involved in the violation during
the calendar years in which deficient
services were provided.
‘‘(3) OVERALL LIMIT.—In no event shall the
total payments required pursuant to paragraph (2)
exceed the amount of the uncollectible share.
‘‘(4) DEFENDANTS
SUBJECT
TO
CONTRIBU-
TION.—A defendant whose liability is reallocated
pursuant to paragraph (2) shall be subject to con-
tribution and to any continuing liability to the plain-
tiff on the judgment.
‘‘(5) RIGHT OF CONTRIBUTION.—To the extent
that a defendant is required to make an additional
payment pursuant to paragraph (2), that defendant
may recover contribution—
‘‘(A) from the defendant originally liable to
make the payment;
‘‘(B) from any defendant liable jointly and
severally pursuant to subsection (b)(1);
‘‘(C) from any defendant held proportion-
ately liable pursuant to this subsection who is
liable to make the same payment and has paid
less than his or her proportionate share of that
payment; or
‘‘(D) from any other person responsible for
the conduct giving rise to the payment who
would have been liable to make the same pay-
ment.
‘‘(e) NONDISCLOSURE TO JURY.—The standard for
allocation of damages under subsections (b)(1) and (c)
and the procedure for reallocation of uncollectible shares
under subsection (d)(2) shall not be disclosed to members
of the jury.
‘‘(f) SETTLEMENT DISCHARGE.—
‘‘(1) IN GENERAL.—A defendant who settles an
implied private action brought under this title at any
time before verdict or judgment shall be discharged
from all claims for contribution brought by other
persons. Upon entry of the settlement by the court,
the court shall enter a bar order constituting the
final discharge of all obligations to the plaintiff of
the settling defendant arising out of the action. The
order shall bar all future claims for contribution or
indemnity arising out of the action—
‘‘(A) by nonsettling persons against the
settling defendant; and
‘‘(B) by the settling defendant against any
nonsettling defendants.
‘‘(2) REDUCTION.—If a person enters into a
settlement with the plaintiff prior to verdict or judg-
ment, the verdict or judgment shall be reduced by
the greater of—
‘‘(A) an amount that corresponds to the
degree of responsibility of that person; or
‘‘(B) the amount paid to the plaintiff by
that person.
‘‘(g) CONTRIBUTION.—A person who becomes liable
for damages in an implied private action arising under this
title may recover contribution from any other person who,
if joined in the original suit, would have been liable for
the same damages. A claim for contribution shall be deter-
mined based on the degree of responsibility of the claimant
and of each person against whom a claim for contribution
is made.
‘‘(h) STATUTE
OF LIMITATIONS
FOR CONTRIBU-
TION.—Once judgment has been entered in an implied pri-
vate action arising under this title determining liability,
an action for contribution must be brought not later than
6 months after the entry of a final, nonappealable judg-
ment in the action, except that an action for contribution
brought by a defendant who was required to make an ad-
ditional payment pursuant to subsection (d)(2) may be
brought not later than 6 months after the date on which
such payment was made.’’.
(b) EFFECTIVE DATE.—Section 41 of the Securities
Exchange Act of 1934, as added by subsection (a), shall
only apply to implied private actions commenced after the
date of enactment of this Act.
SEC. 7. SAFE HARBOR FOR FORWARD-LOOKING STATE-
MENTS.
(a) CONSIDERATION OF REGULATORY OR LEGISLA-
TIVE CHANGES.—In consultation with investors and issu-
ers of securities, the Securities and Exchange Commission
shall consider adopting or amending its rules and regula-
tions, or making legislative recommendations, concern-
ing—