senate Bill S979

2013-2014 Legislative Session

Enacts the "institutional investor recovery act"

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Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to consumer protection
Jan 09, 2013 referred to consumer protection

Co-Sponsors

S979 - Details

See Assembly Version of this Bill:
A7282
Current Committee:
Law Section:
General Business Law
Laws Affected:
Add §353-b, amd §353, Gen Bus L
Versions Introduced in 2011-2012 Legislative Session:
S4497A, A6060A

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

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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