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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 8, 2020.
Mutual Fund Litigation Reform Act
This bill specifies burden-of-proof and complaint requirements with respect to certain actions for breach of fiduciary duty against an investment adviser. Specifically, complaints must state certain facts with particularity, and a security holder has the burden of proving a breach of fiduciary duty by clear and convincing evidence.