Document Type

Article

Publication Date

1995

Center/Program

Center for Contract and Economic Organization

Center/Program

Center on Corporate Governance

Abstract

Much commentary about securities litigation shares the implicit premise that the Private Securities Litigation Reform Act of 1995 (Reform Act)1 is, for better or worse, a fait accompli--that is, legislation whose meaning is fixed and whose impact, while still debatable, is not contingent on future events. This Article sees it differently: the Reform Act is more like wet clay that has been shaped into an approximation of a human form by an apprentice craftsmen and has now been turned over to the master sculptor for the details that will spell the difference between high art and merely competent mediocrity. Legislation, like art, requires interpretation, and until that interpretive process is further along, the Reform Act must be regarded as still in its early formative period.

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