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House Bill 4738
115th Congress(2017-2018)
Mutual Fund Litigation Reform Act
Introduced
Introduced
Introduced in House on Jan 8, 2018
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 4738 (Introduced-in-House)


115th CONGRESS
2d Session
H. R. 4738


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

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.”.