Sarbanes Amendment.
To S 1620, Securities Litigation Uniform Standards Act of 1997.
Amendment and bill adopted by the Senate on May 13, 1998.
Source: Congressional Record, May 13, 1998, S4811.

The amendment is as follows:

On page 10, between lines 16 and 17, insert the following:

"(f) STATE ACTIONS.--

"(1) IN GENERAL.--Notwithstanding any other provision of this section, nothing in this section may be construed to preclude a State or political subdivision thereof or a State pension plan from bringing an action involving a covered security on its won behalf, or as a member of a class comprised solely of other States, political subdivisions, or State pension plans similarly situated.

"(2) STATE PENSION PLAN DEFINED.--For purposes of this paragraph, the term 'State pension plan' means a pension plan established and maintained for its employees by the government of the State or political subdivision thereof, or by any agency or instrumentality thereof.

On page 10, line 17 strike "(f)" and insert "(g)".

On page 15, between lines 19 and 20, insert the following:

"(5) STATE ACTIONS,--

"(A) IN GENERAL.--Notwithstanding any other provision of this subsection, nothing in this subsection may be construed to preclude a State or political subdivision thereof or a State pension plan from bringing an action involving a covered security on its own behalf, or as a member of a class comprised solely of other States, political subdivisions, or State pension plans similarly situated.

"(B) STATE PENSION PLAN DEFINED.--For purposes of this paragraph, the term 'State pension plan' means a pension plan established and maintained for its employees by the government of the State or political subdivision thereof, or by any agency or instrumentality thereof.

On page 15, line 20, strike "(5)" and insert "(6)".