California proposal raises controversy; would preclude class actions.
In 1988, three classes of investors led action suit against the Ramtek Inc. for the fraudulent sale of $ 11 million in Convertible Securities on the basis of false sales records. Investors remained empty-handed, if the company ceased to interest payments and bankruptcy. The costume was $ 2.5 million and a Securities and Exchange Commission investigation confirmed fraud.
The case illustrates why Proposition 201 is also controversial. If the proposed legislation was introduced, some lawyers say that the action would never be made.
Proposition 201, one of three initiatives to fight against the lawyer of the March 26 ballots, the number of shares of class action shareholder in the courts of California, riskier and more expensive for applicants and their lawyers.
Supporters of the law, are Silicon Valley leaders, saying most shareholders are costumes, lawyers, human rights abuse of the financial system for their own profits. These lawyers file class regularly because of action against high-tech enterprises, while their stocks, supposedly because the hidden forces of bad news. They rely on the likelihood that most companies - even if they are sure of their innocence - choose to settle rather than by costly and lengthy legal procedures.
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