|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to consumer protection|
|Jan 09, 2013||referred to consumer protection|
senate Bill S979
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S979 - Details
S979 - Summary
Enacts the "institutional investor recovery act"; relates to an action by certain public retirement systems or multi-employer health and welfare plans organized under the Taft-Hartley act.
S979 - Sponsor Memo
BILL NUMBER:S979 TITLE OF BILL: An act to amend the general business law, in relation to enacting the "institutional investor recovery act" PURPOSE: This bill would authorize public pension funds and Taft Hartley pension funds to bring actions for damages resulting from violations of the state's Martin Act. SUMMARY OF PROVISIONS: Section 1 names the bill the "institutional investor recovery act." Section 2 amends the general business law by adding a new section 353-b to allow public r'etirement systems and multi-employer health and welfare plans to bring an action for' damages against an entity that committed, aided or abetted or part,icipated in securities fraud under the Martin Act within six years from discovering the alleged prohibited act. Section 3 amends section 353 of the general business law to add a new subdivision 4 clarifying that nothing in the act will preempt any purchaser or seller of securities fr'om bringing any common law
S979 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 979 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. LIBOUS -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the general business law, in relation to enacting the "institutional investor recovery act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "institutional investor recovery act". S 2. The general business law is amended by adding a new section 353-b to read as follows: S 353-B. ACTION BY CERTAIN PUBLIC RETIREMENT SYSTEMS AND MULTI-EMPLOY- ER HEALTH AND WELFARE RETIREMENT PLANS ORGANIZED UNDER THE TAFT-HARTLEY ACT. (A) ANY PUBLIC RETIREMENT SYSTEM AS DEFINED IN SUBDIVISION TWEN- TY-THREE OF SECTION FIVE HUNDRED ONE OF THE RETIREMENT AND SOCIAL SECU- RITY LAW, OR ANY MULTI-EMPLOYER HEALTH AND WELFARE RETIREMENT PLAN ORGANIZED UNDER THE TAFT-HARTLEY ACT AND INCORPORATED UNDER THE LAWS OF THIS STATE OR WHICH MAINTAINS ITS PRINCIPAL PLACE OF BUSINESS IN THIS STATE, THAT IS DAMAGED IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY AS A RESULT OF THE COMMISSION OF ANY ACT PROHIBITED BY SECTION THREE HUNDRED FIFTY-TWO-C OF THIS ARTICLE, MAY BRING AN ACTION FOR DAMAGES AGAINST ANY PERSON, PARTNERSHIP, CORPORATION, COMPANY, LIMITED LIABILITY COMPANY, TRUST, OR ASSOCIATION THAT COMMITTED, AIDED OR ABET- TED OR IN ANY WAY PARTICIPATED IN THE COMMISSION OF SUCH PROHIBITED ACT. (B) NO PUBLIC RETIREMENT SYSTEM OR MULTI-EMPLOYER HEALTH AND WELFARE RETIREMENT PLANS ORGANIZED UNDER THE TAFT-HARTLEY ACT THAT HAD FEWER THAN ONE HUNDRED BENEFICIARIES AT THE TIME OF THE PURCHASE OR SALE OF THE SECURITY MAY BRING AN ACTION UNDER THIS SECTION. (C) NO SUCH ACTION MAY BE BROUGHT MORE THAN SIX YEARS FROM THE TIME THE PLAINTIFF DISCOVERED THE ALLEGEDLY PROHIBITED ACT OR COULD, WITH REASONABLE DILIGENCE, HAVE DISCOVERED IT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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