Which of the following acts replaced joint and several liability with proportionate liability?
A) the Securities Exchange Act of 1933
B) the Securities Exchange Act of 1934
C) the Private Securities Litigation Reform Act of 1995
D) the Tax Reform Act of 1976
E) the Sarbanes Oxley Act of 2002

Question

Quizplus · Accepted Answer

The Private Securities Litigation Reform Act of 1995 replaced joint and several liability with proportionate liability in cases involving securities fraud. This means that defendants are only responsible for the portion of the damages that corresponds to their individual level of fault or responsibility, rather than being held responsible for the entire amount of the damages awarded.

Which of the Following Acts Replaced Joint and Several Liability