January 1, 1995

Congress passes the Private Securities Litigation Reform Act ("PSLRA"), calling upon institutional investors to serve as lead plaintiff in supervising securities fraud class actions.  In adopting the PSLRA, Congress emphasized that "private actions perform a critical role in preserving the integrity of our securities markets."  "Even more important to ensuring the success of our markets is investor confidence.  That confidence is maintained because investors know they have effective remedies against persons who defraud them."