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Catching the Culprits: Is Sarbanes-Oxley Enough

59 Pages Posted: 29 Jan 2008  

Joseph F. Morrissey

Stetson University - College of Law

Abstract

Catching the Culprits: Is Sarbanes-Oxley Enough discusses the fact that three major events occurred in the mid to late 1990s to make the securities fraud regulatory regime more lax. Those three events were: the elimination of a private right of action for aiding and abetting securities fraud, the passage of the Private Securities Litigation Reform Act of 1995 (the PSLRA) and the passage of Securities Litigation Uniform Standards Act of 1998 (the SLUSA). My conclusion is that while the Sarbanes-Oxley Act does create certain safeguards for investors, it does not undo the harm that those three events of the 1990s caused. My article argues that what is needed is for aiding and abetting liability to be revived and for the harsh anti-liability provisions of the PSLRA and the SLUSA to be rescinded.

Keywords: Sarbanes-Oxley, PSLRA, SLUSA

Suggested Citation

Morrissey, Joseph F., Catching the Culprits: Is Sarbanes-Oxley Enough. Columbia Business Law Review, Vol. 2003, No. 3, 2003. Available at SSRN: https://ssrn.com/abstract=1088009

Joseph F. Morrissey (Contact Author)

Stetson University - College of Law ( email )

1401 61st Street South
Gulfport, FL 33707
United States

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