The idea of excusing the maker of a fraudulent statement because he " forgot " the truth seems too far out for even the most zealous advocates of ripper legislation.
22.
Most importantly, the bill raises the threshold needed to prove fraud by requiring that stockholders bringing such suits must show that the broker or company made fraudulent statements knowingly or recklessly.
23.
If the defendant had publicly made a fraudulent statement, " every " investor could sue if it could be shown that the statement affected the market as a whole.
24.
They could sue for fraud only if they could prove that they had personally read and relied on a fraudulent statement-- which not many ordinary buyers of bonds would have done.
25.
One contractor, Custer Battles, employed individuals who were found guilty of making fraudulent statements and submitting fraudulent invoices on two contracts the company had with the Coalition Provisional Authority in Iraq.
26.
Under the law as it stands today, an investor who sues for fraud must show that the defendant made a fraudulent statement " knowingly " or " recklessly ."
27.
The legislation has been opposed by trial lawyers, state regulators and consumer groups who say that the measure will leave investors with little protection against fraudulent statements by companies, accountants and brokers.
28.
The company pleaded guilty to four counts charging conspiracy, failure to notify authorities of the asbestos threat, making false and fraudulent statements, and deceiving the Enviromental Protection Agency and the National Recovery Center.
29.
Lerach says the firms settle rather than fight because they are trying to keep their " massive insider selling " and fraudulent statements under protective court order, rather then airing them in public.
30.
"He accuses them of making fraudulent statements " to investors, said Paul McGuckin, an analyst with technology research company Gartner Inc . " That's pretty serious ."
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