Attorneys' Fees. Shareholder Actions. Class Actions.
Official Title and Summary
Prepared by the Attorney General
Text of Proposition
- Requires losing party to pay winning party's reasonable attorneys' fees and expe
nses in shareholder actions against corporations and in class actions based on s
ecurities law violations.
- Payment by member of losing party not required if position was substantially j
ustified and payment would be unjust. Court may require losing party's attorney
to pay.
- After hearing, court may require plaintiff to furnish bond for defendant's est
imated fees and expenses, unless plaintiff owns or traded at least 5%
of shares. Plaintiff's attorney may agree to furnish bond and pay defendant's
fees and expenses for plaintiff.
Summary of Legislative Analyst's
Estimate of Net State and Local Government Fiscal Impact:
- Adoption of this measure would have unknown, but probably not significant, fisca
l impact on state and local governments.
Analysis by the Legislative Analyst
Argument in Favor of Proposition 201
Rebuttal to Argument in Favor of Proposition 201
Rebuttal to Argument in Favor of Proposition 201
Argument Against Proposition 201
Rebuttal to Argument Against Proposition 201
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