Although Luparello's testimony was comprehensive, the overarching theme was that disparate treatment by fractured regulatory authorities fosters failed oversight. His testimony emphasized the need for "a consistent level of protection no matter which financial professionals or products [investors] choose." See his entire testimony here.
The Private Securities Litigation Reform Act of 1995 (PSLRA) establishes a
statutory scheme for the selection of a lead plaintiff in a securities
class act...
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