Securities Litigation Equity Act of 1995

[AI summary unavailable — showing source text] Securities Litigation Equity Act of 1995 - Amends the Securities Exchange Act of 1934 (the Act) to prohibit brokers, dealers, or associated persons from soliciting or accepting referral fees from an attorney for obtaining the representation of a customer in any implied private action. (Sec. 2) Prohibits, unless otherwise ordered by the court, the use of funds disgorged solely as the result of any administrative or court action brought by the Securities and Exchange Commission (SEC) to pay legal expenses incurred by private parties seeking distribution of such funds. Modifies the guidelines for class action litigation, including: (1) recovery by named plaintiffs in the same manner as all other members of the class; (2) court determination of conflicts of interest on the part of counsel with a beneficial interest in the securities that are the subject of the litigation; (3) restrictions on settlements under seal; (4) restrictions on payment of attorney's fees from settlement funds; (5) disclosure of settlement terms to class members; and (6) special verdicts. (Sec. 3) Establishes a statute of limitations period for implied private rights of action. (Sec. 4) Provides for a court-appoi…