Mutual Fund Litigation Reform Act

Bill: 115-hr-4738
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2018-01-08
Policy area: Finance and Financial Sector
Subjects: Civil actions and liability

Evidence and witnesses

Financial services and investments

Securities
Latest action: action_date: 2018-05-07
text: Placed on the Union Calendar, Calendar No. 509.

Summaries:
action_date: 2018-01-08
action_desc: Introduced in House
text: <p><b>Mutual Fund Litigation Reform Act</b></p> <p> This bill amends the Investment Company Act of 1940 to specify burden-of-proof and complaint requirements with respect to certain actions for breach of fiduciary duty.</p>

action_date: 2018-05-07
action_desc: Reported to House without amendment, Part I
text: <p><b>Mutual Fund Litigation Reform Act</b></p> <p> This bill amends the Investment Company Act of 1940 to specify burden-of-proof and complaint requirements with respect to certain actions for breach of fiduciary duty.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 4738 IN THE HOUSE OF REPRESENTATIVES January 8, 2018 Mr. Emmer introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on the Judiciary , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Investment Company Act of 1940 to provide complaint and burden of proof requirements for certain actions for breach of fiduciary duty.

1. Short title This Act may be cited as the Mutual Fund Litigation Reform Act . 2. Complaint and burden of proof requirements for certain actions for breach of fiduciary duty Section 36(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–35(b) ) is amended by adding at the end the following: (7) In any such action brought by a security holder of a registered investment company on behalf of such company— (A) the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and (B) such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence. .

tv_txt: IB Union Calendar No. 509 115th CONGRESS 2d Session H. R. 4738 [Report No. 115–662, Part I] IN THE HOUSE OF REPRESENTATIVES January 8, 2018 Mr. Emmer introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on the Judiciary , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned May 7, 2018 Reported from the Committee on Financial Services May 7, 2018 The Committee on the Judiciary discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Investment Company Act of 1940 to provide complaint and burden of proof requirements for certain actions for breach of fiduciary duty.

1. Short title This Act may be cited as the Mutual Fund Litigation Reform Act . 2. Complaint and burden of proof requirements for certain actions for breach of fiduciary duty Section 36(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–35(b) ) is amended by adding at the end the following: (7) In any such action brought by a security holder of a registered investment company on behalf of such company— (A) the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and (B) such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence. .

May 7, 2018 Reported from the Committee on Financial Services May 7, 2018 The Committee on the Judiciary discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed