Private Securities Litigation Reform Act of 1995

[AI summary unavailable — showing source text] Securities Litigation Reform Act - Amends the Securities Exchange Act of 1934, with respect to class actions, to require a court-appointed class action steering committee, composed of class members, to direct counsel for the plaintiff class (plaintiff steering committee). (Sec. 2) Prohibits the use of disgorgement funds resulting from actions brought by the Securities Exchange Commission (the Commission) to pay legal expenses incurred by private parties seeking distribution of such funds. (Sec. 3) Declares that the portion of any final judgment or settlement awarded to class plaintiffs serving as the representative parties shall be equal (on a per share basis) to the portion of the final judgment awarded to all other members of the class. Revises the guidelines for private class action suits to: (1) restrict to five the number of class actions filed by a named plaintiff during any three-year period; (2) subject a losing party litigant, if certain conditions apply, to liability for the prevailing party's legal fees; and (3) require the court to make a conflict of interest determination with respect to a plaintiff's counsel who directly owns or has a beneficial interest in the securi…