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A recent decline in stockholder class-action suits is more likely due to a 1995 litigation reform measure than financial and accounting requirements of the 2002 Sarbanes-Oxley Act, the drafter of the later bill told underwriters here.

Former U.S. Rep. Michael Oxley, a Republican from Ohio, said he wished he could take credit for the near historic low point for securities class actions, “but frankly I think it was the Private Securities Litigation Reform Act.”

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