A Gift to the Trial Bar
November 13, 2009
A Wall Street Journal editorial uncovers a golden nugget for the Trial Lawyers Inc. in Senator Chris Dodd’s new financial regulatory bill.
The Dodd bill “would create new civil liability for anyone ‘aiding and abetting’ those who violate the securities law, making these new defendants just as liable as people who actually commit a fraud.” This provision “would essentially overturn the Supreme Court’s 2008 ruling in Stonebridge v. Scientific-Atlanta” and allow companies that acted legally to be sued merely for doing business with another company that committed fraud.
The most recent Quinnipiac poll shows Dodd trailing his 2010 election opponent by 11 points. According to The Center for Responsive Politics’ invaluable opensecrets.org, lawyers/law firms are the #2 contributors to Dodd’s campaign, having funneled over $1.7 million into his re-election campaign. Is this most recent sop to the trial bar a plea for more $$$? Draw your own conclusions.