Text: H.R.4738 — 115th Congress (2017-2018)All Information (Except Text)

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Reported in House (05/07/2018)

Union Calendar No. 509

115th CONGRESS
2d Session
H. R. 4738

[Report No. 115–662, Part I]


To amend the Investment Company Act of 1940 to provide complaint and burden of proof requirements for certain actions for breach of fiduciary duty.


IN THE HOUSE OF REPRESENTATIVES

January 8, 2018

Mr. Emmer introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

May 7, 2018

Reported from the Committee on Financial Services

May 7, 2018

The Committee on the Judiciary discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed


A BILL

To amend the Investment Company Act of 1940 to provide complaint and burden of proof requirements for certain actions for breach of fiduciary duty.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Mutual Fund Litigation Reform Act”.

SEC. 2. Complaint and burden of proof requirements for certain actions for breach of fiduciary duty.

Section 36(b) of the Investment Company Act of 1940 (15 U.S.C. 80a–35(b)) is amended by adding at the end the following:

“(7) In any such action brought by a security holder of a registered investment company on behalf of such company—

“(A) the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and

“(B) such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence.”.


Union Calendar No. 509

115th CONGRESS
     2d Session
H. R. 4738
[Report No. 115–662, Part I]

A BILL
To amend the Investment Company Act of 1940 to provide complaint and burden of proof requirements for certain actions for breach of fiduciary duty.

May 7, 2018
Reported from the Committee on Financial Services
May 7, 2018
The Committee on the Judiciary discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed