id sid tid token lemma pos cblr-1735 1 1 microsoft microsoft PROPN cblr-1735 1 2 word word NOUN cblr-1735 1 3 4_2016.1_guo_final 4_2016.1_guo_final ADJ cblr-1735 1 4 guo guo X cblr-1735 1 5 – – PUNCT cblr-1735 1 6 final final ADJ cblr-1735 1 7 credit credit NOUN cblr-1735 1 8 rating rating NOUN cblr-1735 1 9 agency agency NOUN cblr-1735 1 10 reform reform NOUN cblr-1735 1 11 : : PUNCT cblr-1735 1 12 a a DET cblr-1735 1 13 review review NOUN cblr-1735 1 14 of of ADP cblr-1735 1 15 dodd dodd PROPN cblr-1735 1 16 - - PUNCT cblr-1735 1 17 frank frank PROPN cblr-1735 1 18 section section PROPN cblr-1735 1 19 933(b 933(b PROPN cblr-1735 1 20 ) ) PUNCT cblr-1735 1 21 ’s ’s PART cblr-1735 1 22 effect effect NOUN cblr-1735 1 23 ( ( PUNCT cblr-1735 1 24 or or CCONJ cblr-1735 1 25 lack lack VERB cblr-1735 1 26 thereof thereof ADV cblr-1735 1 27 ) ) PUNCT cblr-1735 1 28 since since SCONJ cblr-1735 1 29 enactment enactment NOUN cblr-1735 1 30 carrie carrie NOUN cblr-1735 1 31 guo guo NOUN cblr-1735 1 32 credit credit NOUN cblr-1735 1 33 rating rating NOUN cblr-1735 1 34 agencies agency NOUN cblr-1735 1 35 have have AUX cblr-1735 1 36 come come VERB cblr-1735 1 37 under under ADP cblr-1735 1 38 increased increase VERB cblr-1735 1 39 scrutiny scrutiny NOUN cblr-1735 1 40 since since SCONJ cblr-1735 1 41 the the DET cblr-1735 1 42 global global ADJ cblr-1735 1 43 financial financial ADJ cblr-1735 1 44 crisis crisis NOUN cblr-1735 1 45 of of ADP cblr-1735 1 46 2007–2008 2007–2008 NUM cblr-1735 1 47 , , PUNCT cblr-1735 1 48 and and CCONJ cblr-1735 1 49 they they PRON cblr-1735 1 50 have have AUX cblr-1735 1 51 been be AUX cblr-1735 1 52 recognized recognize VERB cblr-1735 1 53 as as ADP cblr-1735 1 54 holding hold VERB cblr-1735 1 55 a a DET cblr-1735 1 56 key key ADJ cblr-1735 1 57 gatekeeping gatekeepe VERB cblr-1735 1 58 role role NOUN cblr-1735 1 59 in in ADP cblr-1735 1 60 the the DET cblr-1735 1 61 capital capital NOUN cblr-1735 1 62 markets market NOUN cblr-1735 1 63 . . PUNCT cblr-1735 2 1 as as ADP cblr-1735 2 2 such such ADJ cblr-1735 2 3 , , PUNCT cblr-1735 2 4 an an DET cblr-1735 2 5 entire entire ADJ cblr-1735 2 6 subtitle subtitle NOUN cblr-1735 2 7 of of ADP cblr-1735 2 8 the the DET cblr-1735 2 9 comprehensive comprehensive ADJ cblr-1735 2 10 dodd dodd PROPN cblr-1735 2 11 - - PUNCT cblr-1735 2 12 frank frank PROPN cblr-1735 2 13 act act PROPN cblr-1735 2 14 — — PUNCT cblr-1735 2 15 subtitle subtitle NOUN cblr-1735 2 16 c c PROPN cblr-1735 2 17 of of ADP cblr-1735 2 18 title title NOUN cblr-1735 2 19 ix ix ADV cblr-1735 2 20 — — PUNCT cblr-1735 2 21 is be AUX cblr-1735 2 22 dedicated dedicate VERB cblr-1735 2 23 to to ADP cblr-1735 2 24 rating rate VERB cblr-1735 2 25 agency agency NOUN cblr-1735 2 26 reform reform NOUN cblr-1735 2 27 . . PUNCT cblr-1735 3 1 in in ADP cblr-1735 3 2 particular particular ADJ cblr-1735 3 3 , , PUNCT cblr-1735 3 4 given give VERB cblr-1735 3 5 the the DET cblr-1735 3 6 importance importance NOUN cblr-1735 3 7 of of ADP cblr-1735 3 8 private private ADJ cblr-1735 3 9 enforcement enforcement NOUN cblr-1735 3 10 in in ADP cblr-1735 3 11 the the DET cblr-1735 3 12 overall overall ADJ cblr-1735 3 13 regulatory regulatory ADJ cblr-1735 3 14 framework framework NOUN cblr-1735 3 15 , , PUNCT cblr-1735 3 16 the the DET cblr-1735 3 17 language language NOUN cblr-1735 3 18 of of ADP cblr-1735 3 19 section section NOUN cblr-1735 3 20 933(b 933(b PROPN cblr-1735 3 21 ) ) PUNCT cblr-1735 3 22 is be AUX cblr-1735 3 23 especially especially ADV cblr-1735 3 24 promising promising ADJ cblr-1735 3 25 , , PUNCT cblr-1735 3 26 as as SCONJ cblr-1735 3 27 it it PRON cblr-1735 3 28 relaxes relax VERB cblr-1735 3 29 the the DET cblr-1735 3 30 scienter scienter NOUN cblr-1735 3 31 requirement requirement NOUN cblr-1735 3 32 for for ADP cblr-1735 3 33 complaints complaint NOUN cblr-1735 3 34 filed file VERB cblr-1735 3 35 as as ADP cblr-1735 3 36 part part NOUN cblr-1735 3 37 of of ADP cblr-1735 3 38 private private ADJ cblr-1735 3 39 class class NOUN cblr-1735 3 40 action action NOUN cblr-1735 3 41 suits suit NOUN cblr-1735 3 42 against against ADP cblr-1735 3 43 rating rating NOUN cblr-1735 3 44 agency agency NOUN cblr-1735 3 45 defendants defendant NOUN cblr-1735 3 46 . . PUNCT cblr-1735 4 1 indeed indeed ADV cblr-1735 4 2 , , PUNCT cblr-1735 4 3 that that DET cblr-1735 4 4 section section NOUN cblr-1735 4 5 received receive VERB cblr-1735 4 6 specific specific ADJ cblr-1735 4 7 attention attention NOUN cblr-1735 4 8 immediately immediately ADV cblr-1735 4 9 following follow VERB cblr-1735 4 10 the the DET cblr-1735 4 11 passage passage NOUN cblr-1735 4 12 of of ADP cblr-1735 4 13 the the DET cblr-1735 4 14 dodd dodd PROPN cblr-1735 4 15 - - PUNCT cblr-1735 4 16 frank frank PROPN cblr-1735 4 17 act act NOUN cblr-1735 4 18 for for ADP cblr-1735 4 19 its its PRON cblr-1735 4 20 potential potential NOUN cblr-1735 4 21 to to PART cblr-1735 4 22 effect effect VERB cblr-1735 4 23 reform reform NOUN cblr-1735 4 24 . . PUNCT cblr-1735 5 1 using use VERB cblr-1735 5 2 a a DET cblr-1735 5 3 framework framework NOUN cblr-1735 5 4 of of ADP cblr-1735 5 5 policy policy NOUN cblr-1735 5 6 and and CCONJ cblr-1735 5 7 economic economic ADJ cblr-1735 5 8 considerations consideration NOUN cblr-1735 5 9 , , PUNCT cblr-1735 5 10 this this DET cblr-1735 5 11 note note NOUN cblr-1735 5 12 analyzes analyze VERB cblr-1735 5 13 the the DET cblr-1735 5 14 theoretical theoretical ADJ cblr-1735 5 15 effectiveness effectiveness NOUN cblr-1735 5 16 of of ADP cblr-1735 5 17 dodd dodd PROPN cblr-1735 5 18 - - PUNCT cblr-1735 5 19 frank frank PROPN cblr-1735 5 20 section section PROPN cblr-1735 5 21 933(b 933(b PROPN cblr-1735 5 22 ) ) PUNCT cblr-1735 5 23 in in ADP cblr-1735 5 24 comparison comparison NOUN cblr-1735 5 25 with with ADP cblr-1735 5 26 its its PRON cblr-1735 5 27 actual actual ADJ cblr-1735 5 28 effect effect NOUN cblr-1735 5 29 since since SCONJ cblr-1735 5 30 enactment enactment NOUN cblr-1735 5 31 . . PUNCT cblr-1735 6 1 the the DET cblr-1735 6 2 discussion discussion NOUN cblr-1735 6 3 explores explore VERB cblr-1735 6 4 potential potential ADJ cblr-1735 6 5 explanations explanation NOUN cblr-1735 6 6 , , PUNCT cblr-1735 6 7 both both PRON cblr-1735 6 8 intrinsic intrinsic ADJ cblr-1735 6 9 and and CCONJ cblr-1735 6 10 extrinsic extrinsic ADJ cblr-1735 6 11 to to ADP cblr-1735 6 12 the the DET cblr-1735 6 13 legal legal ADJ cblr-1735 6 14 system system NOUN cblr-1735 6 15 , , PUNCT cblr-1735 6 16 for for ADP cblr-1735 6 17 why why SCONJ cblr-1735 6 18 the the DET cblr-1735 6 19 observed observed ADJ cblr-1735 6 20 effect effect NOUN cblr-1735 6 21 of of ADP cblr-1735 6 22 the the DET cblr-1735 6 23 provision provision NOUN cblr-1735 6 24 has have AUX cblr-1735 6 25 thus thus ADV cblr-1735 6 26 far far ADV cblr-1735 6 27 fallen fall VERB cblr-1735 6 28 short short ADV cblr-1735 6 29 of of ADP cblr-1735 6 30 expectations expectation NOUN cblr-1735 6 31 . . PUNCT cblr-1735 7 1 the the DET cblr-1735 7 2 analysis analysis NOUN cblr-1735 7 3 suggests suggest VERB cblr-1735 7 4 that that SCONJ cblr-1735 7 5 rating rating NOUN cblr-1735 7 6 agencies agency NOUN cblr-1735 7 7 have have AUX cblr-1735 7 8 reacted react VERB cblr-1735 7 9 to to ADP cblr-1735 7 10 section section NOUN cblr-1735 7 11 933(b 933(b PROPN cblr-1735 7 12 ) ) PUNCT cblr-1735 7 13 by by ADP cblr-1735 7 14 adopting adopt VERB cblr-1735 7 15 generic generic ADJ cblr-1735 7 16 provisions provision NOUN cblr-1735 7 17 in in ADP cblr-1735 7 18 their their PRON cblr-1735 7 19 respective respective ADJ cblr-1735 7 20 codes code NOUN cblr-1735 7 21 of of ADP cblr-1735 7 22 conduct conduct NOUN cblr-1735 7 23 stipulating stipulate VERB cblr-1735 7 24 compliance compliance NOUN cblr-1735 7 25 , , PUNCT cblr-1735 7 26 greatly greatly ADV cblr-1735 7 27 decreasing decrease VERB cblr-1735 7 28 the the DET cblr-1735 7 29 efficacy efficacy NOUN cblr-1735 7 30 of of ADP cblr-1735 7 31 the the DET cblr-1735 7 32 provision provision NOUN cblr-1735 7 33 in in ADP cblr-1735 7 34 private private ADJ cblr-1735 7 35 securities security NOUN cblr-1735 7 36 litigation litigation NOUN cblr-1735 7 37 in in ADP cblr-1735 7 38 light light NOUN cblr-1735 7 39 of of ADP cblr-1735 7 40 pleadings pleading NOUN cblr-1735 7 41 standards standard NOUN cblr-1735 7 42 that that PRON cblr-1735 7 43 have have VERB cblr-1735 7 44   PROPN cblr-1735 7 45 j.d j.d PROPN cblr-1735 7 46 . . PROPN cblr-1735 7 47 candidate candidate PROPN cblr-1735 7 48 2016 2016 NUM cblr-1735 7 49 , , PUNCT cblr-1735 7 50 columbia columbia PROPN cblr-1735 7 51 law law PROPN cblr-1735 7 52 school school NOUN cblr-1735 7 53 ; ; PUNCT cblr-1735 7 54 b.com b.com X cblr-1735 7 55 . . PROPN cblr-1735 7 56 2013 2013 NUM cblr-1735 7 57 , , PUNCT cblr-1735 7 58 university university NOUN cblr-1735 7 59 of of ADP cblr-1735 7 60 toronto toronto PROPN cblr-1735 7 61 . . PUNCT cblr-1735 8 1 many many ADJ cblr-1735 8 2 thanks thank NOUN cblr-1735 8 3 to to ADP cblr-1735 8 4 melanie melanie PROPN cblr-1735 8 5 grindle grindle PROPN cblr-1735 8 6 , , PUNCT cblr-1735 8 7 ray ray PROPN cblr-1735 8 8 koh koh PROPN cblr-1735 8 9 , , PUNCT cblr-1735 8 10 and and CCONJ cblr-1735 8 11 the the DET cblr-1735 8 12 terrific terrific ADJ cblr-1735 8 13 staff staff NOUN cblr-1735 8 14 and and CCONJ cblr-1735 8 15 editorial editorial NOUN cblr-1735 8 16 board board NOUN cblr-1735 8 17 of of ADP cblr-1735 8 18 the the DET cblr-1735 8 19 columbia columbia PROPN cblr-1735 8 20 business business PROPN cblr-1735 8 21 law law PROPN cblr-1735 8 22 review review NOUN cblr-1735 8 23 for for ADP cblr-1735 8 24 their their PRON cblr-1735 8 25 invaluable invaluable ADJ cblr-1735 8 26 guidance guidance NOUN cblr-1735 8 27 and and CCONJ cblr-1735 8 28 hard hard ADJ cblr-1735 8 29 work work NOUN cblr-1735 8 30 in in ADP cblr-1735 8 31 preparing prepare VERB cblr-1735 8 32 this this DET cblr-1735 8 33 note note NOUN cblr-1735 8 34 for for ADP cblr-1735 8 35 publication publication NOUN cblr-1735 8 36 . . PUNCT cblr-1735 9 1 additional additional ADJ cblr-1735 9 2 thanks thank NOUN cblr-1735 9 3 to to ADP cblr-1735 9 4 professor professor PROPN cblr-1735 9 5 merritt merritt PROPN cblr-1735 9 6 fox fox PROPN cblr-1735 9 7 for for ADP cblr-1735 9 8 his his PRON cblr-1735 9 9 initial initial ADJ cblr-1735 9 10 research research NOUN cblr-1735 9 11 advice advice NOUN cblr-1735 9 12 and and CCONJ cblr-1735 9 13 to to ADP cblr-1735 9 14 pei pei PROPN cblr-1735 9 15 , , PUNCT cblr-1735 9 16 jack jack PROPN cblr-1735 9 17 , , PUNCT cblr-1735 9 18 jessica jessica PROPN cblr-1735 9 19 , , PUNCT cblr-1735 9 20 and and CCONJ cblr-1735 9 21 haonan haonan NOUN cblr-1735 9 22 for for ADP cblr-1735 9 23 their their PRON cblr-1735 9 24 constant constant ADJ cblr-1735 9 25 love love NOUN cblr-1735 9 26 and and CCONJ cblr-1735 9 27 support support NOUN cblr-1735 9 28 . . PUNCT cblr-1735 10 1 guo guo PROPN cblr-1735 10 2 – – PUNCT cblr-1735 10 3 final final ADJ cblr-1735 10 4 no no NOUN cblr-1735 10 5 . . PUNCT cblr-1735 11 1 1:184 1:184 NUM cblr-1735 11 2 ] ] PUNCT cblr-1735 11 3 credit credit NOUN cblr-1735 11 4 rating rating NOUN cblr-1735 11 5 agency agency NOUN cblr-1735 11 6 reform reform NOUN cblr-1735 11 7 185 185 NUM cblr-1735 11 8 become become VERB cblr-1735 11 9 increasingly increasingly ADV cblr-1735 11 10 stringent stringent ADJ cblr-1735 11 11 over over ADP cblr-1735 11 12 the the DET cblr-1735 11 13 past past ADJ cblr-1735 11 14 decade decade NOUN cblr-1735 11 15 . . PUNCT cblr-1735 12 1 the the DET cblr-1735 12 2 note note NOUN cblr-1735 12 3 concludes conclude VERB cblr-1735 12 4 by by ADP cblr-1735 12 5 proposing propose VERB cblr-1735 12 6 potential potential ADJ cblr-1735 12 7 solutions solution NOUN cblr-1735 12 8 to to ADP cblr-1735 12 9 this this DET cblr-1735 12 10 inefficacy inefficacy NOUN cblr-1735 12 11 . . PUNCT cblr-1735 13 1 i. i. PROPN cblr-1735 13 2     SPACE cblr-1735 13 3 introduction introduction NOUN cblr-1735 13 4 ................................................................ ................................................................ PUNCT cblr-1735 13 5 186 186 NUM cblr-1735 13 6     SPACE cblr-1735 13 7 ii ii NOUN cblr-1735 13 8 . . PUNCT cblr-1735 13 9     SPACE cblr-1735 13 10 credit credit NOUN cblr-1735 13 11 rating rating NOUN cblr-1735 13 12 agencies agency NOUN cblr-1735 13 13 as as ADP cblr-1735 13 14 gatekeepers gatekeeper NOUN cblr-1735 13 15 .................... .................... PUNCT cblr-1735 13 16 188 188 NUM cblr-1735 13 17     SPACE cblr-1735 13 18 a. a. NOUN cblr-1735 13 19     SPACE cblr-1735 13 20 essential essential ADJ cblr-1735 13 21 function function NOUN cblr-1735 13 22 : : PUNCT cblr-1735 13 23 information information NOUN cblr-1735 13 24 cost cost NOUN cblr-1735 13 25 reduction reduction NOUN cblr-1735 13 26 ............................................................. ............................................................. PUNCT cblr-1735 14 1 188 188 NUM cblr-1735 14 2     SPACE cblr-1735 14 3 b. b. NOUN cblr-1735 14 4     SPACE cblr-1735 14 5 effect effect NOUN cblr-1735 14 6 on on ADP cblr-1735 14 7 systemic systemic ADJ cblr-1735 14 8 risk risk NOUN cblr-1735 14 9 and and CCONJ cblr-1735 14 10 role role NOUN cblr-1735 14 11 in in ADP cblr-1735 14 12 the the DET cblr-1735 14 13 recent recent ADJ cblr-1735 14 14 financial financial ADJ cblr-1735 14 15 crisis crisis NOUN cblr-1735 14 16 .................................................... .................................................... PUNCT cblr-1735 14 17 189 189 NUM cblr-1735 14 18     SPACE cblr-1735 14 19 c. c. NOUN cblr-1735 14 20     SPACE cblr-1735 14 21 proposed propose VERB cblr-1735 14 22 and and CCONJ cblr-1735 14 23 adopted adopt VERB cblr-1735 14 24 solutions solution NOUN cblr-1735 14 25 ........................ ........................ PUNCT cblr-1735 15 1 193 193 NUM cblr-1735 15 2     SPACE cblr-1735 15 3 1 1 NUM cblr-1735 15 4 . . PUNCT cblr-1735 15 5     SPACE cblr-1735 15 6 enhanced enhance VERB cblr-1735 15 7 competition competition NOUN cblr-1735 15 8 ................................... ................................... PUNCT cblr-1735 16 1 194 194 NUM cblr-1735 16 2     SPACE cblr-1735 16 3 2 2 NUM cblr-1735 16 4 . . PUNCT cblr-1735 16 5     SPACE cblr-1735 16 6 stricter strict ADJ cblr-1735 16 7 liability liability NOUN cblr-1735 16 8 scheme scheme NOUN cblr-1735 16 9 ............................... ............................... PUNCT cblr-1735 17 1 196 196 NUM cblr-1735 17 2     SPACE cblr-1735 17 3 3 3 NUM cblr-1735 17 4 . . PUNCT cblr-1735 17 5     SPACE cblr-1735 17 6 increased increase VERB cblr-1735 17 7 monitoring monitoring NOUN cblr-1735 17 8 ..................................... ..................................... PUNCT cblr-1735 18 1 197 197 NUM cblr-1735 18 2     SPACE cblr-1735 18 3 4 4 NUM cblr-1735 18 4 . . PUNCT cblr-1735 18 5     SPACE cblr-1735 18 6 mitigation mitigation NOUN cblr-1735 18 7 of of ADP cblr-1735 18 8 conflicts conflict NOUN cblr-1735 18 9 of of ADP cblr-1735 18 10 interest interest NOUN cblr-1735 18 11 ................. ................. PUNCT cblr-1735 19 1 198 198 NUM cblr-1735 19 2     SPACE cblr-1735 19 3 5 5 NUM cblr-1735 19 4 . . PUNCT cblr-1735 19 5     SPACE cblr-1735 19 6 summary summary NOUN cblr-1735 19 7 ......................................................... ......................................................... PUNCT cblr-1735 19 8 199 199 NUM cblr-1735 19 9     SPACE cblr-1735 19 10 iii iii NOUN cblr-1735 19 11 . . PUNCT cblr-1735 19 12     SPACE cblr-1735 19 13 significance significance NOUN cblr-1735 19 14 of of ADP cblr-1735 19 15 private private ADJ cblr-1735 19 16 securities security NOUN cblr-1735 19 17 litigation litigation NOUN cblr-1735 19 18 ............ ............ PUNCT cblr-1735 20 1 200 200 NUM cblr-1735 20 2     SPACE cblr-1735 20 3 a. a. NOUN cblr-1735 20 4     SPACE cblr-1735 20 5 policy policy NOUN cblr-1735 20 6 considerations consideration NOUN cblr-1735 20 7 regarding regard VERB cblr-1735 20 8 the the DET cblr-1735 20 9 implied imply VERB cblr-1735 20 10 private private ADJ cblr-1735 20 11 right right NOUN cblr-1735 20 12 of of ADP cblr-1735 20 13 action action NOUN cblr-1735 20 14 ........................................ ........................................ PUNCT cblr-1735 20 15 200 200 NUM cblr-1735 20 16     SPACE cblr-1735 20 17 b. b. NOUN cblr-1735 20 18     SPACE cblr-1735 20 19 history history NOUN cblr-1735 20 20 of of ADP cblr-1735 20 21 the the DET cblr-1735 20 22 pslra pslra NOUN cblr-1735 20 23 .......................................... .......................................... PUNCT cblr-1735 20 24 203 203 NUM cblr-1735 20 25     SPACE cblr-1735 20 26 iv iv NUM cblr-1735 20 27 . . PUNCT cblr-1735 20 28     SPACE cblr-1735 20 29 case case NOUN cblr-1735 20 30 discussion discussion NOUN cblr-1735 20 31 and and CCONJ cblr-1735 20 32 analysis analysis NOUN cblr-1735 20 33 of of ADP cblr-1735 20 34 section section NOUN cblr-1735 20 35 933(b 933(b PROPN cblr-1735 20 36 ) ) PUNCT cblr-1735 20 37 ’s ’s PART cblr-1735 20 38 effectiveness effectiveness NOUN cblr-1735 20 39 ............................................................... ............................................................... PUNCT cblr-1735 20 40 205 205 NUM cblr-1735 20 41     SPACE cblr-1735 20 42 a. a. NOUN cblr-1735 20 43     SPACE cblr-1735 20 44 private private ADJ cblr-1735 20 45 actions action NOUN cblr-1735 20 46 against against ADP cblr-1735 20 47 cras cras PROPN cblr-1735 20 48 prior prior ADV cblr-1735 20 49 to to ADP cblr-1735 20 50 doddfrank doddfrank PROPN cblr-1735 20 51 ’s ’s PART cblr-1735 20 52 enactment enactment NOUN cblr-1735 20 53 .............................................. .............................................. PUNCT cblr-1735 20 54 206 206 NUM cblr-1735 20 55     SPACE cblr-1735 20 56 1 1 NUM cblr-1735 20 57 . . PUNCT cblr-1735 20 58     SPACE cblr-1735 20 59 in in ADP cblr-1735 20 60 re re PROPN cblr-1735 20 61 national national ADJ cblr-1735 20 62 century century NOUN cblr-1735 20 63 financial financial ADJ cblr-1735 20 64 enterprises enterprise NOUN cblr-1735 20 65 , , PUNCT cblr-1735 20 66 inc inc PROPN cblr-1735 20 67 . . PROPN cblr-1735 20 68 , , PUNCT cblr-1735 20 69 investment investment NOUN cblr-1735 20 70 litigation litigation NOUN cblr-1735 20 71 ........ ........ PUNCT cblr-1735 21 1 206 206 NUM cblr-1735 21 2     SPACE cblr-1735 21 3 2 2 NUM cblr-1735 21 4 . . PUNCT cblr-1735 21 5     SPACE cblr-1735 21 6 in in ADP cblr-1735 21 7 re re PROPN cblr-1735 21 8 moody moody PROPN cblr-1735 21 9 ’s ’s PART cblr-1735 21 10 corp corp PROPN cblr-1735 21 11 . . PROPN cblr-1735 21 12 securities securities PROPN cblr-1735 21 13 litigation litigation PROPN cblr-1735 21 14 ...... ...... PUNCT cblr-1735 21 15 207 207 NUM cblr-1735 21 16     SPACE cblr-1735 21 17 b. b. NOUN cblr-1735 21 18     SPACE cblr-1735 21 19 private private ADJ cblr-1735 21 20 actions action NOUN cblr-1735 21 21 against against ADP cblr-1735 21 22 cras cras PROPN cblr-1735 21 23 since since SCONJ cblr-1735 21 24 doddfrank doddfrank PROPN cblr-1735 21 25 ’s ’s PART cblr-1735 21 26 enactment enactment NOUN cblr-1735 21 27 .............................................. .............................................. PUNCT cblr-1735 21 28 208 208 NUM cblr-1735 21 29     SPACE cblr-1735 21 30 c. c. NOUN cblr-1735 21 31     SPACE cblr-1735 21 32 inquiry inquiry NOUN cblr-1735 21 33 into into ADP cblr-1735 21 34 changes change NOUN cblr-1735 21 35 in in ADP cblr-1735 21 36 cra cra PROPN cblr-1735 21 37 best good ADJ cblr-1735 21 38 practices practice NOUN cblr-1735 21 39 since since SCONJ cblr-1735 21 40 dodd dodd PROPN cblr-1735 21 41 - - PUNCT cblr-1735 21 42 frank frank PROPN cblr-1735 21 43 ’s ’s PART cblr-1735 21 44 enactment enactment NOUN cblr-1735 21 45 .......................... .......................... PUNCT cblr-1735 22 1 209 209 NUM cblr-1735 22 2     SPACE cblr-1735 22 3 v. v. ADP cblr-1735 22 4     SPACE cblr-1735 22 5 possible possible ADJ cblr-1735 22 6 explanations explanation NOUN cblr-1735 22 7 of of ADP cblr-1735 22 8 section section NOUN cblr-1735 22 9 933(b 933(b PROPN cblr-1735 22 10 ) ) PUNCT cblr-1735 22 11 ’s ’s PART cblr-1735 22 12 perceived perceive VERB cblr-1735 22 13 ineffectiveness ineffectiveness NOUN cblr-1735 22 14 ............................................................ ............................................................ PUNCT cblr-1735 22 15 211 211 NUM cblr-1735 22 16     SPACE cblr-1735 22 17 a. a. NOUN cblr-1735 22 18     SPACE cblr-1735 22 19 reduced reduce VERB cblr-1735 22 20 efficacy efficacy NOUN cblr-1735 22 21 of of ADP cblr-1735 22 22 10b-5 10b-5 NUM cblr-1735 22 23 litigation litigation NOUN cblr-1735 22 24 .................. .................. PUNCT cblr-1735 22 25 211 211 NUM cblr-1735 22 26     SPACE cblr-1735 22 27 b. b. NOUN cblr-1735 22 28     SPACE cblr-1735 22 29 boilerplate boilerplate ADJ cblr-1735 22 30 assertions assertion NOUN cblr-1735 22 31 by by ADP cblr-1735 22 32 cras cra NOUN cblr-1735 22 33 in in ADP cblr-1735 22 34 their their PRON cblr-1735 22 35 respective respective ADJ cblr-1735 22 36 codes code NOUN cblr-1735 22 37 of of ADP cblr-1735 22 38 conduct conduct NOUN cblr-1735 22 39 ............................... ............................... PUNCT cblr-1735 22 40 212 212 NUM cblr-1735 22 41     SPACE cblr-1735 22 42 c. c. NOUN cblr-1735 22 43     SPACE cblr-1735 22 44 potential potential ADJ cblr-1735 22 45 non non ADJ cblr-1735 22 46 - - ADJ cblr-1735 22 47 judicial judicial ADJ cblr-1735 22 48 reasons reason NOUN cblr-1735 22 49 for for ADP cblr-1735 22 50 perceived perceive VERB cblr-1735 22 51 ineffectiveness ineffectiveness NOUN cblr-1735 22 52 ..................................................... ..................................................... PUNCT cblr-1735 22 53 213 213 NUM cblr-1735 22 54     SPACE cblr-1735 22 55 1 1 NUM cblr-1735 22 56 . . PUNCT cblr-1735 22 57     SPACE cblr-1735 22 58 out out ADP cblr-1735 22 59 - - PUNCT cblr-1735 22 60 of of ADP cblr-1735 22 61 - - PUNCT cblr-1735 22 62 court court NOUN cblr-1735 22 63 settlements settlement NOUN cblr-1735 22 64 ............................... ............................... PUNCT cblr-1735 23 1 214 214 NUM cblr-1735 23 2     SPACE cblr-1735 23 3 guo guo X cblr-1735 23 4 – – PUNCT cblr-1735 23 5 final final ADJ cblr-1735 23 6 186 186 NUM cblr-1735 23 7 columbia columbia PROPN cblr-1735 23 8 business business NOUN cblr-1735 23 9 law law PROPN cblr-1735 23 10 review review NOUN cblr-1735 23 11 [ [ X cblr-1735 23 12 vol vol NOUN cblr-1735 23 13 . . PUNCT cblr-1735 23 14 2016 2016 NUM cblr-1735 23 15 2 2 NUM cblr-1735 23 16 . . PUNCT cblr-1735 23 17     SPACE cblr-1735 23 18 changes change NOUN cblr-1735 23 19 in in ADP cblr-1735 23 20 underlying underlie VERB cblr-1735 23 21 ratings rating NOUN cblr-1735 23 22 methodology methodology NOUN cblr-1735 23 23 .................................................... .................................................... PUNCT cblr-1735 24 1 214 214 NUM cblr-1735 24 2     SPACE cblr-1735 24 3 3 3 NUM cblr-1735 24 4 . . PUNCT cblr-1735 24 5     SPACE cblr-1735 24 6 countercyclical countercyclical ADJ cblr-1735 24 7 applicability applicability NOUN cblr-1735 24 8 of of ADP cblr-1735 24 9 cra cra PROPN cblr-1735 24 10 reform reform NOUN cblr-1735 24 11 ............................................................. ............................................................. PUNCT cblr-1735 25 1 215 215 NUM cblr-1735 25 2     SPACE cblr-1735 25 3 vi vi NUM cblr-1735 25 4 . . PUNCT cblr-1735 25 5     SPACE cblr-1735 25 6 conclusion conclusion NOUN cblr-1735 25 7 ................................................................. ................................................................. PUNCT cblr-1735 25 8 216 216 NUM cblr-1735 25 9     SPACE cblr-1735 25 10 i. i. NOUN cblr-1735 25 11 introduction introduction NOUN cblr-1735 25 12 the the DET cblr-1735 25 13 dodd dodd PROPN cblr-1735 25 14 - - PUNCT cblr-1735 25 15 frank frank PROPN cblr-1735 25 16 wall wall PROPN cblr-1735 25 17 street street PROPN cblr-1735 25 18 reform reform PROPN cblr-1735 25 19 and and CCONJ cblr-1735 25 20 consumer consumer NOUN cblr-1735 25 21 protection protection NOUN cblr-1735 25 22 act act NOUN cblr-1735 25 23 ( ( PUNCT cblr-1735 25 24 “ " PUNCT cblr-1735 25 25 dodd dodd PROPN cblr-1735 25 26 - - PUNCT cblr-1735 25 27 frank frank PROPN cblr-1735 25 28 ” " PUNCT cblr-1735 25 29 or or CCONJ cblr-1735 25 30 the the DET cblr-1735 25 31 “ " PUNCT cblr-1735 25 32 dodd dodd PROPN cblr-1735 25 33 - - PUNCT cblr-1735 25 34 frank frank PROPN cblr-1735 25 35 act act PROPN cblr-1735 25 36 ” " PUNCT cblr-1735 25 37 ) ) PUNCT cblr-1735 25 38 includes include VERB cblr-1735 25 39 a a DET cblr-1735 25 40 number number NOUN cblr-1735 25 41 of of ADP cblr-1735 25 42 reform reform NOUN cblr-1735 25 43 provisions provision NOUN cblr-1735 25 44 in in ADP cblr-1735 25 45 title title NOUN cblr-1735 25 46 ix ix ADV cblr-1735 25 47 , , PUNCT cblr-1735 25 48 subtitle subtitle PROPN cblr-1735 25 49 c c PROPN cblr-1735 25 50 targeted target VERB cblr-1735 25 51 at at ADP cblr-1735 25 52 credit credit NOUN cblr-1735 25 53 rating rating NOUN cblr-1735 25 54 agencies agency NOUN cblr-1735 25 55 ( ( PUNCT cblr-1735 25 56 “ " PUNCT cblr-1735 25 57 cras”).1 cras”).1 X cblr-1735 25 58 among among ADP cblr-1735 25 59 the the DET cblr-1735 25 60 most most ADV cblr-1735 25 61 notable notable ADJ cblr-1735 25 62 is be AUX cblr-1735 25 63 the the DET cblr-1735 25 64 provision provision NOUN cblr-1735 25 65 relaxing relax VERB cblr-1735 25 66 the the DET cblr-1735 25 67 scienter scienter NOUN cblr-1735 25 68 requirement requirement NOUN cblr-1735 25 69 for for ADP cblr-1735 25 70 private private ADJ cblr-1735 25 71 class class NOUN cblr-1735 25 72 action action NOUN cblr-1735 25 73 suits suit NOUN cblr-1735 25 74 against against ADP cblr-1735 25 75 credit credit NOUN cblr-1735 25 76 rating rating NOUN cblr-1735 25 77 agencies agency NOUN cblr-1735 25 78 : : PUNCT cblr-1735 25 79 section section NOUN cblr-1735 25 80 933(b 933(b PROPN cblr-1735 25 81 ) ) PUNCT cblr-1735 25 82 of of ADP cblr-1735 25 83 dodd dodd PROPN cblr-1735 25 84 - - PUNCT cblr-1735 25 85 frank frank PROPN cblr-1735 25 86 ( ( PUNCT cblr-1735 25 87 “ " PUNCT cblr-1735 25 88 section section NOUN cblr-1735 25 89 933(b)”).2 933(b)”).2 PROPN cblr-1735 25 90 this this DET cblr-1735 25 91 provision provision NOUN cblr-1735 25 92 exposes expose VERB cblr-1735 25 93 rating rating NOUN cblr-1735 25 94 agencies agency NOUN cblr-1735 25 95 to to PART cblr-1735 25 96 discovery discovery VERB cblr-1735 25 97 requests request NOUN cblr-1735 25 98 by by ADP cblr-1735 25 99 private private ADJ cblr-1735 25 100 plaintiffs plaintiff NOUN cblr-1735 25 101 , , PUNCT cblr-1735 25 102 unless unless SCONJ cblr-1735 25 103 the the DET cblr-1735 25 104 rating rating NOUN cblr-1735 25 105 agency agency NOUN cblr-1735 25 106 can can AUX cblr-1735 25 107 show show VERB cblr-1735 25 108 in in ADP cblr-1735 25 109 its its PRON cblr-1735 25 110 motion motion NOUN cblr-1735 25 111 to to PART cblr-1735 25 112 dismiss dismiss VERB cblr-1735 25 113 that that SCONJ cblr-1735 25 114 plaintiffs plaintiff NOUN cblr-1735 25 115 were be AUX cblr-1735 25 116 unable unable ADJ cblr-1735 25 117 to to PART cblr-1735 25 118 state state VERB cblr-1735 25 119 with with ADP cblr-1735 25 120 particularity particularity NOUN cblr-1735 25 121 facts fact NOUN cblr-1735 25 122 giving give VERB cblr-1735 25 123 rise rise NOUN cblr-1735 25 124 to to ADP cblr-1735 25 125 a a DET cblr-1735 25 126 strong strong ADJ cblr-1735 25 127 inference inference NOUN cblr-1735 25 128 that that PRON cblr-1735 25 129 the the DET cblr-1735 25 130 credit credit NOUN cblr-1735 25 131 rating rating NOUN cblr-1735 25 132 agency agency NOUN cblr-1735 25 133 knowingly knowingly ADV cblr-1735 25 134 or or CCONJ cblr-1735 25 135 recklessly recklessly ADV cblr-1735 25 136 failed fail VERB cblr-1735 25 137 . . PUNCT cblr-1735 25 138 . . PUNCT cblr-1735 25 139 . . PUNCT cblr-1735 26 1 to to PART cblr-1735 26 2 conduct conduct VERB cblr-1735 26 3 a a DET cblr-1735 26 4 reasonable reasonable ADJ cblr-1735 26 5 investigation investigation NOUN cblr-1735 26 6 of of ADP cblr-1735 26 7 the the DET cblr-1735 26 8 rated rate VERB cblr-1735 26 9 security security NOUN cblr-1735 26 10 . . PUNCT cblr-1735 27 1 . . PUNCT cblr-1735 28 1 . . PUNCT cblr-1735 29 1 or or CCONJ cblr-1735 29 2 . . PUNCT cblr-1735 29 3 . . PUNCT cblr-1735 30 1 . . PUNCT cblr-1735 31 1 to to PART cblr-1735 31 2 obtain obtain VERB cblr-1735 31 3 reasonable reasonable ADJ cblr-1735 31 4 verification verification NOUN cblr-1735 31 5 . . PUNCT cblr-1735 31 6 . . PUNCT cblr-1735 32 1 . . PUNCT cblr-1735 33 1 from from ADP cblr-1735 33 2 other other ADJ cblr-1735 33 3 sources source NOUN cblr-1735 33 4 . . PUNCT cblr-1735 33 5 . . PUNCT cblr-1735 33 6 . . PUNCT cblr-1735 34 1 that that PRON cblr-1735 34 2 were be AUX cblr-1735 34 3 independent independent ADJ cblr-1735 34 4 of of ADP cblr-1735 34 5 the the DET cblr-1735 34 6 issue issue NOUN cblr-1735 34 7 and and CCONJ cblr-1735 34 8 underwriter.3 underwriter.3 NOUN cblr-1735 34 9 effectively effectively ADV cblr-1735 34 10 , , PUNCT cblr-1735 34 11 section section NOUN cblr-1735 34 12 933(b 933(b PROPN cblr-1735 34 13 ) ) PUNCT cblr-1735 34 14 removes remove VERB cblr-1735 34 15 the the DET cblr-1735 34 16 “ " PUNCT cblr-1735 34 17 discovery discovery NOUN cblr-1735 34 18 stay stay NOUN cblr-1735 34 19 ” " PUNCT cblr-1735 34 20 privilege privilege NOUN cblr-1735 34 21 that that SCONJ cblr-1735 34 22 the the DET cblr-1735 34 23 private private ADJ cblr-1735 34 24 securities security NOUN cblr-1735 34 25 litigation litigation PROPN cblr-1735 34 26 reform reform PROPN cblr-1735 34 27 act act NOUN cblr-1735 34 28 of of ADP cblr-1735 34 29 1995 1995 NUM cblr-1735 34 30 ( ( PUNCT cblr-1735 34 31 “ " PUNCT cblr-1735 34 32 pslra pslra NOUN cblr-1735 34 33 ” " PUNCT cblr-1735 34 34 ) ) PUNCT cblr-1735 34 35 granted grant VERB cblr-1735 34 36 to to ADP cblr-1735 34 37 other other ADJ cblr-1735 34 38 defendants defendant NOUN cblr-1735 34 39 in in ADP cblr-1735 34 40 class class NOUN cblr-1735 34 41 action action NOUN cblr-1735 34 42 securities security NOUN cblr-1735 34 43 suits.4 suits.4 PROPN cblr-1735 34 44 this this PRON cblr-1735 34 45 was be AUX cblr-1735 34 46 supposed suppose VERB cblr-1735 34 47 to to PART cblr-1735 34 48 be be AUX cblr-1735 34 49 an an DET cblr-1735 34 50 important important ADJ cblr-1735 34 51 step step NOUN cblr-1735 34 52 1 1 NUM cblr-1735 34 53 dodd dodd PROPN cblr-1735 34 54 - - PUNCT cblr-1735 34 55 frank frank PROPN cblr-1735 34 56 wall wall PROPN cblr-1735 34 57 street street PROPN cblr-1735 34 58 reform reform PROPN cblr-1735 34 59 and and CCONJ cblr-1735 34 60 consumer consumer NOUN cblr-1735 34 61 protection protection PROPN cblr-1735 34 62 act act PROPN cblr-1735 34 63 , , PUNCT cblr-1735 34 64 pub pub NOUN cblr-1735 34 65 . . PUNCT cblr-1735 35 1 l. l. PROPN cblr-1735 35 2 no no INTJ cblr-1735 35 3 . . PROPN cblr-1735 35 4 111 111 NUM cblr-1735 35 5 - - SYM cblr-1735 35 6 203 203 NUM cblr-1735 35 7 , , PUNCT cblr-1735 35 8 § § PROPN cblr-1735 35 9 § § PROPN cblr-1735 35 10 931–939h 931–939h PROPN cblr-1735 35 11 , , PUNCT cblr-1735 35 12 124 124 NUM cblr-1735 35 13 stat stat NOUN cblr-1735 35 14 . . PUNCT cblr-1735 36 1 1376 1376 NUM cblr-1735 36 2 , , PUNCT cblr-1735 36 3 1872–90 1872–90 NUM cblr-1735 36 4 ( ( PUNCT cblr-1735 36 5 2010 2010 NUM cblr-1735 36 6 ) ) PUNCT cblr-1735 36 7 ( ( PUNCT cblr-1735 36 8 codified codify VERB cblr-1735 36 9 as as SCONJ cblr-1735 36 10 amended amend VERB cblr-1735 36 11 in in ADP cblr-1735 36 12 scattered scatter VERB cblr-1735 36 13 sections section NOUN cblr-1735 36 14 of of ADP cblr-1735 36 15 the the DET cblr-1735 36 16 u.s u.s PROPN cblr-1735 36 17 . . PROPN cblr-1735 36 18 code code PROPN cblr-1735 36 19 ) ) PUNCT cblr-1735 37 1 [ [ X cblr-1735 37 2 hereinafter hereinafter NOUN cblr-1735 37 3 dodd dodd PROPN cblr-1735 37 4 - - PUNCT cblr-1735 37 5 frank frank PROPN cblr-1735 37 6 act act PROPN cblr-1735 37 7 ] ] PUNCT cblr-1735 37 8 . . PUNCT cblr-1735 37 9 2 2 NUM cblr-1735 37 10 dodd dodd PROPN cblr-1735 37 11 - - PUNCT cblr-1735 37 12 frank frank PROPN cblr-1735 37 13 act act PROPN cblr-1735 37 14 § § PROPN cblr-1735 37 15 933(b 933(b PROPN cblr-1735 37 16 ) ) PUNCT cblr-1735 37 17 , , PUNCT cblr-1735 37 18 15 15 NUM cblr-1735 37 19 u.s.c u.s.c NOUN cblr-1735 37 20 . . PUNCT cblr-1735 38 1 78u-4(b)(2 78u-4(b)(2 X cblr-1735 38 2 ) ) PUNCT cblr-1735 38 3 ( ( PUNCT cblr-1735 38 4 2012 2012 NUM cblr-1735 38 5 ) ) PUNCT cblr-1735 38 6 ; ; PUNCT cblr-1735 38 7 see see VERB cblr-1735 38 8 , , PUNCT cblr-1735 38 9 e.g. e.g. ADV cblr-1735 38 10 , , PUNCT cblr-1735 38 11 eric eric PROPN cblr-1735 38 12 s. s. PROPN cblr-1735 38 13 pendergraft pendergraft PROPN cblr-1735 38 14 , , PUNCT cblr-1735 38 15 note note NOUN cblr-1735 38 16 , , PUNCT cblr-1735 38 17 section section NOUN cblr-1735 38 18 933(b 933(b NUM cblr-1735 38 19 ): ): PUNCT cblr-1735 38 20 nimble nimble ADJ cblr-1735 38 21 private private ADJ cblr-1735 38 22 regulation regulation NOUN cblr-1735 38 23 of of ADP cblr-1735 38 24 the the DET cblr-1735 38 25 capital capital NOUN cblr-1735 38 26 market market NOUN cblr-1735 38 27 gatekeepers gatekeeper NOUN cblr-1735 38 28 , , PUNCT cblr-1735 38 29 39 39 NUM cblr-1735 38 30 fla fla NOUN cblr-1735 38 31 . . PUNCT cblr-1735 39 1 st st PROPN cblr-1735 39 2 . . PROPN cblr-1735 39 3 u. u. PROPN cblr-1735 39 4 l. l. PROPN cblr-1735 39 5 rev rev PROPN cblr-1735 39 6 . . PROPN cblr-1735 39 7 511 511 NUM cblr-1735 39 8 , , PUNCT cblr-1735 39 9 512 512 NUM cblr-1735 39 10 , , PUNCT cblr-1735 39 11 521–23 521–23 PROPN cblr-1735 39 12 ( ( PUNCT cblr-1735 39 13 2012 2012 NUM cblr-1735 39 14 ) ) PUNCT cblr-1735 39 15 . . PUNCT cblr-1735 40 1 3 3 NUM cblr-1735 40 2 dodd dodd PROPN cblr-1735 40 3 - - PUNCT cblr-1735 40 4 frank frank PROPN cblr-1735 40 5 act act PROPN cblr-1735 40 6 § § PROPN cblr-1735 40 7 933(b 933(b PROPN cblr-1735 40 8 ) ) PUNCT cblr-1735 40 9 , , PUNCT cblr-1735 40 10 15 15 NUM cblr-1735 40 11 u.s.c u.s.c ADJ cblr-1735 40 12 . . PUNCT cblr-1735 41 1 § § PROPN cblr-1735 41 2 78u-4(b)(2)(b 78u-4(b)(2)(b NUM cblr-1735 41 3 ) ) PUNCT cblr-1735 41 4 ( ( PUNCT cblr-1735 41 5 2012 2012 NUM cblr-1735 41 6 ) ) PUNCT cblr-1735 41 7 . . PUNCT cblr-1735 42 1 4 4 NUM cblr-1735 42 2 15 15 NUM cblr-1735 42 3 u.s.c u.s.c NOUN cblr-1735 42 4 . . PUNCT cblr-1735 43 1 § § PROPN cblr-1735 43 2 78u-4(b)(3 78u-4(b)(3 NOUN cblr-1735 43 3 ) ) PUNCT cblr-1735 43 4 ( ( PUNCT cblr-1735 43 5 2012 2012 NUM cblr-1735 43 6 ) ) PUNCT cblr-1735 43 7 . . PUNCT cblr-1735 44 1 guo guo PROPN cblr-1735 44 2 – – PUNCT cblr-1735 44 3 final final ADJ cblr-1735 44 4 no no NOUN cblr-1735 44 5 . . PUNCT cblr-1735 45 1 1:184 1:184 NUM cblr-1735 45 2 ] ] PUNCT cblr-1735 45 3 credit credit NOUN cblr-1735 45 4 rating rating NOUN cblr-1735 45 5 agency agency NOUN cblr-1735 45 6 reform reform NOUN cblr-1735 45 7 187 187 NUM cblr-1735 45 8 in in ADP cblr-1735 45 9 facilitating facilitate VERB cblr-1735 45 10 private private ADJ cblr-1735 45 11 class class NOUN cblr-1735 45 12 actions action NOUN cblr-1735 45 13 against against ADP cblr-1735 45 14 cras cra NOUN cblr-1735 45 15 , , PUNCT cblr-1735 45 16 thereby thereby ADV cblr-1735 45 17 increasing increase VERB cblr-1735 45 18 their their PRON cblr-1735 45 19 accountability.5 accountability.5 PROPN cblr-1735 45 20 however however ADV cblr-1735 45 21 , , PUNCT cblr-1735 45 22 in in ADP cblr-1735 45 23 the the DET cblr-1735 45 24 five five NUM cblr-1735 45 25 years year NOUN cblr-1735 45 26 since since SCONJ cblr-1735 45 27 the the DET cblr-1735 45 28 enactment enactment NOUN cblr-1735 45 29 of of ADP cblr-1735 45 30 the the DET cblr-1735 45 31 provision provision NOUN cblr-1735 45 32 , , PUNCT cblr-1735 45 33 very very ADV cblr-1735 45 34 few few ADJ cblr-1735 45 35 federal federal ADJ cblr-1735 45 36 class class NOUN cblr-1735 45 37 action action NOUN cblr-1735 45 38 suits suit NOUN cblr-1735 45 39 have have AUX cblr-1735 45 40 been be AUX cblr-1735 45 41 brought bring VERB cblr-1735 45 42 against against ADP cblr-1735 45 43 rating rating NOUN cblr-1735 45 44 agencies agency NOUN cblr-1735 45 45 , , PUNCT cblr-1735 45 46 and and CCONJ cblr-1735 45 47 even even ADV cblr-1735 45 48 fewer few ADJ cblr-1735 45 49 , , PUNCT cblr-1735 45 50 if if SCONJ cblr-1735 45 51 any any PRON cblr-1735 45 52 , , PUNCT cblr-1735 45 53 have have AUX cblr-1735 45 54 progressed progress VERB cblr-1735 45 55 to to ADP cblr-1735 45 56 the the DET cblr-1735 45 57 discovery discovery NOUN cblr-1735 45 58 stage.6 stage.6 PROPN cblr-1735 45 59 this this DET cblr-1735 45 60 note note NOUN cblr-1735 45 61 aims aim VERB cblr-1735 45 62 to to PART cblr-1735 45 63 provide provide VERB cblr-1735 45 64 an an DET cblr-1735 45 65 analysis analysis NOUN cblr-1735 45 66 of of ADP cblr-1735 45 67 section section NOUN cblr-1735 45 68 933(b 933(b PROPN cblr-1735 45 69 ) ) PUNCT cblr-1735 45 70 ’s ’s PART cblr-1735 45 71 effects effect NOUN cblr-1735 45 72 since since SCONJ cblr-1735 45 73 its its PRON cblr-1735 45 74 enactment enactment NOUN cblr-1735 45 75 and and CCONJ cblr-1735 45 76 to to PART cblr-1735 45 77 offer offer VERB cblr-1735 45 78 an an DET cblr-1735 45 79 explanation explanation NOUN cblr-1735 45 80 of of ADP cblr-1735 45 81 why why SCONJ cblr-1735 45 82 the the DET cblr-1735 45 83 provision provision NOUN cblr-1735 45 84 may may AUX cblr-1735 45 85 not not PART cblr-1735 45 86 be be AUX cblr-1735 45 87 working work VERB cblr-1735 45 88 as as ADP cblr-1735 45 89 intended intend VERB cblr-1735 45 90 . . PUNCT cblr-1735 46 1 part part PROPN cblr-1735 46 2 ii ii PROPN cblr-1735 46 3 begins begin VERB cblr-1735 46 4 with with ADP cblr-1735 46 5 a a DET cblr-1735 46 6 brief brief ADJ cblr-1735 46 7 description description NOUN cblr-1735 46 8 of of ADP cblr-1735 46 9 the the DET cblr-1735 46 10 role role NOUN cblr-1735 46 11 of of ADP cblr-1735 46 12 cras cra NOUN cblr-1735 46 13 as as ADP cblr-1735 46 14 gatekeepers gatekeeper NOUN cblr-1735 46 15 and and CCONJ cblr-1735 46 16 explains explain VERB cblr-1735 46 17 the the DET cblr-1735 46 18 circumstances circumstance NOUN cblr-1735 46 19 leading lead VERB cblr-1735 46 20 to to ADP cblr-1735 46 21 section section NOUN cblr-1735 46 22 933(b 933(b PROPN cblr-1735 46 23 ) ) PUNCT cblr-1735 46 24 ’s ’s PART cblr-1735 46 25 enactment enactment NOUN cblr-1735 46 26 . . PUNCT cblr-1735 47 1 also also ADV cblr-1735 47 2 , , PUNCT cblr-1735 47 3 it it PRON cblr-1735 47 4 discusses discuss VERB cblr-1735 47 5 categories category NOUN cblr-1735 47 6 of of ADP cblr-1735 47 7 proposed propose VERB cblr-1735 47 8 policy policy NOUN cblr-1735 47 9 changes change NOUN cblr-1735 47 10 and and CCONJ cblr-1735 47 11 notes note VERB cblr-1735 47 12 the the DET cblr-1735 47 13 relevant relevant ADJ cblr-1735 47 14 portions portion NOUN cblr-1735 47 15 of of ADP cblr-1735 47 16 the the DET cblr-1735 47 17 dodd dodd PROPN cblr-1735 47 18 - - PUNCT cblr-1735 47 19 frank frank PROPN cblr-1735 47 20 act act NOUN cblr-1735 47 21 that that PRON cblr-1735 47 22 fall fall VERB cblr-1735 47 23 under under ADP cblr-1735 47 24 each each DET cblr-1735 47 25 category category NOUN cblr-1735 47 26 . . PUNCT cblr-1735 48 1 part part NOUN cblr-1735 48 2 iii iii PRON cblr-1735 48 3 provides provide VERB cblr-1735 48 4 a a DET cblr-1735 48 5 policy policy NOUN cblr-1735 48 6 discussion discussion NOUN cblr-1735 48 7 on on ADP cblr-1735 48 8 private private ADJ cblr-1735 48 9 enforcement enforcement NOUN cblr-1735 48 10 of of ADP cblr-1735 48 11 securities security NOUN cblr-1735 48 12 regulations regulation NOUN cblr-1735 48 13 and and CCONJ cblr-1735 48 14 discusses discuss VERB cblr-1735 48 15 the the DET cblr-1735 48 16 significance significance NOUN cblr-1735 48 17 of of ADP cblr-1735 48 18 section section NOUN cblr-1735 48 19 933(b 933(b PROPN cblr-1735 48 20 ) ) PUNCT cblr-1735 48 21 in in ADP cblr-1735 48 22 the the DET cblr-1735 48 23 context context NOUN cblr-1735 48 24 of of ADP cblr-1735 48 25 the the DET cblr-1735 48 26 history history NOUN cblr-1735 48 27 of of ADP cblr-1735 48 28 private private ADJ cblr-1735 48 29 securities security NOUN cblr-1735 48 30 litigation litigation NOUN cblr-1735 48 31 . . PUNCT cblr-1735 49 1 part part NOUN cblr-1735 49 2 iv iv NUM cblr-1735 49 3 evaluates evaluate VERB cblr-1735 49 4 the the DET cblr-1735 49 5 effectiveness effectiveness NOUN cblr-1735 49 6 of of ADP cblr-1735 49 7 section section NOUN cblr-1735 49 8 933(b 933(b PROPN cblr-1735 49 9 ) ) PUNCT cblr-1735 49 10 empirically empirically ADV cblr-1735 49 11 , , PUNCT cblr-1735 49 12 by by ADP cblr-1735 49 13 comparatively comparatively ADV cblr-1735 49 14 analyzing analyze VERB cblr-1735 49 15 private private ADJ cblr-1735 49 16 securities security NOUN cblr-1735 49 17 suits suit NOUN cblr-1735 49 18 filed file VERB cblr-1735 49 19 before before ADV cblr-1735 49 20 and and CCONJ cblr-1735 49 21 after after ADP cblr-1735 49 22 dodd dodd PROPN cblr-1735 49 23 - - PUNCT cblr-1735 49 24 frank frank PROPN cblr-1735 49 25 ’s ’s PART cblr-1735 49 26 enactment enactment NOUN cblr-1735 49 27 . . PUNCT cblr-1735 50 1 part part NOUN cblr-1735 50 2 v v NOUN cblr-1735 50 3 offers offer VERB cblr-1735 50 4 possible possible ADJ cblr-1735 50 5 explanations explanation NOUN cblr-1735 50 6 for for ADP cblr-1735 50 7 the the DET cblr-1735 50 8 perceived perceive VERB cblr-1735 50 9 ineffectiveness ineffectiveness NOUN cblr-1735 50 10 of of ADP cblr-1735 50 11 section section NOUN cblr-1735 50 12 933(b 933(b PROPN cblr-1735 50 13 ) ) PUNCT cblr-1735 50 14 and and CCONJ cblr-1735 50 15 proposes propose VERB cblr-1735 50 16 solutions solution NOUN cblr-1735 50 17 in in ADP cblr-1735 50 18 each each DET cblr-1735 50 19 case case NOUN cblr-1735 50 20 . . PUNCT cblr-1735 51 1 5 5 NUM cblr-1735 51 2 the the DET cblr-1735 51 3 threat threat NOUN cblr-1735 51 4 of of ADP cblr-1735 51 5 discovery discovery NOUN cblr-1735 51 6 alone alone ADV cblr-1735 51 7 is be AUX cblr-1735 51 8 often often ADV cblr-1735 51 9 sufficiently sufficiently ADV cblr-1735 51 10 disciplinary disciplinary ADJ cblr-1735 51 11 to to PART cblr-1735 51 12 effect effect VERB cblr-1735 51 13 positive positive ADJ cblr-1735 51 14 change change NOUN cblr-1735 51 15 . . PUNCT cblr-1735 52 1 cf cf NOUN cblr-1735 52 2 . . PUNCT cblr-1735 53 1 j. j. PROPN cblr-1735 53 2 maria maria PROPN cblr-1735 53 3 glover glover PROPN cblr-1735 53 4 , , PUNCT cblr-1735 53 5 the the DET cblr-1735 53 6 federal federal ADJ cblr-1735 53 7 rules rule NOUN cblr-1735 53 8 of of ADP cblr-1735 53 9 civil civil ADJ cblr-1735 53 10 settlement settlement NOUN cblr-1735 53 11 , , PUNCT cblr-1735 53 12 87 87 NUM cblr-1735 53 13 n.y.u n.y.u NOUN cblr-1735 53 14 . . PUNCT cblr-1735 54 1 l. l. PROPN cblr-1735 54 2 rev rev PROPN cblr-1735 54 3 . . PROPN cblr-1735 54 4 1713 1713 NUM cblr-1735 54 5 , , PUNCT cblr-1735 54 6 1726 1726 NUM cblr-1735 54 7 n.52 n.52 ADP cblr-1735 54 8 ( ( PUNCT cblr-1735 54 9 2012 2012 NUM cblr-1735 54 10 ) ) PUNCT cblr-1735 54 11 ( ( PUNCT cblr-1735 54 12 “ " PUNCT cblr-1735 54 13 [ [ X cblr-1735 54 14 t]he t]he ADJ cblr-1735 54 15 threat threat NOUN cblr-1735 54 16 of of ADP cblr-1735 54 17 discovery discovery NOUN cblr-1735 54 18 may may AUX cblr-1735 54 19 be be AUX cblr-1735 54 20 as as ADV cblr-1735 54 21 problematic problematic ADJ cblr-1735 54 22 as as ADP cblr-1735 54 23 discovery discovery NOUN cblr-1735 54 24 itself itself PRON cblr-1735 54 25 . . PUNCT cblr-1735 54 26 ” " PUNCT cblr-1735 54 27 ) ) PUNCT cblr-1735 54 28 ; ; PUNCT cblr-1735 54 29 john john PROPN cblr-1735 54 30 lippert lippert PROPN cblr-1735 54 31 , , PUNCT cblr-1735 54 32 credit credit NOUN cblr-1735 54 33 ratings rating NOUN cblr-1735 54 34 ca can AUX cblr-1735 54 35 n’t not PART cblr-1735 54 36 claim claim VERB cblr-1735 54 37 free free ADJ cblr-1735 54 38 speech speech NOUN cblr-1735 54 39 in in ADP cblr-1735 54 40 law law NOUN cblr-1735 54 41 giving give VERB cblr-1735 54 42 new new ADJ cblr-1735 54 43 risks risk NOUN cblr-1735 54 44 , , PUNCT cblr-1735 54 45 bloomberg bloomberg NOUN cblr-1735 54 46 bus bus NOUN cblr-1735 54 47 . . PUNCT cblr-1735 55 1 ( ( PUNCT cblr-1735 55 2 dec dec PROPN cblr-1735 55 3 . . PROPN cblr-1735 55 4 8 8 NUM cblr-1735 55 5 , , PUNCT cblr-1735 55 6 2010 2010 NUM cblr-1735 55 7 , , PUNCT cblr-1735 55 8 12:01 12:01 NUM cblr-1735 55 9 am am NOUN cblr-1735 55 10 ) ) PUNCT cblr-1735 55 11 , , PUNCT cblr-1735 55 12 http://www.bloomberg.com/news/articles/ http://www.bloomberg.com/news/articles/ PROPN cblr-1735 55 13 2010 2010 NUM cblr-1735 55 14 - - SYM cblr-1735 55 15 12 12 NUM cblr-1735 55 16 - - PUNCT cblr-1735 55 17 08 08 NUM cblr-1735 55 18 / / SYM cblr-1735 55 19 credit credit NOUN cblr-1735 55 20 - - PUNCT cblr-1735 55 21 ratings rating NOUN cblr-1735 55 22 - - PUNCT cblr-1735 55 23 can can NOUN cblr-1735 55 24 - - PUNCT cblr-1735 55 25 t t NOUN cblr-1735 55 26 - - PUNCT cblr-1735 55 27 claim claim NOUN cblr-1735 55 28 - - PUNCT cblr-1735 55 29 free free ADJ cblr-1735 55 30 - - PUNCT cblr-1735 55 31 speech speech NOUN cblr-1735 55 32 - - PUNCT cblr-1735 55 33 in in ADP cblr-1735 55 34 - - PUNCT cblr-1735 55 35 law law NOUN cblr-1735 55 36 - - PUNCT cblr-1735 55 37 bringing bringing NOUN cblr-1735 55 38 - - PUNCT cblr-1735 55 39 risks risk NOUN cblr-1735 55 40 - - PUNCT cblr-1735 55 41 tocompanies tocompanie NOUN cblr-1735 55 42 [ [ X cblr-1735 55 43 http://perma.cc/94xx-mp27 http://perma.cc/94xx-mp27 X cblr-1735 55 44 ] ] X cblr-1735 55 45 ( ( PUNCT cblr-1735 55 46 “ " PUNCT cblr-1735 55 47 just just ADV cblr-1735 55 48 a a DET cblr-1735 55 49 threat threat NOUN cblr-1735 55 50 of of ADP cblr-1735 55 51 discovery discovery NOUN cblr-1735 55 52 will will AUX cblr-1735 55 53 force force VERB cblr-1735 55 54 caution caution NOUN cblr-1735 55 55 , , PUNCT cblr-1735 55 56 says say VERB cblr-1735 55 57 columbia columbia PROPN cblr-1735 55 58 university university PROPN cblr-1735 55 59 law law NOUN cblr-1735 55 60 professor professor NOUN cblr-1735 55 61 john john PROPN cblr-1735 55 62 coffee coffee PROPN cblr-1735 55 63 . . PUNCT cblr-1735 55 64 . . PUNCT cblr-1735 55 65 . . PUNCT cblr-1735 56 1 . . PUNCT cblr-1735 56 2 ” " PUNCT cblr-1735 57 1 ) ) PUNCT cblr-1735 57 2 . . PUNCT cblr-1735 58 1 6 6 NUM cblr-1735 58 2 a a DET cblr-1735 58 3 review review NOUN cblr-1735 58 4 of of ADP cblr-1735 58 5 federal federal ADJ cblr-1735 58 6 dockets docket NOUN cblr-1735 58 7 on on ADP cblr-1735 58 8 pacer pacer NOUN cblr-1735 58 9 shows show VERB cblr-1735 58 10 only only ADV cblr-1735 58 11 a a DET cblr-1735 58 12 handful handful NOUN cblr-1735 58 13 of of ADP cblr-1735 58 14 complaints complaint NOUN cblr-1735 58 15 filed file VERB cblr-1735 58 16 against against ADP cblr-1735 58 17 cras cra NOUN cblr-1735 58 18 under under ADP cblr-1735 58 19 the the DET cblr-1735 58 20 pslra pslra NOUN cblr-1735 58 21 since since SCONJ cblr-1735 58 22 july july PROPN cblr-1735 58 23 2010 2010 NUM cblr-1735 58 24 . . PUNCT cblr-1735 59 1 a a DET cblr-1735 59 2 comprehensive comprehensive ADJ cblr-1735 59 3 search search NOUN cblr-1735 59 4 on on ADP cblr-1735 59 5 westlaw westlaw NOUN cblr-1735 59 6 and and CCONJ cblr-1735 59 7 lexisnexis lexisnexis PROPN cblr-1735 59 8 returned return VERB cblr-1735 59 9 no no DET cblr-1735 59 10 federal federal ADJ cblr-1735 59 11 trial trial NOUN cblr-1735 59 12 court court NOUN cblr-1735 59 13 decisions decision NOUN cblr-1735 59 14 on on ADP cblr-1735 59 15 private private ADJ cblr-1735 59 16 securities security NOUN cblr-1735 59 17 class class NOUN cblr-1735 59 18 actions action NOUN cblr-1735 59 19 brought bring VERB cblr-1735 59 20 under under ADP cblr-1735 59 21 the the DET cblr-1735 59 22 pslra pslra NOUN cblr-1735 59 23 against against ADP cblr-1735 59 24 cras cra NOUN cblr-1735 59 25 since since SCONJ cblr-1735 59 26 2010 2010 NUM cblr-1735 59 27 . . PUNCT cblr-1735 60 1 guo guo PROPN cblr-1735 60 2 – – PUNCT cblr-1735 60 3 final final ADJ cblr-1735 60 4 188 188 NUM cblr-1735 60 5 columbia columbia PROPN cblr-1735 60 6 business business NOUN cblr-1735 60 7 law law PROPN cblr-1735 60 8 review review NOUN cblr-1735 60 9 [ [ X cblr-1735 60 10 vol vol NOUN cblr-1735 60 11 . . PUNCT cblr-1735 60 12 2016 2016 NUM cblr-1735 60 13 ii ii PROPN cblr-1735 60 14 . . PUNCT cblr-1735 60 15 credit credit NOUN cblr-1735 60 16 rating rating NOUN cblr-1735 60 17 agencies agency NOUN cblr-1735 60 18 as as ADP cblr-1735 60 19 gatekeepers gatekeeper NOUN cblr-1735 60 20 a. a. PROPN cblr-1735 60 21 essential essential ADJ cblr-1735 60 22 function function NOUN cblr-1735 60 23 : : PUNCT cblr-1735 60 24 information information NOUN cblr-1735 60 25 cost cost NOUN cblr-1735 60 26 reduction reduction NOUN cblr-1735 60 27 gatekeepers gatekeeper NOUN cblr-1735 60 28 in in ADP cblr-1735 60 29 the the DET cblr-1735 60 30 capital capital NOUN cblr-1735 60 31 markets market NOUN cblr-1735 60 32 have have AUX cblr-1735 60 33 been be AUX cblr-1735 60 34 broadly broadly ADV cblr-1735 60 35 defined define VERB cblr-1735 60 36 as as ADP cblr-1735 60 37 agents agent NOUN cblr-1735 60 38 who who PRON cblr-1735 60 39 act act VERB cblr-1735 60 40 as as ADP cblr-1735 60 41 “ " PUNCT cblr-1735 60 42 reputational reputational ADJ cblr-1735 60 43 intermediar[ies intermediar[ie NOUN cblr-1735 60 44 ] ] PUNCT cblr-1735 60 45 , , PUNCT cblr-1735 60 46 ” " PUNCT cblr-1735 60 47 essentially essentially ADV cblr-1735 60 48 providing provide VERB cblr-1735 60 49 quality quality NOUN cblr-1735 60 50 assurance assurance NOUN cblr-1735 60 51 for for ADP cblr-1735 60 52 investors investor NOUN cblr-1735 60 53 who who PRON cblr-1735 60 54 , , PUNCT cblr-1735 60 55 due due ADP cblr-1735 60 56 to to ADP cblr-1735 60 57 the the DET cblr-1735 60 58 diversity diversity NOUN cblr-1735 60 59 of of ADP cblr-1735 60 60 their their PRON cblr-1735 60 61 portfolios portfolio NOUN cblr-1735 60 62 and and CCONJ cblr-1735 60 63 the the DET cblr-1735 60 64 complex complex ADJ cblr-1735 60 65 nature nature NOUN cblr-1735 60 66 of of ADP cblr-1735 60 67 securities security NOUN cblr-1735 60 68 trading trading NOUN cblr-1735 60 69 today today NOUN cblr-1735 60 70 , , PUNCT cblr-1735 60 71 can can AUX cblr-1735 60 72 not not PART cblr-1735 60 73 practicably practicably ADV cblr-1735 60 74 assess assess VERB cblr-1735 60 75 the the DET cblr-1735 60 76 risk risk NOUN cblr-1735 60 77 of of ADP cblr-1735 60 78 their their PRON cblr-1735 60 79 investments investment NOUN cblr-1735 60 80 on on ADP cblr-1735 60 81 their their PRON cblr-1735 60 82 own.7 own.7 NUM cblr-1735 60 83 common common ADJ cblr-1735 60 84 examples example NOUN cblr-1735 60 85 of of ADP cblr-1735 60 86 gatekeepers gatekeeper NOUN cblr-1735 60 87 include include VERB cblr-1735 60 88 the the DET cblr-1735 60 89 array array NOUN cblr-1735 60 90 of of ADP cblr-1735 60 91 professionals professional NOUN cblr-1735 60 92 who who PRON cblr-1735 60 93 work work VERB cblr-1735 60 94 with with ADP cblr-1735 60 95 issuers issuer NOUN cblr-1735 60 96 to to PART cblr-1735 60 97 prepare prepare VERB cblr-1735 60 98 and and CCONJ cblr-1735 60 99 certify certify VERB cblr-1735 60 100 information information NOUN cblr-1735 60 101 released release VERB cblr-1735 60 102 as as ADP cblr-1735 60 103 part part NOUN cblr-1735 60 104 of of ADP cblr-1735 60 105 the the DET cblr-1735 60 106 issuers issuer NOUN cblr-1735 60 107 ’ ' PUNCT cblr-1735 60 108 securities security NOUN cblr-1735 60 109 offerings offering NOUN cblr-1735 60 110 ( ( PUNCT cblr-1735 60 111 e.g. e.g. ADV cblr-1735 60 112 , , PUNCT cblr-1735 60 113 underwriters underwriter NOUN cblr-1735 60 114 , , PUNCT cblr-1735 60 115 accountants accountant NOUN cblr-1735 60 116 , , PUNCT cblr-1735 60 117 and and CCONJ cblr-1735 60 118 attorneys).8 attorneys).8 PROPN cblr-1735 60 119 cras cras PROPN cblr-1735 60 120 act act PROPN cblr-1735 60 121 as as ADP cblr-1735 60 122 important important ADJ cblr-1735 60 123 gatekeepers gatekeeper NOUN cblr-1735 60 124 to to ADP cblr-1735 60 125 debt debt NOUN cblr-1735 60 126 markets.9 markets.9 NOUN cblr-1735 60 127 in in ADP cblr-1735 60 128 issuing issue VERB cblr-1735 60 129 and and CCONJ cblr-1735 60 130 updating update VERB cblr-1735 60 131 their their PRON cblr-1735 60 132 ratings rating NOUN cblr-1735 60 133 , , PUNCT cblr-1735 60 134 they they PRON cblr-1735 60 135 perform perform VERB cblr-1735 60 136 both both DET cblr-1735 60 137 quantitative quantitative ADJ cblr-1735 60 138 and and CCONJ cblr-1735 60 139 qualitative qualitative ADJ cblr-1735 60 140 analyses10 analyses10 NOUN cblr-1735 60 141 of of ADP cblr-1735 60 142 publicly publicly ADV cblr-1735 60 143 available available ADJ cblr-1735 60 144 and and CCONJ cblr-1735 60 145 non non ADJ cblr-1735 60 146 - - ADJ cblr-1735 60 147 public public ADJ cblr-1735 60 148 information11 information11 NOUN cblr-1735 60 149 to to PART cblr-1735 60 150 provide provide VERB cblr-1735 60 151 the the DET cblr-1735 60 152 market market NOUN cblr-1735 60 153 with with ADP cblr-1735 60 154 objective objective ADJ cblr-1735 60 155 signals signal NOUN cblr-1735 60 156 as as ADP cblr-1735 60 157 to to ADP cblr-1735 60 158 the the DET cblr-1735 60 159 relative relative ADJ cblr-1735 60 160 expected expect VERB cblr-1735 60 161 risk risk NOUN cblr-1735 60 162 of of ADP cblr-1735 60 163 default default NOUN cblr-1735 60 164 for for ADP cblr-1735 60 165 a a DET cblr-1735 60 166 particular particular ADJ cblr-1735 60 167 debt debt NOUN cblr-1735 60 168 security security NOUN cblr-1735 60 169 . . PUNCT cblr-1735 61 1 because because SCONJ cblr-1735 61 2 they they PRON cblr-1735 61 3 specialize specialize VERB cblr-1735 61 4 in in ADP cblr-1735 61 5 carrying carry VERB cblr-1735 61 6 out out ADP cblr-1735 61 7 these these DET cblr-1735 61 8 analyses analysis NOUN cblr-1735 61 9 , , PUNCT cblr-1735 61 10 cras cras X cblr-1735 61 11 are be AUX cblr-1735 61 12 repeat repeat NOUN cblr-1735 61 13 players player NOUN cblr-1735 61 14 who who PRON cblr-1735 61 15 are be AUX cblr-1735 61 16 able able ADJ cblr-1735 61 17 to to PART cblr-1735 61 18 develop develop VERB cblr-1735 61 19 “ " PUNCT cblr-1735 61 20 reputational reputational ADJ cblr-1735 61 21 capital capital NOUN cblr-1735 61 22 ” " PUNCT cblr-1735 61 23 that that PRON cblr-1735 61 24 they they PRON cblr-1735 61 25 can can AUX cblr-1735 61 26 pledge pledge VERB cblr-1735 61 27 to to ADP cblr-1735 61 28 the the DET cblr-1735 61 29 issuers issuer NOUN cblr-1735 61 30 of of ADP cblr-1735 61 31 the the DET cblr-1735 61 32 securities security NOUN cblr-1735 61 33 they they PRON cblr-1735 61 34 rate.12 rate.12 VERB cblr-1735 61 35 assuming assume VERB cblr-1735 61 36 the the DET cblr-1735 61 37 analysis analysis NOUN cblr-1735 61 38 is be AUX cblr-1735 61 39 done do VERB cblr-1735 61 40 well well ADV cblr-1735 61 41 , , PUNCT cblr-1735 61 42 this this DET cblr-1735 61 43 process process NOUN cblr-1735 61 44 helps help VERB cblr-1735 61 45 investors investor NOUN cblr-1735 61 46 with with ADP cblr-1735 61 47 correctly correctly ADV cblr-1735 61 48 pricing price VERB cblr-1735 61 49 securities security NOUN cblr-1735 61 50 and and CCONJ cblr-1735 61 51 eliminates eliminate VERB cblr-1735 61 52 the the DET cblr-1735 61 53 need need NOUN cblr-1735 61 54 for for SCONJ cblr-1735 61 55 individual individual ADJ cblr-1735 61 56 investors investor NOUN cblr-1735 61 57 to to PART cblr-1735 61 58 undertake undertake VERB cblr-1735 61 59 their their PRON cblr-1735 61 60 own own ADJ cblr-1735 61 61 assessments assessment NOUN cblr-1735 61 62 of of ADP cblr-1735 61 63 default default NOUN cblr-1735 61 64 risk risk NOUN cblr-1735 61 65 . . PUNCT cblr-1735 62 1 this this PRON cblr-1735 62 2 greatly greatly ADV cblr-1735 62 3 reduces reduce VERB cblr-1735 62 4 investors investor NOUN cblr-1735 62 5 ’ ’ PART cblr-1735 62 6 information information NOUN cblr-1735 62 7 costs cost NOUN cblr-1735 62 8 , , PUNCT cblr-1735 62 9 which which PRON cblr-1735 62 10 include include VERB cblr-1735 62 11 the the DET cblr-1735 62 12 cost cost NOUN cblr-1735 62 13 of of ADP cblr-1735 62 14 obtaining obtain VERB cblr-1735 62 15 and and CCONJ cblr-1735 62 16 distilling distil VERB cblr-1735 62 17 7 7 NUM cblr-1735 62 18 john john PROPN cblr-1735 62 19 c. c. PROPN cblr-1735 62 20 coffee coffee PROPN cblr-1735 62 21 , , PUNCT cblr-1735 62 22 jr jr PROPN cblr-1735 62 23 . . PROPN cblr-1735 62 24 , , PUNCT cblr-1735 62 25 gatekeepers gatekeeper NOUN cblr-1735 62 26 : : PUNCT cblr-1735 62 27 the the DET cblr-1735 62 28 professions profession NOUN cblr-1735 62 29 and and CCONJ cblr-1735 62 30 corporate corporate ADJ cblr-1735 62 31 governance governance NOUN cblr-1735 62 32 2 2 NUM cblr-1735 62 33 ( ( PUNCT cblr-1735 62 34 2006 2006 NUM cblr-1735 62 35 ) ) PUNCT cblr-1735 63 1 [ [ X cblr-1735 63 2 hereinafter hereinafter NOUN cblr-1735 63 3 coffee coffee NOUN cblr-1735 63 4 , , PUNCT cblr-1735 63 5 gatekeepers gatekeeper NOUN cblr-1735 63 6 ] ] PUNCT cblr-1735 63 7 . . PUNCT cblr-1735 63 8 8 8 NUM cblr-1735 63 9 see see VERB cblr-1735 63 10 i i PRON cblr-1735 63 11 d. d. PROPN cblr-1735 63 12 9 9 NUM cblr-1735 63 13 see see VERB cblr-1735 63 14 dodd dodd PROPN cblr-1735 63 15 - - PUNCT cblr-1735 63 16 frank frank PROPN cblr-1735 63 17 act act PROPN cblr-1735 63 18 § § PROPN cblr-1735 63 19 931(2 931(2 NUM cblr-1735 63 20 ) ) PUNCT cblr-1735 63 21 , , PUNCT cblr-1735 63 22 15 15 NUM cblr-1735 63 23 u.s.c u.s.c ADJ cblr-1735 63 24 . . PUNCT cblr-1735 64 1 § § PROPN cblr-1735 64 2 78o-7 78o-7 NUM cblr-1735 64 3 note note NOUN cblr-1735 64 4 ( ( PUNCT cblr-1735 64 5 2012 2012 NUM cblr-1735 64 6 ) ) PUNCT cblr-1735 64 7 ( ( PUNCT cblr-1735 64 8 findings finding NOUN cblr-1735 64 9 ) ) PUNCT cblr-1735 64 10 . . PUNCT cblr-1735 65 1 10 10 NUM cblr-1735 65 2 lynn lynn PROPN cblr-1735 65 3 bai bai PROPN cblr-1735 65 4 , , PUNCT cblr-1735 65 5 on on ADP cblr-1735 65 6 regulating regulate VERB cblr-1735 65 7 conflicts conflict NOUN cblr-1735 65 8 of of ADP cblr-1735 65 9 interest interest NOUN cblr-1735 65 10 in in ADP cblr-1735 65 11 the the DET cblr-1735 65 12 credit credit NOUN cblr-1735 65 13 rating rating NOUN cblr-1735 65 14 industry industry NOUN cblr-1735 65 15 , , PUNCT cblr-1735 65 16 13 13 NUM cblr-1735 65 17 n.y.u n.y.u NOUN cblr-1735 65 18 . . PUNCT cblr-1735 66 1 j. j. PROPN cblr-1735 66 2 legis legis PROPN cblr-1735 66 3 . . PUNCT cblr-1735 66 4 & & CCONJ cblr-1735 66 5 pub pub NOUN cblr-1735 66 6 . . PUNCT cblr-1735 67 1 pol’y pol’y NOUN cblr-1735 67 2 253 253 NUM cblr-1735 67 3 , , PUNCT cblr-1735 67 4 293 293 NUM cblr-1735 67 5 & & CCONJ cblr-1735 67 6 n.174 n.174 PROPN cblr-1735 67 7 ( ( PUNCT cblr-1735 67 8 2010 2010 NUM cblr-1735 67 9 ) ) PUNCT cblr-1735 68 1 [ [ X cblr-1735 68 2 hereinafter hereinafter NOUN cblr-1735 68 3 bai bai NOUN cblr-1735 68 4 , , PUNCT cblr-1735 68 5 conflicts conflict NOUN cblr-1735 68 6 of of ADP cblr-1735 68 7 interest interest NOUN cblr-1735 68 8 ] ] PUNCT cblr-1735 68 9 . . PUNCT cblr-1735 68 10 11 11 NUM cblr-1735 68 11 deryn deryn PROPN cblr-1735 68 12 darcy darcy PROPN cblr-1735 68 13 , , PUNCT cblr-1735 68 14 note note NOUN cblr-1735 68 15 , , PUNCT cblr-1735 68 16 credit credit NOUN cblr-1735 68 17 rating rating NOUN cblr-1735 68 18 agencies agency NOUN cblr-1735 68 19 and and CCONJ cblr-1735 68 20 the the DET cblr-1735 68 21 credit credit NOUN cblr-1735 68 22 crisis crisis NOUN cblr-1735 68 23 : : PUNCT cblr-1735 68 24 how how SCONJ cblr-1735 68 25 the the DET cblr-1735 68 26 “ " PUNCT cblr-1735 68 27 issuer issuer NOUN cblr-1735 68 28 pays pay VERB cblr-1735 68 29 ” " PUNCT cblr-1735 68 30 conflict conflict NOUN cblr-1735 68 31 contributed contribute VERB cblr-1735 68 32 and and CCONJ cblr-1735 68 33 what what PRON cblr-1735 68 34 regulators regulator NOUN cblr-1735 68 35 might might AUX cblr-1735 68 36 do do VERB cblr-1735 68 37 about about ADP cblr-1735 68 38 it it PRON cblr-1735 68 39 , , PUNCT cblr-1735 68 40 2009 2009 NUM cblr-1735 68 41 colum colum NOUN cblr-1735 68 42 . . PUNCT cblr-1735 69 1 bus bus NOUN cblr-1735 69 2 . . PUNCT cblr-1735 70 1 l. l. PROPN cblr-1735 70 2 rev rev PROPN cblr-1735 70 3 . . PROPN cblr-1735 70 4 605 605 NUM cblr-1735 70 5 , , PUNCT cblr-1735 70 6 610 610 NUM cblr-1735 70 7 ( ( PUNCT cblr-1735 70 8 2009 2009 NUM cblr-1735 70 9 ) ) PUNCT cblr-1735 70 10 . . PUNCT cblr-1735 71 1 12 12 NUM cblr-1735 71 2 see see VERB cblr-1735 71 3 coffee coffee NOUN cblr-1735 71 4 , , PUNCT cblr-1735 71 5 gatekeepers gatekeeper NOUN cblr-1735 71 6 , , PUNCT cblr-1735 71 7 supra supra PROPN cblr-1735 71 8 note note PROPN cblr-1735 71 9 7 7 NUM cblr-1735 71 10 , , PUNCT cblr-1735 71 11 at at ADP cblr-1735 71 12 2 2 NUM cblr-1735 71 13 , , PUNCT cblr-1735 71 14 284 284 NUM cblr-1735 71 15 . . PUNCT cblr-1735 72 1 guo guo PROPN cblr-1735 72 2 – – PUNCT cblr-1735 72 3 final final ADJ cblr-1735 72 4 no no NOUN cblr-1735 72 5 . . PUNCT cblr-1735 73 1 1:184 1:184 NUM cblr-1735 73 2 ] ] PUNCT cblr-1735 73 3 credit credit NOUN cblr-1735 73 4 rating rating NOUN cblr-1735 73 5 agency agency NOUN cblr-1735 73 6 reform reform NOUN cblr-1735 73 7 189 189 NUM cblr-1735 73 8 relevant relevant ADJ cblr-1735 73 9 information information NOUN cblr-1735 73 10 from from ADP cblr-1735 73 11 issuers issuer NOUN cblr-1735 73 12 , , PUNCT cblr-1735 73 13 as as ADV cblr-1735 73 14 well well ADV cblr-1735 73 15 as as ADP cblr-1735 73 16 the the DET cblr-1735 73 17 cost cost NOUN cblr-1735 73 18 of of ADP cblr-1735 73 19 monitoring monitor VERB cblr-1735 73 20 the the DET cblr-1735 73 21 securities security NOUN cblr-1735 73 22 and and CCONJ cblr-1735 73 23 issuers issuer NOUN cblr-1735 73 24 in in ADP cblr-1735 73 25 order order NOUN cblr-1735 73 26 to to PART cblr-1735 73 27 ensure ensure VERB cblr-1735 73 28 that that SCONJ cblr-1735 73 29 the the DET cblr-1735 73 30 information information NOUN cblr-1735 73 31 is be AUX cblr-1735 73 32 current.13 current.13 PROPN cblr-1735 73 33 b. b. PROPN cblr-1735 73 34 effect effect PROPN cblr-1735 73 35 on on ADP cblr-1735 73 36 systemic systemic ADJ cblr-1735 73 37 risk risk NOUN cblr-1735 73 38 and and CCONJ cblr-1735 73 39 role role NOUN cblr-1735 73 40 in in ADP cblr-1735 73 41 the the DET cblr-1735 73 42 recent recent ADJ cblr-1735 73 43 financial financial ADJ cblr-1735 73 44 crisis crisis NOUN cblr-1735 73 45 systemic systemic ADJ cblr-1735 73 46 risk risk NOUN cblr-1735 73 47 has have AUX cblr-1735 73 48 emerged emerge VERB cblr-1735 73 49 as as ADP cblr-1735 73 50 a a DET cblr-1735 73 51 key key ADJ cblr-1735 73 52 term term NOUN cblr-1735 73 53 in in ADP cblr-1735 73 54 the the DET cblr-1735 73 55 aftermath aftermath NOUN cblr-1735 73 56 of of ADP cblr-1735 73 57 the the DET cblr-1735 73 58 global global ADJ cblr-1735 73 59 financial financial ADJ cblr-1735 73 60 crisis crisis NOUN cblr-1735 73 61 of of ADP cblr-1735 73 62 2007–2008.14 2007–2008.14 NUM cblr-1735 73 63 it it PRON cblr-1735 73 64 “ " PUNCT cblr-1735 73 65 refers refer VERB cblr-1735 73 66 to to ADP cblr-1735 73 67 the the DET cblr-1735 73 68 risk risk NOUN cblr-1735 73 69 or or CCONJ cblr-1735 73 70 probability probability NOUN cblr-1735 73 71 of of ADP cblr-1735 73 72 breakdowns breakdown NOUN cblr-1735 73 73 in in ADP cblr-1735 73 74 an an DET cblr-1735 73 75 entire entire ADJ cblr-1735 73 76 system system NOUN cblr-1735 73 77 , , PUNCT cblr-1735 73 78 as as SCONJ cblr-1735 73 79 opposed oppose VERB cblr-1735 73 80 to to ADP cblr-1735 73 81 breakdowns breakdown NOUN cblr-1735 73 82 in in ADP cblr-1735 73 83 individual individual ADJ cblr-1735 73 84 parts part NOUN cblr-1735 73 85 or or CCONJ cblr-1735 73 86 components component NOUN cblr-1735 73 87 . . PUNCT cblr-1735 74 1 ”15 ”15 PROPN cblr-1735 74 2 cras cras PROPN cblr-1735 74 3 issue issue NOUN cblr-1735 74 4 ratings rating NOUN cblr-1735 74 5 on on ADP cblr-1735 74 6 many many ADJ cblr-1735 74 7 types type NOUN cblr-1735 74 8 of of ADP cblr-1735 74 9 debt debt NOUN cblr-1735 74 10 securities security NOUN cblr-1735 74 11 across across ADP cblr-1735 74 12 a a DET cblr-1735 74 13 broad broad ADJ cblr-1735 74 14 range range NOUN cblr-1735 74 15 of of ADP cblr-1735 74 16 industries industry NOUN cblr-1735 74 17 , , PUNCT cblr-1735 74 18 from from ADP cblr-1735 74 19 sovereign sovereign ADJ cblr-1735 74 20 debt debt NOUN cblr-1735 74 21 to to ADP cblr-1735 74 22 corporate corporate ADJ cblr-1735 74 23 bonds bond NOUN cblr-1735 74 24 to to ADP cblr-1735 74 25 structured structured ADJ cblr-1735 74 26 finance finance NOUN cblr-1735 74 27 products.16 products.16 VERB cblr-1735 74 28 the the DET cblr-1735 74 29 securities security NOUN cblr-1735 74 30 they they PRON cblr-1735 74 31 rate rate VERB cblr-1735 74 32 are be AUX cblr-1735 74 33 widely widely ADV cblr-1735 74 34 held hold VERB cblr-1735 74 35 across across ADP cblr-1735 74 36 the the DET cblr-1735 74 37 market market NOUN cblr-1735 74 38 by by ADP cblr-1735 74 39 both both CCONJ cblr-1735 74 40 retail retail ADJ cblr-1735 74 41 and and CCONJ cblr-1735 74 42 institutional institutional ADJ cblr-1735 74 43 investors.17 investors.17 PROPN cblr-1735 74 44 indeed indeed ADV cblr-1735 74 45 , , PUNCT cblr-1735 74 46 congress congress PROPN cblr-1735 74 47 issued issue VERB cblr-1735 74 48 a a DET cblr-1735 74 49 finding finding NOUN cblr-1735 74 50 13 13 NUM cblr-1735 74 51 see see VERB cblr-1735 74 52 int’l int’l NUM cblr-1735 74 53 monetary monetary ADJ cblr-1735 74 54 fund fund NOUN cblr-1735 74 55 , , PUNCT cblr-1735 74 56 global global ADJ cblr-1735 74 57 financial financial ADJ cblr-1735 74 58 stability stability NOUN cblr-1735 74 59 report report NOUN cblr-1735 74 60 : : PUNCT cblr-1735 74 61 sovereigns sovereign NOUN cblr-1735 74 62 , , PUNCT cblr-1735 74 63 funding funding NOUN cblr-1735 74 64 , , PUNCT cblr-1735 74 65 and and CCONJ cblr-1735 74 66 systemic systemic ADJ cblr-1735 74 67 liquidity liquidity NOUN cblr-1735 74 68 86 86 NUM cblr-1735 74 69 ( ( PUNCT cblr-1735 74 70 2010 2010 NUM cblr-1735 74 71 ) ) PUNCT cblr-1735 74 72 , , PUNCT cblr-1735 74 73 http://www.imf.org/external/pubs/ft/gfsr/2010/02/pdf/text.pdf http://www.imf.org/external/pubs/ft/gfsr/2010/02/pdf/text.pdf NOUN cblr-1735 75 1 [ [ X cblr-1735 75 2 http:// http:// PROPN cblr-1735 75 3 perma.cc/yk8l-fadc perma.cc/yk8l-fadc PROPN cblr-1735 75 4 ] ] X cblr-1735 75 5 . . 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PUNCT cblr-1735 78 1 29 29 NUM cblr-1735 78 2 ( ( PUNCT cblr-1735 78 3 2008 2008 NUM cblr-1735 78 4 ) ) PUNCT cblr-1735 78 5 ( ( PUNCT cblr-1735 78 6 written write VERB cblr-1735 78 7 testimony testimony NOUN cblr-1735 78 8 of of ADP cblr-1735 78 9 andrew andrew PROPN cblr-1735 78 10 lo lo PROPN cblr-1735 78 11 , , PUNCT cblr-1735 78 12 harris harris PROPN cblr-1735 78 13 & & CCONJ cblr-1735 78 14 harris harris PROPN cblr-1735 78 15 group group PROPN cblr-1735 78 16 professor professor PROPN cblr-1735 78 17 , , PUNCT cblr-1735 78 18 mit mit PROPN cblr-1735 78 19 sloan sloan PROPN cblr-1735 78 20 school school NOUN cblr-1735 78 21 of of ADP cblr-1735 78 22 management management NOUN cblr-1735 78 23 ) ) PUNCT cblr-1735 78 24 ( ( PUNCT cblr-1735 78 25 noting note VERB cblr-1735 78 26 that that SCONJ cblr-1735 78 27 “ " PUNCT cblr-1735 78 28 systemic systemic ADJ cblr-1735 78 29 risk risk NOUN cblr-1735 78 30 [ [ X cblr-1735 78 31 is be AUX cblr-1735 78 32 ] ] PUNCT cblr-1735 78 33 a a DET cblr-1735 78 34 term term NOUN cblr-1735 78 35 that that PRON cblr-1735 78 36 has have AUX cblr-1735 78 37 come come VERB cblr-1735 78 38 into into ADP cblr-1735 78 39 common common ADJ cblr-1735 78 40 usage usage NOUN cblr-1735 78 41 but but CCONJ cblr-1735 78 42 which which PRON cblr-1735 78 43 has have AUX cblr-1735 78 44 so so ADV cblr-1735 78 45 far far ADV cblr-1735 78 46 resisted resist VERB cblr-1735 78 47 formal formal ADJ cblr-1735 78 48 definition definition NOUN cblr-1735 78 49 and and CCONJ cblr-1735 78 50 quantification quantification NOUN cblr-1735 78 51 ” " PUNCT cblr-1735 78 52 ) ) PUNCT cblr-1735 78 53 ; ; PUNCT cblr-1735 78 54 see see VERB cblr-1735 78 55 also also ADV cblr-1735 78 56 dan dan PROPN cblr-1735 78 57 awrey awrey PROPN cblr-1735 78 58 , , PUNCT cblr-1735 78 59 toward toward ADP cblr-1735 78 60 a a DET cblr-1735 78 61 supply supply NOUN cblr-1735 78 62 - - PUNCT cblr-1735 78 63 side side NOUN cblr-1735 78 64 theory theory NOUN cblr-1735 78 65 of of ADP cblr-1735 78 66 financial financial ADJ cblr-1735 78 67 innovation innovation NOUN cblr-1735 78 68 , , PUNCT cblr-1735 78 69 41 41 NUM cblr-1735 78 70 j. j. PROPN cblr-1735 78 71 comp comp PROPN cblr-1735 78 72 . . PUNCT cblr-1735 78 73 econ econ PROPN cblr-1735 78 74 . . PUNCT cblr-1735 79 1 401 401 NUM cblr-1735 79 2 , , PUNCT cblr-1735 79 3 402 402 NUM cblr-1735 79 4 ( ( PUNCT cblr-1735 79 5 2013 2013 NUM cblr-1735 79 6 ) ) PUNCT cblr-1735 79 7 ; ; PUNCT cblr-1735 79 8 saule saule PROPN cblr-1735 79 9 t. t. PROPN cblr-1735 79 10 omarova omarova PROPN cblr-1735 79 11 , , PUNCT cblr-1735 79 12 license license NOUN cblr-1735 79 13 to to PART cblr-1735 79 14 deal deal VERB cblr-1735 79 15 : : PUNCT cblr-1735 79 16 mandatory mandatory ADJ cblr-1735 79 17 approval approval NOUN cblr-1735 79 18 of of ADP cblr-1735 79 19 complex complex ADJ cblr-1735 79 20 financial financial ADJ cblr-1735 79 21 products product NOUN cblr-1735 79 22 , , PUNCT cblr-1735 79 23 90 90 NUM cblr-1735 79 24 wash wash NOUN cblr-1735 79 25 . . PUNCT cblr-1735 80 1 u. u. PROPN cblr-1735 80 2 l. l. PROPN cblr-1735 80 3 rev rev PROPN cblr-1735 80 4 . . PROPN cblr-1735 80 5 63 63 NUM cblr-1735 80 6 , , PUNCT cblr-1735 80 7 68 68 NUM cblr-1735 80 8 ( ( PUNCT cblr-1735 80 9 2012 2012 NUM cblr-1735 80 10 ) ) PUNCT cblr-1735 80 11 . . PUNCT cblr-1735 81 1 15 15 NUM cblr-1735 81 2 george george PROPN cblr-1735 81 3 g. g. PROPN cblr-1735 81 4 kaufman kaufman PROPN cblr-1735 81 5 & & CCONJ cblr-1735 81 6 kenneth kenneth PROPN cblr-1735 81 7 e. e. PROPN cblr-1735 81 8 scott scott PROPN cblr-1735 81 9 , , PUNCT cblr-1735 81 10 what what PRON cblr-1735 81 11 is be AUX cblr-1735 81 12 systemic systemic ADJ cblr-1735 81 13 risk risk NOUN cblr-1735 81 14 , , PUNCT cblr-1735 81 15 and and CCONJ cblr-1735 81 16 do do VERB cblr-1735 81 17 bank bank NOUN cblr-1735 81 18 regulators regulator NOUN cblr-1735 81 19 retard retard VERB cblr-1735 81 20 or or CCONJ cblr-1735 81 21 contribute contribute VERB cblr-1735 81 22 to to ADP cblr-1735 81 23 it it PRON cblr-1735 81 24 ? ? PUNCT cblr-1735 81 25 , , PUNCT cblr-1735 81 26 7 7 NUM cblr-1735 81 27 indep indep NOUN cblr-1735 81 28 . . PUNCT cblr-1735 82 1 rev rev PROPN cblr-1735 82 2 . . PROPN cblr-1735 82 3 371 371 NUM cblr-1735 82 4 , , PUNCT cblr-1735 82 5 371 371 NUM cblr-1735 82 6 ( ( PUNCT cblr-1735 82 7 2003 2003 NUM cblr-1735 82 8 ) ) PUNCT cblr-1735 82 9 . . PUNCT cblr-1735 83 1 16 16 NUM cblr-1735 83 2 see see VERB cblr-1735 83 3 15 15 NUM cblr-1735 83 4 u.s.c u.s.c ADJ cblr-1735 83 5 . . PUNCT cblr-1735 84 1 § § PROPN cblr-1735 84 2 78c(a)(62)(a 78c(a)(62)(a NUM cblr-1735 84 3 ) ) PUNCT cblr-1735 84 4 ( ( PUNCT cblr-1735 84 5 2012 2012 NUM cblr-1735 84 6 ) ) PUNCT cblr-1735 84 7 . . PUNCT cblr-1735 85 1 17 17 NUM cblr-1735 85 2 see see VERB cblr-1735 85 3 , , PUNCT cblr-1735 85 4 e.g. e.g. ADV cblr-1735 85 5 , , PUNCT cblr-1735 85 6 u.s u.s PROPN cblr-1735 85 7 . . 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NOUN cblr-1735 90 4 2016 2016 NUM cblr-1735 90 5 that that SCONJ cblr-1735 90 6 “ " PUNCT cblr-1735 90 7 the the DET cblr-1735 90 8 systemic systemic ADJ cblr-1735 90 9 importance importance NOUN cblr-1735 90 10 of of ADP cblr-1735 90 11 credit credit NOUN cblr-1735 90 12 ratings rating NOUN cblr-1735 90 13 and and CCONJ cblr-1735 90 14 the the DET cblr-1735 90 15 reliance reliance NOUN cblr-1735 90 16 placed place VERB cblr-1735 90 17 on on ADP cblr-1735 90 18 credit credit NOUN cblr-1735 90 19 ratings rating NOUN cblr-1735 90 20 by by ADP cblr-1735 90 21 individual individual ADJ cblr-1735 90 22 and and CCONJ cblr-1735 90 23 institutional institutional ADJ cblr-1735 90 24 investors investor NOUN cblr-1735 90 25 and and CCONJ cblr-1735 90 26 financial financial ADJ cblr-1735 90 27 regulators regulator NOUN cblr-1735 90 28 ” " PUNCT cblr-1735 90 29 render render VERB cblr-1735 90 30 credit credit NOUN cblr-1735 90 31 rating rating NOUN cblr-1735 90 32 agency agency NOUN cblr-1735 90 33 activities activity NOUN cblr-1735 90 34 “ " PUNCT cblr-1735 90 35 matters matter NOUN cblr-1735 90 36 of of ADP cblr-1735 90 37 national national ADJ cblr-1735 90 38 public public ADJ cblr-1735 90 39 interest interest NOUN cblr-1735 90 40 . . 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PUNCT cblr-1735 92 1 in in ADP cblr-1735 92 2 the the DET cblr-1735 92 3 case case NOUN cblr-1735 92 4 of of ADP cblr-1735 92 5 the the DET cblr-1735 92 6 credit credit NOUN cblr-1735 92 7 crisis crisis NOUN cblr-1735 92 8 of of ADP cblr-1735 92 9 2007 2007 NUM cblr-1735 92 10 , , PUNCT cblr-1735 92 11 cras cras PROPN cblr-1735 92 12 — — PUNCT cblr-1735 92 13 and and CCONJ cblr-1735 92 14 nationally nationally ADV cblr-1735 92 15 recognized recognize VERB cblr-1735 92 16 statistical statistical ADJ cblr-1735 92 17 rating rating NOUN cblr-1735 92 18 organizations organization NOUN cblr-1735 92 19 ( ( PUNCT cblr-1735 92 20 “ " PUNCT cblr-1735 92 21 nrsros”)19 nrsros”)19 PROPN cblr-1735 92 22 in in ADP cblr-1735 92 23 particular particular ADJ cblr-1735 92 24 — — PUNCT cblr-1735 92 25 received receive VERB cblr-1735 92 26 a a DET cblr-1735 92 27 great great ADJ cblr-1735 92 28 deal deal NOUN cblr-1735 92 29 of of ADP cblr-1735 92 30 attention attention NOUN cblr-1735 92 31 for for ADP cblr-1735 92 32 failing fail VERB cblr-1735 92 33 to to PART cblr-1735 92 34 properly properly ADV cblr-1735 92 35 carry carry VERB cblr-1735 92 36 out out ADP cblr-1735 92 37 their their PRON cblr-1735 92 38 role role NOUN cblr-1735 92 39 as as ADP cblr-1735 92 40 gatekeepers.20 gatekeepers.20 PROPN cblr-1735 92 41 the the DET cblr-1735 92 42 key key ADJ cblr-1735 92 43 securities security NOUN cblr-1735 92 44 at at ADP cblr-1735 92 45 issue issue NOUN cblr-1735 92 46 in in ADP cblr-1735 92 47 the the DET cblr-1735 92 48 credit credit NOUN cblr-1735 92 49 crisis crisis NOUN cblr-1735 92 50 were be AUX cblr-1735 92 51 subprime subprime ADJ cblr-1735 92 52 residential residential ADJ cblr-1735 92 53 mortgage mortgage NOUN cblr-1735 92 54 - - PUNCT cblr-1735 92 55 backed back VERB cblr-1735 92 56 securities security NOUN cblr-1735 92 57 ( ( PUNCT cblr-1735 92 58 “ " PUNCT cblr-1735 92 59 rmbs rmb NOUN cblr-1735 92 60 ” " PUNCT cblr-1735 92 61 ) ) PUNCT cblr-1735 92 62 and and CCONJ cblr-1735 92 63 collateralized collateralized ADJ cblr-1735 92 64 debt debt NOUN cblr-1735 92 65 obligations obligation NOUN cblr-1735 92 66 ( ( PUNCT cblr-1735 92 67 “ " PUNCT cblr-1735 92 68 cdos cdo NOUN cblr-1735 92 69 ” " PUNCT cblr-1735 92 70 ) ) PUNCT cblr-1735 92 71 of of ADP cblr-1735 92 72 subprime subprime ADJ cblr-1735 92 73 rmbs.21 rmbs.21 NOUN cblr-1735 92 74 the the DET cblr-1735 92 75 cras cras X cblr-1735 92 76 ’ ' PUNCT cblr-1735 92 77 failure failure NOUN cblr-1735 92 78 to to PART cblr-1735 92 79 properly properly ADV cblr-1735 92 80 price price VERB cblr-1735 92 81 these these DET cblr-1735 92 82 securities security NOUN cblr-1735 92 83 proved prove VERB cblr-1735 92 84 especially especially ADV cblr-1735 92 85 detrimental detrimental ADJ cblr-1735 92 86 as as SCONJ cblr-1735 92 87 the the DET cblr-1735 92 88 market market NOUN cblr-1735 92 89 for for ADP cblr-1735 92 90 securitized securitized ADJ cblr-1735 92 91 products product NOUN cblr-1735 92 92 had have AUX cblr-1735 92 93 become become VERB cblr-1735 92 94 “ " PUNCT cblr-1735 92 95 informationinsensitive”22 informationinsensitive”22 PROPN cblr-1735 92 96 — — PUNCT cblr-1735 92 97 investors investor NOUN cblr-1735 92 98 did do AUX cblr-1735 92 99 not not PART cblr-1735 92 100 perform perform VERB cblr-1735 92 101 their their PRON cblr-1735 92 102 own own ADJ cblr-1735 92 103 analyses analysis NOUN cblr-1735 92 104 langohr langohr NOUN cblr-1735 92 105 , , PUNCT cblr-1735 92 106 the the DET cblr-1735 92 107 rating rating NOUN cblr-1735 92 108 agencies agency NOUN cblr-1735 92 109 and and CCONJ cblr-1735 92 110 their their PRON cblr-1735 92 111 credit credit NOUN cblr-1735 92 112 ratings rating NOUN cblr-1735 92 113 : : PUNCT cblr-1735 92 114 what what PRON cblr-1735 92 115 they they PRON cblr-1735 92 116 are be AUX cblr-1735 92 117 , , PUNCT cblr-1735 92 118 how how SCONJ cblr-1735 92 119 they they PRON cblr-1735 92 120 work work VERB cblr-1735 92 121 and and CCONJ cblr-1735 92 122 why why SCONJ cblr-1735 92 123 they they PRON cblr-1735 92 124 are be AUX cblr-1735 92 125 relevant relevant ADJ cblr-1735 92 126 380 380 NUM cblr-1735 92 127 ( ( PUNCT cblr-1735 92 128 2008 2008 NUM cblr-1735 92 129 ) ) PUNCT cblr-1735 92 130 ( ( PUNCT cblr-1735 92 131 “ " PUNCT cblr-1735 92 132 fixed fix VERB cblr-1735 92 133 income income NOUN cblr-1735 92 134 institutional institutional ADJ cblr-1735 92 135 investors investor NOUN cblr-1735 92 136 link link VERB cblr-1735 92 137 portfolio portfolio NOUN cblr-1735 92 138 allocations allocation NOUN cblr-1735 92 139 to to ADP cblr-1735 92 140 rating rating NOUN cblr-1735 92 141 standards standard NOUN cblr-1735 92 142 . . PUNCT cblr-1735 93 1 they they PRON cblr-1735 93 2 therefore therefore ADV cblr-1735 93 3 use use VERB cblr-1735 93 4 ratings rating NOUN cblr-1735 93 5 in in ADP cblr-1735 93 6 their their PRON cblr-1735 93 7 bond bond NOUN cblr-1735 93 8 purchase purchase NOUN cblr-1735 93 9 decisions decision NOUN cblr-1735 93 10 , , PUNCT cblr-1735 93 11 and and CCONJ cblr-1735 93 12 to to PART cblr-1735 93 13 ensure ensure VERB cblr-1735 93 14 subscription subscription NOUN cblr-1735 93 15 , , PUNCT cblr-1735 93 16 issuers issuer NOUN cblr-1735 93 17 must must AUX cblr-1735 93 18 get get VERB cblr-1735 93 19 their their PRON cblr-1735 93 20 issues issue NOUN cblr-1735 93 21 rated rate VERB cblr-1735 93 22 by by ADP cblr-1735 93 23 an an DET cblr-1735 93 24 appropriate appropriate ADJ cblr-1735 93 25 cra cra NOUN cblr-1735 93 26 . . PUNCT cblr-1735 93 27 ” " PUNCT cblr-1735 93 28 ) ) PUNCT cblr-1735 93 29 . . PUNCT cblr-1735 94 1 18 18 NUM cblr-1735 94 2 dodd dodd PROPN cblr-1735 94 3 - - PUNCT cblr-1735 94 4 frank frank PROPN cblr-1735 94 5 act act PROPN cblr-1735 94 6 § § PROPN cblr-1735 94 7 931(1 931(1 NUM cblr-1735 94 8 ) ) PUNCT cblr-1735 94 9 , , PUNCT cblr-1735 94 10 15 15 NUM cblr-1735 94 11 u.s.c u.s.c ADJ cblr-1735 94 12 . . PUNCT cblr-1735 95 1 § § PROPN cblr-1735 95 2 78o-7 78o-7 NUM cblr-1735 95 3 note note NOUN cblr-1735 95 4 ( ( PUNCT cblr-1735 95 5 2012 2012 NUM cblr-1735 95 6 ) ) PUNCT cblr-1735 95 7 ( ( PUNCT cblr-1735 95 8 findings finding NOUN cblr-1735 95 9 ) ) PUNCT cblr-1735 95 10 . . PUNCT cblr-1735 96 1 19 19 NUM cblr-1735 96 2 credit credit NOUN cblr-1735 96 3 rating rating NOUN cblr-1735 96 4 agencies agency NOUN cblr-1735 96 5 may may AUX cblr-1735 96 6 apply apply VERB cblr-1735 96 7 under under ADP cblr-1735 96 8 15 15 NUM cblr-1735 96 9 u.s.c u.s.c ADJ cblr-1735 96 10 . . PUNCT cblr-1735 97 1 § § PROPN cblr-1735 97 2 78o-7 78o-7 PROPN cblr-1735 97 3 to to PART cblr-1735 97 4 be be AUX cblr-1735 97 5 registered register VERB cblr-1735 97 6 as as ADP cblr-1735 97 7 nrsros nrsros PROPN cblr-1735 97 8 . . PUNCT cblr-1735 98 1 15 15 NUM cblr-1735 98 2 u.s.c u.s.c NOUN cblr-1735 98 3 . . PUNCT cblr-1735 98 4 78o-7(a)(1 78o-7(a)(1 X cblr-1735 98 5 ) ) PUNCT cblr-1735 98 6 ( ( PUNCT cblr-1735 98 7 2012 2012 NUM cblr-1735 98 8 ) ) PUNCT cblr-1735 98 9 . . PUNCT cblr-1735 99 1 nrsro nrsro ADJ cblr-1735 99 2 registration registration NOUN cblr-1735 99 3 confers confer NOUN cblr-1735 99 4 upon upon SCONJ cblr-1735 99 5 rating rating NOUN cblr-1735 99 6 agencies agency NOUN cblr-1735 99 7 significant significant ADJ cblr-1735 99 8 regulatory regulatory ADJ cblr-1735 99 9 benefits benefit NOUN cblr-1735 99 10 . . PUNCT cblr-1735 100 1 i i PRON cblr-1735 100 2 d. d. PROPN cblr-1735 100 3 ; ; PUNCT cblr-1735 100 4 see see VERB cblr-1735 100 5 , , PUNCT cblr-1735 100 6 e.g. e.g. ADV cblr-1735 100 7 , , PUNCT cblr-1735 100 8 frank frank PROPN cblr-1735 100 9 partnoy partnoy VERB cblr-1735 100 10 , , PUNCT cblr-1735 100 11 how how SCONJ cblr-1735 100 12 and and CCONJ cblr-1735 100 13 why why SCONJ cblr-1735 100 14 credit credit NOUN cblr-1735 100 15 rating rating NOUN cblr-1735 100 16 agencies agency NOUN cblr-1735 100 17 are be AUX cblr-1735 100 18 not not PART cblr-1735 100 19 like like ADP cblr-1735 100 20 other other ADJ cblr-1735 100 21 gatekeepers gatekeeper NOUN cblr-1735 100 22 , , PUNCT cblr-1735 100 23 in in ADP cblr-1735 100 24 financial financial ADJ cblr-1735 100 25 gatekeepers gatekeeper NOUN cblr-1735 100 26 : : PUNCT cblr-1735 100 27 can can AUX cblr-1735 100 28 they they PRON cblr-1735 100 29 protect protect VERB cblr-1735 100 30 investors investor NOUN cblr-1735 100 31 ? ? PUNCT cblr-1735 101 1 59 59 NUM cblr-1735 101 2 , , PUNCT cblr-1735 101 3 60–61 60–61 NUM cblr-1735 101 4 ( ( PUNCT cblr-1735 101 5 yasuyuki yasuyuki PROPN cblr-1735 101 6 fuchita fuchita PROPN cblr-1735 101 7 & & CCONJ cblr-1735 101 8 robert robert PROPN cblr-1735 101 9 e. e. PROPN cblr-1735 101 10 litan litan PROPN cblr-1735 101 11 eds eds PROPN cblr-1735 101 12 . . PROPN cblr-1735 101 13 , , PUNCT cblr-1735 101 14 2006 2006 NUM cblr-1735 101 15 ) ) PUNCT cblr-1735 101 16 ; ; PUNCT cblr-1735 101 17 jonathan jonathan PROPN cblr-1735 101 18 r. r. PROPN cblr-1735 101 19 macey macey PROPN cblr-1735 101 20 , , PUNCT cblr-1735 101 21 the the DET cblr-1735 101 22 regulator regulator NOUN cblr-1735 101 23 effect effect NOUN cblr-1735 101 24 in in ADP cblr-1735 101 25 financial financial ADJ cblr-1735 101 26 regulation regulation NOUN cblr-1735 101 27 , , PUNCT cblr-1735 101 28 98 98 NUM cblr-1735 101 29 cornell cornell PROPN cblr-1735 101 30 l. l. PROPN cblr-1735 101 31 rev rev PROPN cblr-1735 101 32 . . PROPN cblr-1735 101 33 591 591 NUM cblr-1735 101 34 , , PUNCT cblr-1735 101 35 595 595 NUM cblr-1735 101 36 ( ( PUNCT cblr-1735 101 37 2013 2013 NUM cblr-1735 101 38 ) ) PUNCT cblr-1735 101 39 . . PUNCT cblr-1735 102 1 20 20 NUM cblr-1735 102 2 see see VERB cblr-1735 102 3 jeffrey jeffrey PROPN cblr-1735 102 4 manns manns PROPN cblr-1735 102 5 , , PUNCT cblr-1735 102 6 rating rating NOUN cblr-1735 102 7 risk risk NOUN cblr-1735 102 8 after after ADP cblr-1735 102 9 the the DET cblr-1735 102 10 subprime subprime ADJ cblr-1735 102 11 mortgage mortgage NOUN cblr-1735 102 12 crisis crisis NOUN cblr-1735 102 13 : : PUNCT cblr-1735 102 14 a a DET cblr-1735 102 15 user user NOUN cblr-1735 102 16 fee fee NOUN cblr-1735 102 17 approach approach NOUN cblr-1735 102 18 for for ADP cblr-1735 102 19 rating rating NOUN cblr-1735 102 20 agency agency NOUN cblr-1735 102 21 accountability accountability NOUN cblr-1735 102 22 , , PUNCT cblr-1735 102 23 87 87 NUM cblr-1735 102 24 n.c n.c PROPN cblr-1735 102 25 . . PROPN cblr-1735 102 26 l. l. PROPN cblr-1735 102 27 rev rev PROPN cblr-1735 102 28 . . PROPN cblr-1735 102 29 1011 1011 NUM cblr-1735 102 30 , , PUNCT cblr-1735 102 31 1013 1013 NUM cblr-1735 102 32 ( ( PUNCT cblr-1735 102 33 2009 2009 NUM cblr-1735 102 34 ) ) PUNCT cblr-1735 102 35 . . PUNCT cblr-1735 103 1 21 21 NUM cblr-1735 103 2 darcy darcy PROPN cblr-1735 103 3 , , PUNCT cblr-1735 103 4 supra supra PROPN cblr-1735 103 5 note note PROPN cblr-1735 103 6 11 11 NUM cblr-1735 103 7 , , PUNCT cblr-1735 103 8 at at ADP cblr-1735 103 9 607 607 NUM cblr-1735 103 10 . . PUNCT cblr-1735 104 1 22 22 NUM cblr-1735 104 2 debt debt NOUN cblr-1735 104 3 is be AUX cblr-1735 104 4 considered consider VERB cblr-1735 104 5 “ " PUNCT cblr-1735 104 6 information information NOUN cblr-1735 104 7 - - PUNCT cblr-1735 104 8 insensitive insensitive ADJ cblr-1735 104 9 ” " PUNCT cblr-1735 104 10 if if SCONJ cblr-1735 104 11 “ " PUNCT cblr-1735 104 12 it it PRON cblr-1735 104 13 is be AUX cblr-1735 104 14 not not PART cblr-1735 104 15 profitable profitable ADJ cblr-1735 104 16 for for SCONJ cblr-1735 104 17 any any DET cblr-1735 104 18 agent agent NOUN cblr-1735 104 19 to to PART cblr-1735 104 20 produce produce VERB cblr-1735 104 21 private private ADJ cblr-1735 104 22 information information NOUN cblr-1735 104 23 about about ADP cblr-1735 104 24 the the DET cblr-1735 104 25 assets asset NOUN cblr-1735 104 26 backing back VERB cblr-1735 104 27 the the DET cblr-1735 104 28 debt debt NOUN cblr-1735 104 29 , , PUNCT cblr-1735 104 30 the the DET cblr-1735 104 31 collateral collateral NOUN cblr-1735 104 32 . . PUNCT cblr-1735 104 33 ” " PUNCT cblr-1735 105 1 gary gary PROPN cblr-1735 105 2 gorton gorton PROPN cblr-1735 105 3 & & CCONJ cblr-1735 105 4 guillermo guillermo PROPN cblr-1735 105 5 ordoñez ordoñez PROPN cblr-1735 105 6 , , PUNCT cblr-1735 105 7 collateral collateral ADJ cblr-1735 105 8 crises crisis NOUN cblr-1735 105 9 , , PUNCT cblr-1735 105 10 104 104 NUM cblr-1735 105 11 am am NOUN cblr-1735 105 12 . . PUNCT cblr-1735 106 1 econ econ PROPN cblr-1735 106 2 . . PUNCT cblr-1735 107 1 rev rev PROPN cblr-1735 107 2 . . PROPN cblr-1735 107 3 343 343 NUM cblr-1735 107 4 , , PUNCT cblr-1735 107 5 344 344 NUM cblr-1735 107 6 ( ( PUNCT cblr-1735 107 7 2014 2014 NUM cblr-1735 107 8 ) ) PUNCT cblr-1735 107 9 . . PUNCT cblr-1735 108 1 guo guo PROPN cblr-1735 108 2 – – PUNCT cblr-1735 108 3 final final ADJ cblr-1735 108 4 no no NOUN cblr-1735 108 5 . . PUNCT cblr-1735 109 1 1:184 1:184 NUM cblr-1735 109 2 ] ] PUNCT cblr-1735 109 3 credit credit NOUN cblr-1735 109 4 rating rating NOUN cblr-1735 109 5 agency agency NOUN cblr-1735 109 6 reform reform NOUN cblr-1735 109 7 191 191 NUM cblr-1735 109 8 of of ADP cblr-1735 109 9 the the DET cblr-1735 109 10 underlying underlie VERB cblr-1735 109 11 collateral collateral NOUN cblr-1735 109 12 , , PUNCT cblr-1735 109 13 but but CCONJ cblr-1735 109 14 instead instead ADV cblr-1735 109 15 relied rely VERB cblr-1735 109 16 completely completely ADV cblr-1735 109 17 on on ADP cblr-1735 109 18 the the DET cblr-1735 109 19 credit credit NOUN cblr-1735 109 20 ratings rating NOUN cblr-1735 109 21 assigned assign VERB cblr-1735 109 22 to to ADP cblr-1735 109 23 particular particular ADJ cblr-1735 109 24 tranches tranche NOUN cblr-1735 109 25 of of ADP cblr-1735 109 26 assetbacked assetbacke VERB cblr-1735 109 27 securities.23 securities.23 PROPN cblr-1735 109 28 once once SCONJ cblr-1735 109 29 the the DET cblr-1735 109 30 market market NOUN cblr-1735 109 31 for for ADP cblr-1735 109 32 these these DET cblr-1735 109 33 securities security NOUN cblr-1735 109 34 began begin VERB cblr-1735 109 35 to to PART cblr-1735 109 36 falter falter VERB cblr-1735 110 1 , , PUNCT cblr-1735 110 2 investors investor NOUN cblr-1735 110 3 lost lose VERB cblr-1735 110 4 their their PRON cblr-1735 110 5 trust trust NOUN cblr-1735 110 6 in in ADP cblr-1735 110 7 the the DET cblr-1735 110 8 cras cras X cblr-1735 110 9 ’ ' PUNCT cblr-1735 110 10 ratings rating NOUN cblr-1735 110 11 and and CCONJ cblr-1735 110 12 were be AUX cblr-1735 110 13 forced force VERB cblr-1735 110 14 to to PART cblr-1735 110 15 withdraw withdraw VERB cblr-1735 110 16 their their PRON cblr-1735 110 17 investments investment NOUN cblr-1735 110 18 as as SCONJ cblr-1735 110 19 they they PRON cblr-1735 110 20 were be AUX cblr-1735 110 21 unable unable ADJ cblr-1735 110 22 to to PART cblr-1735 110 23 carry carry VERB cblr-1735 110 24 out out ADP cblr-1735 110 25 their their PRON cblr-1735 110 26 own own ADJ cblr-1735 110 27 analyses.24 analyses.24 NOUN cblr-1735 110 28 this this PRON cblr-1735 110 29 , , PUNCT cblr-1735 110 30 in in ADP cblr-1735 110 31 turn turn NOUN cblr-1735 110 32 , , PUNCT cblr-1735 110 33 caused cause VERB cblr-1735 110 34 the the DET cblr-1735 110 35 rmbs rmb NOUN cblr-1735 110 36 and and CCONJ cblr-1735 110 37 cdo cdo ADJ cblr-1735 110 38 market market NOUN cblr-1735 110 39 to to PART cblr-1735 110 40 become become VERB cblr-1735 110 41 fatally fatally ADV cblr-1735 110 42 illiquid,25 illiquid,25 PROPN cblr-1735 110 43 and and CCONJ cblr-1735 110 44 the the DET cblr-1735 110 45 repercussions repercussion NOUN cblr-1735 110 46 were be AUX cblr-1735 110 47 felt feel VERB cblr-1735 110 48 across across ADP cblr-1735 110 49 the the DET cblr-1735 110 50 global global ADJ cblr-1735 110 51 financial financial ADJ cblr-1735 110 52 market market NOUN cblr-1735 110 53 because because SCONJ cblr-1735 110 54 of of ADP cblr-1735 110 55 the the DET cblr-1735 110 56 widely widely ADV cblr-1735 110 57 - - PUNCT cblr-1735 110 58 held hold VERB cblr-1735 110 59 nature nature NOUN cblr-1735 110 60 of of ADP cblr-1735 110 61 these these DET cblr-1735 110 62 securities.26 securities.26 NOUN cblr-1735 110 63 while while SCONJ cblr-1735 110 64 cras cras PROPN cblr-1735 110 65 maintained maintain VERB cblr-1735 110 66 that that SCONJ cblr-1735 110 67 their their PRON cblr-1735 110 68 ratings rating NOUN cblr-1735 110 69 for for ADP cblr-1735 110 70 these these DET cblr-1735 110 71 structured structured ADJ cblr-1735 110 72 finance finance NOUN cblr-1735 110 73 products product NOUN cblr-1735 110 74 were be AUX cblr-1735 110 75 consistent consistent ADJ cblr-1735 110 76 with with ADP cblr-1735 110 77 their their PRON cblr-1735 110 78 ratings rating NOUN cblr-1735 110 79 for for ADP cblr-1735 110 80 corporate corporate ADJ cblr-1735 110 81 bonds,27 bonds,27 NOUN cblr-1735 110 82 a a DET cblr-1735 110 83 number number NOUN cblr-1735 110 84 of of ADP cblr-1735 110 85 key key ADJ cblr-1735 110 86 differences difference NOUN cblr-1735 110 87 between between ADP cblr-1735 110 88 these these DET cblr-1735 110 89 two two NUM cblr-1735 110 90 types type NOUN cblr-1735 110 91 of of ADP cblr-1735 110 92 debt debt NOUN cblr-1735 110 93 securities security NOUN cblr-1735 110 94 may may AUX cblr-1735 110 95 explain explain VERB cblr-1735 110 96 why why SCONJ cblr-1735 110 97 this this PRON cblr-1735 110 98 was be AUX cblr-1735 110 99 likely likely ADV cblr-1735 110 100 false.28 false.28 ADJ cblr-1735 110 101 because because SCONJ cblr-1735 110 102 the the DET cblr-1735 110 103 rmbs rmbs PROPN cblr-1735 110 104 market market NOUN cblr-1735 110 105 is be AUX cblr-1735 110 106 much much ADV cblr-1735 110 107 23 23 NUM cblr-1735 110 108 see see VERB cblr-1735 110 109 samuel samuel PROPN cblr-1735 110 110 g. g. PROPN cblr-1735 110 111 hanson hanson PROPN cblr-1735 110 112 & & CCONJ cblr-1735 110 113 adi adi PROPN cblr-1735 110 114 sunderam sunderam PROPN cblr-1735 110 115 , , PUNCT cblr-1735 110 116 are be AUX cblr-1735 110 117 there there ADV cblr-1735 110 118 too too ADV cblr-1735 110 119 many many ADJ cblr-1735 110 120 safe safe ADJ cblr-1735 110 121 securities security NOUN cblr-1735 110 122 ? ? PUNCT cblr-1735 111 1 securitization securitization NOUN cblr-1735 111 2 and and CCONJ cblr-1735 111 3 the the DET cblr-1735 111 4 incentives incentive NOUN cblr-1735 111 5 for for ADP cblr-1735 111 6 information information NOUN cblr-1735 111 7 production production NOUN cblr-1735 111 8 , , PUNCT cblr-1735 111 9 108 108 NUM cblr-1735 111 10 j. j. PROPN cblr-1735 111 11 fin fin PROPN cblr-1735 111 12 . . PUNCT cblr-1735 111 13 econ econ PROPN cblr-1735 111 14 . . PUNCT cblr-1735 112 1 565 565 NUM cblr-1735 112 2 , , PUNCT cblr-1735 112 3 580 580 NUM cblr-1735 112 4 ( ( PUNCT cblr-1735 112 5 2013 2013 NUM cblr-1735 112 6 ) ) PUNCT cblr-1735 112 7 . . PUNCT cblr-1735 113 1 24 24 NUM cblr-1735 113 2 see see VERB cblr-1735 113 3 i i PRON cblr-1735 113 4 d. d. PROPN cblr-1735 113 5 25 25 NUM cblr-1735 113 6 see see VERB cblr-1735 113 7 press press NOUN cblr-1735 113 8 release release NOUN cblr-1735 113 9 , , PUNCT cblr-1735 113 10 bnp bnp PROPN cblr-1735 113 11 paribas paribas PROPN cblr-1735 113 12 , , PUNCT cblr-1735 113 13 bnp bnp PROPN cblr-1735 113 14 paribas paribas PROPN cblr-1735 113 15 investments investments PROPN cblr-1735 113 16 partners partner NOUN cblr-1735 113 17 temporaly temporaly PROPN cblr-1735 113 18 suspends suspend VERB cblr-1735 113 19 the the DET cblr-1735 113 20 calculation calculation NOUN cblr-1735 113 21 of of ADP cblr-1735 113 22 the the DET cblr-1735 113 23 net net ADJ cblr-1735 113 24 asset asset NOUN cblr-1735 113 25 value value NOUN cblr-1735 113 26 of of ADP cblr-1735 113 27 the the DET cblr-1735 113 28 following follow VERB cblr-1735 113 29 funds fund NOUN cblr-1735 113 30 : : PUNCT cblr-1735 113 31 parvest parve ADJ cblr-1735 113 32 dynamic dynamic ADJ cblr-1735 113 33 abs ab NOUN cblr-1735 113 34 , , PUNCT cblr-1735 113 35 bnp bnp PROPN cblr-1735 113 36 paribas paribas PROPN cblr-1735 113 37 abs ab VERB cblr-1735 113 38 euribor euribor PROPN cblr-1735 113 39 and and CCONJ cblr-1735 113 40 bnp bnp PROPN cblr-1735 113 41 paribas paribas PROPN cblr-1735 113 42 abs ab VERB cblr-1735 113 43 eonia eonia PROPN cblr-1735 113 44 ( ( PUNCT cblr-1735 113 45 aug aug PROPN cblr-1735 113 46 . . PROPN cblr-1735 113 47 9 9 NUM cblr-1735 113 48 , , PUNCT cblr-1735 113 49 2007 2007 NUM cblr-1735 113 50 ) ) PUNCT cblr-1735 113 51 , , PUNCT cblr-1735 113 52 http://www.bnpparibas.com/ http://www.bnpparibas.com/ NOUN cblr-1735 113 53 en en PROPN cblr-1735 113 54 / / SYM cblr-1735 113 55 news news NOUN cblr-1735 113 56 / / SYM cblr-1735 113 57 press press NOUN cblr-1735 113 58 - - PUNCT cblr-1735 113 59 release release NOUN cblr-1735 113 60 / / SYM cblr-1735 113 61 bnp bnp PROPN cblr-1735 113 62 - - PUNCT cblr-1735 113 63 paribas paribas PROPN cblr-1735 113 64 - - PUNCT cblr-1735 113 65 investment investment NOUN cblr-1735 113 66 - - PUNCT cblr-1735 113 67 partners partner NOUN cblr-1735 113 68 - - PUNCT cblr-1735 113 69 temporaly temporaly NOUN cblr-1735 113 70 - - PUNCT cblr-1735 113 71 suspen suspen ADJ cblr-1735 113 72 ds ds ADJ cblr-1735 113 73 - - PUNCT cblr-1735 113 74 calculation calculation NOUN cblr-1735 113 75 - - PUNCT cblr-1735 113 76 net net NOUN cblr-1735 113 77 - - PUNCT cblr-1735 113 78 asset asset NOUN cblr-1735 113 79 - - PUNCT cblr-1735 113 80 value value NOUN cblr-1735 113 81 - - PUNCT cblr-1735 113 82 fo fo NOUN cblr-1735 113 83 [ [ X cblr-1735 113 84 http://perma.cc/jy25-nj4p http://perma.cc/jy25-nj4p X cblr-1735 113 85 ] ] X cblr-1735 113 86 ( ( PUNCT cblr-1735 113 87 “ " PUNCT cblr-1735 113 88 the the DET cblr-1735 113 89 complete complete ADJ cblr-1735 113 90 evaporation evaporation NOUN cblr-1735 113 91 of of ADP cblr-1735 113 92 liquidity liquidity NOUN cblr-1735 113 93 in in ADP cblr-1735 113 94 certain certain ADJ cblr-1735 113 95 market market NOUN cblr-1735 113 96 segments segment NOUN cblr-1735 113 97 of of ADP cblr-1735 113 98 the the DET cblr-1735 113 99 us us PROPN cblr-1735 113 100 securitisation securitisation NOUN cblr-1735 113 101 market market NOUN cblr-1735 113 102 has have AUX cblr-1735 113 103 made make VERB cblr-1735 113 104 it it PRON cblr-1735 113 105 impossible impossible ADJ cblr-1735 113 106 to to PART cblr-1735 113 107 value value VERB cblr-1735 113 108 certain certain ADJ cblr-1735 113 109 assets asset NOUN cblr-1735 113 110 fairly fairly ADV cblr-1735 113 111 regardless regardless ADV cblr-1735 113 112 of of ADP cblr-1735 113 113 their their PRON cblr-1735 113 114 quality quality NOUN cblr-1735 113 115 or or CCONJ cblr-1735 113 116 credit credit NOUN cblr-1735 113 117 rating rating NOUN cblr-1735 113 118 . . PUNCT cblr-1735 113 119 ” " PUNCT cblr-1735 113 120 ) ) PUNCT cblr-1735 113 121 . . PUNCT cblr-1735 114 1 bnp bnp PROPN cblr-1735 114 2 ’s ’s PART cblr-1735 114 3 decision decision NOUN cblr-1735 114 4 to to PART cblr-1735 114 5 freeze freeze VERB cblr-1735 114 6 withdrawals withdrawal NOUN cblr-1735 114 7 from from ADP cblr-1735 114 8 two two NUM cblr-1735 114 9 of of ADP cblr-1735 114 10 its its PRON cblr-1735 114 11 funds fund NOUN cblr-1735 114 12 is be AUX cblr-1735 114 13 recognized recognize VERB cblr-1735 114 14 by by ADP cblr-1735 114 15 some some PRON cblr-1735 114 16 as as ADP cblr-1735 114 17 marking mark VERB cblr-1735 114 18 the the DET cblr-1735 114 19 beginning beginning NOUN cblr-1735 114 20 of of ADP cblr-1735 114 21 the the DET cblr-1735 114 22 financial financial ADJ cblr-1735 114 23 crisis crisis NOUN cblr-1735 114 24 . . PUNCT cblr-1735 115 1 see see VERB cblr-1735 115 2 , , PUNCT cblr-1735 115 3 e.g. e.g. ADV cblr-1735 115 4 , , PUNCT cblr-1735 115 5 john john PROPN cblr-1735 115 6 zinkin zinkin PROPN cblr-1735 115 7 , , PUNCT cblr-1735 115 8 rebuilding rebuild VERB cblr-1735 115 9 trust trust NOUN cblr-1735 115 10 in in ADP cblr-1735 115 11 banks bank NOUN cblr-1735 115 12 : : PUNCT cblr-1735 115 13 the the DET cblr-1735 115 14 role role NOUN cblr-1735 115 15 of of ADP cblr-1735 115 16 leadership leadership NOUN cblr-1735 115 17 and and CCONJ cblr-1735 115 18 governance governance NOUN cblr-1735 115 19 149 149 NUM cblr-1735 115 20 ( ( PUNCT cblr-1735 115 21 2014 2014 NUM cblr-1735 115 22 ) ) PUNCT cblr-1735 115 23 ( ( PUNCT cblr-1735 115 24 “ " PUNCT cblr-1735 115 25 [ [ X cblr-1735 115 26 t]he t]he ADJ cblr-1735 115 27 global global ADJ cblr-1735 115 28 financial financial ADJ cblr-1735 115 29 crisis crisis NOUN cblr-1735 115 30 began begin VERB cblr-1735 115 31 in in ADP cblr-1735 115 32 august august PROPN cblr-1735 115 33 2007 2007 NUM cblr-1735 115 34 with with ADP cblr-1735 115 35 the the DET cblr-1735 115 36 closing closing NOUN cblr-1735 115 37 of of ADP cblr-1735 115 38 two two NUM cblr-1735 115 39 bnp bnp PROPN cblr-1735 115 40 paribas paribas PROPN cblr-1735 115 41 money money NOUN cblr-1735 115 42 market market NOUN cblr-1735 115 43 funds fund NOUN cblr-1735 115 44 on on ADP cblr-1735 115 45 august august PROPN cblr-1735 115 46 9 9 NUM cblr-1735 115 47 , , PUNCT cblr-1735 115 48 2007 2007 NUM cblr-1735 115 49 . . PUNCT cblr-1735 115 50 ” " PUNCT cblr-1735 115 51 ) ) PUNCT cblr-1735 115 52 . . PUNCT cblr-1735 116 1 26 26 NUM cblr-1735 116 2 see see NOUN cblr-1735 116 3 june june PROPN cblr-1735 116 4 rhee rhee PROPN cblr-1735 116 5 , , PUNCT cblr-1735 116 6 getting get VERB cblr-1735 116 7 residential residential ADJ cblr-1735 116 8 mortgage mortgage NOUN cblr-1735 116 9 - - PUNCT cblr-1735 116 10 backed back VERB cblr-1735 116 11 securities security NOUN cblr-1735 116 12 right right NOUN cblr-1735 116 13 : : PUNCT cblr-1735 116 14 why why SCONJ cblr-1735 116 15 governance governance NOUN cblr-1735 116 16 matters matter NOUN cblr-1735 116 17 , , PUNCT cblr-1735 116 18 20 20 NUM cblr-1735 116 19 stan stan NOUN cblr-1735 116 20 . . PUNCT cblr-1735 117 1 j.l j.l PROPN cblr-1735 117 2 . . PROPN cblr-1735 117 3 bus bus PROPN cblr-1735 117 4 . . PUNCT cblr-1735 117 5 & & CCONJ cblr-1735 117 6 fin fin PROPN cblr-1735 117 7 . . PUNCT cblr-1735 118 1 273 273 NUM cblr-1735 118 2 , , PUNCT cblr-1735 118 3 275 275 NUM cblr-1735 118 4 ( ( PUNCT cblr-1735 118 5 2015 2015 NUM cblr-1735 118 6 ) ) PUNCT cblr-1735 118 7 ( ( PUNCT cblr-1735 118 8 “ " PUNCT cblr-1735 118 9 before before ADP cblr-1735 118 10 the the DET cblr-1735 118 11 financial financial ADJ cblr-1735 118 12 crisis crisis NOUN cblr-1735 118 13 , , PUNCT cblr-1735 118 14 rmbs rmbs PROPN cblr-1735 118 15 was be AUX cblr-1735 118 16 a a DET cblr-1735 118 17 popular popular ADJ cblr-1735 118 18 investment investment NOUN cblr-1735 118 19 opportunity opportunity NOUN cblr-1735 118 20 widely widely ADV cblr-1735 118 21 held hold VERB cblr-1735 118 22 by by ADP cblr-1735 118 23 pension pension NOUN cblr-1735 118 24 funds fund NOUN cblr-1735 118 25 , , PUNCT cblr-1735 118 26 mutual mutual ADJ cblr-1735 118 27 funds fund NOUN cblr-1735 118 28 and and CCONJ cblr-1735 118 29 other other ADJ cblr-1735 118 30 financial financial ADJ cblr-1735 118 31 firms firm NOUN cblr-1735 118 32 . . PUNCT cblr-1735 118 33 ” " PUNCT cblr-1735 118 34 ) ) PUNCT cblr-1735 118 35 ; ; PUNCT cblr-1735 118 36 hanson hanson PROPN cblr-1735 118 37 & & CCONJ cblr-1735 118 38 sunderam sunderam PROPN cblr-1735 118 39 , , PUNCT cblr-1735 118 40 supra supra PROPN cblr-1735 118 41 note note PROPN cblr-1735 118 42 23 23 NUM cblr-1735 118 43 , , PUNCT cblr-1735 118 44 at at ADP cblr-1735 118 45 580 580 NUM cblr-1735 118 46 . . PUNCT cblr-1735 119 1 27 27 NUM cblr-1735 119 2 see see VERB cblr-1735 119 3 darcy darcy PROPN cblr-1735 119 4 , , PUNCT cblr-1735 119 5 supra supra PROPN cblr-1735 119 6 note note PROPN cblr-1735 119 7 11 11 NUM cblr-1735 119 8 , , PUNCT cblr-1735 119 9 at at ADP cblr-1735 119 10 610 610 NUM cblr-1735 119 11 . . PUNCT cblr-1735 119 12 28 28 NUM cblr-1735 119 13 see see VERB cblr-1735 119 14 anna anna NOUN cblr-1735 119 15 gelpern gelpern PROPN cblr-1735 119 16 & & CCONJ cblr-1735 119 17 adam adam PROPN cblr-1735 119 18 j. j. PROPN cblr-1735 119 19 levitin levitin PROPN cblr-1735 119 20 , , PUNCT cblr-1735 119 21 rewriting rewrite VERB cblr-1735 119 22 frankenstein frankenstein ADJ cblr-1735 119 23 contracts contract NOUN cblr-1735 119 24 : : PUNCT cblr-1735 119 25 workout workout NOUN cblr-1735 119 26 prohibitions prohibition NOUN cblr-1735 119 27 in in ADP cblr-1735 119 28 residential residential ADJ cblr-1735 119 29 mortgage mortgage NOUN cblr-1735 119 30 - - PUNCT cblr-1735 119 31 backed back VERB cblr-1735 119 32 securities security NOUN cblr-1735 119 33 , , PUNCT cblr-1735 119 34 82 82 NUM cblr-1735 119 35 s. s. PROPN cblr-1735 119 36 cal cal PROPN cblr-1735 119 37 . . PUNCT cblr-1735 120 1 l. l. PROPN cblr-1735 120 2 rev rev PROPN cblr-1735 120 3 . . PROPN cblr-1735 120 4 1075 1075 NUM cblr-1735 120 5 , , PUNCT cblr-1735 120 6 1126 1126 NUM cblr-1735 120 7 ( ( PUNCT cblr-1735 120 8 2009 2009 NUM cblr-1735 120 9 ) ) PUNCT cblr-1735 120 10 . . PUNCT cblr-1735 121 1 guo guo PROPN cblr-1735 121 2 – – PUNCT cblr-1735 121 3 final final ADJ cblr-1735 121 4 192 192 NUM cblr-1735 121 5 columbia columbia PROPN cblr-1735 121 6 business business NOUN cblr-1735 121 7 law law NOUN cblr-1735 121 8 review review NOUN cblr-1735 121 9 [ [ X cblr-1735 121 10 vol vol NOUN cblr-1735 121 11 . . NOUN cblr-1735 121 12 2016 2016 NUM cblr-1735 121 13 younger young ADJ cblr-1735 121 14 than than ADP cblr-1735 121 15 the the DET cblr-1735 121 16 corporate corporate ADJ cblr-1735 121 17 bond bond NOUN cblr-1735 121 18 market market NOUN cblr-1735 121 19 , , PUNCT cblr-1735 121 20 analytical analytical ADJ cblr-1735 121 21 models model NOUN cblr-1735 121 22 for for ADP cblr-1735 121 23 rmbs rmb NOUN cblr-1735 121 24 and and CCONJ cblr-1735 121 25 the the DET cblr-1735 121 26 securitized securitized ADJ cblr-1735 121 27 products product NOUN cblr-1735 121 28 derived derive VERB cblr-1735 121 29 from from ADP cblr-1735 121 30 them they PRON cblr-1735 121 31 necessarily necessarily ADV cblr-1735 121 32 relied rely VERB cblr-1735 121 33 on on ADP cblr-1735 121 34 “ " PUNCT cblr-1735 121 35 relatively relatively ADV cblr-1735 121 36 short short ADJ cblr-1735 121 37 performance performance NOUN cblr-1735 121 38 histor[ies histor[ie NOUN cblr-1735 121 39 ] ] X cblr-1735 121 40 and and CCONJ cblr-1735 121 41 a a DET cblr-1735 121 42 very very ADV cblr-1735 121 43 thin thin ADJ cblr-1735 121 44 market market NOUN cblr-1735 121 45 infrastructure infrastructure NOUN cblr-1735 121 46 . . PUNCT cblr-1735 122 1 ”29 ”29 PUNCT cblr-1735 122 2 market market NOUN cblr-1735 122 3 analysts analyst NOUN cblr-1735 122 4 and and CCONJ cblr-1735 122 5 cras cras PROPN cblr-1735 122 6 alike alike ADV cblr-1735 122 7 were be AUX cblr-1735 122 8 unable unable ADJ cblr-1735 122 9 ( ( PUNCT cblr-1735 122 10 or or CCONJ cblr-1735 122 11 unwilling unwilling ADJ cblr-1735 122 12 ) ) PUNCT cblr-1735 122 13 to to PART cblr-1735 122 14 fully fully ADV cblr-1735 122 15 price price VERB cblr-1735 122 16 in in ADP cblr-1735 122 17 the the DET cblr-1735 122 18 aggregate aggregate ADJ cblr-1735 122 19 risk risk NOUN cblr-1735 122 20 associated associate VERB cblr-1735 122 21 with with ADP cblr-1735 122 22 large large ADJ cblr-1735 122 23 - - PUNCT cblr-1735 122 24 scale scale NOUN cblr-1735 122 25 declines decline NOUN cblr-1735 122 26 in in ADP cblr-1735 122 27 the the DET cblr-1735 122 28 prices price NOUN cblr-1735 122 29 of of ADP cblr-1735 122 30 assets asset NOUN cblr-1735 122 31 underlying underlie VERB cblr-1735 122 32 these these DET cblr-1735 122 33 securities.30 securities.30 NOUN cblr-1735 122 34 this this DET cblr-1735 122 35 problem problem NOUN cblr-1735 122 36 was be AUX cblr-1735 122 37 likely likely ADV cblr-1735 122 38 exacerbated exacerbate VERB cblr-1735 122 39 by by ADP cblr-1735 122 40 the the DET cblr-1735 122 41 inherent inherent ADJ cblr-1735 122 42 conflicts conflict NOUN cblr-1735 122 43 of of ADP cblr-1735 122 44 interest interest NOUN cblr-1735 122 45 for for ADP cblr-1735 122 46 cras cra NOUN cblr-1735 122 47 arising arise VERB cblr-1735 122 48 from from ADP cblr-1735 122 49 the the DET cblr-1735 122 50 existing exist VERB cblr-1735 122 51 payment payment NOUN cblr-1735 122 52 and and CCONJ cblr-1735 122 53 liability liability NOUN cblr-1735 122 54 schemes scheme NOUN cblr-1735 122 55 . . PUNCT cblr-1735 123 1 in in ADP cblr-1735 123 2 the the DET cblr-1735 123 3 decade decade NOUN cblr-1735 123 4 leading lead VERB cblr-1735 123 5 up up ADP cblr-1735 123 6 to to ADP cblr-1735 123 7 the the DET cblr-1735 123 8 credit credit NOUN cblr-1735 123 9 crisis crisis NOUN cblr-1735 123 10 , , PUNCT cblr-1735 123 11 cras cras X cblr-1735 123 12 derived derive VERB cblr-1735 123 13 “ " PUNCT cblr-1735 123 14 approximately approximately ADV cblr-1735 123 15 90 90 NUM cblr-1735 123 16 to to PART cblr-1735 123 17 95 95 NUM cblr-1735 123 18 % % NOUN cblr-1735 123 19 of of ADP cblr-1735 123 20 their their PRON cblr-1735 123 21 annual annual ADJ cblr-1735 123 22 revenues revenue NOUN cblr-1735 123 23 from from ADP cblr-1735 123 24 issuer issuer NOUN cblr-1735 123 25 fees fee NOUN cblr-1735 123 26 . . PUNCT cblr-1735 124 1 ”31 ”31 PROPN cblr-1735 124 2 known know VERB cblr-1735 124 3 as as ADP cblr-1735 124 4 the the DET cblr-1735 124 5 “ " PUNCT cblr-1735 124 6 issuer issuer NOUN cblr-1735 124 7 - - PUNCT cblr-1735 124 8 pays pay NOUN cblr-1735 124 9 model model NOUN cblr-1735 124 10 , , PUNCT cblr-1735 124 11 ” " PUNCT cblr-1735 124 12 the the DET cblr-1735 124 13 payment payment NOUN cblr-1735 124 14 scheme scheme NOUN cblr-1735 124 15 for for ADP cblr-1735 124 16 cras cras X cblr-1735 124 17 ( ( PUNCT cblr-1735 124 18 whereby whereby SCONJ cblr-1735 124 19 issuers issuer NOUN cblr-1735 124 20 are be AUX cblr-1735 124 21 charged charge VERB cblr-1735 124 22 an an DET cblr-1735 124 23 issuer issuer NOUN cblr-1735 124 24 fee fee NOUN cblr-1735 124 25 rather rather ADV cblr-1735 124 26 than than ADP cblr-1735 124 27 investors investor NOUN cblr-1735 124 28 being be AUX cblr-1735 124 29 charged charge VERB cblr-1735 124 30 a a DET cblr-1735 124 31 subscription subscription NOUN cblr-1735 124 32 fee fee NOUN cblr-1735 124 33 ) ) PUNCT cblr-1735 124 34 developed develop VERB cblr-1735 124 35 in in ADP cblr-1735 124 36 part part NOUN cblr-1735 124 37 as as ADP cblr-1735 124 38 a a DET cblr-1735 124 39 response response NOUN cblr-1735 124 40 to to ADP cblr-1735 124 41 the the DET cblr-1735 124 42 “ " PUNCT cblr-1735 124 43 public public ADJ cblr-1735 124 44 good good ADJ cblr-1735 124 45 ” " PUNCT cblr-1735 124 46 quality quality NOUN cblr-1735 124 47 of of ADP cblr-1735 124 48 ratings rating NOUN cblr-1735 124 49 information32 information32 NOUN cblr-1735 124 50 and and CCONJ cblr-1735 124 51 gives give VERB cblr-1735 124 52 rise rise NOUN cblr-1735 124 53 to to ADP cblr-1735 124 54 the the DET cblr-1735 124 55 potential potential NOUN cblr-1735 124 56 for for ADP cblr-1735 124 57 “ " PUNCT cblr-1735 124 58 rating rating NOUN cblr-1735 124 59 shopping shopping NOUN cblr-1735 124 60 ” " PUNCT cblr-1735 124 61 by by ADP cblr-1735 124 62 issuers.33 issuers.33 NOUN cblr-1735 124 63 at at ADP cblr-1735 124 64 the the DET cblr-1735 124 65 same same ADJ cblr-1735 124 66 time time NOUN cblr-1735 124 67 , , PUNCT cblr-1735 124 68 the the DET cblr-1735 124 69 liability liability NOUN cblr-1735 124 70 scheme scheme NOUN cblr-1735 124 71 for for ADP cblr-1735 124 72 cras cra NOUN cblr-1735 124 73 in in ADP cblr-1735 124 74 the the DET cblr-1735 124 75 period period NOUN cblr-1735 124 76 prior prior ADV cblr-1735 124 77 to to ADP cblr-1735 124 78 the the DET cblr-1735 124 79 credit credit NOUN cblr-1735 124 80 crisis crisis NOUN cblr-1735 124 81 was be AUX cblr-1735 124 82 fairly fairly ADV cblr-1735 124 83 lenient lenient ADJ cblr-1735 124 84 — — PUNCT cblr-1735 124 85 cra cra PROPN cblr-1735 124 86 defendants defendant NOUN cblr-1735 124 87 benefited benefit VERB cblr-1735 124 88 from from ADP cblr-1735 124 89 the the DET cblr-1735 124 90 discovery discovery NOUN cblr-1735 124 91 stay stay NOUN cblr-1735 124 92 granted grant VERB cblr-1735 124 93 by by ADP cblr-1735 124 94 the the DET cblr-1735 124 95 pslra pslra NOUN cblr-1735 124 96 in in ADP cblr-1735 124 97 class class NOUN cblr-1735 124 98 action action NOUN cblr-1735 124 99 suits,34 suits,34 NOUN cblr-1735 124 100 and and CCONJ cblr-1735 124 101 many many ADJ cblr-1735 124 102 were be AUX cblr-1735 124 103 able able ADJ cblr-1735 124 104 to to PART cblr-1735 124 105 successfully successfully ADV cblr-1735 124 106 claim claim VERB cblr-1735 124 107 first first ADV cblr-1735 124 108 29 29 NUM cblr-1735 124 109 i i PRON cblr-1735 124 110 d. d. PROPN cblr-1735 124 111 30 30 NUM cblr-1735 124 112 see see VERB cblr-1735 124 113 sumit sumit PROPN cblr-1735 124 114 agarwal agarwal PROPN cblr-1735 124 115 et et PROPN cblr-1735 124 116 al al PROPN cblr-1735 124 117 . . PROPN cblr-1735 124 118 , , PUNCT cblr-1735 124 119 the the DET cblr-1735 124 120 asset asset NOUN cblr-1735 124 121 - - PUNCT cblr-1735 124 122 backed back VERB cblr-1735 124 123 securities security NOUN cblr-1735 124 124 markets market NOUN cblr-1735 124 125 , , PUNCT cblr-1735 124 126 the the DET cblr-1735 124 127 crisis crisis NOUN cblr-1735 124 128 , , PUNCT cblr-1735 124 129 and and CCONJ cblr-1735 124 130 talf talf NOUN cblr-1735 124 131 , , PUNCT cblr-1735 124 132 34 34 NUM cblr-1735 124 133 econ econ NOUN cblr-1735 124 134 . . PUNCT cblr-1735 125 1 persp persp PROPN cblr-1735 125 2 . . PUNCT cblr-1735 126 1 101 101 NUM cblr-1735 126 2 , , PUNCT cblr-1735 126 3 106–07 106–07 NUM cblr-1735 126 4 ( ( PUNCT cblr-1735 126 5 2010 2010 NUM cblr-1735 126 6 ) ) PUNCT cblr-1735 126 7 , , PUNCT cblr-1735 127 1 https://www.chicagofed.org/~/media/publications/economic-perspectives/20 https://www.chicagofed.org/~/media/publications/economic-perspectives/20 PROPN cblr-1735 127 2 10/4qtr2010 10/4qtr2010 PROPN cblr-1735 127 3 - - PUNCT cblr-1735 127 4 part1 part1 NOUN cblr-1735 127 5 - - PUNCT cblr-1735 127 6 agarwal agarwal PROPN cblr-1735 127 7 - - PUNCT cblr-1735 127 8 barrett barrett PROPN cblr-1735 127 9 - - PUNCT cblr-1735 127 10 cun cun PROPN cblr-1735 127 11 - - PUNCT cblr-1735 127 12 denardi denardi NOUN cblr-1735 127 13 - - PUNCT cblr-1735 127 14 pdf.pdf pdf.pdf NOUN cblr-1735 128 1 [ [ X cblr-1735 128 2 http://perma.cc/ http://perma.cc/ PROPN cblr-1735 128 3 nk4x nk4x PROPN cblr-1735 128 4 - - PUNCT cblr-1735 128 5 xgnu xgnu NOUN cblr-1735 128 6 ] ] PUNCT cblr-1735 128 7 ; ; PUNCT cblr-1735 128 8 see see VERB cblr-1735 128 9 also also ADV cblr-1735 128 10 fin fin NOUN cblr-1735 128 11 . . PUNCT cblr-1735 129 1 crisis crisis NOUN cblr-1735 129 2 inquiry inquiry NOUN cblr-1735 129 3 comm’n comm’n NOUN cblr-1735 129 4 , , PUNCT cblr-1735 129 5 the the DET cblr-1735 129 6 financial financial ADJ cblr-1735 129 7 crisis crisis NOUN cblr-1735 129 8 inquiry inquiry NOUN cblr-1735 129 9 report report NOUN cblr-1735 129 10 , , PUNCT cblr-1735 129 11 xxv xxv PROPN cblr-1735 129 12 , , PUNCT cblr-1735 129 13 43–45 43–45 NUM cblr-1735 129 14 ( ( PUNCT cblr-1735 129 15 2011 2011 NUM cblr-1735 129 16 ) ) PUNCT cblr-1735 129 17 , , PUNCT cblr-1735 129 18 https://www.gpo.gov/fdsys/pkg/gpofcic/pdf/gpo-fcic.pdf https://www.gpo.gov/fdsys/pkg/gpofcic/pdf/gpo-fcic.pdf NOUN cblr-1735 130 1 [ [ X cblr-1735 130 2 http://perma.cc/wuz8-myxe http://perma.cc/wuz8-myxe PROPN cblr-1735 130 3 ] ] PUNCT cblr-1735 130 4 . . PUNCT cblr-1735 131 1 31 31 NUM cblr-1735 131 2 darcy darcy PROPN cblr-1735 131 3 , , PUNCT cblr-1735 131 4 supra supra PROPN cblr-1735 131 5 note note PROPN cblr-1735 131 6 11 11 NUM cblr-1735 131 7 , , PUNCT cblr-1735 131 8 at at ADP cblr-1735 131 9 622 622 NUM cblr-1735 131 10 . . PUNCT cblr-1735 131 11 32 32 NUM cblr-1735 131 12 see see VERB cblr-1735 131 13 frank frank PROPN cblr-1735 131 14 partnoy partnoy PROPN cblr-1735 131 15 , , PUNCT cblr-1735 131 16 the the DET cblr-1735 131 17 siskel siskel NOUN cblr-1735 131 18 and and CCONJ cblr-1735 131 19 ebert ebert NOUN cblr-1735 131 20 of of ADP cblr-1735 131 21 financial financial ADJ cblr-1735 131 22 markets market NOUN cblr-1735 131 23 ? ? PUNCT cblr-1735 131 24 : : PUNCT cblr-1735 131 25 two two NUM cblr-1735 131 26 thumbs thumb NOUN cblr-1735 131 27 down down ADP cblr-1735 131 28 for for ADP cblr-1735 131 29 the the DET cblr-1735 131 30 credit credit NOUN cblr-1735 131 31 rating rating NOUN cblr-1735 131 32 agencies agency NOUN cblr-1735 131 33 , , PUNCT cblr-1735 131 34 77 77 NUM cblr-1735 131 35 wash wash NOUN cblr-1735 131 36 . . PUNCT cblr-1735 132 1 u. u. PROPN cblr-1735 132 2 l.q l.q PROPN cblr-1735 132 3 . . PROPN cblr-1735 132 4 619 619 NUM cblr-1735 132 5 , , PUNCT cblr-1735 132 6 654 654 NUM cblr-1735 132 7 ( ( PUNCT cblr-1735 132 8 1999 1999 NUM cblr-1735 132 9 ) ) PUNCT cblr-1735 132 10 . . PUNCT cblr-1735 133 1 33 33 NUM cblr-1735 133 2 see see VERB cblr-1735 133 3 nan nan PROPN cblr-1735 133 4 s. s. PROPN cblr-1735 133 5 ellis ellis PROPN cblr-1735 133 6 et et PROPN cblr-1735 133 7 al al PROPN cblr-1735 133 8 . . PROPN cblr-1735 133 9 , , PUNCT cblr-1735 133 10 conflicts conflict NOUN cblr-1735 133 11 of of ADP cblr-1735 133 12 interest interest NOUN cblr-1735 133 13 in in ADP cblr-1735 133 14 the the DET cblr-1735 133 15 credit credit NOUN cblr-1735 133 16 rating rating NOUN cblr-1735 133 17 industry industry NOUN cblr-1735 133 18 after after ADP cblr-1735 133 19 dodd dodd PROPN cblr-1735 133 20 - - PUNCT cblr-1735 133 21 frank frank PROPN cblr-1735 133 22 : : PUNCT cblr-1735 133 23 continued continue VERB cblr-1735 133 24 business business NOUN cblr-1735 133 25 as as ADP cblr-1735 133 26 usual usual ADJ cblr-1735 133 27 ? ? PUNCT cblr-1735 133 28 , , PUNCT cblr-1735 133 29 7 7 NUM cblr-1735 133 30 va va NOUN cblr-1735 133 31 . . PUNCT cblr-1735 133 32 l. l. PROPN cblr-1735 133 33 & & CCONJ cblr-1735 133 34 bus bus PROPN cblr-1735 133 35 . . PUNCT cblr-1735 134 1 rev rev PROPN cblr-1735 134 2 . . PROPN cblr-1735 134 3 1 1 NUM cblr-1735 134 4 , , PUNCT cblr-1735 134 5 8 8 NUM cblr-1735 134 6 ( ( PUNCT cblr-1735 134 7 2012 2012 NUM cblr-1735 134 8 ) ) PUNCT cblr-1735 134 9 . . PUNCT cblr-1735 135 1 the the DET cblr-1735 135 2 potential potential NOUN cblr-1735 135 3 for for ADP cblr-1735 135 4 ratings rating NOUN cblr-1735 135 5 shopping shopping NOUN cblr-1735 135 6 may may AUX cblr-1735 135 7 compromise compromise VERB cblr-1735 135 8 the the DET cblr-1735 135 9 integrity integrity NOUN cblr-1735 135 10 of of ADP cblr-1735 135 11 cras cras PROPN cblr-1735 135 12 ’ ' PUNCT cblr-1735 135 13 ratings rating NOUN cblr-1735 135 14 and and CCONJ cblr-1735 135 15 is be AUX cblr-1735 135 16 especially especially ADV cblr-1735 135 17 an an DET cblr-1735 135 18 issue issue NOUN cblr-1735 135 19 when when SCONJ cblr-1735 135 20 cras cras X cblr-1735 135 21 rate rate NOUN cblr-1735 135 22 structured structure VERB cblr-1735 135 23 finance finance NOUN cblr-1735 135 24 products product NOUN cblr-1735 135 25 like like ADP cblr-1735 135 26 rmbs rmb NOUN cblr-1735 135 27 . . PUNCT cblr-1735 136 1 see see VERB cblr-1735 136 2 darcy darcy PROPN cblr-1735 136 3 , , PUNCT cblr-1735 136 4 supra supra PROPN cblr-1735 136 5 note note PROPN cblr-1735 136 6 11 11 NUM cblr-1735 136 7 , , PUNCT cblr-1735 136 8 at at ADP cblr-1735 136 9 623 623 NUM cblr-1735 136 10 . . PUNCT cblr-1735 137 1 34 34 NUM cblr-1735 137 2 see see VERB cblr-1735 137 3 15 15 NUM cblr-1735 137 4 u.s.c u.s.c ADJ cblr-1735 137 5 . . PUNCT cblr-1735 138 1 § § PROPN cblr-1735 138 2 78u-4(b)(3)(b 78u-4(b)(3)(b PROPN cblr-1735 138 3 ) ) PUNCT cblr-1735 138 4 ( ( PUNCT cblr-1735 138 5 2006 2006 NUM cblr-1735 138 6 ) ) PUNCT cblr-1735 138 7 . . PUNCT cblr-1735 139 1 guo guo PROPN cblr-1735 139 2 – – PUNCT cblr-1735 139 3 final final ADJ cblr-1735 139 4 no no NOUN cblr-1735 139 5 . . PUNCT cblr-1735 140 1 1:184 1:184 NUM cblr-1735 140 2 ] ] PUNCT cblr-1735 140 3 credit credit NOUN cblr-1735 140 4 rating rating NOUN cblr-1735 140 5 agency agency NOUN cblr-1735 140 6 reform reform NOUN cblr-1735 140 7 193 193 NUM cblr-1735 140 8 amendment amendment NOUN cblr-1735 140 9 ( ( PUNCT cblr-1735 140 10 or or CCONJ cblr-1735 140 11 similar similar ADJ cblr-1735 140 12 state state NOUN cblr-1735 140 13 ) ) PUNCT cblr-1735 140 14 protection protection NOUN cblr-1735 140 15 from from ADP cblr-1735 140 16 liability.35 liability.35 NOUN cblr-1735 140 17 nrsros nrsro NOUN cblr-1735 140 18 also also ADV cblr-1735 140 19 benefited benefit VERB cblr-1735 140 20 from from ADP cblr-1735 140 21 an an DET cblr-1735 140 22 exemption exemption NOUN cblr-1735 140 23 from from ADP cblr-1735 140 24 section section NOUN cblr-1735 140 25 11 11 NUM cblr-1735 140 26 expert expert NOUN cblr-1735 140 27 liability.36 liability.36 PROPN cblr-1735 140 28 c. c. NOUN cblr-1735 140 29 proposed propose VERB cblr-1735 140 30 and and CCONJ cblr-1735 140 31 adopted adopt VERB cblr-1735 140 32 solutions solution NOUN cblr-1735 140 33 a a DET cblr-1735 140 34 wide wide ADJ cblr-1735 140 35 range range NOUN cblr-1735 140 36 of of ADP cblr-1735 140 37 policy policy NOUN cblr-1735 140 38 changes change NOUN cblr-1735 140 39 have have AUX cblr-1735 140 40 been be AUX cblr-1735 140 41 suggested suggest VERB cblr-1735 140 42 in in ADP cblr-1735 140 43 response response NOUN cblr-1735 140 44 to to ADP cblr-1735 140 45 the the DET cblr-1735 140 46 failure failure NOUN cblr-1735 140 47 of of ADP cblr-1735 140 48 cras cras PROPN cblr-1735 140 49 to to PART cblr-1735 140 50 perform perform VERB cblr-1735 140 51 as as ADP cblr-1735 140 52 effective effective ADJ cblr-1735 140 53 gatekeepers gatekeeper NOUN cblr-1735 140 54 , , PUNCT cblr-1735 140 55 both both CCONJ cblr-1735 140 56 in in ADP cblr-1735 140 57 the the DET cblr-1735 140 58 aftermath aftermath NOUN cblr-1735 140 59 of of ADP cblr-1735 140 60 the the DET cblr-1735 140 61 recent recent ADJ cblr-1735 140 62 credit credit NOUN cblr-1735 140 63 crisis crisis NOUN cblr-1735 140 64 and and CCONJ cblr-1735 140 65 in in ADP cblr-1735 140 66 the the DET cblr-1735 140 67 periods period NOUN cblr-1735 140 68 following follow VERB cblr-1735 140 69 earlier early ADJ cblr-1735 140 70 crises crisis NOUN cblr-1735 140 71 ( ( PUNCT cblr-1735 140 72 e.g. e.g. ADV cblr-1735 140 73 , , PUNCT cblr-1735 140 74 the the DET cblr-1735 140 75 downfalls downfall NOUN cblr-1735 140 76 of of ADP cblr-1735 140 77 enron enron PROPN cblr-1735 140 78 and and CCONJ cblr-1735 140 79 worldcom worldcom PROPN cblr-1735 140 80 ) ) PUNCT cblr-1735 140 81 . . PUNCT cblr-1735 141 1 the the DET cblr-1735 141 2 suggested suggest VERB cblr-1735 141 3 policy policy NOUN cblr-1735 141 4 changes change NOUN cblr-1735 141 5 can can AUX cblr-1735 141 6 be be AUX cblr-1735 141 7 roughly roughly ADV cblr-1735 141 8 grouped group VERB cblr-1735 141 9 into into ADP cblr-1735 141 10 four four NUM cblr-1735 141 11 types type NOUN cblr-1735 141 12 : : PUNCT cblr-1735 141 13 proposals proposal NOUN cblr-1735 141 14 to to PART cblr-1735 141 15 ( ( PUNCT cblr-1735 141 16 1 1 X cblr-1735 141 17 ) ) PUNCT cblr-1735 141 18 enhance enhance NOUN cblr-1735 141 19 competition competition NOUN cblr-1735 141 20 in in ADP cblr-1735 141 21 the the DET cblr-1735 141 22 ratings rating NOUN cblr-1735 141 23 industry industry NOUN cblr-1735 141 24 ; ; PUNCT cblr-1735 141 25 ( ( PUNCT cblr-1735 141 26 2 2 X cblr-1735 141 27 ) ) PUNCT cblr-1735 141 28 adopt adopt VERB cblr-1735 141 29 a a DET cblr-1735 141 30 more more ADV cblr-1735 141 31 stringent stringent ADJ cblr-1735 141 32 liability liability NOUN cblr-1735 141 33 scheme scheme NOUN cblr-1735 141 34 to to PART cblr-1735 141 35 hold hold VERB cblr-1735 141 36 cras cra NOUN cblr-1735 141 37 to to ADP cblr-1735 141 38 higher high ADJ cblr-1735 141 39 standards standard NOUN cblr-1735 141 40 of of ADP cblr-1735 141 41 accountability accountability NOUN cblr-1735 141 42 ; ; PUNCT cblr-1735 141 43 ( ( PUNCT cblr-1735 141 44 3 3 X cblr-1735 141 45 ) ) PUNCT cblr-1735 141 46 heighten heighten VERB cblr-1735 141 47 training training NOUN cblr-1735 141 48 and and CCONJ cblr-1735 141 49 monitoring monitoring NOUN cblr-1735 141 50 standards standard NOUN cblr-1735 141 51 ; ; PUNCT cblr-1735 141 52 and and CCONJ cblr-1735 141 53 ( ( PUNCT cblr-1735 141 54 4 4 X cblr-1735 141 55 ) ) PUNCT cblr-1735 141 56 resolve resolve VERB cblr-1735 141 57 the the DET cblr-1735 141 58 conflicts conflict NOUN cblr-1735 141 59 of of ADP cblr-1735 141 60 interest interest NOUN cblr-1735 141 61 inherent inherent ADJ cblr-1735 141 62 in in ADP cblr-1735 141 63 the the DET cblr-1735 141 64 current current ADJ cblr-1735 141 65 issuer issuer NOUN cblr-1735 141 66 - - PUNCT cblr-1735 141 67 pays pay NOUN cblr-1735 141 68 model.37 model.37 VERB cblr-1735 141 69 each each DET cblr-1735 141 70 type type NOUN cblr-1735 141 71 of of ADP cblr-1735 141 72 policy policy NOUN cblr-1735 141 73 proposal proposal NOUN cblr-1735 141 74 has have VERB cblr-1735 141 75 its its PRON cblr-1735 141 76 respective respective ADJ cblr-1735 141 77 advantages advantage NOUN cblr-1735 141 78 and and CCONJ cblr-1735 141 79 drawbacks drawback NOUN cblr-1735 141 80 . . PUNCT cblr-1735 142 1 this this DET cblr-1735 142 2 subpart subpart NOUN cblr-1735 142 3 briefly briefly NOUN cblr-1735 142 4 discusses discuss VERB cblr-1735 142 5 each each DET cblr-1735 142 6 category category NOUN cblr-1735 142 7 of of ADP cblr-1735 142 8 proposal proposal NOUN cblr-1735 142 9 and and CCONJ cblr-1735 142 10 describes describe VERB cblr-1735 142 11 the the DET cblr-1735 142 12 35 35 NUM cblr-1735 142 13 manns mann NOUN cblr-1735 142 14 , , PUNCT cblr-1735 142 15 supra supra PROPN cblr-1735 142 16 note note NOUN cblr-1735 142 17 20 20 NUM cblr-1735 142 18 , , PUNCT cblr-1735 142 19 at at ADP cblr-1735 142 20 1055 1055 NUM cblr-1735 142 21 ( ( PUNCT cblr-1735 142 22 “ " PUNCT cblr-1735 142 23 [ [ X cblr-1735 142 24 the the X cblr-1735 142 25 ] ] X cblr-1735 142 26 first first ADJ cblr-1735 142 27 amendment amendment NOUN cblr-1735 142 28 hurdle hurdle NOUN cblr-1735 142 29 has have AUX cblr-1735 142 30 made make VERB cblr-1735 142 31 it it PRON cblr-1735 142 32 extraordinarily extraordinarily ADV cblr-1735 142 33 difficult difficult ADJ cblr-1735 142 34 to to PART cblr-1735 142 35 establish establish VERB cblr-1735 142 36 that that SCONJ cblr-1735 142 37 rating rating NOUN cblr-1735 142 38 agencies agency NOUN cblr-1735 142 39 engaged engage VERB cblr-1735 142 40 in in ADP cblr-1735 142 41 libel libel NOUN cblr-1735 142 42 and and CCONJ cblr-1735 142 43 has have AUX cblr-1735 142 44 left leave VERB cblr-1735 142 45 issuers issuer NOUN cblr-1735 142 46 without without ADP cblr-1735 142 47 legal legal ADJ cblr-1735 142 48 recourse recourse NOUN cblr-1735 142 49 except except SCONJ cblr-1735 142 50 in in ADP cblr-1735 142 51 outlier outlier ADJ cblr-1735 142 52 cases case NOUN cblr-1735 142 53 . . PUNCT cblr-1735 142 54 ” " PUNCT cblr-1735 142 55 ) ) PUNCT cblr-1735 142 56 ; ; PUNCT cblr-1735 142 57 see see VERB cblr-1735 142 58 , , PUNCT cblr-1735 142 59 e.g. e.g. ADV cblr-1735 142 60 , , PUNCT cblr-1735 142 61 compuware compuware PROPN cblr-1735 142 62 corp corp PROPN cblr-1735 142 63 . . PROPN cblr-1735 143 1 v. v. ADP cblr-1735 143 2 moody moody PROPN cblr-1735 143 3 ’s ’s PART cblr-1735 143 4 inv’rs inv’rs PROPN cblr-1735 143 5 servs servs PROPN cblr-1735 143 6 . . PROPN cblr-1735 143 7 , , PUNCT cblr-1735 143 8 inc inc PROPN cblr-1735 143 9 . . PROPN cblr-1735 143 10 , , PUNCT cblr-1735 143 11 324 324 NUM cblr-1735 143 12 f. f. PROPN cblr-1735 143 13 supp supp PROPN cblr-1735 143 14 . . PUNCT cblr-1735 144 1 2d 2d PROPN cblr-1735 144 2 860 860 NUM cblr-1735 144 3 , , PUNCT cblr-1735 144 4 862 862 NUM cblr-1735 144 5 ( ( PUNCT cblr-1735 144 6 e.d e.d PROPN cblr-1735 144 7 . . PROPN cblr-1735 144 8 mich mich PROPN cblr-1735 144 9 . . PROPN cblr-1735 144 10 2004 2004 NUM cblr-1735 144 11 ) ) PUNCT cblr-1735 144 12 ; ; PUNCT cblr-1735 144 13 jefferson jefferson PROPN cblr-1735 144 14 cty cty PROPN cblr-1735 144 15 . . PUNCT cblr-1735 145 1 sch sch PROPN cblr-1735 145 2 . . PROPN cblr-1735 145 3 dist dist PROPN cblr-1735 145 4 . . PUNCT cblr-1735 146 1 no no INTJ cblr-1735 146 2 . . PUNCT cblr-1735 147 1 r-1 r-1 NOUN cblr-1735 147 2 v. v. ADP cblr-1735 147 3 moody moody PROPN cblr-1735 147 4 ’s ’s PART cblr-1735 147 5 inv’rs inv’rs PROPN cblr-1735 147 6 servs servs PROPN cblr-1735 147 7 . . PROPN cblr-1735 147 8 , , PUNCT cblr-1735 147 9 inc inc PROPN cblr-1735 147 10 . . PROPN cblr-1735 147 11 , , PUNCT cblr-1735 147 12 175 175 NUM cblr-1735 147 13 f.3d f.3d NUM cblr-1735 147 14 848 848 NUM cblr-1735 147 15 , , PUNCT cblr-1735 147 16 860 860 NUM cblr-1735 147 17 ( ( PUNCT cblr-1735 147 18 10th 10th ADJ cblr-1735 147 19 cir cir NOUN cblr-1735 147 20 . . PROPN cblr-1735 147 21 1999 1999 NUM cblr-1735 147 22 ) ) PUNCT cblr-1735 147 23 . . PUNCT cblr-1735 148 1 36 36 NUM cblr-1735 148 2 17 17 NUM cblr-1735 148 3 c.f.r c.f.r NOUN cblr-1735 148 4 . . PUNCT cblr-1735 149 1 § § PROPN cblr-1735 149 2 230.436(g 230.436(g PROPN cblr-1735 149 3 ) ) PUNCT cblr-1735 149 4 ( ( PUNCT cblr-1735 149 5 2015 2015 NUM cblr-1735 149 6 ) ) PUNCT cblr-1735 149 7 . . PUNCT cblr-1735 150 1 under under ADP cblr-1735 150 2 section section NOUN cblr-1735 150 3 11(a)(4 11(a)(4 NUM cblr-1735 150 4 ) ) PUNCT cblr-1735 150 5 of of ADP cblr-1735 150 6 the the DET cblr-1735 150 7 securities security NOUN cblr-1735 150 8 act act NOUN cblr-1735 150 9 of of ADP cblr-1735 150 10 1933 1933 NUM cblr-1735 150 11 , , PUNCT cblr-1735 150 12 experts expert NOUN cblr-1735 150 13 are be AUX cblr-1735 150 14 liable liable ADJ cblr-1735 150 15 for for ADP cblr-1735 150 16 untrue untrue ADJ cblr-1735 150 17 statements statement NOUN cblr-1735 150 18 , , PUNCT cblr-1735 150 19 or or CCONJ cblr-1735 150 20 omissions omission NOUN cblr-1735 150 21 , , PUNCT cblr-1735 150 22 of of ADP cblr-1735 150 23 material material ADJ cblr-1735 150 24 fact fact NOUN cblr-1735 150 25 in in ADP cblr-1735 150 26 any any DET cblr-1735 150 27 part part NOUN cblr-1735 150 28 of of ADP cblr-1735 150 29 a a DET cblr-1735 150 30 registration registration NOUN cblr-1735 150 31 statement statement NOUN cblr-1735 150 32 which which PRON cblr-1735 150 33 they they PRON cblr-1735 150 34 have have AUX cblr-1735 150 35 certified certify VERB cblr-1735 150 36 or or CCONJ cblr-1735 150 37 prepared prepare VERB cblr-1735 150 38 . . PUNCT cblr-1735 151 1 15 15 NUM cblr-1735 151 2 u.s.c u.s.c ADJ cblr-1735 151 3 . . PUNCT cblr-1735 152 1 § § PROPN cblr-1735 152 2 77k(a 77k(a NUM cblr-1735 152 3 ) ) PUNCT cblr-1735 152 4 ( ( PUNCT cblr-1735 152 5 2012 2012 NUM cblr-1735 152 6 ) ) PUNCT cblr-1735 152 7 . . PUNCT cblr-1735 153 1 an an DET cblr-1735 153 2 expert expert NOUN cblr-1735 153 3 has have VERB cblr-1735 153 4 a a DET cblr-1735 153 5 defense defense NOUN cblr-1735 153 6 from from ADP cblr-1735 153 7 this this DET cblr-1735 153 8 section section NOUN cblr-1735 153 9 11 11 NUM cblr-1735 153 10 liability liability NOUN cblr-1735 153 11 only only ADV cblr-1735 153 12 if if SCONJ cblr-1735 153 13 ( ( PUNCT cblr-1735 153 14 i i NOUN cblr-1735 153 15 ) ) PUNCT cblr-1735 153 16 he he PRON cblr-1735 153 17 had have VERB cblr-1735 153 18 , , PUNCT cblr-1735 153 19 after after ADP cblr-1735 153 20 reasonable reasonable ADJ cblr-1735 153 21 investigation investigation NOUN cblr-1735 153 22 , , PUNCT cblr-1735 153 23 reasonable reasonable ADJ cblr-1735 153 24 ground ground NOUN cblr-1735 153 25 to to PART cblr-1735 153 26 believe believe VERB cblr-1735 153 27 and and CCONJ cblr-1735 153 28 did do AUX cblr-1735 153 29 believe believe VERB cblr-1735 153 30 , , PUNCT cblr-1735 153 31 at at ADP cblr-1735 153 32 the the DET cblr-1735 153 33 time time NOUN cblr-1735 153 34 . . PUNCT cblr-1735 153 35 . . PUNCT cblr-1735 153 36 . . PUNCT cblr-1735 154 1 the the DET cblr-1735 154 2 registration registration NOUN cblr-1735 154 3 statement statement NOUN cblr-1735 154 4 became become VERB cblr-1735 154 5 effective effective ADJ cblr-1735 154 6 , , PUNCT cblr-1735 154 7 that that SCONJ cblr-1735 154 8 the the DET cblr-1735 154 9 statements statement NOUN cblr-1735 154 10 therein therein ADV cblr-1735 154 11 were be AUX cblr-1735 154 12 true true ADJ cblr-1735 154 13 and and CCONJ cblr-1735 154 14 that that SCONJ cblr-1735 154 15 there there PRON cblr-1735 154 16 was be VERB cblr-1735 154 17 no no DET cblr-1735 154 18 omission omission NOUN cblr-1735 154 19 to to PART cblr-1735 154 20 state state VERB cblr-1735 154 21 a a DET cblr-1735 154 22 material material ADJ cblr-1735 154 23 fact fact NOUN cblr-1735 154 24 . . PUNCT cblr-1735 154 25 . . PUNCT cblr-1735 155 1 . . PUNCT cblr-1735 156 1 , , PUNCT cblr-1735 156 2 or or CCONJ cblr-1735 156 3 ( ( PUNCT cblr-1735 156 4 ii ii NOUN cblr-1735 156 5 ) ) PUNCT cblr-1735 156 6 . . PUNCT cblr-1735 156 7 . . PUNCT cblr-1735 156 8 . . PUNCT cblr-1735 157 1 the the DET cblr-1735 157 2 registration registration NOUN cblr-1735 157 3 statement statement NOUN cblr-1735 157 4 did do AUX cblr-1735 157 5 not not PART cblr-1735 157 6 fairly fairly ADV cblr-1735 157 7 represent represent VERB cblr-1735 157 8 his his PRON cblr-1735 157 9 statement statement NOUN cblr-1735 157 10 as as ADP cblr-1735 157 11 an an DET cblr-1735 157 12 expert expert NOUN cblr-1735 157 13 or or CCONJ cblr-1735 157 14 was be AUX cblr-1735 157 15 not not PART cblr-1735 157 16 a a DET cblr-1735 157 17 fair fair ADJ cblr-1735 157 18 copy copy NOUN cblr-1735 157 19 of of ADP cblr-1735 157 20 or or CCONJ cblr-1735 157 21 extract extract VERB cblr-1735 157 22 from from ADP cblr-1735 157 23 his his PRON cblr-1735 157 24 report report NOUN cblr-1735 157 25 or or CCONJ cblr-1735 157 26 valuation valuation NOUN cblr-1735 157 27 as as ADP cblr-1735 157 28 an an DET cblr-1735 157 29 expert expert NOUN cblr-1735 157 30 . . PUNCT cblr-1735 158 1 15 15 NUM cblr-1735 158 2 u.s.c u.s.c NOUN cblr-1735 158 3 . . PUNCT cblr-1735 159 1 § § PROPN cblr-1735 159 2 77k(b)(3)(b 77k(b)(3)(b PROPN cblr-1735 159 3 ) ) PUNCT cblr-1735 159 4 ( ( PUNCT cblr-1735 159 5 2012 2012 NUM cblr-1735 159 6 ) ) PUNCT cblr-1735 159 7 . . PUNCT cblr-1735 160 1 37 37 NUM cblr-1735 160 2 see see VERB cblr-1735 160 3 coffee coffee NOUN cblr-1735 160 4 , , PUNCT cblr-1735 160 5 gatekeepers gatekeeper NOUN cblr-1735 160 6 , , PUNCT cblr-1735 160 7 supra supra PROPN cblr-1735 160 8 note note PROPN cblr-1735 160 9 7 7 NUM cblr-1735 160 10 , , PUNCT cblr-1735 160 11 at at ADP cblr-1735 160 12 298 298 NUM cblr-1735 160 13 . . PUNCT cblr-1735 161 1 guo guo PROPN cblr-1735 161 2 – – PUNCT cblr-1735 161 3 final final ADJ cblr-1735 161 4 194 194 NUM cblr-1735 161 5 columbia columbia PROPN cblr-1735 161 6 business business NOUN cblr-1735 161 7 law law PROPN cblr-1735 161 8 review review NOUN cblr-1735 161 9 [ [ X cblr-1735 161 10 vol vol NOUN cblr-1735 161 11 . . PUNCT cblr-1735 161 12 2016 2016 NUM cblr-1735 161 13 relevant relevant ADJ cblr-1735 161 14 provisions provision NOUN cblr-1735 161 15 adopted adopt VERB cblr-1735 161 16 under under ADP cblr-1735 161 17 title title NOUN cblr-1735 161 18 ix ix PROPN cblr-1735 161 19 , , PUNCT cblr-1735 161 20 subtitle subtitle NOUN cblr-1735 161 21 c c PROPN cblr-1735 161 22 of of ADP cblr-1735 161 23 dodd dodd PROPN cblr-1735 161 24 - - PUNCT cblr-1735 161 25 frank frank PROPN cblr-1735 161 26 . . PUNCT cblr-1735 162 1 1 1 X cblr-1735 162 2 . . X cblr-1735 162 3 enhanced enhance VERB cblr-1735 162 4 competition competition NOUN cblr-1735 162 5 proponents proponent NOUN cblr-1735 162 6 of of ADP cblr-1735 162 7 the the DET cblr-1735 162 8 first first ADJ cblr-1735 162 9 category category NOUN cblr-1735 162 10 of of ADP cblr-1735 162 11 proposals proposal NOUN cblr-1735 162 12 believe believe VERB cblr-1735 162 13 that that SCONJ cblr-1735 162 14 the the DET cblr-1735 162 15 dominant dominant ADJ cblr-1735 162 16 credit credit NOUN cblr-1735 162 17 rating rating NOUN cblr-1735 162 18 agencies agency NOUN cblr-1735 162 19 do do AUX cblr-1735 162 20 not not PART cblr-1735 162 21 hold hold VERB cblr-1735 162 22 a a DET cblr-1735 162 23 natural natural ADJ cblr-1735 162 24 monopoly monopoly NOUN cblr-1735 162 25 , , PUNCT cblr-1735 162 26 and and CCONJ cblr-1735 162 27 thus thus ADV cblr-1735 162 28 support support VERB cblr-1735 162 29 the the DET cblr-1735 162 30 market market NOUN cblr-1735 162 31 - - PUNCT cblr-1735 162 32 based base VERB cblr-1735 162 33 solution solution NOUN cblr-1735 162 34 of of ADP cblr-1735 162 35 increasing increase VERB cblr-1735 162 36 competition competition NOUN cblr-1735 162 37 in in ADP cblr-1735 162 38 the the DET cblr-1735 162 39 market.38 market.38 NOUN cblr-1735 162 40 the the DET cblr-1735 162 41 primary primary ADJ cblr-1735 162 42 concern concern NOUN cblr-1735 162 43 with with ADP cblr-1735 162 44 allowing allow VERB cblr-1735 162 45 increased increase VERB cblr-1735 162 46 competition competition NOUN cblr-1735 162 47 is be AUX cblr-1735 162 48 that that SCONJ cblr-1735 162 49 it it PRON cblr-1735 162 50 may may AUX cblr-1735 162 51 lead lead VERB cblr-1735 162 52 to to ADP cblr-1735 162 53 a a DET cblr-1735 162 54 “ " PUNCT cblr-1735 162 55 race race NOUN cblr-1735 162 56 to to ADP cblr-1735 162 57 the the DET cblr-1735 162 58 bottom bottom NOUN cblr-1735 162 59 , , PUNCT cblr-1735 162 60 ” " PUNCT cblr-1735 162 61 where where SCONJ cblr-1735 162 62 the the DET cblr-1735 162 63 quality quality NOUN cblr-1735 162 64 of of ADP cblr-1735 162 65 ratings rating NOUN cblr-1735 162 66 declines decline NOUN cblr-1735 162 67 as as SCONJ cblr-1735 162 68 new new ADJ cblr-1735 162 69 entrants entrant NOUN cblr-1735 162 70 offer offer VERB cblr-1735 162 71 inducements inducement NOUN cblr-1735 162 72 to to ADP cblr-1735 162 73 issuers issuer NOUN cblr-1735 162 74 to to PART cblr-1735 162 75 obtain obtain VERB cblr-1735 162 76 their their PRON cblr-1735 162 77 business.39 business.39 NOUN cblr-1735 162 78 this this PRON cblr-1735 162 79 would would AUX cblr-1735 162 80 lower lower VERB cblr-1735 162 81 the the DET cblr-1735 162 82 integrity integrity NOUN cblr-1735 162 83 and and CCONJ cblr-1735 162 84 consequently consequently ADV cblr-1735 162 85 the the DET cblr-1735 162 86 usefulness usefulness NOUN cblr-1735 162 87 of of ADP cblr-1735 162 88 ratings rating NOUN cblr-1735 162 89 as as ADP cblr-1735 162 90 a a DET cblr-1735 162 91 whole whole NOUN cblr-1735 162 92 . . PUNCT cblr-1735 163 1 while while SCONJ cblr-1735 163 2 there there PRON cblr-1735 163 3 is be VERB cblr-1735 163 4 some some DET cblr-1735 163 5 empirical empirical ADJ cblr-1735 163 6 evidence evidence NOUN cblr-1735 163 7 to to PART cblr-1735 163 8 suggest suggest VERB cblr-1735 163 9 that that SCONJ cblr-1735 163 10 a a DET cblr-1735 163 11 “ " PUNCT cblr-1735 163 12 race race NOUN cblr-1735 163 13 to to ADP cblr-1735 163 14 the the DET cblr-1735 163 15 bottom bottom ADJ cblr-1735 163 16 ” " PUNCT cblr-1735 163 17 scenario scenario NOUN cblr-1735 163 18 is be AUX cblr-1735 163 19 likely likely ADJ cblr-1735 163 20 to to PART cblr-1735 163 21 result result VERB cblr-1735 163 22 from from ADP cblr-1735 163 23 increased increase VERB cblr-1735 163 24 competition competition NOUN cblr-1735 163 25 in in ADP cblr-1735 163 26 the the DET cblr-1735 163 27 rating rating NOUN cblr-1735 163 28 agency agency NOUN cblr-1735 163 29 market,40 market,40 VERB cblr-1735 163 30 there there PRON cblr-1735 163 31 is be VERB cblr-1735 163 32 other other ADJ cblr-1735 163 33 evidence evidence NOUN cblr-1735 163 34 that that SCONJ cblr-1735 163 35 new new ADJ cblr-1735 163 36 entrants entrant NOUN cblr-1735 163 37 instead instead ADV cblr-1735 163 38 focus focus VERB cblr-1735 163 39 on on ADP cblr-1735 163 40 niche niche NOUN cblr-1735 163 41 sectors sector NOUN cblr-1735 163 42 that that PRON cblr-1735 163 43 previously previously ADV cblr-1735 163 44 received receive VERB cblr-1735 163 45 less less ADJ cblr-1735 163 46 than than ADP cblr-1735 163 47 the the DET cblr-1735 163 48 optimal optimal ADJ cblr-1735 163 49 amount amount NOUN cblr-1735 163 50 of of ADP cblr-1735 163 51 ratings rating NOUN cblr-1735 163 52 coverage.41 coverage.41 NOUN cblr-1735 163 53 if if SCONJ cblr-1735 163 54 the the DET cblr-1735 163 55 latter latter ADJ cblr-1735 163 56 case case NOUN cblr-1735 163 57 is be AUX cblr-1735 163 58 more more ADV cblr-1735 163 59 likely likely ADJ cblr-1735 163 60 , , PUNCT cblr-1735 163 61 38 38 NUM cblr-1735 163 62 see see VERB cblr-1735 163 63 i i PRON cblr-1735 163 64 d. d. PROPN cblr-1735 163 65 39 39 NUM cblr-1735 163 66 see see VERB cblr-1735 163 67 i i PRON cblr-1735 163 68 d. d. PROPN cblr-1735 163 69 at at ADP cblr-1735 163 70 289 289 NUM cblr-1735 163 71 , , PUNCT cblr-1735 163 72 299–300 299–300 NUM cblr-1735 163 73 . . PUNCT cblr-1735 164 1 in in ADP cblr-1735 164 2 order order NOUN cblr-1735 164 3 to to PART cblr-1735 164 4 consistently consistently ADV cblr-1735 164 5 offer offer VERB cblr-1735 164 6 price price NOUN cblr-1735 164 7 concessions concession NOUN cblr-1735 164 8 ( ( PUNCT cblr-1735 164 9 i.e. i.e. X cblr-1735 164 10 , , PUNCT cblr-1735 164 11 to to PART cblr-1735 164 12 sustain sustain VERB cblr-1735 164 13 more more ADV cblr-1735 164 14 competitive competitive ADJ cblr-1735 164 15 pricing pricing NOUN cblr-1735 164 16 than than ADP cblr-1735 164 17 established establish VERB cblr-1735 164 18 players player NOUN cblr-1735 164 19 in in ADP cblr-1735 164 20 the the DET cblr-1735 164 21 market market NOUN cblr-1735 164 22 ) ) PUNCT cblr-1735 164 23 , , PUNCT cblr-1735 164 24 new new ADJ cblr-1735 164 25 entrants entrant NOUN cblr-1735 164 26 must must AUX cblr-1735 164 27 employ employ VERB cblr-1735 164 28 lower low ADJ cblr-1735 164 29 cost cost NOUN cblr-1735 164 30 business business NOUN cblr-1735 164 31 models model NOUN cblr-1735 164 32 ( ( PUNCT cblr-1735 164 33 at at ADP cblr-1735 164 34 the the DET cblr-1735 164 35 expense expense NOUN cblr-1735 164 36 of of ADP cblr-1735 164 37 ratings rating NOUN cblr-1735 164 38 quality quality NOUN cblr-1735 164 39 ) ) PUNCT cblr-1735 164 40 . . PUNCT cblr-1735 165 1 new new ADJ cblr-1735 165 2 entrants entrant NOUN cblr-1735 165 3 may may AUX cblr-1735 165 4 also also ADV cblr-1735 165 5 attempt attempt VERB cblr-1735 165 6 to to PART cblr-1735 165 7 compete compete VERB cblr-1735 165 8 by by ADP cblr-1735 165 9 offering offer VERB cblr-1735 165 10 more more ADV cblr-1735 165 11 attractive attractive ADJ cblr-1735 165 12 ratings rating NOUN cblr-1735 165 13 directly directly ADV cblr-1735 165 14 . . PUNCT cblr-1735 166 1 see see VERB cblr-1735 166 2 i i PRON cblr-1735 166 3 d. d. PROPN cblr-1735 166 4 at at ADP cblr-1735 166 5 300 300 NUM cblr-1735 166 6 . . PUNCT cblr-1735 167 1 the the DET cblr-1735 167 2 argument argument NOUN cblr-1735 167 3 is be AUX cblr-1735 167 4 that that SCONJ cblr-1735 167 5 this this PRON cblr-1735 167 6 would would AUX cblr-1735 167 7 incentivize incentivize VERB cblr-1735 167 8 established establish VERB cblr-1735 167 9 players player NOUN cblr-1735 167 10 to to PART cblr-1735 167 11 offer offer VERB cblr-1735 167 12 superficially superficially ADV cblr-1735 167 13 higher high ADJ cblr-1735 167 14 ratings rating NOUN cblr-1735 167 15 as as ADV cblr-1735 167 16 well well ADV cblr-1735 167 17 . . PUNCT cblr-1735 168 1 see see VERB cblr-1735 168 2 bai bai PROPN cblr-1735 168 3 , , PUNCT cblr-1735 168 4 conflicts conflict NOUN cblr-1735 168 5 of of ADP cblr-1735 168 6 interest interest NOUN cblr-1735 168 7 , , PUNCT cblr-1735 168 8 supra supra PROPN cblr-1735 168 9 note note NOUN cblr-1735 168 10 10 10 NUM cblr-1735 168 11 , , PUNCT cblr-1735 168 12 at at ADP cblr-1735 168 13 263 263 NUM cblr-1735 168 14 ( ( PUNCT cblr-1735 168 15 “ " PUNCT cblr-1735 168 16 except except SCONJ cblr-1735 168 17 in in ADP cblr-1735 168 18 cases case NOUN cblr-1735 168 19 where where SCONJ cblr-1735 168 20 the the DET cblr-1735 168 21 rating rating NOUN cblr-1735 168 22 from from ADP cblr-1735 168 23 a a DET cblr-1735 168 24 particular particular ADJ cblr-1735 168 25 rating rating NOUN cblr-1735 168 26 agency agency NOUN cblr-1735 168 27 is be AUX cblr-1735 168 28 required require VERB cblr-1735 168 29 by by ADP cblr-1735 168 30 investors investor NOUN cblr-1735 168 31 , , PUNCT cblr-1735 168 32 rating rating NOUN cblr-1735 168 33 agencies agency NOUN cblr-1735 168 34 that that PRON cblr-1735 168 35 give give VERB cblr-1735 168 36 out out ADP cblr-1735 168 37 lower lower ADV cblr-1735 168 38 ( ( PUNCT cblr-1735 168 39 although although SCONJ cblr-1735 168 40 honest honest ADJ cblr-1735 168 41 ) ) PUNCT cblr-1735 168 42 ratings rating NOUN cblr-1735 168 43 risk risk VERB cblr-1735 168 44 their their PRON cblr-1735 168 45 ratings rating NOUN cblr-1735 168 46 not not PART cblr-1735 168 47 being be AUX cblr-1735 168 48 selected select VERB cblr-1735 168 49 and and CCONJ cblr-1735 168 50 thus thus ADV cblr-1735 168 51 losing lose VERB cblr-1735 168 52 revenue revenue NOUN cblr-1735 168 53 to to ADP cblr-1735 168 54 their their PRON cblr-1735 168 55 less less ADV cblr-1735 168 56 honest honest ADJ cblr-1735 168 57 peers peer NOUN cblr-1735 168 58 . . PUNCT cblr-1735 168 59 ” " PUNCT cblr-1735 168 60 ) ) PUNCT cblr-1735 168 61 . . PUNCT cblr-1735 169 1 40 40 NUM cblr-1735 169 2 see see VERB cblr-1735 169 3 , , PUNCT cblr-1735 169 4 e.g. e.g. ADV cblr-1735 169 5 , , PUNCT cblr-1735 169 6 richard richard PROPN cblr-1735 169 7 cantor cantor PROPN cblr-1735 169 8 & & CCONJ cblr-1735 169 9 frank frank PROPN cblr-1735 169 10 packer packer PROPN cblr-1735 169 11 , , PUNCT cblr-1735 169 12 federal federal PROPN cblr-1735 169 13 reserve reserve PROPN cblr-1735 169 14 bank bank PROPN cblr-1735 169 15 of of ADP cblr-1735 169 16 new new PROPN cblr-1735 169 17 york york PROPN cblr-1735 169 18 , , PUNCT cblr-1735 169 19 staff staff NOUN cblr-1735 169 20 report report NOUN cblr-1735 169 21 no no INTJ cblr-1735 169 22 . . PROPN cblr-1735 169 23 12 12 NUM cblr-1735 169 24 , , PUNCT cblr-1735 169 25 multiple multiple ADJ cblr-1735 169 26 ratings rating NOUN cblr-1735 169 27 and and CCONJ cblr-1735 169 28 credit credit NOUN cblr-1735 169 29 standards standard NOUN cblr-1735 169 30 : : PUNCT cblr-1735 169 31 differences difference NOUN cblr-1735 169 32 of of ADP cblr-1735 169 33 opinion opinion NOUN cblr-1735 169 34 in in ADP cblr-1735 169 35 the the DET cblr-1735 169 36 credit credit NOUN cblr-1735 169 37 rating rating NOUN cblr-1735 169 38 industry industry NOUN cblr-1735 169 39 27 27 NUM cblr-1735 169 40 ( ( PUNCT cblr-1735 169 41 1996 1996 NUM cblr-1735 169 42 ) ) PUNCT cblr-1735 169 43 ( ( PUNCT cblr-1735 169 44 concluding conclude VERB cblr-1735 169 45 that that SCONJ cblr-1735 169 46 less less ADV cblr-1735 169 47 established establish VERB cblr-1735 169 48 “ " PUNCT cblr-1735 169 49 [ [ X cblr-1735 169 50 t]hird t]hird ADJ cblr-1735 169 51 agencies agency NOUN cblr-1735 169 52 , , PUNCT cblr-1735 169 53 such such ADJ cblr-1735 169 54 as as ADP cblr-1735 169 55 fitch fitch NOUN cblr-1735 169 56 and and CCONJ cblr-1735 169 57 duff duff PROPN cblr-1735 169 58 & & CCONJ cblr-1735 169 59 phelps phelps PROPN cblr-1735 169 60 , , PUNCT cblr-1735 169 61 on on ADP cblr-1735 169 62 average average ADJ cblr-1735 169 63 assign assign NOUN cblr-1735 169 64 higher high ADJ cblr-1735 169 65 ratings rating NOUN cblr-1735 169 66 than than ADP cblr-1735 169 67 moody moody PROPN cblr-1735 169 68 ’s ’s PART cblr-1735 169 69 and and CCONJ cblr-1735 169 70 standard standard ADJ cblr-1735 169 71 and and CCONJ cblr-1735 169 72 poor poor ADJ cblr-1735 169 73 ’s ’s PART cblr-1735 169 74 ” " PUNCT cblr-1735 169 75 ) ) PUNCT cblr-1735 169 76 . . PUNCT cblr-1735 170 1 41 41 NUM cblr-1735 170 2 for for ADP cblr-1735 170 3 example example NOUN cblr-1735 170 4 , , PUNCT cblr-1735 170 5 fitch fitch PROPN cblr-1735 170 6 was be AUX cblr-1735 170 7 able able ADJ cblr-1735 170 8 to to PART cblr-1735 170 9 successfully successfully ADV cblr-1735 170 10 enter enter VERB cblr-1735 170 11 and and CCONJ cblr-1735 170 12 establish establish VERB cblr-1735 170 13 itself itself PRON cblr-1735 170 14 in in ADP cblr-1735 170 15 the the DET cblr-1735 170 16 market market NOUN cblr-1735 170 17 partly partly ADV cblr-1735 170 18 by by ADP cblr-1735 170 19 focusing focus VERB cblr-1735 170 20 on on ADP cblr-1735 170 21 specialized specialized ADJ cblr-1735 170 22 submarkets submarket NOUN cblr-1735 170 23 and and CCONJ cblr-1735 170 24 international international ADJ cblr-1735 170 25 markets market NOUN cblr-1735 170 26 . . PUNCT cblr-1735 171 1 see see VERB cblr-1735 171 2 coffee coffee NOUN cblr-1735 171 3 , , PUNCT cblr-1735 171 4 gatekeepers gatekeeper NOUN cblr-1735 171 5 , , PUNCT cblr-1735 171 6 supra supra PROPN cblr-1735 171 7 note note PROPN cblr-1735 171 8 7 7 NUM cblr-1735 171 9 , , PUNCT cblr-1735 171 10 at at ADP cblr-1735 171 11 284 284 NUM cblr-1735 171 12 . . PUNCT cblr-1735 172 1 guo guo PROPN cblr-1735 172 2 – – PUNCT cblr-1735 172 3 final final ADJ cblr-1735 172 4 no no NOUN cblr-1735 172 5 . . PUNCT cblr-1735 173 1 1:184 1:184 NUM cblr-1735 173 2 ] ] PUNCT cblr-1735 173 3 credit credit NOUN cblr-1735 173 4 rating rating NOUN cblr-1735 173 5 agency agency NOUN cblr-1735 173 6 reform reform NOUN cblr-1735 173 7 195 195 NUM cblr-1735 173 8 then then ADV cblr-1735 173 9 facilitating facilitate VERB cblr-1735 173 10 increased increase VERB cblr-1735 173 11 competition competition NOUN cblr-1735 173 12 will will AUX cblr-1735 173 13 , , PUNCT cblr-1735 173 14 on on ADP cblr-1735 173 15 balance balance NOUN cblr-1735 173 16 , , PUNCT cblr-1735 173 17 be be AUX cblr-1735 173 18 beneficial beneficial ADJ cblr-1735 173 19 . . PUNCT cblr-1735 174 1 regulators regulator NOUN cblr-1735 174 2 have have AUX cblr-1735 174 3 been be AUX cblr-1735 174 4 mindful mindful ADJ cblr-1735 174 5 of of ADP cblr-1735 174 6 the the DET cblr-1735 174 7 potential potential NOUN cblr-1735 174 8 for for ADP cblr-1735 174 9 a a DET cblr-1735 174 10 “ " PUNCT cblr-1735 174 11 race race NOUN cblr-1735 174 12 to to ADP cblr-1735 174 13 the the DET cblr-1735 174 14 bottom bottom NOUN cblr-1735 174 15 ” " PUNCT cblr-1735 174 16 in in ADP cblr-1735 174 17 selecting select VERB cblr-1735 174 18 which which DET cblr-1735 174 19 proposals proposal NOUN cblr-1735 174 20 to to PART cblr-1735 174 21 adopt adopt VERB cblr-1735 174 22 and and CCONJ cblr-1735 174 23 how how SCONJ cblr-1735 174 24 they they PRON cblr-1735 174 25 are be AUX cblr-1735 174 26 implemented implement VERB cblr-1735 174 27 , , PUNCT cblr-1735 174 28 but but CCONJ cblr-1735 174 29 the the DET cblr-1735 174 30 risk risk NOUN cblr-1735 174 31 of of ADP cblr-1735 174 32 this this DET cblr-1735 174 33 phenomenon phenomenon NOUN cblr-1735 174 34 likely likely ADV cblr-1735 174 35 does do AUX cblr-1735 174 36 not not PART cblr-1735 174 37 outweigh outweigh VERB cblr-1735 174 38 the the DET cblr-1735 174 39 potential potential ADJ cblr-1735 174 40 benefits benefit NOUN cblr-1735 174 41 of of ADP cblr-1735 174 42 increased increase VERB cblr-1735 174 43 competition competition NOUN cblr-1735 174 44 on on ADP cblr-1735 174 45 the the DET cblr-1735 174 46 whole whole NOUN cblr-1735 174 47 . . PUNCT cblr-1735 175 1 suggestions suggestion NOUN cblr-1735 175 2 under under ADP cblr-1735 175 3 this this DET cblr-1735 175 4 category category NOUN cblr-1735 175 5 of of ADP cblr-1735 175 6 proposals proposal NOUN cblr-1735 175 7 include include VERB cblr-1735 175 8 ( ( PUNCT cblr-1735 175 9 i i NOUN cblr-1735 175 10 ) ) PUNCT cblr-1735 175 11 amending amend VERB cblr-1735 175 12 the the DET cblr-1735 175 13 securities securities PROPN cblr-1735 175 14 and and CCONJ cblr-1735 175 15 exchange exchange PROPN cblr-1735 175 16 commission commission PROPN cblr-1735 175 17 ’s ’s PART cblr-1735 175 18 ( ( PUNCT cblr-1735 175 19 “ " PUNCT cblr-1735 175 20 sec sec PROPN cblr-1735 175 21 ” " PUNCT cblr-1735 175 22 ) ) PUNCT cblr-1735 175 23 nrsro nrsro ADJ cblr-1735 175 24 policy policy NOUN cblr-1735 175 25 to to PART cblr-1735 175 26 encourage encourage VERB cblr-1735 175 27 new new ADJ cblr-1735 175 28 entrants;42 entrants;42 ADJ cblr-1735 175 29 ( ( PUNCT cblr-1735 175 30 ii ii NOUN cblr-1735 175 31 ) ) PUNCT cblr-1735 175 32 decreasing decrease VERB cblr-1735 175 33 the the DET cblr-1735 175 34 regulatory regulatory ADJ cblr-1735 175 35 benefits benefit NOUN cblr-1735 175 36 of of ADP cblr-1735 175 37 nrsro nrsro ADJ cblr-1735 175 38 status;43 status;43 NOUN cblr-1735 175 39 and and CCONJ cblr-1735 175 40 ( ( PUNCT cblr-1735 175 41 iii iii NOUN cblr-1735 175 42 ) ) PUNCT cblr-1735 175 43 promoting promote VERB cblr-1735 175 44 the the DET cblr-1735 175 45 market market NOUN cblr-1735 175 46 for for ADP cblr-1735 175 47 alternative alternative ADJ cblr-1735 175 48 service service NOUN cblr-1735 175 49 providers provider NOUN cblr-1735 175 50 to to PART cblr-1735 175 51 perform perform VERB cblr-1735 175 52 a a DET cblr-1735 175 53 similar similar ADJ cblr-1735 175 54 functional functional ADJ cblr-1735 175 55 role role NOUN cblr-1735 175 56 as as ADP cblr-1735 175 57 rating rating NOUN cblr-1735 175 58 agencies.44 agencies.44 NOUN cblr-1735 175 59 performance performance NOUN cblr-1735 175 60 disclosure disclosure NOUN cblr-1735 175 61 requirements requirement NOUN cblr-1735 175 62 adopted adopt VERB cblr-1735 175 63 by by ADP cblr-1735 175 64 the the DET cblr-1735 175 65 sec sec PROPN cblr-1735 175 66 in in ADP cblr-1735 175 67 2007,45 2007,45 NUM cblr-1735 175 68 which which PRON cblr-1735 175 69 were be AUX cblr-1735 175 70 strengthened strengthen VERB cblr-1735 175 71 in in ADP cblr-1735 175 72 2009,46 2009,46 NUM cblr-1735 175 73 are be AUX cblr-1735 175 74 intended intend VERB cblr-1735 175 75 to to PART cblr-1735 175 76 carry carry VERB cblr-1735 175 77 out out ADP cblr-1735 175 78 suggestion suggestion NOUN cblr-1735 175 79 ( ( PUNCT cblr-1735 175 80 i i NOUN cblr-1735 175 81 ) ) PUNCT cblr-1735 175 82 , , PUNCT cblr-1735 175 83 by by ADP cblr-1735 175 84 making make VERB cblr-1735 175 85 it it PRON cblr-1735 175 86 easier easy ADJ cblr-1735 175 87 for for SCONJ cblr-1735 175 88 investors investor NOUN cblr-1735 175 89 to to PART cblr-1735 175 90 assess assess VERB cblr-1735 175 91 the the DET cblr-1735 175 92 track track NOUN cblr-1735 175 93 records record NOUN cblr-1735 175 94 of of ADP cblr-1735 175 95 all all DET cblr-1735 175 96 rating rating NOUN cblr-1735 175 97 agencies agency NOUN cblr-1735 175 98 , , PUNCT cblr-1735 175 99 and and CCONJ cblr-1735 175 100 consequently consequently ADV cblr-1735 175 101 easier easy ADJ cblr-1735 175 102 for for SCONJ cblr-1735 175 103 new new ADJ cblr-1735 175 104 entrants entrant NOUN cblr-1735 175 105 to to PART cblr-1735 175 106 establish establish VERB cblr-1735 175 107 themselves themselves PRON cblr-1735 175 108 in in ADP cblr-1735 175 109 the the DET cblr-1735 175 110 rating rating NOUN cblr-1735 175 111 agency agency NOUN cblr-1735 175 112 market.47 market.47 PROPN cblr-1735 175 113 sections section NOUN cblr-1735 175 114 939 939 NUM cblr-1735 175 115 and and CCONJ cblr-1735 175 116 939a 939a NUM cblr-1735 175 117 of of ADP cblr-1735 175 118 dodd dodd PROPN cblr-1735 175 119 - - PUNCT cblr-1735 175 120 frank frank PROPN cblr-1735 175 121 effectively effectively ADV cblr-1735 175 122 adopt adopt VERB cblr-1735 175 123 suggestions suggestion NOUN cblr-1735 175 124 ( ( PUNCT cblr-1735 175 125 ii ii NOUN cblr-1735 175 126 ) ) PUNCT cblr-1735 175 127 and and CCONJ cblr-1735 175 128 ( ( PUNCT cblr-1735 175 129 iii iii NOUN cblr-1735 175 130 ) ) PUNCT cblr-1735 175 131 by by ADP cblr-1735 175 132 removing remove VERB cblr-1735 175 133 statutory statutory ADJ cblr-1735 175 134 references reference NOUN cblr-1735 175 135 to to ADP cblr-1735 175 136 credit credit NOUN cblr-1735 175 137 ratings rating NOUN cblr-1735 175 138 and and CCONJ cblr-1735 175 139 requiring require VERB cblr-1735 175 140 each each DET cblr-1735 175 141 federal federal ADJ cblr-1735 175 142 agency agency NOUN cblr-1735 175 143 to to PART cblr-1735 175 144 conduct conduct VERB cblr-1735 175 145 a a DET cblr-1735 175 146 review review NOUN cblr-1735 175 147 of of ADP cblr-1735 175 148 its its PRON cblr-1735 175 149 a.m. a.m. PROPN cblr-1735 175 150 best best PROPN cblr-1735 175 151 co. co. PROPN cblr-1735 175 152 similarly similarly ADV cblr-1735 175 153 established establish VERB cblr-1735 175 154 its its PRON cblr-1735 175 155 presence presence NOUN cblr-1735 175 156 through through ADP cblr-1735 175 157 specialization specialization NOUN cblr-1735 175 158 in in ADP cblr-1735 175 159 one one NUM cblr-1735 175 160 particular particular ADJ cblr-1735 175 161 industry industry NOUN cblr-1735 175 162 ( ( PUNCT cblr-1735 175 163 the the DET cblr-1735 175 164 insurance insurance NOUN cblr-1735 175 165 industry industry NOUN cblr-1735 175 166 ) ) PUNCT cblr-1735 175 167 . . PUNCT cblr-1735 176 1 see see VERB cblr-1735 176 2 i i PRON cblr-1735 176 3 d. d. PROPN cblr-1735 176 4 at at ADP cblr-1735 176 5 301 301 NUM cblr-1735 176 6 . . PUNCT cblr-1735 177 1 42 42 NUM cblr-1735 177 2 see see VERB cblr-1735 177 3 i i PRON cblr-1735 177 4 d. d. PROPN cblr-1735 177 5 at at ADP cblr-1735 177 6 302 302 NUM cblr-1735 177 7 . . PUNCT cblr-1735 178 1 43 43 NUM cblr-1735 178 2 see see VERB cblr-1735 178 3 macey macey PROPN cblr-1735 178 4 , , PUNCT cblr-1735 178 5 supra supra PROPN cblr-1735 178 6 note note PROPN cblr-1735 178 7 19 19 NUM cblr-1735 178 8 , , PUNCT cblr-1735 178 9 at at ADP cblr-1735 178 10 615 615 NUM cblr-1735 178 11 . . PUNCT cblr-1735 179 1 44 44 NUM cblr-1735 179 2 see see VERB cblr-1735 179 3 i i PRON cblr-1735 179 4 d. d. PROPN cblr-1735 179 5 for for ADP cblr-1735 179 6 example example NOUN cblr-1735 179 7 , , PUNCT cblr-1735 179 8 the the DET cblr-1735 179 9 national national PROPN cblr-1735 179 10 association association PROPN cblr-1735 179 11 of of ADP cblr-1735 179 12 insurance insurance NOUN cblr-1735 179 13 commissioners commissioner NOUN cblr-1735 179 14 relied rely VERB cblr-1735 179 15 on on ADP cblr-1735 179 16 loss loss NOUN cblr-1735 179 17 projection projection NOUN cblr-1735 179 18 analysis analysis NOUN cblr-1735 179 19 performed perform VERB cblr-1735 179 20 by by ADP cblr-1735 179 21 blackrock blackrock NOUN cblr-1735 179 22 to to PART cblr-1735 179 23 bypass bypass VERB cblr-1735 179 24 the the DET cblr-1735 179 25 need need NOUN cblr-1735 179 26 for for ADP cblr-1735 179 27 nrsro nrsro ADJ cblr-1735 179 28 ratings rating NOUN cblr-1735 179 29 in in ADP cblr-1735 179 30 determining determine VERB cblr-1735 179 31 capital capital NOUN cblr-1735 179 32 requirements requirement NOUN cblr-1735 179 33 for for ADP cblr-1735 179 34 certain certain ADJ cblr-1735 179 35 asset asset NOUN cblr-1735 179 36 - - PUNCT cblr-1735 179 37 backed back VERB cblr-1735 179 38 securities security NOUN cblr-1735 179 39 . . PUNCT cblr-1735 180 1 see see VERB cblr-1735 180 2 lippert lippert PROPN cblr-1735 180 3 , , PUNCT cblr-1735 180 4 supra supra PROPN cblr-1735 180 5 note note NOUN cblr-1735 180 6 5 5 NUM cblr-1735 180 7 . . SYM cblr-1735 180 8 45 45 NUM cblr-1735 180 9 see see VERB cblr-1735 180 10 oversight oversight NOUN cblr-1735 180 11 of of ADP cblr-1735 180 12 credit credit NOUN cblr-1735 180 13 rating rating NOUN cblr-1735 180 14 agencies agency NOUN cblr-1735 180 15 registered register VERB cblr-1735 180 16 as as ADP cblr-1735 180 17 nationally nationally ADV cblr-1735 180 18 recognized recognize VERB cblr-1735 180 19 statistical statistical ADJ cblr-1735 180 20 rating rating NOUN cblr-1735 180 21 organizations organization NOUN cblr-1735 180 22 , , PUNCT cblr-1735 180 23 72 72 NUM cblr-1735 180 24 fed feed VERB cblr-1735 180 25 . . PUNCT cblr-1735 181 1 reg reg PROPN cblr-1735 181 2 . . PUNCT cblr-1735 182 1 33,564 33,564 NUM cblr-1735 182 2 ( ( PUNCT cblr-1735 182 3 june june PROPN cblr-1735 182 4 18 18 NUM cblr-1735 182 5 , , PUNCT cblr-1735 182 6 2007 2007 NUM cblr-1735 182 7 ) ) PUNCT cblr-1735 182 8 ( ( PUNCT cblr-1735 182 9 to to PART cblr-1735 182 10 be be AUX cblr-1735 182 11 codified codify VERB cblr-1735 182 12 at at ADP cblr-1735 182 13 17 17 NUM cblr-1735 182 14 c.f.r c.f.r NOUN cblr-1735 182 15 . . PUNCT cblr-1735 183 1 pts pts PROPN cblr-1735 183 2 . . PROPN cblr-1735 183 3 240 240 NUM cblr-1735 183 4 & & CCONJ cblr-1735 183 5 249b 249b NUM cblr-1735 183 6 ) ) PUNCT cblr-1735 183 7 . . PUNCT cblr-1735 184 1 46 46 NUM cblr-1735 184 2 see see VERB cblr-1735 184 3 amendments amendment NOUN cblr-1735 184 4 to to ADP cblr-1735 184 5 rules rule NOUN cblr-1735 184 6 for for ADP cblr-1735 184 7 nationally nationally ADV cblr-1735 184 8 recognized recognize VERB cblr-1735 184 9 statistical statistical ADJ cblr-1735 184 10 rating rating NOUN cblr-1735 184 11 organizations organization NOUN cblr-1735 184 12 , , PUNCT cblr-1735 184 13 74 74 NUM cblr-1735 184 14 fed feed VERB cblr-1735 184 15 . . PUNCT cblr-1735 185 1 reg reg PROPN cblr-1735 185 2 . . PUNCT cblr-1735 186 1 6456 6456 NUM cblr-1735 186 2 , , PUNCT cblr-1735 186 3 6457 6457 NUM cblr-1735 186 4 ( ( PUNCT cblr-1735 186 5 feb feb NOUN cblr-1735 186 6 . . PROPN cblr-1735 186 7 9 9 NUM cblr-1735 186 8 , , PUNCT cblr-1735 186 9 2009 2009 NUM cblr-1735 186 10 ) ) PUNCT cblr-1735 186 11 ( ( PUNCT cblr-1735 186 12 to to PART cblr-1735 186 13 be be AUX cblr-1735 186 14 codified codify VERB cblr-1735 186 15 at at ADP cblr-1735 186 16 17 17 NUM cblr-1735 186 17 c.f.r c.f.r NOUN cblr-1735 186 18 . . PUNCT cblr-1735 187 1 pts pts PROPN cblr-1735 187 2 . . PROPN cblr-1735 187 3 240 240 NUM cblr-1735 187 4 & & CCONJ cblr-1735 187 5 249b 249b NUM cblr-1735 187 6 ) ) PUNCT cblr-1735 187 7 . . PUNCT cblr-1735 188 1 47 47 NUM cblr-1735 188 2 see see VERB cblr-1735 188 3 lynn lynn PROPN cblr-1735 188 4 bai bai PROPN cblr-1735 188 5 , , PUNCT cblr-1735 188 6 the the DET cblr-1735 188 7 performance performance NOUN cblr-1735 188 8 disclosures disclosure NOUN cblr-1735 188 9 of of ADP cblr-1735 188 10 credit credit NOUN cblr-1735 188 11 rating rating NOUN cblr-1735 188 12 agencies agency NOUN cblr-1735 188 13 : : PUNCT cblr-1735 188 14 are be AUX cblr-1735 188 15 they they PRON cblr-1735 188 16 effective effective ADJ cblr-1735 188 17 reputational reputational ADJ cblr-1735 188 18 sanctions sanction NOUN cblr-1735 188 19 ? ? PUNCT cblr-1735 188 20 , , PUNCT cblr-1735 188 21 7 7 NUM cblr-1735 188 22 n.y.u n.y.u NOUN cblr-1735 188 23 . . PUNCT cblr-1735 189 1 j.l j.l PROPN cblr-1735 189 2 . . PROPN cblr-1735 189 3 & & CCONJ cblr-1735 189 4 bus bus PROPN cblr-1735 189 5 . . PUNCT cblr-1735 190 1 47 47 NUM cblr-1735 190 2 , , PUNCT cblr-1735 190 3 51 51 NUM cblr-1735 190 4 ( ( PUNCT cblr-1735 190 5 2010 2010 NUM cblr-1735 190 6 ) ) PUNCT cblr-1735 190 7 ( ( PUNCT cblr-1735 190 8 “ " PUNCT cblr-1735 190 9 [ [ X cblr-1735 190 10 disclosure disclosure NOUN cblr-1735 190 11 requirements requirement NOUN cblr-1735 190 12 ] ] PUNCT cblr-1735 190 13 help help AUX cblr-1735 190 14 break break VERB cblr-1735 190 15 the the DET cblr-1735 190 16 entry entry NOUN cblr-1735 190 17 barrier barrier NOUN cblr-1735 190 18 for for ADP cblr-1735 190 19 smaller small ADJ cblr-1735 190 20 rating rating NOUN cblr-1735 190 21 agencies agency NOUN cblr-1735 190 22 with with ADP cblr-1735 190 23 strong strong ADJ cblr-1735 190 24 performance performance NOUN cblr-1735 190 25 records record NOUN cblr-1735 190 26 in in ADP cblr-1735 190 27 a a DET cblr-1735 190 28 market market NOUN cblr-1735 190 29 that that PRON cblr-1735 190 30 is be AUX cblr-1735 190 31 dominated dominate VERB cblr-1735 190 32 by by ADP cblr-1735 190 33 certain certain ADJ cblr-1735 190 34 established establish VERB cblr-1735 190 35 names name NOUN cblr-1735 190 36 . . PUNCT cblr-1735 190 37 . . PUNCT cblr-1735 190 38 . . PUNCT cblr-1735 190 39 . . PUNCT cblr-1735 190 40 ” " PUNCT cblr-1735 190 41 ) ) PUNCT cblr-1735 190 42 . . PUNCT cblr-1735 191 1 guo guo PROPN cblr-1735 191 2 – – PUNCT cblr-1735 191 3 final final ADJ cblr-1735 191 4 196 196 NUM cblr-1735 191 5 columbia columbia PROPN cblr-1735 191 6 business business NOUN cblr-1735 191 7 law law PROPN cblr-1735 191 8 review review NOUN cblr-1735 191 9 [ [ X cblr-1735 191 10 vol vol NOUN cblr-1735 191 11 . . NOUN cblr-1735 191 12 2016 2016 NUM cblr-1735 191 13 reliance reliance NOUN cblr-1735 191 14 on on ADP cblr-1735 191 15 assessments assessment NOUN cblr-1735 191 16 of of ADP cblr-1735 191 17 credit credit NOUN cblr-1735 191 18 - - PUNCT cblr-1735 191 19 worthiness worthiness NOUN cblr-1735 191 20 and and CCONJ cblr-1735 191 21 to to PART cblr-1735 191 22 substitute substitute VERB cblr-1735 191 23 reliance reliance NOUN cblr-1735 191 24 on on ADP cblr-1735 191 25 credit credit NOUN cblr-1735 191 26 ratings rating NOUN cblr-1735 191 27 ( ( PUNCT cblr-1735 191 28 i.e. i.e. X cblr-1735 191 29 , , PUNCT cblr-1735 191 30 assessments assessment NOUN cblr-1735 191 31 granted grant VERB cblr-1735 191 32 only only ADV cblr-1735 191 33 by by ADP cblr-1735 191 34 nrsros nrsro NOUN cblr-1735 191 35 ) ) PUNCT cblr-1735 191 36 with with ADP cblr-1735 191 37 other other ADJ cblr-1735 191 38 appropriate appropriate ADJ cblr-1735 191 39 standards standard NOUN cblr-1735 191 40 of of ADP cblr-1735 191 41 credit credit NOUN cblr-1735 191 42 - - PUNCT cblr-1735 191 43 worthiness.48 worthiness.48 VERB cblr-1735 191 44 2 2 NUM cblr-1735 191 45 . . PUNCT cblr-1735 191 46 stricter strict ADJ cblr-1735 191 47 liability liability NOUN cblr-1735 191 48 scheme scheme VERB cblr-1735 191 49 the the DET cblr-1735 191 50 proposals proposal NOUN cblr-1735 191 51 under under ADP cblr-1735 191 52 this this DET cblr-1735 191 53 category category NOUN cblr-1735 191 54 aim aim VERB cblr-1735 191 55 to to PART cblr-1735 191 56 promote promote VERB cblr-1735 191 57 greater great ADJ cblr-1735 191 58 rating rating NOUN cblr-1735 191 59 agency agency NOUN cblr-1735 191 60 accountability accountability NOUN cblr-1735 191 61 by by ADP cblr-1735 191 62 increasing increase VERB cblr-1735 191 63 the the DET cblr-1735 191 64 consequences consequence NOUN cblr-1735 191 65 of of ADP cblr-1735 191 66 failing fail VERB cblr-1735 191 67 to to PART cblr-1735 191 68 exercise exercise VERB cblr-1735 191 69 proper proper ADJ cblr-1735 191 70 diligence.49 diligence.49 NOUN cblr-1735 191 71 this this DET cblr-1735 191 72 type type NOUN cblr-1735 191 73 of of ADP cblr-1735 191 74 policy policy NOUN cblr-1735 191 75 proposal proposal NOUN cblr-1735 191 76 should should AUX cblr-1735 191 77 work work VERB cblr-1735 191 78 best well ADV cblr-1735 191 79 regardless regardless ADV cblr-1735 191 80 of of ADP cblr-1735 191 81 the the DET cblr-1735 191 82 nature nature NOUN cblr-1735 191 83 of of ADP cblr-1735 191 84 the the DET cblr-1735 191 85 market market NOUN cblr-1735 191 86 ( ( PUNCT cblr-1735 191 87 i.e. i.e. X cblr-1735 191 88 , , PUNCT cblr-1735 191 89 whether whether SCONJ cblr-1735 191 90 or or CCONJ cblr-1735 191 91 not not PART cblr-1735 191 92 established establish VERB cblr-1735 191 93 cras cras PROPN cblr-1735 191 94 hold hold VERB cblr-1735 191 95 a a DET cblr-1735 191 96 natural natural ADJ cblr-1735 191 97 monopoly monopoly NOUN cblr-1735 191 98 ) ) PUNCT cblr-1735 191 99 and and CCONJ cblr-1735 191 100 complement complement VERB cblr-1735 191 101 other other ADJ cblr-1735 191 102 adopted adopt VERB cblr-1735 191 103 measures measure NOUN cblr-1735 191 104 , , PUNCT cblr-1735 191 105 as as SCONJ cblr-1735 191 106 it it PRON cblr-1735 191 107 is be AUX cblr-1735 191 108 aimed aim VERB cblr-1735 191 109 at at ADP cblr-1735 191 110 addressing address VERB cblr-1735 191 111 the the DET cblr-1735 191 112 cras cras X cblr-1735 191 113 ’ ' PUNCT cblr-1735 191 114 responsibility responsibility NOUN cblr-1735 191 115 to to ADP cblr-1735 191 116 the the DET cblr-1735 191 117 market market NOUN cblr-1735 191 118 as as ADP cblr-1735 191 119 gatekeepers.50 gatekeepers.50 PROPN cblr-1735 191 120 a a DET cblr-1735 191 121 potential potential ADJ cblr-1735 191 122 drawback drawback NOUN cblr-1735 191 123 of of ADP cblr-1735 191 124 increasing increase VERB cblr-1735 191 125 liability liability NOUN cblr-1735 191 126 of of ADP cblr-1735 191 127 cras cras X cblr-1735 191 128 is be AUX cblr-1735 191 129 that that SCONJ cblr-1735 191 130 they they PRON cblr-1735 191 131 will will AUX cblr-1735 191 132 likely likely ADV cblr-1735 191 133 seek seek VERB cblr-1735 191 134 to to PART cblr-1735 191 135 pass pass VERB cblr-1735 191 136 on on ADP cblr-1735 191 137 the the DET cblr-1735 191 138 costs cost NOUN cblr-1735 191 139 and and CCONJ cblr-1735 191 140 risks risk NOUN cblr-1735 191 141 to to ADP cblr-1735 191 142 their their PRON cblr-1735 191 143 clients client NOUN cblr-1735 191 144 , , PUNCT cblr-1735 191 145 the the DET cblr-1735 191 146 issuers issuer NOUN cblr-1735 191 147 , , PUNCT cblr-1735 191 148 who who PRON cblr-1735 191 149 will will AUX cblr-1735 191 150 in in ADP cblr-1735 191 151 turn turn NOUN cblr-1735 191 152 pass pass VERB cblr-1735 191 153 on on ADP cblr-1735 191 154 their their PRON cblr-1735 191 155 increased increase VERB cblr-1735 191 156 costs cost NOUN cblr-1735 191 157 to to ADP cblr-1735 191 158 investors investor NOUN cblr-1735 191 159 . . PUNCT cblr-1735 192 1 another another DET cblr-1735 192 2 difficulty difficulty NOUN cblr-1735 192 3 with with ADP cblr-1735 192 4 this this DET cblr-1735 192 5 type type NOUN cblr-1735 192 6 of of ADP cblr-1735 192 7 proposal proposal NOUN cblr-1735 192 8 is be AUX cblr-1735 192 9 that that SCONJ cblr-1735 192 10 it it PRON cblr-1735 192 11 requires require VERB cblr-1735 192 12 enforcement enforcement NOUN cblr-1735 192 13 , , PUNCT cblr-1735 192 14 which which PRON cblr-1735 192 15 is be AUX cblr-1735 192 16 usually usually ADV cblr-1735 192 17 costly costly ADJ cblr-1735 192 18 and and CCONJ cblr-1735 192 19 time time NOUN cblr-1735 192 20 - - PUNCT cblr-1735 192 21 consuming consume VERB cblr-1735 192 22 . . PUNCT cblr-1735 193 1 it it PRON cblr-1735 193 2 also also ADV cblr-1735 193 3 must must AUX cblr-1735 193 4 be be AUX cblr-1735 193 5 implemented implement VERB cblr-1735 193 6 either either CCONJ cblr-1735 193 7 through through ADP cblr-1735 193 8 legislation legislation NOUN cblr-1735 193 9 or or CCONJ cblr-1735 193 10 through through ADP cblr-1735 193 11 judicial judicial ADJ cblr-1735 193 12 decisionmaking decisionmaking NOUN cblr-1735 193 13 , , PUNCT cblr-1735 193 14 both both PRON cblr-1735 193 15 of of ADP cblr-1735 193 16 which which PRON cblr-1735 193 17 are be AUX cblr-1735 193 18 resource resource NOUN cblr-1735 193 19 - - PUNCT cblr-1735 193 20 intensive intensive ADJ cblr-1735 193 21 . . PUNCT cblr-1735 194 1 the the DET cblr-1735 194 2 sec sec PROPN cblr-1735 194 3 and and CCONJ cblr-1735 194 4 other other ADJ cblr-1735 194 5 federal federal ADJ cblr-1735 194 6 agencies agency NOUN cblr-1735 194 7 are be AUX cblr-1735 194 8 often often ADV cblr-1735 194 9 constrained constrain VERB cblr-1735 194 10 in in ADP cblr-1735 194 11 their their PRON cblr-1735 194 12 resources resource NOUN cblr-1735 194 13 , , PUNCT cblr-1735 194 14 so so ADV cblr-1735 194 15 private private ADJ cblr-1735 194 16 enforcement enforcement NOUN cblr-1735 194 17 would would AUX cblr-1735 194 18 be be AUX cblr-1735 194 19 necessary necessary ADJ cblr-1735 194 20 to to PART cblr-1735 194 21 supplement supplement VERB cblr-1735 194 22 enforcement enforcement NOUN cblr-1735 194 23 by by ADP cblr-1735 194 24 regulators regulator NOUN cblr-1735 194 25 . . PUNCT cblr-1735 195 1 the the DET cblr-1735 195 2 policy policy NOUN cblr-1735 195 3 considerations consideration NOUN cblr-1735 195 4 surrounding surround VERB cblr-1735 195 5 private private ADJ cblr-1735 195 6 enforcement enforcement NOUN cblr-1735 195 7 are be AUX cblr-1735 195 8 discussed discuss VERB cblr-1735 195 9 in in ADP cblr-1735 195 10 greater great ADJ cblr-1735 195 11 detail detail NOUN cblr-1735 195 12 below below ADV cblr-1735 195 13 in in ADP cblr-1735 195 14 part part NOUN cblr-1735 195 15 iii.a iii.a NUM cblr-1735 195 16 . . PUNCT cblr-1735 196 1 suggestions suggestion NOUN cblr-1735 196 2 here here ADV cblr-1735 196 3 include include VERB cblr-1735 196 4 ( ( PUNCT cblr-1735 196 5 i i NOUN cblr-1735 196 6 ) ) PUNCT cblr-1735 196 7 lowering lower VERB cblr-1735 196 8 the the DET cblr-1735 196 9 required require VERB cblr-1735 196 10 burden burden NOUN cblr-1735 196 11 of of ADP cblr-1735 196 12 proof proof NOUN cblr-1735 196 13 for for ADP cblr-1735 196 14 private private ADJ cblr-1735 196 15 plaintiffs plaintiff NOUN cblr-1735 196 16 and and CCONJ cblr-1735 196 17 regulators regulator NOUN cblr-1735 196 18 at at ADP cblr-1735 196 19 various various ADJ cblr-1735 196 20 stages stage NOUN cblr-1735 196 21 of of ADP cblr-1735 196 22 the the DET cblr-1735 196 23 enforcement enforcement NOUN cblr-1735 196 24 litigation litigation PROPN cblr-1735 196 25 process,51 process,51 PROPN cblr-1735 196 26 ( ( PUNCT cblr-1735 196 27 ii ii NOUN cblr-1735 196 28 ) ) PUNCT cblr-1735 196 29 increasing increase VERB cblr-1735 196 30 the the DET cblr-1735 196 31 48 48 NUM cblr-1735 196 32 see see NOUN cblr-1735 196 33 dodd dodd PROPN cblr-1735 196 34 - - PUNCT cblr-1735 196 35 frank frank PROPN cblr-1735 196 36 act act PROPN cblr-1735 196 37 § § PROPN cblr-1735 196 38 § § PROPN cblr-1735 196 39 939–939a 939–939a PROPN cblr-1735 196 40 , , PUNCT cblr-1735 196 41 12 12 NUM cblr-1735 196 42 u.s.c u.s.c ADJ cblr-1735 196 43 . . PUNCT cblr-1735 197 1 § § PROPN cblr-1735 197 2 § § PROPN cblr-1735 197 3 1817(b)(1)(e)(i 1817(b)(1)(e)(i PROPN cblr-1735 197 4 ) ) PUNCT cblr-1735 197 5 , , PUNCT cblr-1735 197 6 1831e(d 1831e(d NUM cblr-1735 197 7 ) ) PUNCT cblr-1735 197 8 ( ( PUNCT cblr-1735 197 9 2012 2012 NUM cblr-1735 197 10 ) ) PUNCT cblr-1735 197 11 , , PUNCT cblr-1735 197 12 15 15 NUM cblr-1735 197 13 u.s.c u.s.c ADJ cblr-1735 197 14 . . PUNCT cblr-1735 198 1 § § PROPN cblr-1735 198 2 78c(a)(41 78c(a)(41 NUM cblr-1735 198 3 ) ) PUNCT cblr-1735 198 4 , , PUNCT cblr-1735 198 5 ( ( PUNCT cblr-1735 198 6 53)(a 53)(a NOUN cblr-1735 198 7 ) ) PUNCT cblr-1735 198 8 ( ( PUNCT cblr-1735 198 9 2012 2012 NUM cblr-1735 198 10 ) ) PUNCT cblr-1735 198 11 , , PUNCT cblr-1735 198 12 15 15 NUM cblr-1735 198 13 u.s.c u.s.c ADJ cblr-1735 198 14 . . PUNCT cblr-1735 199 1 § § PROPN cblr-1735 199 2 78o-7 78o-7 NUM cblr-1735 199 3 note note NOUN cblr-1735 199 4 ( ( PUNCT cblr-1735 199 5 2012 2012 NUM cblr-1735 199 6 ) ) PUNCT cblr-1735 199 7 ( ( PUNCT cblr-1735 199 8 review review NOUN cblr-1735 199 9 of of ADP cblr-1735 199 10 reliance reliance NOUN cblr-1735 199 11 on on ADP cblr-1735 199 12 ratings rating NOUN cblr-1735 199 13 ) ) PUNCT cblr-1735 199 14 . . PUNCT cblr-1735 200 1 49 49 NUM cblr-1735 200 2 see see VERB cblr-1735 200 3 coffee coffee NOUN cblr-1735 200 4 , , PUNCT cblr-1735 200 5 gatekeepers gatekeeper NOUN cblr-1735 200 6 , , PUNCT cblr-1735 200 7 supra supra PROPN cblr-1735 200 8 note note PROPN cblr-1735 200 9 7 7 NUM cblr-1735 200 10 , , PUNCT cblr-1735 200 11 at at ADP cblr-1735 200 12 298 298 NUM cblr-1735 200 13 . . NOUN cblr-1735 200 14 50 50 NUM cblr-1735 200 15 see see VERB cblr-1735 200 16 i i PRON cblr-1735 200 17 d. d. PROPN cblr-1735 200 18 51 51 NUM cblr-1735 200 19 this this PRON cblr-1735 200 20 includes include VERB cblr-1735 200 21 lowering lower VERB cblr-1735 200 22 or or CCONJ cblr-1735 200 23 removing remove VERB cblr-1735 200 24 the the DET cblr-1735 200 25 scienter scienter NOUN cblr-1735 200 26 requirement requirement NOUN cblr-1735 200 27 at at ADP cblr-1735 200 28 the the DET cblr-1735 200 29 pleadings pleading NOUN cblr-1735 200 30 , , PUNCT cblr-1735 200 31 class class NOUN cblr-1735 200 32 certification certification NOUN cblr-1735 200 33 , , PUNCT cblr-1735 200 34 summary summary NOUN cblr-1735 200 35 judgment judgment NOUN cblr-1735 200 36 , , PUNCT cblr-1735 200 37 and/or and/or CCONJ cblr-1735 200 38 trial trial NOUN cblr-1735 200 39 stages stage NOUN cblr-1735 200 40 . . PUNCT cblr-1735 201 1 guo guo PROPN cblr-1735 201 2 – – PUNCT cblr-1735 201 3 final final ADJ cblr-1735 201 4 no no NOUN cblr-1735 201 5 . . PUNCT cblr-1735 202 1 1:184 1:184 NUM cblr-1735 202 2 ] ] PUNCT cblr-1735 202 3 credit credit NOUN cblr-1735 202 4 rating rating NOUN cblr-1735 202 5 agency agency NOUN cblr-1735 202 6 reform reform NOUN cblr-1735 202 7 197 197 NUM cblr-1735 202 8 civil civil ADJ cblr-1735 202 9 penalties penalty NOUN cblr-1735 202 10 for for ADP cblr-1735 202 11 failing fail VERB cblr-1735 202 12 to to PART cblr-1735 202 13 exercise exercise VERB cblr-1735 202 14 due due ADJ cblr-1735 202 15 diligence,52 diligence,52 NOUN cblr-1735 202 16 and and CCONJ cblr-1735 202 17 ( ( PUNCT cblr-1735 202 18 iii iii NOUN cblr-1735 202 19 ) ) PUNCT cblr-1735 202 20 eliminating eliminate VERB cblr-1735 202 21 the the DET cblr-1735 202 22 availability availability NOUN cblr-1735 202 23 of of ADP cblr-1735 202 24 affirmative affirmative ADJ cblr-1735 202 25 defenses defense NOUN cblr-1735 202 26 and and CCONJ cblr-1735 202 27 exemptions.53 exemptions.53 VERB cblr-1735 202 28 the the DET cblr-1735 202 29 congressional congressional ADJ cblr-1735 202 30 findings finding NOUN cblr-1735 202 31 in in ADP cblr-1735 202 32 dodd dodd PROPN cblr-1735 202 33 - - PUNCT cblr-1735 202 34 frank frank PROPN cblr-1735 202 35 § § PROPN cblr-1735 202 36 931 931 NUM cblr-1735 202 37 state state NOUN cblr-1735 202 38 that that SCONJ cblr-1735 202 39 cras cras PROPN cblr-1735 202 40 are be AUX cblr-1735 202 41 “ " PUNCT cblr-1735 202 42 fundamentally fundamentally ADV cblr-1735 202 43 commercial commercial ADJ cblr-1735 202 44 in in ADP cblr-1735 202 45 character character NOUN cblr-1735 202 46 . . PUNCT cblr-1735 203 1 ”54 ”54 PROPN cblr-1735 203 2 thus thus ADV cblr-1735 203 3 , , PUNCT cblr-1735 203 4 the the DET cblr-1735 203 5 ratings rating NOUN cblr-1735 203 6 they they PRON cblr-1735 203 7 produce produce VERB cblr-1735 203 8 are be AUX cblr-1735 203 9 now now ADV cblr-1735 203 10 excluded exclude VERB cblr-1735 203 11 from from ADP cblr-1735 203 12 first first ADJ cblr-1735 203 13 amendment amendment NOUN cblr-1735 203 14 protections protection NOUN cblr-1735 203 15 . . PUNCT cblr-1735 204 1 section section NOUN cblr-1735 204 2 939 939 NUM cblr-1735 204 3 g g PROPN cblr-1735 204 4 also also ADV cblr-1735 204 5 implements implement VERB cblr-1735 204 6 suggestion suggestion NOUN cblr-1735 204 7 ( ( PUNCT cblr-1735 204 8 iii iii NOUN cblr-1735 204 9 ) ) PUNCT cblr-1735 204 10 in in ADP cblr-1735 204 11 repealing repeal VERB cblr-1735 204 12 the the DET cblr-1735 204 13 exemption exemption NOUN cblr-1735 204 14 previously previously ADV cblr-1735 204 15 afforded afford VERB cblr-1735 204 16 to to ADP cblr-1735 204 17 credit credit NOUN cblr-1735 204 18 rating rating NOUN cblr-1735 204 19 agencies agency NOUN cblr-1735 204 20 from from ADP cblr-1735 204 21 expert expert NOUN cblr-1735 204 22 liability liability NOUN cblr-1735 204 23 under under ADP cblr-1735 204 24 section section NOUN cblr-1735 204 25 11 11 NUM cblr-1735 204 26 of of ADP cblr-1735 204 27 the the DET cblr-1735 204 28 securities security NOUN cblr-1735 204 29 act act NOUN cblr-1735 204 30 of of ADP cblr-1735 204 31 1933 1933 NUM cblr-1735 204 32 . . PUNCT cblr-1735 205 1 section section PROPN cblr-1735 205 2 933(b 933(b PROPN cblr-1735 205 3 ) ) PUNCT cblr-1735 205 4 removes remove VERB cblr-1735 205 5 the the DET cblr-1735 205 6 requirement requirement NOUN cblr-1735 205 7 of of ADP cblr-1735 205 8 pleading plead VERB cblr-1735 205 9 “ " PUNCT cblr-1735 205 10 with with SCONJ cblr-1735 205 11 particularity particularity NOUN cblr-1735 205 12 facts fact VERB cblr-1735 205 13 giving give VERB cblr-1735 205 14 rise rise NOUN cblr-1735 205 15 to to ADP cblr-1735 205 16 a a DET cblr-1735 205 17 strong strong ADJ cblr-1735 205 18 inference inference NOUN cblr-1735 205 19 ” " PUNCT cblr-1735 205 20 of of ADP cblr-1735 205 21 scienter.55 scienter.55 NOUN cblr-1735 205 22 this this DET cblr-1735 205 23 section section NOUN cblr-1735 205 24 thus thus ADV cblr-1735 205 25 implements implement VERB cblr-1735 205 26 suggestion suggestion NOUN cblr-1735 205 27 ( ( PUNCT cblr-1735 205 28 i i NOUN cblr-1735 205 29 ) ) PUNCT cblr-1735 205 30 with with ADP cblr-1735 205 31 respect respect NOUN cblr-1735 205 32 to to ADP cblr-1735 205 33 the the DET cblr-1735 205 34 pleadings pleading NOUN cblr-1735 205 35 stage stage VERB cblr-1735 205 36 by by ADP cblr-1735 205 37 eliminating eliminate VERB cblr-1735 205 38 the the DET cblr-1735 205 39 stay stay NOUN cblr-1735 205 40 of of ADP cblr-1735 205 41 discovery discovery NOUN cblr-1735 205 42 in in ADP cblr-1735 205 43 private private ADJ cblr-1735 205 44 actions action NOUN cblr-1735 205 45 against against ADP cblr-1735 205 46 cras.56 cras.56 PROPN cblr-1735 205 47 3 3 NUM cblr-1735 205 48 . . NUM cblr-1735 206 1 increased increase VERB cblr-1735 206 2 monitoring monitor VERB cblr-1735 206 3 the the DET cblr-1735 206 4 underlying underlying ADJ cblr-1735 206 5 rationale rationale NOUN cblr-1735 206 6 for for ADP cblr-1735 206 7 the the DET cblr-1735 206 8 third third ADJ cblr-1735 206 9 category category NOUN cblr-1735 206 10 of of ADP cblr-1735 206 11 policy policy NOUN cblr-1735 206 12 changes change NOUN cblr-1735 206 13 is be AUX cblr-1735 206 14 that that SCONJ cblr-1735 206 15 cras cras PROPN cblr-1735 206 16 are be AUX cblr-1735 206 17 natural natural ADJ cblr-1735 206 18 monopolies monopoly NOUN cblr-1735 206 19 ( ( PUNCT cblr-1735 206 20 i.e. i.e. X cblr-1735 206 21 , , PUNCT cblr-1735 206 22 it it PRON cblr-1735 206 23 is be AUX cblr-1735 206 24 more more ADV cblr-1735 206 25 efficient efficient ADJ cblr-1735 206 26 for for SCONJ cblr-1735 206 27 market market NOUN cblr-1735 206 28 power power NOUN cblr-1735 206 29 to to PART cblr-1735 206 30 be be AUX cblr-1735 206 31 concentrated concentrate VERB cblr-1735 206 32 in in ADP cblr-1735 206 33 a a DET cblr-1735 206 34 few few ADJ cblr-1735 206 35 players player NOUN cblr-1735 206 36 ) ) PUNCT cblr-1735 206 37 and and CCONJ cblr-1735 206 38 should should AUX cblr-1735 206 39 be be AUX cblr-1735 206 40 regulated regulate VERB cblr-1735 206 41 as as ADP cblr-1735 206 42 such such ADJ cblr-1735 206 43 ( ( PUNCT cblr-1735 206 44 e.g. e.g. ADV cblr-1735 206 45 , , PUNCT cblr-1735 206 46 in in ADP cblr-1735 206 47 the the DET cblr-1735 206 48 same same ADJ cblr-1735 206 49 52 52 NUM cblr-1735 206 50 examples example NOUN cblr-1735 206 51 here here ADV cblr-1735 206 52 include include VERB cblr-1735 206 53 requiring require VERB cblr-1735 206 54 cras cra NOUN cblr-1735 206 55 to to PART cblr-1735 206 56 disgorge disgorge VERB cblr-1735 206 57 profits profit NOUN cblr-1735 206 58 garnered garner VERB cblr-1735 206 59 through through ADP cblr-1735 206 60 dissemination dissemination NOUN cblr-1735 206 61 of of ADP cblr-1735 206 62 misleading mislead VERB cblr-1735 206 63 ratings rating NOUN cblr-1735 206 64 . . PUNCT cblr-1735 207 1 see see VERB cblr-1735 207 2 darcy darcy PROPN cblr-1735 207 3 , , PUNCT cblr-1735 207 4 supra supra PROPN cblr-1735 207 5 note note PROPN cblr-1735 207 6 11 11 NUM cblr-1735 207 7 , , PUNCT cblr-1735 207 8 at at ADP cblr-1735 207 9 661 661 NUM cblr-1735 207 10 . . PUNCT cblr-1735 208 1 53 53 NUM cblr-1735 208 2 affirmative affirmative ADJ cblr-1735 208 3 defenses defense NOUN cblr-1735 208 4 included include VERB cblr-1735 208 5 the the DET cblr-1735 208 6 first first ADJ cblr-1735 208 7 amendment amendment NOUN cblr-1735 208 8 defense defense NOUN cblr-1735 208 9 discussed discuss VERB cblr-1735 208 10 above above ADV cblr-1735 208 11 , , PUNCT cblr-1735 208 12 see see VERB cblr-1735 208 13 supra supra PROPN cblr-1735 208 14 part part PROPN cblr-1735 208 15 i.b i.b PROPN cblr-1735 208 16 and and CCONJ cblr-1735 208 17 note note VERB cblr-1735 208 18 35 35 NUM cblr-1735 208 19 , , PUNCT cblr-1735 208 20 as as ADV cblr-1735 208 21 well well ADV cblr-1735 208 22 as as ADP cblr-1735 208 23 the the DET cblr-1735 208 24 defense defense NOUN cblr-1735 208 25 of of ADP cblr-1735 208 26 unreasonable unreasonable ADJ cblr-1735 208 27 reliance reliance NOUN cblr-1735 208 28 on on ADP cblr-1735 208 29 ratings rating NOUN cblr-1735 208 30 by by ADP cblr-1735 208 31 investors investor NOUN cblr-1735 208 32 . . PUNCT cblr-1735 209 1 see see VERB cblr-1735 209 2 timothy timothy PROPN cblr-1735 209 3 m. m. PROPN cblr-1735 209 4 sullivan sullivan PROPN cblr-1735 209 5 , , PUNCT cblr-1735 209 6 note note VERB cblr-1735 209 7 , , PUNCT cblr-1735 209 8 federal federal ADJ cblr-1735 209 9 preemption preemption NOUN cblr-1735 209 10 and and CCONJ cblr-1735 209 11 the the DET cblr-1735 209 12 rating rating NOUN cblr-1735 209 13 agencies agency NOUN cblr-1735 209 14 : : PUNCT cblr-1735 209 15 eliminating eliminate VERB cblr-1735 209 16 state state NOUN cblr-1735 209 17 law law NOUN cblr-1735 209 18 liability liability NOUN cblr-1735 209 19 to to PART cblr-1735 209 20 promote promote VERB cblr-1735 209 21 quality quality NOUN cblr-1735 209 22 ratings rating NOUN cblr-1735 209 23 , , PUNCT cblr-1735 209 24 94 94 NUM cblr-1735 209 25 minn minn PROPN cblr-1735 209 26 . . PUNCT cblr-1735 210 1 l. l. PROPN cblr-1735 210 2 rev rev PROPN cblr-1735 210 3 . . PROPN cblr-1735 210 4 2136 2136 NUM cblr-1735 210 5 , , PUNCT cblr-1735 210 6 2150 2150 NUM cblr-1735 210 7 ( ( PUNCT cblr-1735 210 8 2010 2010 NUM cblr-1735 210 9 ) ) PUNCT cblr-1735 210 10 ( ( PUNCT cblr-1735 210 11 citing cite VERB cblr-1735 210 12 quinn quinn NOUN cblr-1735 210 13 v. v. ADP cblr-1735 210 14 mcgraw mcgraw PROPN cblr-1735 210 15 - - PUNCT cblr-1735 210 16 hill hill PROPN cblr-1735 210 17 cos cos PROPN cblr-1735 210 18 . . PROPN cblr-1735 210 19 , , PUNCT cblr-1735 210 20 168 168 NUM cblr-1735 210 21 f.3d f.3d NUM cblr-1735 210 22 331 331 NUM cblr-1735 210 23 , , PUNCT cblr-1735 210 24 336 336 NUM cblr-1735 210 25 ( ( PUNCT cblr-1735 210 26 7th 7th ADJ cblr-1735 210 27 cir cir NOUN cblr-1735 210 28 . . PUNCT cblr-1735 210 29 1999 1999 NUM cblr-1735 210 30 ) ) PUNCT cblr-1735 210 31 ) ) PUNCT cblr-1735 210 32 . . PUNCT cblr-1735 211 1 exemptions exemption NOUN cblr-1735 211 2 included include VERB cblr-1735 211 3 the the DET cblr-1735 211 4 stipulation stipulation NOUN cblr-1735 211 5 that that SCONJ cblr-1735 211 6 credit credit NOUN cblr-1735 211 7 rating rating NOUN cblr-1735 211 8 agencies agency NOUN cblr-1735 211 9 were be AUX cblr-1735 211 10 not not PART cblr-1735 211 11 considered consider VERB cblr-1735 211 12 “ " PUNCT cblr-1735 211 13 experts expert NOUN cblr-1735 211 14 ” " PUNCT cblr-1735 211 15 under under ADP cblr-1735 211 16 section section NOUN cblr-1735 211 17 11 11 NUM cblr-1735 211 18 of of ADP cblr-1735 211 19 the the DET cblr-1735 211 20 securities security NOUN cblr-1735 211 21 act act NOUN cblr-1735 211 22 of of ADP cblr-1735 211 23 1933 1933 NUM cblr-1735 211 24 and and CCONJ cblr-1735 211 25 the the DET cblr-1735 211 26 safe safe ADJ cblr-1735 211 27 harbor harbor NOUN cblr-1735 211 28 for for ADP cblr-1735 211 29 forward forward ADV cblr-1735 211 30 - - PUNCT cblr-1735 211 31 looking look VERB cblr-1735 211 32 statements statement NOUN cblr-1735 211 33 under under ADP cblr-1735 211 34 section section NOUN cblr-1735 211 35 21e 21e NOUN cblr-1735 211 36 of of ADP cblr-1735 211 37 the the DET cblr-1735 211 38 securities securities PROPN cblr-1735 211 39 exchange exchange PROPN cblr-1735 211 40 act act NOUN cblr-1735 211 41 of of ADP cblr-1735 211 42 1934 1934 NUM cblr-1735 211 43 . . PUNCT cblr-1735 212 1 see see VERB cblr-1735 212 2 17 17 NUM cblr-1735 212 3 c.f.r c.f.r NOUN cblr-1735 212 4 . . PUNCT cblr-1735 213 1 § § PROPN cblr-1735 213 2 230.436(g 230.436(g PROPN cblr-1735 213 3 ) ) PUNCT cblr-1735 213 4 ( ( PUNCT cblr-1735 213 5 2010 2010 NUM cblr-1735 213 6 ) ) PUNCT cblr-1735 213 7 ( ( PUNCT cblr-1735 213 8 sec sec PROPN cblr-1735 213 9 rule rule NOUN cblr-1735 213 10 providing provide VERB cblr-1735 213 11 prior prior ADJ cblr-1735 213 12 section section NOUN cblr-1735 213 13 11 11 NUM cblr-1735 213 14 exemption exemption NOUN cblr-1735 213 15 ) ) PUNCT cblr-1735 213 16 , , PUNCT cblr-1735 213 17 repealed repeal VERB cblr-1735 213 18 by by ADP cblr-1735 213 19 dodd dodd PROPN cblr-1735 213 20 - - PUNCT cblr-1735 213 21 frank frank PROPN cblr-1735 213 22 act act PROPN cblr-1735 213 23 § § PROPN cblr-1735 213 24 939 939 NUM cblr-1735 213 25 g g NOUN cblr-1735 213 26 ; ; PUNCT cblr-1735 213 27 see see VERB cblr-1735 213 28 also also ADV cblr-1735 213 29 securities security NOUN cblr-1735 213 30 exchange exchange PROPN cblr-1735 213 31 act act NOUN cblr-1735 213 32 of of ADP cblr-1735 213 33 1934 1934 NUM cblr-1735 213 34 § § PROPN cblr-1735 213 35 21e 21e NOUN cblr-1735 213 36 , , PUNCT cblr-1735 213 37 15 15 NUM cblr-1735 213 38 u.s.c u.s.c ADJ cblr-1735 213 39 § § PROPN cblr-1735 213 40 78u-5 78u-5 NUM cblr-1735 213 41 ( ( PUNCT cblr-1735 213 42 2012 2012 NUM cblr-1735 213 43 ) ) PUNCT cblr-1735 213 44 ( ( PUNCT cblr-1735 213 45 safe safe ADJ cblr-1735 213 46 harbor harbor NOUN cblr-1735 213 47 for for ADP cblr-1735 213 48 forward forward ADV cblr-1735 213 49 - - PUNCT cblr-1735 213 50 looking look VERB cblr-1735 213 51 statements statement NOUN cblr-1735 213 52 ) ) PUNCT cblr-1735 213 53 . . PUNCT cblr-1735 214 1 54 54 NUM cblr-1735 214 2 dodd dodd PROPN cblr-1735 214 3 - - PUNCT cblr-1735 214 4 frank frank PROPN cblr-1735 214 5 act act PROPN cblr-1735 214 6 § § PROPN cblr-1735 214 7 931 931 NUM cblr-1735 214 8 , , PUNCT cblr-1735 214 9 15 15 NUM cblr-1735 214 10 u.s.c u.s.c NOUN cblr-1735 214 11 . . PUNCT cblr-1735 215 1 § § PROPN cblr-1735 215 2 78o-7 78o-7 NUM cblr-1735 215 3 note note NOUN cblr-1735 215 4 ( ( PUNCT cblr-1735 215 5 2012 2012 NUM cblr-1735 215 6 ) ) PUNCT cblr-1735 215 7 ( ( PUNCT cblr-1735 215 8 findings finding NOUN cblr-1735 215 9 ) ) PUNCT cblr-1735 215 10 . . PUNCT cblr-1735 216 1 55 55 NUM cblr-1735 216 2 15 15 NUM cblr-1735 216 3 u.s.c u.s.c NOUN cblr-1735 216 4 . . PUNCT cblr-1735 217 1 § § PROPN cblr-1735 217 2 78u-4(b)(2)(a 78u-4(b)(2)(a NUM cblr-1735 217 3 ) ) PUNCT cblr-1735 217 4 ( ( PUNCT cblr-1735 217 5 2012 2012 NUM cblr-1735 217 6 ) ) PUNCT cblr-1735 217 7 . . PUNCT cblr-1735 218 1 56 56 NUM cblr-1735 218 2 see see VERB cblr-1735 218 3 supra supra ADJ cblr-1735 218 4 text text NOUN cblr-1735 218 5 accompanying accompanying ADJ cblr-1735 218 6 note note NOUN cblr-1735 218 7 4 4 NUM cblr-1735 218 8 . . PUNCT cblr-1735 218 9 guo guo PROPN cblr-1735 218 10 – – PUNCT cblr-1735 218 11 final final ADJ cblr-1735 218 12 198 198 NUM cblr-1735 218 13 columbia columbia PROPN cblr-1735 218 14 business business NOUN cblr-1735 218 15 law law PROPN cblr-1735 218 16 review review NOUN cblr-1735 218 17 [ [ X cblr-1735 218 18 vol vol NOUN cblr-1735 218 19 . . NOUN cblr-1735 218 20 2016 2016 NUM cblr-1735 218 21 way way NOUN cblr-1735 218 22 that that PRON cblr-1735 218 23 public public ADJ cblr-1735 218 24 utilities utility NOUN cblr-1735 218 25 are be AUX cblr-1735 218 26 regulated).57 regulated).57 ADJ cblr-1735 218 27 because because SCONJ cblr-1735 218 28 greater great ADJ cblr-1735 218 29 regulatory regulatory ADJ cblr-1735 218 30 compliance compliance NOUN cblr-1735 218 31 costs cost NOUN cblr-1735 218 32 may may AUX cblr-1735 218 33 deter deter VERB cblr-1735 218 34 new new ADJ cblr-1735 218 35 entrants entrant NOUN cblr-1735 218 36 , , PUNCT cblr-1735 218 37 proposals proposal NOUN cblr-1735 218 38 under under ADP cblr-1735 218 39 this this DET cblr-1735 218 40 category category NOUN cblr-1735 218 41 in in ADP cblr-1735 218 42 some some DET cblr-1735 218 43 ways way NOUN cblr-1735 218 44 directly directly ADV cblr-1735 218 45 contradict contradict VERB cblr-1735 218 46 the the DET cblr-1735 218 47 policy policy NOUN cblr-1735 218 48 goals goal NOUN cblr-1735 218 49 of of ADP cblr-1735 218 50 proposals proposal NOUN cblr-1735 218 51 in in ADP cblr-1735 218 52 the the DET cblr-1735 218 53 first first ADJ cblr-1735 218 54 category category NOUN cblr-1735 218 55 ( ( PUNCT cblr-1735 218 56 which which PRON cblr-1735 218 57 are be AUX cblr-1735 218 58 designed design VERB cblr-1735 218 59 to to PART cblr-1735 218 60 increase increase VERB cblr-1735 218 61 competition competition NOUN cblr-1735 218 62 in in ADP cblr-1735 218 63 the the DET cblr-1735 218 64 ratings rating NOUN cblr-1735 218 65 industry industry NOUN cblr-1735 218 66 ) ) PUNCT cblr-1735 218 67 . . PUNCT cblr-1735 219 1 these these DET cblr-1735 219 2 proposals proposal NOUN cblr-1735 219 3 are be AUX cblr-1735 219 4 also also ADV cblr-1735 219 5 costly costly ADJ cblr-1735 219 6 to to PART cblr-1735 219 7 carry carry VERB cblr-1735 219 8 out out ADP cblr-1735 219 9 , , PUNCT cblr-1735 219 10 as as SCONJ cblr-1735 219 11 they they PRON cblr-1735 219 12 must must AUX cblr-1735 219 13 be be AUX cblr-1735 219 14 implemented implement VERB cblr-1735 219 15 through through ADP cblr-1735 219 16 a a DET cblr-1735 219 17 regulatory regulatory ADJ cblr-1735 219 18 framework framework NOUN cblr-1735 219 19 and and CCONJ cblr-1735 219 20 are be AUX cblr-1735 219 21 not not PART cblr-1735 219 22 a a DET cblr-1735 219 23 market market NOUN cblr-1735 219 24 - - PUNCT cblr-1735 219 25 based base VERB cblr-1735 219 26 solution solution NOUN cblr-1735 219 27 . . PUNCT cblr-1735 220 1 the the DET cblr-1735 220 2 bulk bulk NOUN cblr-1735 220 3 of of ADP cblr-1735 220 4 title title NOUN cblr-1735 220 5 ix ix ADV cblr-1735 220 6 , , PUNCT cblr-1735 220 7 subtitle subtitle NOUN cblr-1735 220 8 c c NOUN cblr-1735 220 9 , , PUNCT cblr-1735 220 10 of of ADP cblr-1735 220 11 the the DET cblr-1735 220 12 dodd dodd PROPN cblr-1735 220 13 - - PUNCT cblr-1735 220 14 frank frank PROPN cblr-1735 220 15 act act PROPN cblr-1735 220 16 adopts adopt VERB cblr-1735 220 17 proposals proposal NOUN cblr-1735 220 18 in in ADP cblr-1735 220 19 this this DET cblr-1735 220 20 category category NOUN cblr-1735 220 21 . . PUNCT cblr-1735 221 1 specifically specifically ADV cblr-1735 221 2 , , PUNCT cblr-1735 221 3 section section NOUN cblr-1735 221 4 932 932 NUM cblr-1735 221 5 provides provide VERB cblr-1735 221 6 for for ADP cblr-1735 221 7 “ " PUNCT cblr-1735 221 8 enhanced enhanced ADJ cblr-1735 221 9 regulation regulation NOUN cblr-1735 221 10 , , PUNCT cblr-1735 221 11 accountability accountability NOUN cblr-1735 221 12 , , PUNCT cblr-1735 221 13 and and CCONJ cblr-1735 221 14 transparency transparency NOUN cblr-1735 221 15 ” " PUNCT cblr-1735 221 16 of of ADP cblr-1735 221 17 nrsros.58 nrsros.58 NOUN cblr-1735 221 18 this this DET cblr-1735 221 19 provision provision NOUN cblr-1735 221 20 requires require VERB cblr-1735 221 21 , , PUNCT cblr-1735 221 22 inter inter ADJ cblr-1735 221 23 alia alia NOUN cblr-1735 221 24 , , PUNCT cblr-1735 221 25 that that SCONJ cblr-1735 221 26 nrsros nrsro NOUN cblr-1735 221 27 establish establish VERB cblr-1735 221 28 internal internal ADJ cblr-1735 221 29 controls control NOUN cblr-1735 221 30 on on ADP cblr-1735 221 31 the the DET cblr-1735 221 32 quality quality NOUN cblr-1735 221 33 of of ADP cblr-1735 221 34 their their PRON cblr-1735 221 35 ratings rating NOUN cblr-1735 221 36 , , PUNCT cblr-1735 221 37 as as ADV cblr-1735 221 38 well well ADV cblr-1735 221 39 as as ADP cblr-1735 221 40 policies policy NOUN cblr-1735 221 41 and and CCONJ cblr-1735 221 42 procedures procedure NOUN cblr-1735 221 43 to to PART cblr-1735 221 44 protect protect VERB cblr-1735 221 45 against against ADP cblr-1735 221 46 conflicts conflict NOUN cblr-1735 221 47 of of ADP cblr-1735 221 48 interest interest NOUN cblr-1735 221 49 at at ADP cblr-1735 221 50 the the DET cblr-1735 221 51 individual individual ADJ cblr-1735 221 52 analyst analyst NOUN cblr-1735 221 53 level level NOUN cblr-1735 221 54 and and CCONJ cblr-1735 221 55 on on ADP cblr-1735 221 56 a a DET cblr-1735 221 57 firm firm ADJ cblr-1735 221 58 - - PUNCT cblr-1735 221 59 wide wide ADJ cblr-1735 221 60 level.59 level.59 NOUN cblr-1735 221 61 section section NOUN cblr-1735 221 62 936 936 NUM cblr-1735 221 63 also also ADV cblr-1735 221 64 requires require VERB cblr-1735 221 65 the the DET cblr-1735 221 66 sec sec PROPN cblr-1735 221 67 to to PART cblr-1735 221 68 promulgate promulgate VERB cblr-1735 221 69 rules rule NOUN cblr-1735 221 70 governing govern VERB cblr-1735 221 71 the the DET cblr-1735 221 72 qualifications qualification NOUN cblr-1735 221 73 of of ADP cblr-1735 221 74 individual individual ADJ cblr-1735 221 75 analysts analyst NOUN cblr-1735 221 76 employed employ VERB cblr-1735 221 77 by by ADP cblr-1735 221 78 nrsros.60 nrsros.60 PROPN cblr-1735 221 79 4 4 NUM cblr-1735 221 80 . . PUNCT cblr-1735 222 1 mitigation mitigation NOUN cblr-1735 222 2 of of ADP cblr-1735 222 3 conflicts conflict NOUN cblr-1735 222 4 of of ADP cblr-1735 222 5 interest interest NOUN cblr-1735 222 6 a a DET cblr-1735 222 7 typical typical ADJ cblr-1735 222 8 suggestion suggestion NOUN cblr-1735 222 9 under under ADP cblr-1735 222 10 the the DET cblr-1735 222 11 fourth fourth ADJ cblr-1735 222 12 type type NOUN cblr-1735 222 13 of of ADP cblr-1735 222 14 policy policy NOUN cblr-1735 222 15 proposal proposal NOUN cblr-1735 222 16 is be AUX cblr-1735 222 17 to to PART cblr-1735 222 18 change change VERB cblr-1735 222 19 the the DET cblr-1735 222 20 issuer issuer NOUN cblr-1735 222 21 - - PUNCT cblr-1735 222 22 pays pay NOUN cblr-1735 222 23 model model NOUN cblr-1735 222 24 to to ADP cblr-1735 222 25 one one NUM cblr-1735 222 26 where where SCONJ cblr-1735 222 27 the the DET cblr-1735 222 28 information information NOUN cblr-1735 222 29 user user NOUN cblr-1735 222 30 directly directly ADV cblr-1735 222 31 pays pay VERB cblr-1735 222 32 the the DET cblr-1735 222 33 cra.61 cra.61 NOUN cblr-1735 222 34 this this PRON cblr-1735 222 35 is be AUX cblr-1735 222 36 difficult difficult ADJ cblr-1735 222 37 to to PART cblr-1735 222 38 achieve achieve VERB cblr-1735 222 39 through through ADP cblr-1735 222 40 regulation regulation NOUN cblr-1735 222 41 and and CCONJ cblr-1735 222 42 may may AUX cblr-1735 222 43 not not PART cblr-1735 222 44 be be AUX cblr-1735 222 45 economically economically ADV cblr-1735 222 46 feasible feasible ADJ cblr-1735 222 47 due due ADP cblr-1735 222 48 to to ADP cblr-1735 222 49 the the DET cblr-1735 222 50 public public ADJ cblr-1735 222 51 good good ADJ cblr-1735 222 52 quality quality NOUN cblr-1735 222 53 of of ADP cblr-1735 222 54 credit credit NOUN cblr-1735 222 55 ratings.62 ratings.62 NOUN cblr-1735 222 56 investors investor NOUN cblr-1735 222 57 are be AUX cblr-1735 222 58 unlikely unlikely ADJ cblr-1735 222 59 to to PART cblr-1735 222 60 pay pay VERB cblr-1735 222 61 high high ADJ cblr-1735 222 62 fees fee NOUN cblr-1735 222 63 for for ADP cblr-1735 222 64 information information NOUN cblr-1735 222 65 that that PRON cblr-1735 222 66 can can AUX cblr-1735 222 67 be be AUX cblr-1735 222 68 transferred transfer VERB cblr-1735 222 69 at at ADP cblr-1735 222 70 virtually virtually ADV cblr-1735 222 71 no no DET cblr-1735 222 72 cost cost NOUN cblr-1735 222 73 once once SCONJ cblr-1735 222 74 it it PRON cblr-1735 222 75 is be AUX cblr-1735 222 76 generated generate VERB cblr-1735 222 77 — — PUNCT cblr-1735 222 78 this this PRON cblr-1735 222 79 is be AUX cblr-1735 222 80 the the DET cblr-1735 222 81 classic classic ADJ cblr-1735 222 82 free free ADJ cblr-1735 222 83 - - PUNCT cblr-1735 222 84 rider rider NOUN cblr-1735 222 85 problem problem NOUN cblr-1735 222 86 associated associate VERB cblr-1735 222 87 with with ADP cblr-1735 222 88 public public ADJ cblr-1735 222 89 goods good NOUN cblr-1735 222 90 . . PUNCT cblr-1735 223 1 consequentially consequentially ADV cblr-1735 223 2 , , PUNCT cblr-1735 223 3 rating rating NOUN cblr-1735 223 4 agencies agency NOUN cblr-1735 223 5 would would AUX cblr-1735 223 6 not not PART cblr-1735 223 7 be be AUX cblr-1735 223 8 able able ADJ cblr-1735 223 9 to to PART cblr-1735 223 10 sustain sustain VERB cblr-1735 223 11 the the DET cblr-1735 223 12 current current ADJ cblr-1735 223 13 breadth breadth NOUN cblr-1735 223 14 or or CCONJ cblr-1735 223 15 depth depth NOUN cblr-1735 223 16 of of ADP cblr-1735 223 17 their their PRON cblr-1735 223 18 coverage coverage NOUN cblr-1735 223 19 , , PUNCT cblr-1735 223 20 and and CCONJ cblr-1735 223 21 57 57 NUM cblr-1735 223 22 see see VERB cblr-1735 223 23 coffee coffee NOUN cblr-1735 223 24 , , PUNCT cblr-1735 223 25 gatekeepers gatekeeper NOUN cblr-1735 223 26 , , PUNCT cblr-1735 223 27 supra supra PROPN cblr-1735 223 28 note note PROPN cblr-1735 223 29 7 7 NUM cblr-1735 223 30 , , PUNCT cblr-1735 223 31 at at ADP cblr-1735 223 32 298 298 NUM cblr-1735 223 33 . . NOUN cblr-1735 224 1 58 58 NUM cblr-1735 224 2 dodd dodd PROPN cblr-1735 224 3 - - PUNCT cblr-1735 224 4 frank frank PROPN cblr-1735 224 5 act act PROPN cblr-1735 224 6 § § PROPN cblr-1735 224 7 932 932 NUM cblr-1735 224 8 , , PUNCT cblr-1735 224 9 15 15 NUM cblr-1735 224 10 u.s.c u.s.c ADJ cblr-1735 224 11 . . PUNCT cblr-1735 225 1 § § PROPN cblr-1735 225 2 78o-7 78o-7 PROPN cblr-1735 225 3 ( ( PUNCT cblr-1735 225 4 2012 2012 NUM cblr-1735 225 5 ) ) PUNCT cblr-1735 225 6 . . PUNCT cblr-1735 226 1 59 59 NUM cblr-1735 226 2 dodd dodd PROPN cblr-1735 226 3 - - PUNCT cblr-1735 226 4 frank frank PROPN cblr-1735 226 5 act act PROPN cblr-1735 226 6 § § PROPN cblr-1735 226 7 932(a)(2)(b 932(a)(2)(b PROPN cblr-1735 226 8 ) ) PUNCT cblr-1735 226 9 , , PUNCT cblr-1735 226 10 ( ( PUNCT cblr-1735 226 11 a)(4 a)(4 NUM cblr-1735 226 12 ) ) PUNCT cblr-1735 226 13 , , PUNCT cblr-1735 226 14 15 15 NUM cblr-1735 226 15 u.s.c u.s.c ADJ cblr-1735 226 16 . . PUNCT cblr-1735 227 1 § § PROPN cblr-1735 227 2 78o-7(c)(3 78o-7(c)(3 NUM cblr-1735 227 3 ) ) PUNCT cblr-1735 227 4 , , PUNCT cblr-1735 227 5 ( ( PUNCT cblr-1735 227 6 h)(4 h)(4 NUM cblr-1735 227 7 ) ) PUNCT cblr-1735 227 8 ( ( PUNCT cblr-1735 227 9 2012 2012 NUM cblr-1735 227 10 ) ) PUNCT cblr-1735 227 11 . . PUNCT cblr-1735 228 1 60 60 NUM cblr-1735 228 2 dodd dodd PROPN cblr-1735 228 3 - - PUNCT cblr-1735 228 4 frank frank PROPN cblr-1735 228 5 act act PROPN cblr-1735 228 6 § § PROPN cblr-1735 228 7 936 936 NUM cblr-1735 228 8 , , PUNCT cblr-1735 228 9 15 15 NUM cblr-1735 228 10 u.s.c u.s.c ADJ cblr-1735 228 11 . . PUNCT cblr-1735 229 1 § § PROPN cblr-1735 229 2 78o-7 78o-7 NUM cblr-1735 229 3 note note NOUN cblr-1735 229 4 ( ( PUNCT cblr-1735 229 5 2012 2012 NUM cblr-1735 229 6 ) ) PUNCT cblr-1735 229 7 ( ( PUNCT cblr-1735 229 8 qualification qualification NOUN cblr-1735 229 9 standards standard NOUN cblr-1735 229 10 for for ADP cblr-1735 229 11 credit credit NOUN cblr-1735 229 12 rating rating NOUN cblr-1735 229 13 analysts analyst NOUN cblr-1735 229 14 ) ) PUNCT cblr-1735 229 15 . . PUNCT cblr-1735 230 1 61 61 NUM cblr-1735 230 2 see see VERB cblr-1735 230 3 coffee coffee NOUN cblr-1735 230 4 , , PUNCT cblr-1735 230 5 gatekeepers gatekeeper NOUN cblr-1735 230 6 , , PUNCT cblr-1735 230 7 supra supra PROPN cblr-1735 230 8 note note PROPN cblr-1735 230 9 7 7 NUM cblr-1735 230 10 , , PUNCT cblr-1735 230 11 at at ADP cblr-1735 230 12 298 298 NUM cblr-1735 230 13 . . PUNCT cblr-1735 231 1 62 62 NUM cblr-1735 231 2 see see VERB cblr-1735 231 3 i i PRON cblr-1735 231 4 d. d. PROPN cblr-1735 231 5 at at ADP cblr-1735 231 6 298–99 298–99 NUM cblr-1735 231 7 . . PUNCT cblr-1735 232 1 guo guo PROPN cblr-1735 232 2 – – PUNCT cblr-1735 232 3 final final ADJ cblr-1735 232 4 no no NOUN cblr-1735 232 5 . . PUNCT cblr-1735 233 1 1:184 1:184 NUM cblr-1735 233 2 ] ] PUNCT cblr-1735 233 3 credit credit NOUN cblr-1735 233 4 rating rating NOUN cblr-1735 233 5 agency agency NOUN cblr-1735 233 6 reform reform NOUN cblr-1735 233 7 199 199 NUM cblr-1735 233 8 would would AUX cblr-1735 233 9 either either CCONJ cblr-1735 233 10 need need VERB cblr-1735 233 11 to to PART cblr-1735 233 12 scale scale VERB cblr-1735 233 13 back back ADP cblr-1735 233 14 their their PRON cblr-1735 233 15 operations operation NOUN cblr-1735 233 16 or or CCONJ cblr-1735 233 17 suffer suffer VERB cblr-1735 233 18 further further ADJ cblr-1735 233 19 declines decline NOUN cblr-1735 233 20 in in ADP cblr-1735 233 21 the the DET cblr-1735 233 22 quality quality NOUN cblr-1735 233 23 of of ADP cblr-1735 233 24 their their PRON cblr-1735 233 25 ratings rating NOUN cblr-1735 233 26 , , PUNCT cblr-1735 233 27 or or CCONJ cblr-1735 233 28 possibly possibly ADV cblr-1735 233 29 both both PRON cblr-1735 233 30 . . PUNCT cblr-1735 234 1 an an DET cblr-1735 234 2 innovative innovative ADJ cblr-1735 234 3 suggestion suggestion NOUN cblr-1735 234 4 is be AUX cblr-1735 234 5 to to PART cblr-1735 234 6 require require VERB cblr-1735 234 7 issuers issuer NOUN cblr-1735 234 8 to to PART cblr-1735 234 9 obtain obtain VERB cblr-1735 234 10 at at ADV cblr-1735 234 11 least least ADV cblr-1735 234 12 one one NUM cblr-1735 234 13 rating rating NOUN cblr-1735 234 14 from from ADP cblr-1735 234 15 a a DET cblr-1735 234 16 rating rating NOUN cblr-1735 234 17 agency agency NOUN cblr-1735 234 18 that that PRON cblr-1735 234 19 uses use VERB cblr-1735 234 20 a a DET cblr-1735 234 21 subscriber subscriber NOUN cblr-1735 234 22 fee fee NOUN cblr-1735 234 23 revenue revenue NOUN cblr-1735 234 24 model model NOUN cblr-1735 234 25 or or CCONJ cblr-1735 234 26 “ " PUNCT cblr-1735 234 27 a a DET cblr-1735 234 28 hybrid hybrid ADJ cblr-1735 234 29 rating rating NOUN cblr-1735 234 30 agency agency NOUN cblr-1735 234 31 owned own VERB cblr-1735 234 32 and and CCONJ cblr-1735 234 33 supervised supervise VERB cblr-1735 234 34 by by ADP cblr-1735 234 35 a a DET cblr-1735 234 36 consortium consortium NOUN cblr-1735 234 37 of of ADP cblr-1735 234 38 institutional institutional ADJ cblr-1735 234 39 investors investor NOUN cblr-1735 234 40 . . PUNCT cblr-1735 235 1 ”63 ”63 NOUN cblr-1735 235 2 another another DET cblr-1735 235 3 way way NOUN cblr-1735 235 4 of of ADP cblr-1735 235 5 mitigating mitigate VERB cblr-1735 235 6 conflicts conflict NOUN cblr-1735 235 7 of of ADP cblr-1735 235 8 interest interest NOUN cblr-1735 235 9 caused cause VERB cblr-1735 235 10 by by ADP cblr-1735 235 11 the the DET cblr-1735 235 12 issuer issuer NOUN cblr-1735 235 13 - - PUNCT cblr-1735 235 14 pays pay NOUN cblr-1735 235 15 model model NOUN cblr-1735 235 16 is be AUX cblr-1735 235 17 to to PART cblr-1735 235 18 enforce enforce VERB cblr-1735 235 19 disgorgements disgorgement NOUN cblr-1735 235 20 of of ADP cblr-1735 235 21 cra cra PROPN cblr-1735 235 22 profits profit NOUN cblr-1735 235 23 in in ADP cblr-1735 235 24 the the DET cblr-1735 235 25 event event NOUN cblr-1735 235 26 of of ADP cblr-1735 235 27 a a DET cblr-1735 235 28 misleading misleading ADJ cblr-1735 235 29 rating rating NOUN cblr-1735 235 30 caused cause VERB cblr-1735 235 31 by by ADP cblr-1735 235 32 a a DET cblr-1735 235 33 failure failure NOUN cblr-1735 235 34 in in ADP cblr-1735 235 35 due due ADJ cblr-1735 235 36 diligence.64 diligence.64 NOUN cblr-1735 235 37 under under ADP cblr-1735 235 38 this this DET cblr-1735 235 39 proposal proposal NOUN cblr-1735 235 40 , , PUNCT cblr-1735 235 41 cras cras PROPN cblr-1735 235 42 will will AUX cblr-1735 235 43 not not PART cblr-1735 235 44 be be AUX cblr-1735 235 45 incentivized incentivize VERB cblr-1735 235 46 to to PART cblr-1735 235 47 sacrifice sacrifice VERB cblr-1735 235 48 ratings rating NOUN cblr-1735 235 49 quality quality NOUN cblr-1735 235 50 in in ADP cblr-1735 235 51 order order NOUN cblr-1735 235 52 to to PART cblr-1735 235 53 increase increase VERB cblr-1735 235 54 their their PRON cblr-1735 235 55 revenues revenue NOUN cblr-1735 235 56 , , PUNCT cblr-1735 235 57 as as SCONJ cblr-1735 235 58 they they PRON cblr-1735 235 59 will will AUX cblr-1735 235 60 not not PART cblr-1735 235 61 be be AUX cblr-1735 235 62 able able ADJ cblr-1735 235 63 to to PART cblr-1735 235 64 retain retain VERB cblr-1735 235 65 the the DET cblr-1735 235 66 profits profit NOUN cblr-1735 235 67 from from ADP cblr-1735 235 68 doing do VERB cblr-1735 235 69 so so ADV cblr-1735 235 70 . . PUNCT cblr-1735 236 1 however however ADV cblr-1735 236 2 , , PUNCT cblr-1735 236 3 enforcement enforcement NOUN cblr-1735 236 4 would would AUX cblr-1735 236 5 be be AUX cblr-1735 236 6 crucial crucial ADJ cblr-1735 236 7 and and CCONJ cblr-1735 236 8 may may AUX cblr-1735 236 9 be be AUX cblr-1735 236 10 difficult difficult ADJ cblr-1735 236 11 as as SCONJ cblr-1735 236 12 it it PRON cblr-1735 236 13 would would AUX cblr-1735 236 14 need need VERB cblr-1735 236 15 to to PART cblr-1735 236 16 be be AUX cblr-1735 236 17 carried carry VERB cblr-1735 236 18 out out ADP cblr-1735 236 19 at at ADP cblr-1735 236 20 the the DET cblr-1735 236 21 micro micro ADJ cblr-1735 236 22 level level NOUN cblr-1735 236 23 ( ( PUNCT cblr-1735 236 24 i.e. i.e. X cblr-1735 236 25 , , PUNCT cblr-1735 236 26 with with ADP cblr-1735 236 27 respect respect NOUN cblr-1735 236 28 to to ADP cblr-1735 236 29 each each DET cblr-1735 236 30 misleading misleading ADJ cblr-1735 236 31 rating rating NOUN cblr-1735 236 32 issued issue VERB cblr-1735 236 33 ) ) PUNCT cblr-1735 236 34 . . PUNCT cblr-1735 237 1 5 5 X cblr-1735 237 2 . . X cblr-1735 237 3 summary summary NOUN cblr-1735 237 4 dodd dodd PROPN cblr-1735 237 5 - - PUNCT cblr-1735 237 6 frank frank PROPN cblr-1735 237 7 ’s ’s PART cblr-1735 237 8 title title NOUN cblr-1735 237 9 ix ix ADV cblr-1735 237 10 , , PUNCT cblr-1735 237 11 subtitle subtitle NOUN cblr-1735 237 12 c c PROPN cblr-1735 237 13 , , PUNCT cblr-1735 237 14 adopts adopt VERB cblr-1735 237 15 a a DET cblr-1735 237 16 combination combination NOUN cblr-1735 237 17 of of ADP cblr-1735 237 18 different different ADJ cblr-1735 237 19 types type NOUN cblr-1735 237 20 of of ADP cblr-1735 237 21 proposed propose VERB cblr-1735 237 22 policy policy NOUN cblr-1735 237 23 changes change NOUN cblr-1735 237 24 , , PUNCT cblr-1735 237 25 with with ADP cblr-1735 237 26 a a DET cblr-1735 237 27 focus focus NOUN cblr-1735 237 28 on on ADP cblr-1735 237 29 increasing increase VERB cblr-1735 237 30 monitoring monitoring NOUN cblr-1735 237 31 and and CCONJ cblr-1735 237 32 enforcing enforce VERB cblr-1735 237 33 a a DET cblr-1735 237 34 stricter strict ADJ cblr-1735 237 35 liability liability NOUN cblr-1735 237 36 scheme scheme NOUN cblr-1735 237 37 . . PUNCT cblr-1735 238 1 among among ADP cblr-1735 238 2 the the DET cblr-1735 238 3 individual individual ADJ cblr-1735 238 4 provisions provision NOUN cblr-1735 238 5 enacted enact VERB cblr-1735 238 6 , , PUNCT cblr-1735 238 7 section section NOUN cblr-1735 238 8 933(b 933(b PROPN cblr-1735 238 9 ) ) PUNCT cblr-1735 238 10 is be AUX cblr-1735 238 11 drafted draft VERB cblr-1735 238 12 to to PART cblr-1735 238 13 effect effect VERB cblr-1735 238 14 significant significant ADJ cblr-1735 238 15 change change NOUN cblr-1735 238 16 . . PUNCT cblr-1735 239 1 however however ADV cblr-1735 239 2 , , PUNCT cblr-1735 239 3 its its PRON cblr-1735 239 4 effectiveness effectiveness NOUN cblr-1735 239 5 depends depend VERB cblr-1735 239 6 heavily heavily ADV cblr-1735 239 7 on on ADP cblr-1735 239 8 the the DET cblr-1735 239 9 practicability practicability NOUN cblr-1735 239 10 of of ADP cblr-1735 239 11 its its PRON cblr-1735 239 12 enforcement enforcement NOUN cblr-1735 239 13 , , PUNCT cblr-1735 239 14 particularly particularly ADV cblr-1735 239 15 by by ADP cblr-1735 239 16 private private ADJ cblr-1735 239 17 investors investor NOUN cblr-1735 239 18 . . PUNCT cblr-1735 240 1 the the DET cblr-1735 240 2 policy policy NOUN cblr-1735 240 3 considerations consideration NOUN cblr-1735 240 4 surrounding surround VERB cblr-1735 240 5 this this DET cblr-1735 240 6 private private ADJ cblr-1735 240 7 enforcement enforcement NOUN cblr-1735 240 8 are be AUX cblr-1735 240 9 often often ADV cblr-1735 240 10 debated debate VERB cblr-1735 240 11 ; ; PUNCT cblr-1735 240 12 part part NOUN cblr-1735 240 13 iii iii NOUN cblr-1735 240 14 provides provide VERB cblr-1735 240 15 a a DET cblr-1735 240 16 discussion discussion NOUN cblr-1735 240 17 of of ADP cblr-1735 240 18 the the DET cblr-1735 240 19 key key ADJ cblr-1735 240 20 points point NOUN cblr-1735 240 21 in in ADP cblr-1735 240 22 this this DET cblr-1735 240 23 debate debate NOUN cblr-1735 240 24 . . PUNCT cblr-1735 241 1 63 63 NUM cblr-1735 241 2 jonathan jonathan PROPN cblr-1735 241 3 katz katz PROPN cblr-1735 241 4 , , PUNCT cblr-1735 241 5 emanuel emanuel PROPN cblr-1735 241 6 salinas salinas PROPN cblr-1735 241 7 & & CCONJ cblr-1735 241 8 constantinos constantinos PROPN cblr-1735 241 9 stephanou stephanou NOUN cblr-1735 241 10 , , PUNCT cblr-1735 241 11 world world PROPN cblr-1735 241 12 bank bank PROPN cblr-1735 241 13 grp grp PROPN cblr-1735 241 14 . . PROPN cblr-1735 241 15 crisis crisis NOUN cblr-1735 241 16 response response NOUN cblr-1735 241 17 note note VERB cblr-1735 241 18 no no INTJ cblr-1735 241 19 . . NOUN cblr-1735 241 20 8 8 NUM cblr-1735 241 21 , , PUNCT cblr-1735 241 22 credit credit NOUN cblr-1735 241 23 rating rating NOUN cblr-1735 241 24 agencies agency NOUN cblr-1735 241 25 : : PUNCT cblr-1735 241 26 no no DET cblr-1735 241 27 easy easy ADJ cblr-1735 241 28 regulatory regulatory ADJ cblr-1735 241 29 solutions solution NOUN cblr-1735 241 30 6 6 NUM cblr-1735 241 31 ( ( PUNCT cblr-1735 241 32 2009 2009 NUM cblr-1735 241 33 ) ) PUNCT cblr-1735 241 34 , , PUNCT cblr-1735 241 35 http://siteresources.worldbank http://siteresources.worldbank NOUN cblr-1735 241 36 . . PUNCT cblr-1735 242 1 org org ADJ cblr-1735 242 2 / / SYM cblr-1735 242 3 extfinancialsector extfinancialsector NOUN cblr-1735 242 4 / / SYM cblr-1735 242 5 resources/282884 resources/282884 PROPN cblr-1735 242 6 - - PUNCT cblr-1735 242 7 1303327122200 1303327122200 NUM cblr-1735 242 8 / / SYM cblr-1735 242 9 note8.p note8.p NOUN cblr-1735 242 10 df df NOUN cblr-1735 242 11 [ [ X cblr-1735 242 12 http://perma.cc/t9em-mc9n http://perma.cc/t9em-mc9n X cblr-1735 242 13 ] ] X cblr-1735 242 14 . . PUNCT cblr-1735 243 1 64 64 NUM cblr-1735 243 2 see see VERB cblr-1735 243 3 darcy darcy PROPN cblr-1735 243 4 , , PUNCT cblr-1735 243 5 supra supra PROPN cblr-1735 243 6 note note PROPN cblr-1735 243 7 11 11 NUM cblr-1735 243 8 , , PUNCT cblr-1735 243 9 at at ADP cblr-1735 243 10 661 661 NUM cblr-1735 243 11 . . PUNCT cblr-1735 244 1 guo guo PROPN cblr-1735 244 2 – – PUNCT cblr-1735 244 3 final final ADJ cblr-1735 244 4 200 200 NUM cblr-1735 244 5 columbia columbia PROPN cblr-1735 244 6 business business NOUN cblr-1735 244 7 law law NOUN cblr-1735 244 8 review review NOUN cblr-1735 244 9 [ [ X cblr-1735 244 10 vol vol NOUN cblr-1735 244 11 . . NOUN cblr-1735 244 12 2016 2016 NUM cblr-1735 244 13 iii iii NOUN cblr-1735 244 14 . . PUNCT cblr-1735 244 15 significance significance NOUN cblr-1735 244 16 of of ADP cblr-1735 244 17 private private ADJ cblr-1735 244 18 securities security NOUN cblr-1735 244 19 litigation litigation NOUN cblr-1735 244 20 a. a. NOUN cblr-1735 244 21 policy policy NOUN cblr-1735 244 22 considerations consideration NOUN cblr-1735 244 23 regarding regard VERB cblr-1735 244 24 the the DET cblr-1735 244 25 implied imply VERB cblr-1735 244 26 private private ADJ cblr-1735 244 27 right right NOUN cblr-1735 244 28 of of ADP cblr-1735 244 29 action action NOUN cblr-1735 244 30 there there PRON cblr-1735 244 31 is be VERB cblr-1735 244 32 no no DET cblr-1735 244 33 explicit explicit ADJ cblr-1735 244 34 provision provision NOUN cblr-1735 244 35 for for ADP cblr-1735 244 36 a a DET cblr-1735 244 37 private private ADJ cblr-1735 244 38 right right NOUN cblr-1735 244 39 of of ADP cblr-1735 244 40 action action NOUN cblr-1735 244 41 in in ADP cblr-1735 244 42 the the DET cblr-1735 244 43 text text NOUN cblr-1735 244 44 of of ADP cblr-1735 244 45 section section NOUN cblr-1735 244 46 10(b 10(b NUM cblr-1735 244 47 ) ) PUNCT cblr-1735 244 48 of of ADP cblr-1735 244 49 the the DET cblr-1735 244 50 securities securities PROPN cblr-1735 244 51 exchange exchange PROPN cblr-1735 244 52 act act NOUN cblr-1735 244 53 of of ADP cblr-1735 244 54 1934 1934 NUM cblr-1735 244 55 ( ( PUNCT cblr-1735 244 56 “ " PUNCT cblr-1735 244 57 section section NOUN cblr-1735 244 58 10(b 10(b NUM cblr-1735 244 59 ) ) PUNCT cblr-1735 244 60 ” " PUNCT cblr-1735 244 61 ) ) PUNCT cblr-1735 244 62 or or CCONJ cblr-1735 244 63 in in ADP cblr-1735 244 64 the the DET cblr-1735 244 65 corresponding corresponding ADJ cblr-1735 244 66 sec sec PROPN cblr-1735 244 67 rule rule NOUN cblr-1735 244 68 10b5 10b5 NUM cblr-1735 244 69 ( ( PUNCT cblr-1735 244 70 “ " PUNCT cblr-1735 244 71 rule rule VERB cblr-1735 244 72 10b-5”).65 10b-5”).65 NUM cblr-1735 244 73 however however ADV cblr-1735 244 74 , , PUNCT cblr-1735 244 75 the the DET cblr-1735 244 76 u.s u.s PROPN cblr-1735 244 77 . . PROPN cblr-1735 244 78 supreme supreme PROPN cblr-1735 244 79 court court PROPN cblr-1735 244 80 has have AUX cblr-1735 244 81 held hold VERB cblr-1735 244 82 since since SCONJ cblr-1735 244 83 1971 1971 NUM cblr-1735 244 84 that that SCONJ cblr-1735 244 85 “ " PUNCT cblr-1735 244 86 a a DET cblr-1735 244 87 private private ADJ cblr-1735 244 88 right right NOUN cblr-1735 244 89 of of ADP cblr-1735 244 90 action action NOUN cblr-1735 244 91 is be AUX cblr-1735 244 92 implied imply VERB cblr-1735 244 93 under under ADP cblr-1735 244 94 [ [ X cblr-1735 244 95 section section NOUN cblr-1735 244 96 ] ] PUNCT cblr-1735 244 97 10(b).”66 10(b).”66 NUM cblr-1735 244 98 recent recent ADJ cblr-1735 244 99 cases case NOUN cblr-1735 244 100 have have AUX cblr-1735 244 101 upheld uphold VERB cblr-1735 244 102 and and CCONJ cblr-1735 244 103 qualified qualify VERB cblr-1735 244 104 this this DET cblr-1735 244 105 implied imply VERB cblr-1735 244 106 right right NOUN cblr-1735 244 107 , , PUNCT cblr-1735 244 108 holding hold VERB cblr-1735 244 109 that that SCONJ cblr-1735 244 110 it it PRON cblr-1735 244 111 does do AUX cblr-1735 244 112 not not PART cblr-1735 244 113 apply apply VERB cblr-1735 244 114 to to ADP cblr-1735 244 115 aider aider NOUN cblr-1735 244 116 and and CCONJ cblr-1735 244 117 abettor abettor NOUN cblr-1735 244 118 liability liability NOUN cblr-1735 244 119 suits67 suits67 NOUN cblr-1735 244 120 and and CCONJ cblr-1735 244 121 limiting limit VERB cblr-1735 244 122 the the DET cblr-1735 244 123 scope scope NOUN cblr-1735 244 124 of of ADP cblr-1735 244 125 recoverability recoverability NOUN cblr-1735 244 126 to to ADP cblr-1735 244 127 defendants defendant NOUN cblr-1735 244 128 with with ADP cblr-1735 244 129 ultimate ultimate ADJ cblr-1735 244 130 authority authority NOUN cblr-1735 244 131 over over ADP cblr-1735 244 132 misleading mislead VERB cblr-1735 244 133 statements.68 statements.68 NOUN cblr-1735 244 134 while while SCONJ cblr-1735 244 135 it it PRON cblr-1735 244 136 may may AUX cblr-1735 244 137 seem seem VERB cblr-1735 244 138 reasonable reasonable ADJ cblr-1735 244 139 to to PART cblr-1735 244 140 allow allow VERB cblr-1735 244 141 a a DET cblr-1735 244 142 private private ADJ cblr-1735 244 143 right right NOUN cblr-1735 244 144 of of ADP cblr-1735 244 145 action action NOUN cblr-1735 244 146 for for ADP cblr-1735 244 147 compensatory compensatory ADJ cblr-1735 244 148 reasons reason NOUN cblr-1735 244 149 , , PUNCT cblr-1735 244 150 the the DET cblr-1735 244 151 recovery recovery NOUN cblr-1735 244 152 in in ADP cblr-1735 244 153 securities security NOUN cblr-1735 244 154 cases case NOUN cblr-1735 244 155 is be AUX cblr-1735 244 156 usually usually ADV cblr-1735 244 157 against against ADP cblr-1735 244 158 the the DET cblr-1735 244 159 corporation corporation NOUN cblr-1735 244 160 itself itself PRON cblr-1735 244 161 , , PUNCT cblr-1735 244 162 and and CCONJ cblr-1735 244 163 thus thus ADV cblr-1735 244 164 the the DET cblr-1735 244 165 compensatory compensatory ADJ cblr-1735 244 166 effect effect NOUN cblr-1735 244 167 of of ADP cblr-1735 244 168 a a DET cblr-1735 244 169 successful successful ADJ cblr-1735 244 170 suit suit NOUN cblr-1735 244 171 is be AUX cblr-1735 244 172 merely merely ADV cblr-1735 244 173 to to PART cblr-1735 244 174 shift shift VERB cblr-1735 244 175 the the DET cblr-1735 244 176 65 65 NUM cblr-1735 244 177 see see NOUN cblr-1735 244 178 15 15 NUM cblr-1735 244 179 u.s.c u.s.c ADJ cblr-1735 244 180 . . PUNCT cblr-1735 245 1 § § PROPN cblr-1735 245 2 78j(b 78j(b X cblr-1735 245 3 ) ) PUNCT cblr-1735 245 4 ( ( PUNCT cblr-1735 245 5 2012 2012 NUM cblr-1735 245 6 ) ) PUNCT cblr-1735 245 7 ; ; PUNCT cblr-1735 245 8 17 17 NUM cblr-1735 245 9 c.f.r c.f.r NOUN cblr-1735 245 10 . . PUNCT cblr-1735 246 1 § § PROPN cblr-1735 246 2 240.10b-5 240.10b-5 NUM cblr-1735 246 3 ( ( PUNCT cblr-1735 246 4 2015 2015 NUM cblr-1735 246 5 ) ) PUNCT cblr-1735 246 6 . . PUNCT cblr-1735 247 1 66 66 NUM cblr-1735 247 2 superintendent superintendent NOUN cblr-1735 247 3 of of ADP cblr-1735 247 4 ins ins PROPN cblr-1735 247 5 . . PROPN cblr-1735 247 6 of of ADP cblr-1735 247 7 n.y n.y PROPN cblr-1735 247 8 . . PROPN cblr-1735 248 1 v. v. PROPN cblr-1735 248 2 bankers bankers PROPN cblr-1735 248 3 life life PROPN cblr-1735 248 4 & & CCONJ cblr-1735 248 5 cas cas PROPN cblr-1735 248 6 . . PROPN cblr-1735 248 7 co. co. PROPN cblr-1735 248 8 , , PUNCT cblr-1735 248 9 404 404 NUM cblr-1735 248 10 u.s u.s PROPN cblr-1735 248 11 . . PROPN cblr-1735 248 12 6 6 NUM cblr-1735 248 13 , , PUNCT cblr-1735 248 14 13 13 NUM cblr-1735 248 15 n.9 n.9 X cblr-1735 248 16 ( ( PUNCT cblr-1735 248 17 1971 1971 NUM cblr-1735 248 18 ) ) PUNCT cblr-1735 248 19 ; ; PUNCT cblr-1735 248 20 see see VERB cblr-1735 248 21 also also ADV cblr-1735 248 22 tellabs tellabs PROPN cblr-1735 248 23 , , PUNCT cblr-1735 248 24 inc inc PROPN cblr-1735 248 25 . . PROPN cblr-1735 249 1 v. v. PROPN cblr-1735 249 2 makor makor PROPN cblr-1735 249 3 issues issues PROPN cblr-1735 249 4 & & CCONJ cblr-1735 249 5 rights right NOUN cblr-1735 249 6 , , PUNCT cblr-1735 249 7 ltd ltd PROPN cblr-1735 249 8 . . PROPN cblr-1735 249 9 , , PUNCT cblr-1735 249 10 551 551 NUM cblr-1735 249 11 u.s u.s PROPN cblr-1735 249 12 . . PROPN cblr-1735 249 13 308 308 NUM cblr-1735 249 14 , , PUNCT cblr-1735 249 15 313 313 NUM cblr-1735 249 16 , , PUNCT cblr-1735 249 17 318–19 318–19 NUM cblr-1735 249 18 ( ( PUNCT cblr-1735 249 19 2007 2007 NUM cblr-1735 249 20 ) ) PUNCT cblr-1735 249 21 ( ( PUNCT cblr-1735 249 22 noting note VERB cblr-1735 249 23 that that SCONJ cblr-1735 249 24 the the DET cblr-1735 249 25 “ " PUNCT cblr-1735 249 26 court court NOUN cblr-1735 249 27 has have AUX cblr-1735 249 28 long long ADV cblr-1735 249 29 recognized recognize VERB cblr-1735 249 30 that that SCONJ cblr-1735 249 31 meritorious meritorious ADJ cblr-1735 249 32 private private ADJ cblr-1735 249 33 actions action NOUN cblr-1735 249 34 to to PART cblr-1735 249 35 enforce enforce VERB cblr-1735 249 36 federal federal PROPN cblr-1735 249 37 antifraud antifraud PROPN cblr-1735 249 38 securities security NOUN cblr-1735 249 39 laws law NOUN cblr-1735 249 40 are be AUX cblr-1735 249 41 an an DET cblr-1735 249 42 essential essential ADJ cblr-1735 249 43 supplement supplement NOUN cblr-1735 249 44 to to ADP cblr-1735 249 45 criminal criminal ADJ cblr-1735 249 46 prosecutions prosecution NOUN cblr-1735 249 47 and and CCONJ cblr-1735 249 48 civil civil ADJ cblr-1735 249 49 enforcement enforcement NOUN cblr-1735 249 50 actions action NOUN cblr-1735 249 51 brought bring VERB cblr-1735 249 52 , , PUNCT cblr-1735 249 53 respectively respectively ADV cblr-1735 249 54 , , PUNCT cblr-1735 249 55 by by ADP cblr-1735 249 56 the the DET cblr-1735 249 57 department department PROPN cblr-1735 249 58 of of ADP cblr-1735 249 59 justice justice PROPN cblr-1735 249 60 and and CCONJ cblr-1735 249 61 the the DET cblr-1735 249 62 securities securities PROPN cblr-1735 249 63 and and CCONJ cblr-1735 249 64 exchange exchange PROPN cblr-1735 249 65 commission commission PROPN cblr-1735 249 66 ” " PUNCT cblr-1735 249 67 and and CCONJ cblr-1735 249 68 citing cite VERB cblr-1735 249 69 j. j. PROPN cblr-1735 249 70 i. i. PROPN cblr-1735 249 71 case case PROPN cblr-1735 249 72 co. co. PROPN cblr-1735 249 73 v. v. ADP cblr-1735 249 74 borak borak PROPN cblr-1735 249 75 , , PUNCT cblr-1735 249 76 377 377 NUM cblr-1735 249 77 u.s u.s PROPN cblr-1735 249 78 . . PROPN cblr-1735 249 79 426 426 NUM cblr-1735 249 80 , , PUNCT cblr-1735 249 81 432 432 NUM cblr-1735 249 82 ( ( PUNCT cblr-1735 249 83 1964 1964 NUM cblr-1735 249 84 ) ) PUNCT cblr-1735 249 85 ) ) PUNCT cblr-1735 250 1 ; ; PUNCT cblr-1735 250 2 blue blue ADJ cblr-1735 250 3 chip chip NOUN cblr-1735 250 4 stamps stamp NOUN cblr-1735 250 5 v. v. ADP cblr-1735 250 6 manor manor NOUN cblr-1735 250 7 drug drug NOUN cblr-1735 250 8 stores store NOUN cblr-1735 250 9 , , PUNCT cblr-1735 250 10 421 421 NUM cblr-1735 250 11 u.s u.s PROPN cblr-1735 250 12 . . PROPN cblr-1735 250 13 723 723 NUM cblr-1735 250 14 , , PUNCT cblr-1735 250 15 730 730 NUM cblr-1735 250 16 ( ( PUNCT cblr-1735 250 17 1975 1975 NUM cblr-1735 250 18 ) ) PUNCT cblr-1735 250 19 ( ( PUNCT cblr-1735 250 20 acknowledging acknowledge VERB cblr-1735 250 21 that that SCONJ cblr-1735 250 22 the the DET cblr-1735 250 23 court court NOUN cblr-1735 250 24 ’s ’s PART cblr-1735 250 25 interpretation interpretation NOUN cblr-1735 250 26 of of ADP cblr-1735 250 27 an an DET cblr-1735 250 28 implied imply VERB cblr-1735 250 29 private private ADJ cblr-1735 250 30 right right NOUN cblr-1735 250 31 of of ADP cblr-1735 250 32 action action NOUN cblr-1735 250 33 under under ADP cblr-1735 250 34 rule rule NOUN cblr-1735 250 35 10b-5 10b-5 NUM cblr-1735 250 36 is be AUX cblr-1735 250 37 “ " PUNCT cblr-1735 250 38 entirely entirely ADV cblr-1735 250 39 consistent consistent ADJ cblr-1735 250 40 with with ADP cblr-1735 250 41 the the DET cblr-1735 250 42 court court NOUN cblr-1735 250 43 ’s ’s PART cblr-1735 250 44 recognition recognition NOUN cblr-1735 250 45 in in ADP cblr-1735 250 46 [ [ X cblr-1735 250 47 borak borak X cblr-1735 250 48 ] ] X cblr-1735 250 49 that that SCONJ cblr-1735 250 50 private private ADJ cblr-1735 250 51 enforcement enforcement NOUN cblr-1735 250 52 of of ADP cblr-1735 250 53 commission commission NOUN cblr-1735 250 54 rules rule NOUN cblr-1735 250 55 may may AUX cblr-1735 250 56 ‘ ' PUNCT cblr-1735 250 57 [ [ X cblr-1735 250 58 provide provide VERB cblr-1735 250 59 ] ] PUNCT cblr-1735 250 60 a a DET cblr-1735 250 61 necessary necessary ADJ cblr-1735 250 62 supplement supplement NOUN cblr-1735 250 63 to to ADP cblr-1735 250 64 commission commission NOUN cblr-1735 250 65 action action NOUN cblr-1735 250 66 ’ ' PUNCT cblr-1735 250 67 ” " PUNCT cblr-1735 250 68 ) ) PUNCT cblr-1735 250 69 . . PUNCT cblr-1735 251 1 67 67 NUM cblr-1735 251 2 see see NOUN cblr-1735 251 3 cent cent NOUN cblr-1735 251 4 . . PUNCT cblr-1735 252 1 bank bank PROPN cblr-1735 252 2 of of ADP cblr-1735 252 3 denver denver PROPN cblr-1735 252 4 , , PUNCT cblr-1735 252 5 n.a n.a PROPN cblr-1735 252 6 . . PROPN cblr-1735 252 7 v. v. ADP cblr-1735 252 8 first first ADJ cblr-1735 252 9 interstate interstate PROPN cblr-1735 252 10 bank bank PROPN cblr-1735 252 11 of of ADP cblr-1735 252 12 denver denver PROPN cblr-1735 252 13 , , PUNCT cblr-1735 252 14 n.a n.a PROPN cblr-1735 252 15 . . PROPN cblr-1735 252 16 , , PUNCT cblr-1735 252 17 511 511 NUM cblr-1735 252 18 u.s u.s PROPN cblr-1735 252 19 . . PROPN cblr-1735 252 20 164 164 NUM cblr-1735 252 21 , , PUNCT cblr-1735 252 22 191 191 NUM cblr-1735 252 23 ( ( PUNCT cblr-1735 252 24 1994 1994 NUM cblr-1735 252 25 ) ) PUNCT cblr-1735 252 26 ( ( PUNCT cblr-1735 252 27 reaffirming reaffirm VERB cblr-1735 252 28 the the DET cblr-1735 252 29 implied imply VERB cblr-1735 252 30 private private ADJ cblr-1735 252 31 right right NOUN cblr-1735 252 32 of of ADP cblr-1735 252 33 action action NOUN cblr-1735 252 34 but but CCONJ cblr-1735 252 35 holding hold VERB cblr-1735 252 36 that that SCONJ cblr-1735 252 37 “ " PUNCT cblr-1735 252 38 a a DET cblr-1735 252 39 private private ADJ cblr-1735 252 40 plaintiff plaintiff NOUN cblr-1735 252 41 may may AUX cblr-1735 252 42 not not PART cblr-1735 252 43 maintain maintain VERB cblr-1735 252 44 an an DET cblr-1735 252 45 aiding aiding NOUN cblr-1735 252 46 and and CCONJ cblr-1735 252 47 abetting abet VERB cblr-1735 252 48 suit suit NOUN cblr-1735 252 49 under under ADP cblr-1735 252 50 § § PROPN cblr-1735 252 51 10(b 10(b NUM cblr-1735 252 52 ) ) PUNCT cblr-1735 252 53 ” " PUNCT cblr-1735 252 54 ) ) PUNCT cblr-1735 252 55 ; ; PUNCT cblr-1735 252 56 see see VERB cblr-1735 252 57 also also ADV cblr-1735 252 58 stoneridge stoneridge PROPN cblr-1735 252 59 inv inv PROPN cblr-1735 252 60 . . PUNCT cblr-1735 253 1 partners partner NOUN cblr-1735 253 2 , , PUNCT cblr-1735 253 3 llc llc PROPN cblr-1735 253 4 v. v. ADP cblr-1735 253 5 scientific scientific PROPN cblr-1735 253 6 - - PUNCT cblr-1735 253 7 atlanta atlanta PROPN cblr-1735 253 8 , , PUNCT cblr-1735 253 9 inc inc PROPN cblr-1735 253 10 . . PROPN cblr-1735 253 11 , , PUNCT cblr-1735 253 12 552 552 NUM cblr-1735 253 13 u.s u.s PROPN cblr-1735 253 14 . . PROPN cblr-1735 253 15 148 148 NUM cblr-1735 253 16 , , PUNCT cblr-1735 253 17 164–65 164–65 NUM cblr-1735 253 18 ( ( PUNCT cblr-1735 253 19 2008 2008 NUM cblr-1735 253 20 ) ) PUNCT cblr-1735 253 21 . . PUNCT cblr-1735 254 1 68 68 NUM cblr-1735 254 2 see see VERB cblr-1735 254 3 janus janus PROPN cblr-1735 254 4 capital capital PROPN cblr-1735 254 5 grp grp PROPN cblr-1735 254 6 . . PROPN cblr-1735 254 7 , , PUNCT cblr-1735 254 8 inc inc PROPN cblr-1735 254 9 . . PROPN cblr-1735 255 1 v. v. ADP cblr-1735 255 2 first first ADJ cblr-1735 255 3 derivative derivative ADJ cblr-1735 255 4 traders trader NOUN cblr-1735 255 5 , , PUNCT cblr-1735 255 6 131 131 NUM cblr-1735 255 7 s. s. PROPN cblr-1735 255 8 ct ct PROPN cblr-1735 255 9 . . PROPN cblr-1735 255 10 2296 2296 NUM cblr-1735 255 11 , , PUNCT cblr-1735 255 12 2302 2302 NUM cblr-1735 255 13 ( ( PUNCT cblr-1735 255 14 2011 2011 NUM cblr-1735 255 15 ) ) PUNCT cblr-1735 255 16 . . PUNCT cblr-1735 256 1 guo guo PROPN cblr-1735 256 2 – – PUNCT cblr-1735 256 3 final final ADJ cblr-1735 256 4 no no NOUN cblr-1735 256 5 . . PUNCT cblr-1735 257 1 1:184 1:184 NUM cblr-1735 257 2 ] ] PUNCT cblr-1735 257 3 credit credit NOUN cblr-1735 257 4 rating rating NOUN cblr-1735 257 5 agency agency NOUN cblr-1735 257 6 reform reform NOUN cblr-1735 257 7 201 201 NUM cblr-1735 257 8 brunt brunt NOUN cblr-1735 257 9 of of ADP cblr-1735 257 10 the the DET cblr-1735 257 11 loss loss NOUN cblr-1735 257 12 from from ADP cblr-1735 257 13 one one NUM cblr-1735 257 14 group group NOUN cblr-1735 257 15 of of ADP cblr-1735 257 16 shareholders shareholder NOUN cblr-1735 257 17 to to PART cblr-1735 257 18 another.69 another.69 VERB cblr-1735 257 19 the the DET cblr-1735 257 20 main main ADJ cblr-1735 257 21 rationale rationale NOUN cblr-1735 257 22 behind behind ADP cblr-1735 257 23 allowing allow VERB cblr-1735 257 24 a a DET cblr-1735 257 25 private private ADJ cblr-1735 257 26 right right NOUN cblr-1735 257 27 of of ADP cblr-1735 257 28 action action NOUN cblr-1735 257 29 for for ADP cblr-1735 257 30 damages damage NOUN cblr-1735 257 31 in in ADP cblr-1735 257 32 securities security NOUN cblr-1735 257 33 fraud fraud NOUN cblr-1735 257 34 cases case NOUN cblr-1735 257 35 , , PUNCT cblr-1735 257 36 even even ADV cblr-1735 257 37 though though SCONJ cblr-1735 257 38 congress congress PROPN cblr-1735 257 39 specifically specifically ADV cblr-1735 257 40 tasked task VERB cblr-1735 257 41 the the DET cblr-1735 257 42 sec sec PROPN cblr-1735 257 43 with with ADP cblr-1735 257 44 enforcement enforcement NOUN cblr-1735 257 45 of of ADP cblr-1735 257 46 section section NOUN cblr-1735 257 47 10(b 10(b NUM cblr-1735 257 48 ) ) PUNCT cblr-1735 257 49 , , PUNCT cblr-1735 257 50 is be AUX cblr-1735 257 51 that that SCONJ cblr-1735 257 52 it it PRON cblr-1735 257 53 increases increase VERB cblr-1735 257 54 deterrence deterrence NOUN cblr-1735 257 55 . . PUNCT cblr-1735 258 1 the the DET cblr-1735 258 2 private private ADJ cblr-1735 258 3 right right NOUN cblr-1735 258 4 of of ADP cblr-1735 258 5 action action NOUN cblr-1735 258 6 incentivizes incentivize VERB cblr-1735 258 7 investors investor NOUN cblr-1735 258 8 to to PART cblr-1735 258 9 act act VERB cblr-1735 258 10 as as ADP cblr-1735 258 11 private private ADJ cblr-1735 258 12 attorneys attorney NOUN cblr-1735 258 13 general70 general70 NOUN cblr-1735 258 14 and and CCONJ cblr-1735 258 15 thus thus ADV cblr-1735 258 16 enables enable VERB cblr-1735 258 17 them they PRON cblr-1735 258 18 to to PART cblr-1735 258 19 provide provide VERB cblr-1735 258 20 a a DET cblr-1735 258 21 necessary necessary ADJ cblr-1735 258 22 enforcement enforcement NOUN cblr-1735 258 23 supplement supplement NOUN cblr-1735 258 24 to to ADP cblr-1735 258 25 the the DET cblr-1735 258 26 sec.71 sec.71 NOUN cblr-1735 258 27 on on ADP cblr-1735 258 28 the the DET cblr-1735 258 29 other other ADJ cblr-1735 258 30 hand hand NOUN cblr-1735 258 31 , , PUNCT cblr-1735 258 32 public public ADJ cblr-1735 258 33 policy policy NOUN cblr-1735 258 34 that that PRON cblr-1735 258 35 encourages encourage VERB cblr-1735 258 36 litigation litigation NOUN cblr-1735 258 37 is be AUX cblr-1735 258 38 often often ADV cblr-1735 258 39 highly highly ADV cblr-1735 258 40 contentious contentious ADJ cblr-1735 258 41 because because SCONJ cblr-1735 258 42 frivolous frivolous ADJ cblr-1735 258 43 lawsuits lawsuit NOUN cblr-1735 258 44 are be AUX cblr-1735 258 45 time time NOUN cblr-1735 258 46 - - PUNCT cblr-1735 258 47 consuming consume VERB cblr-1735 258 48 for for ADP cblr-1735 258 49 both both DET cblr-1735 258 50 individual individual ADJ cblr-1735 258 51 parties party NOUN cblr-1735 258 52 and and CCONJ cblr-1735 258 53 the the DET cblr-1735 258 54 courts court NOUN cblr-1735 258 55 , , PUNCT cblr-1735 258 56 and and CCONJ cblr-1735 258 57 allowing allow VERB cblr-1735 258 58 for for ADP cblr-1735 258 59 over over ADP cblr-1735 258 60 - - PUNCT cblr-1735 258 61 deterrence deterrence NOUN cblr-1735 258 62 is be AUX cblr-1735 258 63 inefficient inefficient ADJ cblr-1735 258 64 from from ADP cblr-1735 258 65 a a DET cblr-1735 258 66 social social ADJ cblr-1735 258 67 welfare welfare NOUN cblr-1735 258 68 perspective.72 perspective.72 NOUN cblr-1735 258 69 these these DET cblr-1735 258 70 concerns concern NOUN cblr-1735 258 71 are be AUX cblr-1735 258 72 exacerbated exacerbate VERB cblr-1735 258 73 for for ADP cblr-1735 258 74 securities security NOUN cblr-1735 258 75 fraud fraud NOUN cblr-1735 258 76 cases case NOUN cblr-1735 258 77 because because SCONJ cblr-1735 258 78 they they PRON cblr-1735 258 79 are be AUX cblr-1735 258 80 generally generally ADV cblr-1735 258 81 brought bring VERB cblr-1735 258 82 in in ADP cblr-1735 258 83 the the DET cblr-1735 258 84 form form NOUN cblr-1735 258 85 of of ADP cblr-1735 258 86 class class NOUN cblr-1735 258 87 actions action NOUN cblr-1735 258 88 by by ADP cblr-1735 258 89 designated designate VERB cblr-1735 258 90 plaintiffs plaintiff NOUN cblr-1735 258 91 ’ ' PUNCT cblr-1735 258 92 law law NOUN cblr-1735 258 93 firms.73 firms.73 VERB cblr-1735 258 94 these these DET cblr-1735 258 95 class class NOUN cblr-1735 258 96 69 69 NUM cblr-1735 258 97 see see VERB cblr-1735 258 98 john john PROPN cblr-1735 258 99 c. c. PROPN cblr-1735 258 100 coffee coffee PROPN cblr-1735 258 101 , , PUNCT cblr-1735 258 102 jr jr PROPN cblr-1735 258 103 . . PROPN cblr-1735 258 104 , , PUNCT cblr-1735 258 105 reforming reform VERB cblr-1735 258 106 the the DET cblr-1735 258 107 securities security NOUN cblr-1735 258 108 class class NOUN cblr-1735 258 109 action action NOUN cblr-1735 258 110 : : PUNCT cblr-1735 258 111 an an DET cblr-1735 258 112 essay essay NOUN cblr-1735 258 113 on on ADP cblr-1735 258 114 deterrence deterrence NOUN cblr-1735 258 115 and and CCONJ cblr-1735 258 116 its its PRON cblr-1735 258 117 implementation implementation NOUN cblr-1735 258 118 , , PUNCT cblr-1735 258 119 106 106 NUM cblr-1735 258 120 colum colum NOUN cblr-1735 258 121 . . PUNCT cblr-1735 259 1 l. l. PROPN cblr-1735 259 2 rev rev PROPN cblr-1735 259 3 . . PROPN cblr-1735 259 4 1534 1534 NUM cblr-1735 259 5 , , PUNCT cblr-1735 259 6 1557 1557 NUM cblr-1735 259 7 ( ( PUNCT cblr-1735 259 8 2006 2006 NUM cblr-1735 259 9 ) ) PUNCT cblr-1735 260 1 [ [ X cblr-1735 260 2 hereinafter hereinafter NOUN cblr-1735 260 3 coffee coffee NOUN cblr-1735 260 4 , , PUNCT cblr-1735 260 5 reforming reform VERB cblr-1735 260 6 the the DET cblr-1735 260 7 securities security NOUN cblr-1735 260 8 class class NOUN cblr-1735 260 9 action action NOUN cblr-1735 260 10 ] ] PUNCT cblr-1735 260 11 ( ( PUNCT cblr-1735 260 12 “ " PUNCT cblr-1735 260 13 [ [ X cblr-1735 260 14 s]ecurities s]ecuritie NOUN cblr-1735 260 15 litigation litigation NOUN cblr-1735 260 16 in in ADP cblr-1735 260 17 this this DET cblr-1735 260 18 context context NOUN cblr-1735 260 19 inherently inherently ADV cblr-1735 260 20 results result VERB cblr-1735 260 21 in in ADP cblr-1735 260 22 a a DET cblr-1735 260 23 wealth wealth NOUN cblr-1735 260 24 transfer transfer NOUN cblr-1735 260 25 between between ADP cblr-1735 260 26 two two NUM cblr-1735 260 27 classes class NOUN cblr-1735 260 28 of of ADP cblr-1735 260 29 public public ADJ cblr-1735 260 30 shareholders shareholder NOUN cblr-1735 260 31 — — PUNCT cblr-1735 260 32 those those PRON cblr-1735 260 33 in in ADP cblr-1735 260 34 the the DET cblr-1735 260 35 class class NOUN cblr-1735 260 36 period period NOUN cblr-1735 260 37 and and CCONJ cblr-1735 260 38 those those PRON cblr-1735 260 39 outside outside ADP cblr-1735 260 40 it it PRON cblr-1735 260 41 — — PUNCT cblr-1735 260 42 and and CCONJ cblr-1735 260 43 typically typically ADV cblr-1735 260 44 neither neither DET cblr-1735 260 45 class class NOUN cblr-1735 260 46 is be AUX cblr-1735 260 47 culpable culpable ADJ cblr-1735 260 48 . . PUNCT cblr-1735 260 49 ” " PUNCT cblr-1735 260 50 ) ) PUNCT cblr-1735 260 51 . . PUNCT cblr-1735 261 1 70 70 NUM cblr-1735 261 2 see see VERB cblr-1735 261 3 associated associated ADJ cblr-1735 261 4 indus indus PROPN cblr-1735 261 5 . . PUNCT cblr-1735 262 1 of of ADP cblr-1735 262 2 n.y n.y PROPN cblr-1735 262 3 . . PROPN cblr-1735 262 4 , , PUNCT cblr-1735 262 5 inc inc PROPN cblr-1735 262 6 . . PROPN cblr-1735 262 7 v. v. ADP cblr-1735 262 8 ickes icke NOUN cblr-1735 262 9 , , PUNCT cblr-1735 262 10 134 134 NUM cblr-1735 262 11 f.2d f.2d ADP cblr-1735 262 12 694 694 NUM cblr-1735 262 13 , , PUNCT cblr-1735 262 14 704 704 NUM cblr-1735 262 15 ( ( PUNCT cblr-1735 262 16 2d 2d NUM cblr-1735 262 17 cir cir NOUN cblr-1735 262 18 . . PUNCT cblr-1735 262 19 1943 1943 NUM cblr-1735 262 20 ) ) PUNCT cblr-1735 263 1 ( ( PUNCT cblr-1735 263 2 explaining explain VERB cblr-1735 263 3 that that SCONJ cblr-1735 263 4 “ " PUNCT cblr-1735 263 5 private private ADJ cblr-1735 263 6 attorney attorney NOUN cblr-1735 263 7 generals general NOUN cblr-1735 263 8 ” " PUNCT cblr-1735 263 9 include include VERB cblr-1735 263 10 those those PRON cblr-1735 263 11 who who PRON cblr-1735 263 12 have have AUX cblr-1735 263 13 been be AUX cblr-1735 263 14 given give VERB cblr-1735 263 15 the the DET cblr-1735 263 16 authority authority NOUN cblr-1735 263 17 to to PART cblr-1735 263 18 prevent prevent VERB cblr-1735 263 19 statutory statutory ADJ cblr-1735 263 20 violations violation NOUN cblr-1735 263 21 through through ADP cblr-1735 263 22 private private ADJ cblr-1735 263 23 actions action NOUN cblr-1735 263 24 ) ) PUNCT cblr-1735 263 25 , , PUNCT cblr-1735 263 26 vacated vacate VERB cblr-1735 263 27 as as ADP cblr-1735 263 28 moot moot NOUN cblr-1735 263 29 , , PUNCT cblr-1735 263 30 320 320 NUM cblr-1735 263 31 u.s u.s PROPN cblr-1735 263 32 . . PROPN cblr-1735 263 33 707 707 NUM cblr-1735 263 34 ( ( PUNCT cblr-1735 263 35 1943 1943 NUM cblr-1735 263 36 ) ) PUNCT cblr-1735 263 37 . . PUNCT cblr-1735 264 1 71 71 NUM cblr-1735 264 2 see see NOUN cblr-1735 264 3 tellabs tellab NOUN cblr-1735 264 4 , , PUNCT cblr-1735 264 5 551 551 NUM cblr-1735 264 6 u.s u.s PROPN cblr-1735 264 7 . . PROPN cblr-1735 264 8 at at ADP cblr-1735 264 9 313 313 NUM cblr-1735 264 10 . . PUNCT cblr-1735 265 1 this this PRON cblr-1735 265 2 is be AUX cblr-1735 265 3 crucial crucial ADJ cblr-1735 265 4 , , PUNCT cblr-1735 265 5 as as SCONJ cblr-1735 265 6 the the DET cblr-1735 265 7 sec sec PROPN cblr-1735 265 8 is be AUX cblr-1735 265 9 tasked task VERB cblr-1735 265 10 with with ADP cblr-1735 265 11 carrying carry VERB cblr-1735 265 12 out out ADP cblr-1735 265 13 its its PRON cblr-1735 265 14 myriad myriad NOUN cblr-1735 265 15 of of ADP cblr-1735 265 16 mandates mandate NOUN cblr-1735 265 17 while while SCONJ cblr-1735 265 18 operating operate VERB cblr-1735 265 19 under under ADP cblr-1735 265 20 a a DET cblr-1735 265 21 rigid rigid ADJ cblr-1735 265 22 budget budget NOUN cblr-1735 265 23 constraint constraint NOUN cblr-1735 265 24 . . PUNCT cblr-1735 266 1 72 72 NUM cblr-1735 266 2 see see VERB cblr-1735 266 3 coffee coffee NOUN cblr-1735 266 4 , , PUNCT cblr-1735 266 5 reforming reform VERB cblr-1735 266 6 the the DET cblr-1735 266 7 securities security NOUN cblr-1735 266 8 class class NOUN cblr-1735 266 9 action action NOUN cblr-1735 266 10 , , PUNCT cblr-1735 266 11 supra supra PROPN cblr-1735 266 12 note note NOUN cblr-1735 266 13 69 69 NUM cblr-1735 266 14 , , PUNCT cblr-1735 266 15 at at ADP cblr-1735 266 16 1547–48 1547–48 NUM cblr-1735 266 17 . . PUNCT cblr-1735 267 1 from from ADP cblr-1735 267 2 an an DET cblr-1735 267 3 economic economic ADJ cblr-1735 267 4 perspective perspective NOUN cblr-1735 267 5 , , PUNCT cblr-1735 267 6 the the DET cblr-1735 267 7 optimal optimal ADJ cblr-1735 267 8 deterrence deterrence NOUN cblr-1735 267 9 level level NOUN cblr-1735 267 10 can can AUX cblr-1735 267 11 be be AUX cblr-1735 267 12 attained attain VERB cblr-1735 267 13 when when SCONJ cblr-1735 267 14 meritorious meritorious ADJ cblr-1735 267 15 suits suit NOUN cblr-1735 267 16 are be AUX cblr-1735 267 17 successfully successfully ADV cblr-1735 267 18 brought bring VERB cblr-1735 267 19 but but CCONJ cblr-1735 267 20 frivolous frivolous ADJ cblr-1735 267 21 lawsuits lawsuit NOUN cblr-1735 267 22 are be AUX cblr-1735 267 23 not not PART cblr-1735 267 24 allowed allow VERB cblr-1735 267 25 . . PUNCT cblr-1735 268 1 73 73 NUM cblr-1735 268 2 prior prior ADV cblr-1735 268 3 to to ADP cblr-1735 268 4 the the DET cblr-1735 268 5 enactment enactment NOUN cblr-1735 268 6 of of ADP cblr-1735 268 7 the the DET cblr-1735 268 8 pslra pslra NOUN cblr-1735 268 9 , , PUNCT cblr-1735 268 10 these these DET cblr-1735 268 11 suits suit NOUN cblr-1735 268 12 were be AUX cblr-1735 268 13 typically typically ADV cblr-1735 268 14 brought bring VERB cblr-1735 268 15 by by ADP cblr-1735 268 16 “ " PUNCT cblr-1735 268 17 professional professional ADJ cblr-1735 268 18 plaintiffs plaintiff NOUN cblr-1735 268 19 , , PUNCT cblr-1735 268 20 ” " PUNCT cblr-1735 268 21 who who PRON cblr-1735 268 22 often often ADV cblr-1735 268 23 maintained maintain VERB cblr-1735 268 24 close close ADJ cblr-1735 268 25 relationships relationship NOUN cblr-1735 268 26 with with ADP cblr-1735 268 27 plaintiffs plaintiff NOUN cblr-1735 268 28 ’ ' PUNCT cblr-1735 268 29 law law NOUN cblr-1735 268 30 firms firm NOUN cblr-1735 268 31 . . PUNCT cblr-1735 269 1 see see VERB cblr-1735 269 2 elliott elliott PROPN cblr-1735 269 3 j. j. PROPN cblr-1735 269 4 weiss weiss PROPN cblr-1735 269 5 & & CCONJ cblr-1735 269 6 john john PROPN cblr-1735 269 7 s. s. PROPN cblr-1735 269 8 beckerman beckerman PROPN cblr-1735 269 9 , , PUNCT cblr-1735 269 10 let let VERB cblr-1735 269 11 the the DET cblr-1735 269 12 money money NOUN cblr-1735 269 13 do do VERB cblr-1735 269 14 the the DET cblr-1735 269 15 monitoring monitoring NOUN cblr-1735 269 16 : : PUNCT cblr-1735 269 17 how how SCONJ cblr-1735 269 18 institutional institutional ADJ cblr-1735 269 19 investors investor NOUN cblr-1735 269 20 can can AUX cblr-1735 269 21 reduce reduce VERB cblr-1735 269 22 agency agency NOUN cblr-1735 269 23 costs cost NOUN cblr-1735 269 24 in in ADP cblr-1735 269 25 securities security NOUN cblr-1735 269 26 class class NOUN cblr-1735 269 27 actions action NOUN cblr-1735 269 28 , , PUNCT cblr-1735 269 29 104 104 NUM cblr-1735 269 30 yale yale PROPN cblr-1735 269 31 l.j l.j PROPN cblr-1735 269 32 . . PROPN cblr-1735 269 33 2053 2053 NUM cblr-1735 269 34 , , PUNCT cblr-1735 269 35 2059 2059 NUM cblr-1735 269 36 n.28 n.28 SYM cblr-1735 269 37 , , PUNCT cblr-1735 269 38 2060–61 2060–61 NUM cblr-1735 269 39 ( ( PUNCT cblr-1735 269 40 1995 1995 NUM cblr-1735 269 41 ) ) PUNCT cblr-1735 269 42 ( ( PUNCT cblr-1735 269 43 “ " PUNCT cblr-1735 269 44 [ [ X cblr-1735 269 45 t]he t]he ADJ cblr-1735 269 46 usual usual ADJ cblr-1735 269 47 pattern pattern NOUN cblr-1735 269 48 is be AUX cblr-1735 269 49 for for ADP cblr-1735 269 50 a a DET cblr-1735 269 51 lawyer lawyer NOUN cblr-1735 269 52 who who PRON cblr-1735 269 53 specializes specialize VERB cblr-1735 269 54 in in ADP cblr-1735 269 55 representing represent VERB cblr-1735 269 56 plaintiffs plaintiff NOUN cblr-1735 269 57 to to PART cblr-1735 269 58 take take VERB cblr-1735 269 59 the the DET cblr-1735 269 60 initiative initiative NOUN cblr-1735 269 61 ” " PUNCT cblr-1735 269 62 and and CCONJ cblr-1735 269 63 “ " PUNCT cblr-1735 269 64 [ [ X cblr-1735 269 65 t]he t]he ADV cblr-1735 269 66 most most ADV cblr-1735 269 67 common common ADJ cblr-1735 269 68 recruitment recruitment NOUN cblr-1735 269 69 practice practice NOUN cblr-1735 269 70 followed follow VERB cblr-1735 269 71 by by ADP cblr-1735 269 72 plaintiffs plaintiff NOUN cblr-1735 269 73 ’ ' PUNCT cblr-1735 269 74 attorneys attorney NOUN cblr-1735 269 75 apparently apparently ADV cblr-1735 269 76 is be AUX cblr-1735 269 77 to to PART cblr-1735 269 78 maintain maintain VERB cblr-1735 269 79 a a DET cblr-1735 269 80 list list NOUN cblr-1735 269 81 of of ADP cblr-1735 269 82 potential potential ADJ cblr-1735 269 83 plaintiffs plaintiff NOUN cblr-1735 269 84 and and CCONJ cblr-1735 269 85 their their PRON cblr-1735 269 86 stockholdings stockholding NOUN cblr-1735 269 87 . . PUNCT cblr-1735 269 88 ” " PUNCT cblr-1735 269 89 ) ) PUNCT cblr-1735 269 90 . . PUNCT cblr-1735 270 1 guo guo PROPN cblr-1735 270 2 – – PUNCT cblr-1735 270 3 final final ADJ cblr-1735 270 4 202 202 NUM cblr-1735 270 5 columbia columbia PROPN cblr-1735 270 6 business business NOUN cblr-1735 270 7 law law PROPN cblr-1735 270 8 review review NOUN cblr-1735 271 1 [ [ X cblr-1735 271 2 vol vol NOUN cblr-1735 271 3 . . NOUN cblr-1735 271 4 2016 2016 NUM cblr-1735 271 5 actions action NOUN cblr-1735 271 6 involve involve VERB cblr-1735 271 7 extremely extremely ADV cblr-1735 271 8 high high ADJ cblr-1735 271 9 stakes stake NOUN cblr-1735 271 10 for for ADP cblr-1735 271 11 corporate corporate ADJ cblr-1735 271 12 defendants defendant NOUN cblr-1735 271 13 . . PUNCT cblr-1735 272 1 given give VERB cblr-1735 272 2 the the DET cblr-1735 272 3 large large ADJ cblr-1735 272 4 number number NOUN cblr-1735 272 5 of of ADP cblr-1735 272 6 claimants claimant NOUN cblr-1735 272 7 in in ADP cblr-1735 272 8 these these DET cblr-1735 272 9 class class NOUN cblr-1735 272 10 actions,74 actions,74 NOUN cblr-1735 272 11 even even ADV cblr-1735 272 12 a a DET cblr-1735 272 13 slight slight ADJ cblr-1735 272 14 chance chance NOUN cblr-1735 272 15 of of ADP cblr-1735 272 16 success success NOUN cblr-1735 272 17 on on ADP cblr-1735 272 18 the the DET cblr-1735 272 19 plaintiffs plaintiff NOUN cblr-1735 272 20 ’ ' PUNCT cblr-1735 272 21 part part NOUN cblr-1735 272 22 will will AUX cblr-1735 272 23 result result VERB cblr-1735 272 24 in in ADP cblr-1735 272 25 a a DET cblr-1735 272 26 large large ADJ cblr-1735 272 27 expected expected ADJ cblr-1735 272 28 payout.75 payout.75 PROPN cblr-1735 272 29 additionally additionally ADV cblr-1735 272 30 , , PUNCT cblr-1735 272 31 reputational reputational ADJ cblr-1735 272 32 costs cost NOUN cblr-1735 272 33 associated associate VERB cblr-1735 272 34 with with ADP cblr-1735 272 35 litigation litigation NOUN cblr-1735 272 36 are be AUX cblr-1735 272 37 realized realize VERB cblr-1735 272 38 regardless regardless ADV cblr-1735 272 39 of of ADP cblr-1735 272 40 the the DET cblr-1735 272 41 eventual eventual ADJ cblr-1735 272 42 outcome.76 outcome.76 PROPN cblr-1735 272 43 without without ADP cblr-1735 272 44 the the DET cblr-1735 272 45 means mean NOUN cblr-1735 272 46 to to PART cblr-1735 272 47 quickly quickly ADV cblr-1735 272 48 dismiss dismiss VERB cblr-1735 272 49 meritless meritless NOUN cblr-1735 272 50 claims claim NOUN cblr-1735 272 51 , , PUNCT cblr-1735 272 52 corporate corporate ADJ cblr-1735 272 53 defendants defendant NOUN cblr-1735 272 54 may may AUX cblr-1735 272 55 be be AUX cblr-1735 272 56 forced force VERB cblr-1735 272 57 into into ADP cblr-1735 272 58 early early ADJ cblr-1735 272 59 settlements settlement NOUN cblr-1735 272 60 that that PRON cblr-1735 272 61 unfairly unfairly ADV cblr-1735 272 62 benefit benefit VERB cblr-1735 272 63 plaintiffs plaintiff NOUN cblr-1735 272 64 . . PUNCT cblr-1735 273 1 this this PRON cblr-1735 273 2 in in ADP cblr-1735 273 3 turn turn NOUN cblr-1735 273 4 creates create VERB cblr-1735 273 5 a a DET cblr-1735 273 6 perverse perverse ADJ cblr-1735 273 7 incentive incentive NOUN cblr-1735 273 8 for for SCONJ cblr-1735 273 9 private private ADJ cblr-1735 273 10 plaintiffs plaintiff NOUN cblr-1735 273 11 to to PART cblr-1735 273 12 bring bring VERB cblr-1735 273 13 weak weak ADJ cblr-1735 273 14 claims claim NOUN cblr-1735 273 15 against against ADP cblr-1735 273 16 corporate corporate ADJ cblr-1735 273 17 defendants defendant NOUN cblr-1735 273 18 . . PUNCT cblr-1735 274 1 prior prior ADV cblr-1735 274 2 to to ADP cblr-1735 274 3 the the DET cblr-1735 274 4 enactment enactment NOUN cblr-1735 274 5 of of ADP cblr-1735 274 6 the the DET cblr-1735 274 7 pslra pslra NOUN cblr-1735 274 8 , , PUNCT cblr-1735 274 9 these these DET cblr-1735 274 10 plaintiffs plaintiff NOUN cblr-1735 274 11 ’ ’ PART cblr-1735 274 12 firms firm NOUN cblr-1735 274 13 would would AUX cblr-1735 274 14 often often ADV cblr-1735 274 15 race race VERB cblr-1735 274 16 to to PART cblr-1735 274 17 file file VERB cblr-1735 274 18 suit suit NOUN cblr-1735 274 19 , , PUNCT cblr-1735 274 20 as as SCONJ cblr-1735 274 21 the the DET cblr-1735 274 22 earliest early ADJ cblr-1735 274 23 firm firm NOUN cblr-1735 274 24 to to PART cblr-1735 274 25 file file VERB cblr-1735 274 26 would would AUX cblr-1735 274 27 generally generally ADV cblr-1735 274 28 reap reap VERB cblr-1735 274 29 most most ADV cblr-1735 274 30 or or CCONJ cblr-1735 274 31 all all PRON cblr-1735 274 32 of of ADP cblr-1735 274 33 any any DET cblr-1735 274 34 attorney attorney NOUN cblr-1735 274 35 ’s ’s PART cblr-1735 274 36 fees fee NOUN cblr-1735 274 37 eventually eventually ADV cblr-1735 274 38 collected.77 collected.77 VERB cblr-1735 274 39 these these DET cblr-1735 274 40 conditions condition NOUN cblr-1735 274 41 gave give VERB cblr-1735 274 42 rise rise NOUN cblr-1735 274 43 to to ADP cblr-1735 274 44 boilerplate boilerplate ADJ cblr-1735 274 45 initial initial ADJ cblr-1735 274 46 pleadings pleading NOUN cblr-1735 274 47 , , PUNCT cblr-1735 274 48 which which PRON cblr-1735 274 49 could could AUX cblr-1735 274 50 be be AUX cblr-1735 274 51 subsequently subsequently ADV cblr-1735 274 52 amended amend VERB cblr-1735 274 53 to to PART cblr-1735 274 54 include include VERB cblr-1735 274 55 more more ADV cblr-1735 274 56 particular particular ADJ cblr-1735 274 57 facts.78 facts.78 VERB cblr-1735 274 58 the the DET cblr-1735 274 59 corporate corporate ADJ cblr-1735 274 60 defense defense NOUN cblr-1735 274 61 bar bar NOUN cblr-1735 274 62 was be AUX cblr-1735 274 63 concerned concern VERB cblr-1735 274 64 that that SCONJ cblr-1735 274 65 this this PRON cblr-1735 274 66 facilitated facilitate VERB cblr-1735 274 67 an an DET cblr-1735 274 68 abuse abuse NOUN cblr-1735 274 69 of of ADP cblr-1735 274 70 the the DET cblr-1735 274 71 private private ADJ cblr-1735 274 72 right right NOUN cblr-1735 274 73 of of ADP cblr-1735 274 74 action action NOUN cblr-1735 274 75 and and CCONJ cblr-1735 274 76 led lead VERB cblr-1735 274 77 to to ADP cblr-1735 274 78 an an DET cblr-1735 274 79 unfair unfair ADJ cblr-1735 274 80 burden burden NOUN cblr-1735 274 81 on on ADP cblr-1735 274 82 corporate corporate ADJ cblr-1735 274 83 defendants.79 defendants.79 NOUN cblr-1735 274 84 74 74 NUM cblr-1735 274 85 see see VERB cblr-1735 274 86 thomas thomas PROPN cblr-1735 274 87 e. e. PROPN cblr-1735 274 88 willging willging PROPN cblr-1735 274 89 et et PROPN cblr-1735 274 90 al al PROPN cblr-1735 274 91 . . PROPN cblr-1735 274 92 , , PUNCT cblr-1735 274 93 an an DET cblr-1735 274 94 empirical empirical ADJ cblr-1735 274 95 analysis analysis NOUN cblr-1735 274 96 of of ADP cblr-1735 274 97 rule rule NOUN cblr-1735 274 98 23 23 NUM cblr-1735 274 99 to to PART cblr-1735 274 100 address address VERB cblr-1735 274 101 the the DET cblr-1735 274 102 rulemaking rulemaking NOUN cblr-1735 274 103 challenges challenge NOUN cblr-1735 274 104 , , PUNCT cblr-1735 274 105 71 71 NUM cblr-1735 274 106 n.y.u n.y.u NOUN cblr-1735 274 107 . . PUNCT cblr-1735 275 1 l. l. PROPN cblr-1735 275 2 rev rev PROPN cblr-1735 275 3 . . PROPN cblr-1735 275 4 74 74 NUM cblr-1735 275 5 , , PUNCT cblr-1735 275 6 90 90 NUM cblr-1735 275 7 ( ( PUNCT cblr-1735 275 8 1996 1996 NUM cblr-1735 275 9 ) ) PUNCT cblr-1735 275 10 ( ( PUNCT cblr-1735 275 11 noting note VERB cblr-1735 275 12 that that SCONJ cblr-1735 275 13 “ " PUNCT cblr-1735 275 14 securities security NOUN cblr-1735 275 15 classes class NOUN cblr-1735 275 16 are be AUX cblr-1735 275 17 generally generally ADV cblr-1735 275 18 large large ADJ cblr-1735 275 19 ” " PUNCT cblr-1735 275 20 and and CCONJ cblr-1735 275 21 that that SCONJ cblr-1735 275 22 “ " PUNCT cblr-1735 275 23 [ [ X cblr-1735 275 24 l]arge l]arge NOUN cblr-1735 275 25 class class NOUN cblr-1735 275 26 sizes size NOUN cblr-1735 275 27 in in ADP cblr-1735 275 28 securities security NOUN cblr-1735 275 29 cases case NOUN cblr-1735 275 30 often often ADV cblr-1735 275 31 made make VERB cblr-1735 275 32 them they PRON cblr-1735 275 33 distinctive distinctive ADJ cblr-1735 275 34 when when SCONJ cblr-1735 275 35 compared compare VERB cblr-1735 275 36 with with ADP cblr-1735 275 37 most most ADJ cblr-1735 275 38 nonsecurities nonsecuritie NOUN cblr-1735 275 39 classes class NOUN cblr-1735 275 40 ” " PUNCT cblr-1735 275 41 ) ) PUNCT cblr-1735 275 42 . . PUNCT cblr-1735 276 1 75 75 NUM cblr-1735 276 2 see see VERB cblr-1735 276 3 i i PRON cblr-1735 276 4 d. d. PROPN cblr-1735 276 5 76 76 NUM cblr-1735 276 6 see see VERB cblr-1735 276 7 , , PUNCT cblr-1735 276 8 e.g. e.g. ADV cblr-1735 276 9 , , PUNCT cblr-1735 276 10 lynn lynn PROPN cblr-1735 276 11 bai bai PROPN cblr-1735 276 12 et et PROPN cblr-1735 276 13 al al PROPN cblr-1735 276 14 . . PROPN cblr-1735 276 15 , , PUNCT cblr-1735 276 16 lying lie VERB cblr-1735 276 17 and and CCONJ cblr-1735 276 18 getting getting AUX cblr-1735 276 19 caught catch VERB cblr-1735 276 20 : : PUNCT cblr-1735 276 21 an an DET cblr-1735 276 22 empirical empirical ADJ cblr-1735 276 23 study study NOUN cblr-1735 276 24 of of ADP cblr-1735 276 25 the the DET cblr-1735 276 26 effect effect NOUN cblr-1735 276 27 of of ADP cblr-1735 276 28 securities security NOUN cblr-1735 276 29 class class NOUN cblr-1735 276 30 action action NOUN cblr-1735 276 31 settlements settlement NOUN cblr-1735 276 32 on on ADP cblr-1735 276 33 targeted target VERB cblr-1735 276 34 firms firm NOUN cblr-1735 276 35 , , PUNCT cblr-1735 276 36 158 158 NUM cblr-1735 276 37 u. u. PROPN cblr-1735 276 38 pa pa PROPN cblr-1735 276 39 . . PUNCT cblr-1735 276 40 l. l. PROPN cblr-1735 276 41 rev rev PROPN cblr-1735 276 42 . . PROPN cblr-1735 276 43 1877 1877 NUM cblr-1735 276 44 , , PUNCT cblr-1735 276 45 1897 1897 NUM cblr-1735 276 46 ( ( PUNCT cblr-1735 276 47 2010 2010 NUM cblr-1735 276 48 ) ) PUNCT cblr-1735 276 49 ( ( PUNCT cblr-1735 276 50 noting note VERB cblr-1735 276 51 that that SCONJ cblr-1735 276 52 “ " PUNCT cblr-1735 276 53 the the DET cblr-1735 276 54 combined combined ADJ cblr-1735 276 55 reputational reputational ADJ cblr-1735 276 56 costs cost NOUN cblr-1735 276 57 and and CCONJ cblr-1735 276 58 distractions distraction NOUN cblr-1735 276 59 of of ADP cblr-1735 276 60 the the DET cblr-1735 276 61 suit suit NOUN cblr-1735 276 62 are be AUX cblr-1735 276 63 factors factor NOUN cblr-1735 276 64 that that PRON cblr-1735 276 65 might might AUX cblr-1735 276 66 impair impair VERB cblr-1735 276 67 the the DET cblr-1735 276 68 company company NOUN cblr-1735 276 69 ’s ’s PART cblr-1735 276 70 operational operational ADJ cblr-1735 276 71 efficiency efficiency NOUN cblr-1735 276 72 ” " PUNCT cblr-1735 276 73 ) ) PUNCT cblr-1735 276 74 . . PUNCT cblr-1735 277 1 77 77 NUM cblr-1735 277 2 see see VERB cblr-1735 277 3 coffee coffee NOUN cblr-1735 277 4 , , PUNCT cblr-1735 277 5 reforming reform VERB cblr-1735 277 6 the the DET cblr-1735 277 7 securities security NOUN cblr-1735 277 8 class class NOUN cblr-1735 277 9 action action NOUN cblr-1735 277 10 , , PUNCT cblr-1735 277 11 supra supra PROPN cblr-1735 277 12 note note NOUN cblr-1735 277 13 69 69 NUM cblr-1735 277 14 , , PUNCT cblr-1735 277 15 at at ADP cblr-1735 277 16 1541 1541 NUM cblr-1735 277 17 & & CCONJ cblr-1735 277 18 n.17 n.17 PROPN cblr-1735 277 19 . . PROPN cblr-1735 277 20 78 78 NUM cblr-1735 277 21 see see VERB cblr-1735 277 22 richard richard PROPN cblr-1735 277 23 a. a. PROPN cblr-1735 277 24 booth booth PROPN cblr-1735 277 25 , , PUNCT cblr-1735 277 26 windfall windfall NOUN cblr-1735 277 27 awards award NOUN cblr-1735 277 28 under under ADP cblr-1735 277 29 pslra pslra NOUN cblr-1735 277 30 , , PUNCT cblr-1735 277 31 59 59 NUM cblr-1735 277 32 bus bus NOUN cblr-1735 277 33 . . PUNCT cblr-1735 277 34 law law NOUN cblr-1735 277 35 . . PUNCT cblr-1735 278 1 1043 1043 NUM cblr-1735 278 2 , , PUNCT cblr-1735 278 3 1043 1043 NUM cblr-1735 278 4 n.1 n.1 X cblr-1735 278 5 ( ( PUNCT cblr-1735 278 6 2004 2004 NUM cblr-1735 278 7 ) ) PUNCT cblr-1735 278 8 ; ; PUNCT cblr-1735 279 1 willging willge VERB cblr-1735 279 2 et et PROPN cblr-1735 279 3 al al PROPN cblr-1735 279 4 . . PROPN cblr-1735 279 5 , , PUNCT cblr-1735 279 6 supra supra PROPN cblr-1735 279 7 note note NOUN cblr-1735 279 8 74 74 NUM cblr-1735 279 9 , , PUNCT cblr-1735 279 10 at at ADP cblr-1735 279 11 87 87 NUM cblr-1735 279 12 & & CCONJ cblr-1735 279 13 n.49 n.49 ADP cblr-1735 279 14 , , PUNCT cblr-1735 279 15 91 91 NUM cblr-1735 279 16 . . PUNCT cblr-1735 279 17 79 79 NUM cblr-1735 279 18 see see VERB cblr-1735 279 19 coffee coffee NOUN cblr-1735 279 20 , , PUNCT cblr-1735 279 21 reforming reform VERB cblr-1735 279 22 the the DET cblr-1735 279 23 securities security NOUN cblr-1735 279 24 class class NOUN cblr-1735 279 25 action action NOUN cblr-1735 279 26 , , PUNCT cblr-1735 279 27 supra supra PROPN cblr-1735 279 28 note note NOUN cblr-1735 279 29 69 69 NUM cblr-1735 279 30 , , PUNCT cblr-1735 279 31 at at ADP cblr-1735 279 32 1534 1534 NUM cblr-1735 279 33 . . PUNCT cblr-1735 280 1 guo guo PROPN cblr-1735 280 2 – – PUNCT cblr-1735 280 3 final final ADJ cblr-1735 280 4 no no NOUN cblr-1735 280 5 . . PUNCT cblr-1735 281 1 1:184 1:184 NUM cblr-1735 281 2 ] ] PUNCT cblr-1735 281 3 credit credit NOUN cblr-1735 281 4 rating rating NOUN cblr-1735 281 5 agency agency NOUN cblr-1735 281 6 reform reform NOUN cblr-1735 281 7 203 203 NUM cblr-1735 281 8 b. b. PROPN cblr-1735 281 9 history history NOUN cblr-1735 281 10 of of ADP cblr-1735 281 11 the the DET cblr-1735 281 12 pslra pslra NOUN cblr-1735 281 13 in in ADP cblr-1735 281 14 1995 1995 NUM cblr-1735 282 1 , , PUNCT cblr-1735 282 2 congress congress PROPN cblr-1735 282 3 passed pass VERB cblr-1735 282 4 the the DET cblr-1735 282 5 pslra pslra NOUN cblr-1735 282 6 over over ADP cblr-1735 282 7 president president PROPN cblr-1735 282 8 clinton clinton PROPN cblr-1735 282 9 ’s ’s PART cblr-1735 282 10 veto.80 veto.80 ADV cblr-1735 282 11 this this PRON cblr-1735 282 12 was be AUX cblr-1735 282 13 primarily primarily ADV cblr-1735 282 14 in in ADP cblr-1735 282 15 response response NOUN cblr-1735 282 16 to to ADP cblr-1735 282 17 pressure pressure NOUN cblr-1735 282 18 from from ADP cblr-1735 282 19 the the DET cblr-1735 282 20 corporate corporate ADJ cblr-1735 282 21 defense defense NOUN cblr-1735 282 22 bar bar NOUN cblr-1735 282 23 . . PUNCT cblr-1735 283 1 the the DET cblr-1735 283 2 act act NOUN cblr-1735 283 3 fulfilled fulfil VERB cblr-1735 283 4 the the DET cblr-1735 283 5 purpose purpose NOUN cblr-1735 283 6 of of ADP cblr-1735 283 7 establishing establish VERB cblr-1735 283 8 “ " PUNCT cblr-1735 283 9 uniform uniform ADJ cblr-1735 283 10 and and CCONJ cblr-1735 283 11 more more ADV cblr-1735 283 12 stringent stringent ADJ cblr-1735 283 13 pleading pleading NOUN cblr-1735 283 14 requirements requirement NOUN cblr-1735 283 15 to to PART cblr-1735 283 16 curtail curtail VERB cblr-1735 283 17 the the DET cblr-1735 283 18 filing filing NOUN cblr-1735 283 19 of of ADP cblr-1735 283 20 meritless meritless NOUN cblr-1735 283 21 lawsuits lawsuit NOUN cblr-1735 283 22 . . PUNCT cblr-1735 283 23 ”81 ”81 NOUN cblr-1735 283 24 to to ADP cblr-1735 283 25 this this DET cblr-1735 283 26 end end NOUN cblr-1735 283 27 , , PUNCT cblr-1735 283 28 the the DET cblr-1735 283 29 pslra pslra NOUN cblr-1735 283 30 introduced introduce VERB cblr-1735 283 31 a a DET cblr-1735 283 32 requirement requirement NOUN cblr-1735 283 33 that that SCONJ cblr-1735 283 34 private private ADJ cblr-1735 283 35 plaintiffs plaintiff NOUN cblr-1735 283 36 ’ ' PUNCT cblr-1735 283 37 pleadings pleading NOUN cblr-1735 283 38 “ " PUNCT cblr-1735 283 39 state state NOUN cblr-1735 283 40 with with ADP cblr-1735 283 41 particularity particularity NOUN cblr-1735 283 42 facts fact VERB cblr-1735 283 43 giving give VERB cblr-1735 283 44 rise rise NOUN cblr-1735 283 45 to to ADP cblr-1735 283 46 a a DET cblr-1735 283 47 strong strong ADJ cblr-1735 283 48 inference inference NOUN cblr-1735 283 49 ” " PUNCT cblr-1735 283 50 of of ADP cblr-1735 283 51 requisite requisite ADJ cblr-1735 283 52 scienter,82 scienter,82 NOUN cblr-1735 283 53 in in ADP cblr-1735 283 54 addition addition NOUN cblr-1735 283 55 to to ADP cblr-1735 283 56 the the DET cblr-1735 283 57 heightened heightened ADJ cblr-1735 283 58 pleading pleading NOUN cblr-1735 283 59 standard83 standard83 NOUN cblr-1735 283 60 consistent consistent ADJ cblr-1735 283 61 with with ADP cblr-1735 283 62 federal federal ADJ cblr-1735 283 63 rule rule NOUN cblr-1735 283 64 of of ADP cblr-1735 283 65 civil civil ADJ cblr-1735 283 66 procedure procedure NOUN cblr-1735 283 67 9(b).84 9(b).84 NOUN cblr-1735 283 68 the the DET cblr-1735 283 69 pslra pslra NOUN cblr-1735 283 70 also also ADV cblr-1735 283 71 set set VERB cblr-1735 283 72 forth forth ADP cblr-1735 283 73 a a DET cblr-1735 283 74 stay stay NOUN cblr-1735 283 75 of of ADP cblr-1735 283 76 discovery discovery NOUN cblr-1735 283 77 “ " PUNCT cblr-1735 283 78 during during ADP cblr-1735 283 79 the the DET cblr-1735 283 80 pendency pendency NOUN cblr-1735 283 81 of of ADP cblr-1735 283 82 any any DET cblr-1735 283 83 motion motion NOUN cblr-1735 283 84 to to ADP cblr-1735 283 85 dismiss”85 dismiss”85 PROPN cblr-1735 283 86 and and CCONJ cblr-1735 283 87 restricted restrict VERB cblr-1735 283 88 lead lead NOUN cblr-1735 283 89 plaintiff plaintiff NOUN cblr-1735 283 90 designation designation NOUN cblr-1735 283 91 , , PUNCT cblr-1735 283 92 effectively effectively ADV cblr-1735 283 93 prohibiting prohibit VERB cblr-1735 283 94 “ " PUNCT cblr-1735 283 95 professional professional ADJ cblr-1735 283 96 plaintiffs plaintiff NOUN cblr-1735 283 97 ” " PUNCT cblr-1735 283 98 in in ADP cblr-1735 283 99 the the DET cblr-1735 283 100 context context NOUN cblr-1735 283 101 of of ADP cblr-1735 283 102 securities security NOUN cblr-1735 283 103 class class NOUN cblr-1735 283 104 actions.86 actions.86 NOUN cblr-1735 283 105 the the DET cblr-1735 283 106 pslra pslra NOUN cblr-1735 283 107 added add VERB cblr-1735 283 108 a a DET cblr-1735 283 109 subsection subsection NOUN cblr-1735 283 110 to to ADP cblr-1735 283 111 section section NOUN cblr-1735 283 112 21d 21d NOUN cblr-1735 283 113 of of ADP cblr-1735 283 114 the the DET cblr-1735 283 115 securities securities PROPN cblr-1735 283 116 exchange exchange PROPN cblr-1735 283 117 act act NOUN cblr-1735 283 118 of of ADP cblr-1735 283 119 1934 1934 NUM cblr-1735 283 120 specifying specify VERB cblr-1735 283 121 that that SCONJ cblr-1735 283 122 the the DET cblr-1735 283 123 default default NOUN cblr-1735 283 124 liability liability NOUN cblr-1735 283 125 rule rule NOUN cblr-1735 283 126 for for ADP cblr-1735 283 127 joint joint ADJ cblr-1735 283 128 defendants defendant NOUN cblr-1735 283 129 is be AUX cblr-1735 283 130 proportionate proportionate ADJ cblr-1735 283 131 liability liability NOUN cblr-1735 283 132 , , PUNCT cblr-1735 283 133 allowing allow VERB cblr-1735 283 134 a a DET cblr-1735 283 135 joint joint ADJ cblr-1735 283 136 and and CCONJ cblr-1735 283 137 several several ADJ cblr-1735 283 138 liability liability NOUN cblr-1735 283 139 regime regime NOUN cblr-1735 283 140 only only ADV cblr-1735 283 141 for for ADP cblr-1735 283 142 knowing know VERB cblr-1735 283 143 violations.87 violations.87 VERB cblr-1735 283 144 this this DET cblr-1735 283 145 strengthened strengthen VERB cblr-1735 283 146 protections protection NOUN cblr-1735 283 147 for for ADP cblr-1735 283 148 corporate corporate ADJ cblr-1735 283 149 defendants defendant NOUN cblr-1735 283 150 , , PUNCT cblr-1735 283 151 and and CCONJ cblr-1735 283 152 indeed indeed ADV cblr-1735 283 153 the the DET cblr-1735 283 154 amendment amendment NOUN cblr-1735 283 155 passed pass VERB cblr-1735 283 156 under under ADP cblr-1735 283 157 the the DET cblr-1735 283 158 80 80 NUM cblr-1735 283 159 private private ADJ cblr-1735 283 160 securities security NOUN cblr-1735 283 161 litigation litigation PROPN cblr-1735 283 162 reform reform PROPN cblr-1735 283 163 act act NOUN cblr-1735 283 164 of of ADP cblr-1735 283 165 1995 1995 NUM cblr-1735 283 166 , , PUNCT cblr-1735 283 167 pub pub NOUN cblr-1735 283 168 . . PUNCT cblr-1735 284 1 l. l. PROPN cblr-1735 284 2 no no PROPN cblr-1735 284 3 . . PROPN cblr-1735 285 1 10467 10467 NUM cblr-1735 285 2 , , PUNCT cblr-1735 285 3 109 109 NUM cblr-1735 285 4 stat stat NOUN cblr-1735 285 5 . . PUNCT cblr-1735 286 1 737 737 NUM cblr-1735 286 2 ( ( PUNCT cblr-1735 286 3 codified codify VERB cblr-1735 286 4 as as SCONJ cblr-1735 286 5 amended amend VERB cblr-1735 286 6 in in ADP cblr-1735 286 7 scattered scatter VERB cblr-1735 286 8 sections section NOUN cblr-1735 286 9 of of ADP cblr-1735 286 10 15 15 NUM cblr-1735 286 11 u.s.c u.s.c ADJ cblr-1735 286 12 . . PUNCT cblr-1735 287 1 and and CCONJ cblr-1735 287 2 18 18 NUM cblr-1735 287 3 u.s.c u.s.c ADJ cblr-1735 287 4 . . PUNCT cblr-1735 287 5 ) ) PUNCT cblr-1735 288 1 ; ; PUNCT cblr-1735 288 2 willging willge VERB cblr-1735 288 3 et et PROPN cblr-1735 288 4 al al PROPN cblr-1735 288 5 . . PROPN cblr-1735 288 6 , , PUNCT cblr-1735 288 7 supra supra PROPN cblr-1735 288 8 note note NOUN cblr-1735 288 9 74 74 NUM cblr-1735 288 10 , , PUNCT cblr-1735 288 11 at at ADP cblr-1735 288 12 81 81 NUM cblr-1735 288 13 & & CCONJ cblr-1735 288 14 n.18 n.18 PROPN cblr-1735 288 15 . . PROPN cblr-1735 288 16 81 81 NUM cblr-1735 288 17 h.r h.r PROPN cblr-1735 288 18 . . PROPN cblr-1735 288 19 rep rep PROPN cblr-1735 288 20 . . PROPN cblr-1735 288 21 no no PROPN cblr-1735 288 22 . . NOUN cblr-1735 289 1 104 104 NUM cblr-1735 289 2 - - SYM cblr-1735 289 3 369 369 NUM cblr-1735 289 4 , , PUNCT cblr-1735 289 5 at at ADP cblr-1735 289 6 41 41 NUM cblr-1735 289 7 ( ( PUNCT cblr-1735 289 8 1995 1995 NUM cblr-1735 289 9 ) ) PUNCT cblr-1735 289 10 ( ( PUNCT cblr-1735 289 11 conf conf NOUN cblr-1735 289 12 . . PUNCT cblr-1735 290 1 rep rep PROPN cblr-1735 290 2 . . PROPN cblr-1735 290 3 ) ) PUNCT cblr-1735 290 4 . . PUNCT cblr-1735 291 1 82 82 NUM cblr-1735 291 2 private private ADJ cblr-1735 291 3 securities security NOUN cblr-1735 291 4 litigation litigation PROPN cblr-1735 291 5 reform reform PROPN cblr-1735 291 6 act act NOUN cblr-1735 291 7 of of ADP cblr-1735 291 8 1995 1995 NUM cblr-1735 291 9 § § PROPN cblr-1735 291 10 101(b 101(b PROPN cblr-1735 291 11 ) ) PUNCT cblr-1735 291 12 , , PUNCT cblr-1735 291 13 15 15 NUM cblr-1735 291 14 u.s.c u.s.c ADJ cblr-1735 291 15 . . PUNCT cblr-1735 292 1 § § PROPN cblr-1735 292 2 78u-4(b)(2 78u-4(b)(2 NOUN cblr-1735 292 3 ) ) PUNCT cblr-1735 292 4 ( ( PUNCT cblr-1735 292 5 2012 2012 NUM cblr-1735 292 6 ) ) PUNCT cblr-1735 292 7 . . PUNCT cblr-1735 293 1 83 83 NUM cblr-1735 293 2 see see VERB cblr-1735 293 3 15 15 NUM cblr-1735 293 4 u.s.c u.s.c ADJ cblr-1735 293 5 . . PUNCT cblr-1735 294 1 § § PROPN cblr-1735 294 2 78u-4(b)(1 78u-4(b)(1 NUM cblr-1735 294 3 ) ) PUNCT cblr-1735 294 4 ( ( PUNCT cblr-1735 294 5 2012 2012 NUM cblr-1735 294 6 ) ) PUNCT cblr-1735 294 7 ( ( PUNCT cblr-1735 294 8 “ " PUNCT cblr-1735 294 9 [ [ X cblr-1735 294 10 i]f i]f ADP cblr-1735 294 11 an an DET cblr-1735 294 12 allegation allegation NOUN cblr-1735 294 13 regarding regard VERB cblr-1735 294 14 the the DET cblr-1735 294 15 statement statement NOUN cblr-1735 294 16 or or CCONJ cblr-1735 294 17 omission omission NOUN cblr-1735 294 18 is be AUX cblr-1735 294 19 made make VERB cblr-1735 294 20 on on ADP cblr-1735 294 21 information information NOUN cblr-1735 294 22 and and CCONJ cblr-1735 294 23 belief belief NOUN cblr-1735 294 24 , , PUNCT cblr-1735 294 25 the the DET cblr-1735 294 26 complaint complaint NOUN cblr-1735 294 27 shall shall AUX cblr-1735 294 28 state state VERB cblr-1735 294 29 with with ADP cblr-1735 294 30 particularity particularity NOUN cblr-1735 294 31 all all DET cblr-1735 294 32 facts fact NOUN cblr-1735 294 33 on on ADP cblr-1735 294 34 which which PRON cblr-1735 294 35 that that DET cblr-1735 294 36 belief belief NOUN cblr-1735 294 37 is be AUX cblr-1735 294 38 formed form VERB cblr-1735 294 39 . . PUNCT cblr-1735 294 40 ” " PUNCT cblr-1735 294 41 ) ) PUNCT cblr-1735 294 42 . . PUNCT cblr-1735 295 1 84 84 NUM cblr-1735 295 2 see see VERB cblr-1735 295 3 fed fed PROPN cblr-1735 295 4 . . PUNCT cblr-1735 296 1 r. r. PROPN cblr-1735 296 2 civ civ PROPN cblr-1735 296 3 . . PUNCT cblr-1735 297 1 p. p. NOUN cblr-1735 297 2 9(b 9(b NUM cblr-1735 297 3 ) ) PUNCT cblr-1735 297 4 . . PUNCT cblr-1735 298 1 85 85 NUM cblr-1735 298 2 15 15 NUM cblr-1735 298 3 u.s.c u.s.c NOUN cblr-1735 298 4 . . PUNCT cblr-1735 299 1 § § PROPN cblr-1735 299 2 78u-4(b)(3)(b 78u-4(b)(3)(b PROPN cblr-1735 299 3 ) ) PUNCT cblr-1735 299 4 ( ( PUNCT cblr-1735 299 5 2012 2012 NUM cblr-1735 299 6 ) ) PUNCT cblr-1735 299 7 . . PUNCT cblr-1735 300 1 86 86 NUM cblr-1735 300 2 see see VERB cblr-1735 300 3 15 15 NUM cblr-1735 300 4 u.s.c u.s.c ADJ cblr-1735 300 5 . . PUNCT cblr-1735 301 1 § § PROPN cblr-1735 301 2 78u-4(a)(3)(b)(vi 78u-4(a)(3)(b)(vi NUM cblr-1735 301 3 ) ) PUNCT cblr-1735 301 4 ( ( PUNCT cblr-1735 301 5 2012 2012 NUM cblr-1735 301 6 ) ) PUNCT cblr-1735 301 7 ( ( PUNCT cblr-1735 301 8 “ " PUNCT cblr-1735 301 9 [ [ X cblr-1735 301 10 a a X cblr-1735 301 11 ] ] X cblr-1735 301 12 person person NOUN cblr-1735 301 13 may may AUX cblr-1735 301 14 be be AUX cblr-1735 301 15 a a DET cblr-1735 301 16 lead lead NOUN cblr-1735 301 17 plaintiff plaintiff NOUN cblr-1735 301 18 . . PUNCT cblr-1735 301 19 . . PUNCT cblr-1735 302 1 . . PUNCT cblr-1735 303 1 in in ADP cblr-1735 303 2 no no DET cblr-1735 303 3 more more ADJ cblr-1735 303 4 than than ADP cblr-1735 303 5 5 5 NUM cblr-1735 303 6 securities security NOUN cblr-1735 303 7 class class NOUN cblr-1735 303 8 actions action NOUN cblr-1735 303 9 brought bring VERB cblr-1735 303 10 as as ADP cblr-1735 303 11 plaintiff plaintiff NOUN cblr-1735 303 12 class class NOUN cblr-1735 303 13 actions action NOUN cblr-1735 303 14 pursuant pursuant ADJ cblr-1735 303 15 to to ADP cblr-1735 303 16 the the DET cblr-1735 303 17 federal federal ADJ cblr-1735 303 18 rules rule NOUN cblr-1735 303 19 of of ADP cblr-1735 303 20 civil civil ADJ cblr-1735 303 21 procedure procedure NOUN cblr-1735 303 22 during during ADP cblr-1735 303 23 any any DET cblr-1735 303 24 3 3 NUM cblr-1735 303 25 - - PUNCT cblr-1735 303 26 year year NOUN cblr-1735 303 27 period period NOUN cblr-1735 303 28 . . PUNCT cblr-1735 303 29 ” " PUNCT cblr-1735 303 30 ) ) PUNCT cblr-1735 303 31 . . PUNCT cblr-1735 304 1 87 87 NUM cblr-1735 304 2 private private ADJ cblr-1735 304 3 securities security NOUN cblr-1735 304 4 litigation litigation PROPN cblr-1735 304 5 reform reform PROPN cblr-1735 304 6 act act NOUN cblr-1735 304 7 of of ADP cblr-1735 304 8 1995 1995 NUM cblr-1735 304 9 , , PUNCT cblr-1735 304 10 pub pub NOUN cblr-1735 304 11 . . PUNCT cblr-1735 305 1 l. l. PROPN cblr-1735 305 2 104 104 NUM cblr-1735 305 3 - - SYM cblr-1735 305 4 67 67 NUM cblr-1735 305 5 , , PUNCT cblr-1735 305 6 § § PROPN cblr-1735 305 7 201(a 201(a NUM cblr-1735 305 8 ) ) PUNCT cblr-1735 305 9 , , PUNCT cblr-1735 305 10 109 109 NUM cblr-1735 305 11 stat stat NOUN cblr-1735 305 12 . . PUNCT cblr-1735 306 1 737 737 NUM cblr-1735 306 2 , , PUNCT cblr-1735 306 3 758 758 NUM cblr-1735 306 4 ( ( PUNCT cblr-1735 306 5 codified codify VERB cblr-1735 306 6 at at ADP cblr-1735 306 7 15 15 NUM cblr-1735 306 8 u.s.c u.s.c ADJ cblr-1735 306 9 . . PUNCT cblr-1735 307 1 § § PROPN cblr-1735 307 2 78u-4(f 78u-4(f NUM cblr-1735 307 3 ) ) PUNCT cblr-1735 307 4 ( ( PUNCT cblr-1735 307 5 2012 2012 NUM cblr-1735 307 6 ) ) PUNCT cblr-1735 307 7 ) ) PUNCT cblr-1735 307 8 . . PUNCT cblr-1735 308 1 guo guo PROPN cblr-1735 308 2 – – PUNCT cblr-1735 308 3 final final ADJ cblr-1735 308 4 204 204 NUM cblr-1735 308 5 columbia columbia PROPN cblr-1735 308 6 business business NOUN cblr-1735 308 7 law law PROPN cblr-1735 308 8 review review NOUN cblr-1735 308 9 [ [ X cblr-1735 308 10 vol vol NOUN cblr-1735 308 11 . . NOUN cblr-1735 308 12 2016 2016 NUM cblr-1735 308 13 heading head VERB cblr-1735 308 14 “ " PUNCT cblr-1735 308 15 title title NOUN cblr-1735 308 16 ii ii NOUN cblr-1735 308 17 — — PUNCT cblr-1735 308 18 reduction reduction NOUN cblr-1735 308 19 of of ADP cblr-1735 308 20 coercive coercive ADJ cblr-1735 308 21 settlements settlement NOUN cblr-1735 308 22 . . PUNCT cblr-1735 309 1 ”88 ”88 ADJ cblr-1735 309 2 the the DET cblr-1735 309 3 only only ADJ cblr-1735 309 4 substantive substantive ADJ cblr-1735 309 5 amendment amendment NOUN cblr-1735 309 6 to to ADP cblr-1735 309 7 the the DET cblr-1735 309 8 pslra pslra NOUN cblr-1735 309 9 prior prior ADV cblr-1735 309 10 to to ADP cblr-1735 309 11 doddfrank doddfrank NOUN cblr-1735 309 12 passed pass VERB cblr-1735 309 13 in in ADP cblr-1735 309 14 1998 1998 NUM cblr-1735 309 15 and and CCONJ cblr-1735 309 16 it it PRON cblr-1735 309 17 served serve VERB cblr-1735 309 18 to to PART cblr-1735 309 19 further far ADV cblr-1735 309 20 enhance enhance VERB cblr-1735 309 21 protections protection NOUN cblr-1735 309 22 for for ADP cblr-1735 309 23 corporate corporate ADJ cblr-1735 309 24 defendants defendant NOUN cblr-1735 309 25 in in ADP cblr-1735 309 26 private private ADJ cblr-1735 309 27 securities security NOUN cblr-1735 309 28 litigation litigation NOUN cblr-1735 309 29 by by ADP cblr-1735 309 30 extending extend VERB cblr-1735 309 31 the the DET cblr-1735 309 32 discovery discovery NOUN cblr-1735 309 33 stay stay NOUN cblr-1735 309 34 privilege privilege NOUN cblr-1735 309 35 to to ADP cblr-1735 309 36 concurrent concurrent ADJ cblr-1735 309 37 state state NOUN cblr-1735 309 38 court court NOUN cblr-1735 309 39 proceedings.89 proceedings.89 NOUN cblr-1735 309 40 in in ADP cblr-1735 309 41 2007 2007 NUM cblr-1735 309 42 , , PUNCT cblr-1735 309 43 the the DET cblr-1735 309 44 u.s u.s PROPN cblr-1735 309 45 . . PROPN cblr-1735 309 46 supreme supreme PROPN cblr-1735 309 47 court court PROPN cblr-1735 309 48 provided provide VERB cblr-1735 309 49 its its PRON cblr-1735 309 50 interpretation interpretation NOUN cblr-1735 309 51 of of ADP cblr-1735 309 52 the the DET cblr-1735 309 53 pslra pslra NOUN cblr-1735 309 54 ’s ’s PART cblr-1735 309 55 pleadings pleading NOUN cblr-1735 309 56 standard standard NOUN cblr-1735 309 57 for for ADP cblr-1735 309 58 scienter90 scienter90 NOUN cblr-1735 309 59 in in ADP cblr-1735 309 60 tellabs tellabs PROPN cblr-1735 309 61 , , PUNCT cblr-1735 309 62 inc inc PROPN cblr-1735 309 63 . . PROPN cblr-1735 309 64 v. v. PROPN cblr-1735 309 65 makor makor PROPN cblr-1735 309 66 issues issues PROPN cblr-1735 309 67 & & CCONJ cblr-1735 309 68 rights right NOUN cblr-1735 309 69 , , PUNCT cblr-1735 309 70 ltd.91 ltd.91 ADP cblr-1735 309 71 the the DET cblr-1735 309 72 court court NOUN cblr-1735 309 73 held hold VERB cblr-1735 309 74 that that SCONJ cblr-1735 309 75 “ " PUNCT cblr-1735 309 76 to to PART cblr-1735 309 77 qualify qualify VERB cblr-1735 309 78 as as ADP cblr-1735 309 79 ‘ ' PUNCT cblr-1735 309 80 strong strong ADJ cblr-1735 309 81 [ [ X cblr-1735 309 82 , , PUNCT cblr-1735 309 83 ] ] X cblr-1735 309 84 ’ ' PUNCT cblr-1735 309 85 . . PUNCT cblr-1735 309 86 . . PUNCT cblr-1735 309 87 . . PUNCT cblr-1735 310 1 an an DET cblr-1735 310 2 inference inference NOUN cblr-1735 310 3 of of ADP cblr-1735 310 4 scienter scienter NOUN cblr-1735 310 5 must must AUX cblr-1735 310 6 be be AUX cblr-1735 310 7 . . PUNCT cblr-1735 310 8 . . PUNCT cblr-1735 310 9 . . PUNCT cblr-1735 311 1 cogent cogent NOUN cblr-1735 311 2 and and CCONJ cblr-1735 311 3 at at ADV cblr-1735 311 4 least least ADJ cblr-1735 311 5 as as ADV cblr-1735 311 6 compelling compelling ADJ cblr-1735 311 7 as as ADP cblr-1735 311 8 any any DET cblr-1735 311 9 opposing opposing ADJ cblr-1735 311 10 inference inference NOUN cblr-1735 311 11 of of ADP cblr-1735 311 12 nonfraudulent nonfraudulent NOUN cblr-1735 311 13 intent intent NOUN cblr-1735 311 14 . . PUNCT cblr-1735 312 1 ”92 ”92 ADP cblr-1735 312 2 the the DET cblr-1735 312 3 majority majority NOUN cblr-1735 312 4 opinion opinion NOUN cblr-1735 312 5 in in ADP cblr-1735 312 6 tellabs tellab NOUN cblr-1735 312 7 focuses focus VERB cblr-1735 312 8 on on ADP cblr-1735 312 9 the the DET cblr-1735 312 10 requirement requirement NOUN cblr-1735 312 11 that that SCONJ cblr-1735 312 12 courts court NOUN cblr-1735 312 13 “ " PUNCT cblr-1735 312 14 comparative[ly comparative[ly PROPN cblr-1735 312 15 ] ] PUNCT cblr-1735 312 16 evaluat[e evaluat[e PROPN cblr-1735 312 17 ] ] PUNCT cblr-1735 312 18 ” " PUNCT cblr-1735 312 19 the the DET cblr-1735 312 20 inferences inference NOUN cblr-1735 312 21 of of ADP cblr-1735 312 22 requisite requisite ADJ cblr-1735 312 23 scienter scienter NOUN cblr-1735 312 24 against against ADP cblr-1735 312 25 any any DET cblr-1735 312 26 “ " PUNCT cblr-1735 312 27 competing compete VERB cblr-1735 312 28 inferences inference NOUN cblr-1735 312 29 ” " PUNCT cblr-1735 312 30 that that PRON cblr-1735 312 31 can can AUX cblr-1735 312 32 be be AUX cblr-1735 312 33 “ " PUNCT cblr-1735 312 34 rationally rationally ADV cblr-1735 312 35 drawn draw VERB cblr-1735 312 36 from from ADP cblr-1735 312 37 the the DET cblr-1735 312 38 facts fact NOUN cblr-1735 312 39 alleged allege VERB cblr-1735 312 40 . . PUNCT cblr-1735 313 1 ”93 ”93 PROPN cblr-1735 313 2 this this PRON cblr-1735 313 3 represents represent VERB cblr-1735 313 4 a a DET cblr-1735 313 5 shift shift NOUN cblr-1735 313 6 towards towards ADP cblr-1735 313 7 a a DET cblr-1735 313 8 more more ADV cblr-1735 313 9 stringent stringent ADJ cblr-1735 313 10 standard standard NOUN cblr-1735 313 11 than than ADP cblr-1735 313 12 that that PRON cblr-1735 313 13 applied apply VERB cblr-1735 313 14 in in ADP cblr-1735 313 15 the the DET cblr-1735 313 16 decision decision NOUN cblr-1735 313 17 below below ADP cblr-1735 313 18 by by ADP cblr-1735 313 19 the the DET cblr-1735 313 20 u.s u.s PROPN cblr-1735 313 21 . . PROPN cblr-1735 313 22 court court PROPN cblr-1735 313 23 of of ADP cblr-1735 313 24 appeals appeal NOUN cblr-1735 313 25 for for ADP cblr-1735 313 26 the the DET cblr-1735 313 27 seventh seventh ADJ cblr-1735 313 28 circuit circuit NOUN cblr-1735 313 29 — — PUNCT cblr-1735 313 30 the the DET cblr-1735 313 31 seventh seventh ADJ cblr-1735 313 32 circuit circuit NOUN cblr-1735 313 33 had have AUX cblr-1735 313 34 considered consider VERB cblr-1735 313 35 only only ADV cblr-1735 313 36 the the DET cblr-1735 313 37 plausibility plausibility NOUN cblr-1735 313 38 of of ADP cblr-1735 313 39 the the DET cblr-1735 313 40 pleaded plead VERB cblr-1735 313 41 inference inference NOUN cblr-1735 313 42 of of ADP cblr-1735 313 43 scienter scienter NOUN cblr-1735 313 44 and and CCONJ cblr-1735 313 45 declined decline VERB cblr-1735 313 46 to to PART cblr-1735 313 47 consider consider VERB cblr-1735 313 48 competing compete VERB cblr-1735 313 49 inferences.94 inferences.94 PROPN cblr-1735 313 50 the the DET cblr-1735 313 51 new new ADJ cblr-1735 313 52 standard standard NOUN cblr-1735 313 53 is be AUX cblr-1735 313 54 also also ADV cblr-1735 313 55 stricter strict ADJ cblr-1735 313 56 than than ADP cblr-1735 313 57 those those PRON cblr-1735 313 58 previously previously ADV cblr-1735 313 59 applied apply VERB cblr-1735 313 60 by by ADP cblr-1735 313 61 the the DET cblr-1735 313 62 eighth eighth ADJ cblr-1735 313 63 and and CCONJ cblr-1735 313 64 tenth tenth ADJ cblr-1735 313 65 circuits.95 circuits.95 NOUN cblr-1735 313 66 88 88 NUM cblr-1735 313 67 i i PRON cblr-1735 313 68 d. d. PROPN cblr-1735 313 69 89 89 NUM cblr-1735 313 70 securities securities PROPN cblr-1735 313 71 litigation litigation PROPN cblr-1735 313 72 uniform uniform PROPN cblr-1735 313 73 standards standards PROPN cblr-1735 313 74 act act NOUN cblr-1735 313 75 of of ADP cblr-1735 313 76 1998 1998 NUM cblr-1735 313 77 , , PUNCT cblr-1735 313 78 pub pub NOUN cblr-1735 313 79 . . PUNCT cblr-1735 314 1 l. l. PROPN cblr-1735 314 2 105353 105353 NUM cblr-1735 314 3 , , PUNCT cblr-1735 314 4 § § PROPN cblr-1735 314 5 101(a)(2 101(a)(2 NUM cblr-1735 314 6 ) ) PUNCT cblr-1735 314 7 , , PUNCT cblr-1735 314 8 112 112 NUM cblr-1735 314 9 stat stat NOUN cblr-1735 314 10 . . PUNCT cblr-1735 314 11 3227 3227 NUM cblr-1735 314 12 , , PUNCT cblr-1735 314 13 3230 3230 NUM cblr-1735 314 14 ( ( PUNCT cblr-1735 314 15 codified codify VERB cblr-1735 314 16 at at ADP cblr-1735 314 17 15 15 NUM cblr-1735 314 18 u.s.c u.s.c ADJ cblr-1735 314 19 . . PUNCT cblr-1735 315 1 § § PROPN cblr-1735 315 2 77z-1(b)(4 77z-1(b)(4 NUM cblr-1735 315 3 ) ) PUNCT cblr-1735 315 4 ( ( PUNCT cblr-1735 315 5 2012 2012 NUM cblr-1735 315 6 ) ) PUNCT cblr-1735 315 7 ) ) PUNCT cblr-1735 315 8 . . PUNCT cblr-1735 316 1 90 90 NUM cblr-1735 316 2 see see VERB cblr-1735 316 3 15 15 NUM cblr-1735 316 4 u.s.c u.s.c ADJ cblr-1735 316 5 . . PUNCT cblr-1735 317 1 § § PROPN cblr-1735 317 2 78u-4(b)(2)(a 78u-4(b)(2)(a NUM cblr-1735 317 3 ) ) PUNCT cblr-1735 317 4 ( ( PUNCT cblr-1735 317 5 2006 2006 NUM cblr-1735 317 6 ) ) PUNCT cblr-1735 317 7 . . PUNCT cblr-1735 318 1 91 91 NUM cblr-1735 318 2 tellabs tellabs PROPN cblr-1735 318 3 , , PUNCT cblr-1735 318 4 inc inc PROPN cblr-1735 318 5 . . PROPN cblr-1735 318 6 v. v. PROPN cblr-1735 318 7 makor makor PROPN cblr-1735 318 8 issues issues PROPN cblr-1735 318 9 & & CCONJ cblr-1735 318 10 rights right NOUN cblr-1735 318 11 , , PUNCT cblr-1735 318 12 ltd ltd PROPN cblr-1735 318 13 . . PROPN cblr-1735 318 14 , , PUNCT cblr-1735 318 15 551 551 NUM cblr-1735 318 16 u.s u.s PROPN cblr-1735 318 17 . . PROPN cblr-1735 318 18 308 308 NUM cblr-1735 318 19 , , PUNCT cblr-1735 318 20 314 314 NUM cblr-1735 318 21 ( ( PUNCT cblr-1735 318 22 2007 2007 NUM cblr-1735 318 23 ) ) PUNCT cblr-1735 318 24 . . PUNCT cblr-1735 319 1 92 92 NUM cblr-1735 320 1 i i PRON cblr-1735 320 2 d. d. PROPN cblr-1735 320 3 93 93 NUM cblr-1735 321 1 i i PRON cblr-1735 321 2 d. d. PROPN cblr-1735 321 3 94 94 NUM cblr-1735 321 4 see see VERB cblr-1735 321 5 makor makor PROPN cblr-1735 321 6 issues issue NOUN cblr-1735 321 7 & & CCONJ cblr-1735 321 8 rights right NOUN cblr-1735 321 9 , , PUNCT cblr-1735 321 10 ltd ltd PROPN cblr-1735 321 11 . . PROPN cblr-1735 321 12 v. v. PROPN cblr-1735 321 13 tellabs tellabs PROPN cblr-1735 321 14 , , PUNCT cblr-1735 321 15 inc inc PROPN cblr-1735 321 16 . . PROPN cblr-1735 321 17 , , PUNCT cblr-1735 321 18 437 437 NUM cblr-1735 321 19 f.3d f.3d NUM cblr-1735 321 20 588 588 NUM cblr-1735 321 21 , , PUNCT cblr-1735 321 22 602 602 NUM cblr-1735 321 23 ( ( PUNCT cblr-1735 321 24 7th 7th ADJ cblr-1735 321 25 cir cir NOUN cblr-1735 321 26 . . PUNCT cblr-1735 321 27 2006 2006 NUM cblr-1735 321 28 ) ) PUNCT cblr-1735 321 29 , , PUNCT cblr-1735 321 30 vacated vacate VERB cblr-1735 321 31 and and CCONJ cblr-1735 321 32 remanded remand VERB cblr-1735 321 33 by by ADP cblr-1735 321 34 tellabs tellabs PROPN cblr-1735 321 35 , , PUNCT cblr-1735 321 36 inc inc PROPN cblr-1735 321 37 . . PROPN cblr-1735 322 1 v. v. PROPN cblr-1735 322 2 makor makor PROPN cblr-1735 322 3 issues issues PROPN cblr-1735 322 4 & & CCONJ cblr-1735 322 5 rights right NOUN cblr-1735 322 6 , , PUNCT cblr-1735 322 7 ltd ltd PROPN cblr-1735 322 8 . . PROPN cblr-1735 322 9 , , PUNCT cblr-1735 322 10 551 551 NUM cblr-1735 322 11 u.s u.s PROPN cblr-1735 322 12 . . PROPN cblr-1735 322 13 308 308 NUM cblr-1735 322 14 ( ( PUNCT cblr-1735 322 15 2007 2007 NUM cblr-1735 322 16 ) ) PUNCT cblr-1735 322 17 . . PUNCT cblr-1735 323 1 95 95 NUM cblr-1735 323 2 see see VERB cblr-1735 323 3 sarah sarah PROPN cblr-1735 323 4 s. s. PROPN cblr-1735 323 5 gold gold PROPN cblr-1735 323 6 & & CCONJ cblr-1735 323 7 richard richard PROPN cblr-1735 323 8 l. l. PROPN cblr-1735 323 9 spinogatti spinogatti PROPN cblr-1735 323 10 , , PUNCT cblr-1735 323 11 pleading plead VERB cblr-1735 323 12 ‘ ' PUNCT cblr-1735 323 13 strong strong ADJ cblr-1735 323 14 inference inference NOUN cblr-1735 323 15 ’ ' PUNCT cblr-1735 323 16 of of ADP cblr-1735 323 17 scienter scienter NOUN cblr-1735 323 18 under under ADP cblr-1735 323 19 pslra pslra NOUN cblr-1735 323 20 , , PUNCT cblr-1735 323 21 n.y.l.j n.y.l.j PROPN cblr-1735 323 22 . . PROPN cblr-1735 323 23 , , PUNCT cblr-1735 323 24 feb feb PROPN cblr-1735 323 25 . . PROPN cblr-1735 323 26 14 14 NUM cblr-1735 323 27 , , PUNCT cblr-1735 323 28 2007 2007 NUM cblr-1735 323 29 , , PUNCT cblr-1735 323 30 at at ADP cblr-1735 323 31 22 22 NUM cblr-1735 323 32 ( ( PUNCT cblr-1735 323 33 “ " PUNCT cblr-1735 323 34 two two NUM cblr-1735 323 35 circuits circuit NOUN cblr-1735 323 36 , , PUNCT cblr-1735 323 37 the the DET cblr-1735 323 38 eighth eighth ADJ cblr-1735 323 39 and and CCONJ cblr-1735 323 40 the the DET cblr-1735 323 41 tenth tenth NOUN cblr-1735 323 42 , , PUNCT cblr-1735 323 43 consider consider VERB cblr-1735 323 44 all all DET cblr-1735 323 45 inferences inference NOUN cblr-1735 323 46 , , PUNCT cblr-1735 323 47 both both PRON cblr-1735 323 48 of of ADP cblr-1735 323 49 scienter scienter NOUN cblr-1735 323 50 and and CCONJ cblr-1735 323 51 of of ADP cblr-1735 323 52 an an DET cblr-1735 323 53 innocent innocent ADJ cblr-1735 323 54 mental mental ADJ cblr-1735 323 55 state state NOUN cblr-1735 323 56 , , PUNCT cblr-1735 323 57 using use VERB cblr-1735 323 58 the the DET cblr-1735 323 59 innocent innocent ADJ cblr-1735 323 60 inferences inference NOUN cblr-1735 323 61 to to PART cblr-1735 323 62 test test VERB cblr-1735 323 63 guo guo PROPN cblr-1735 323 64 – – PUNCT cblr-1735 323 65 final final ADJ cblr-1735 323 66 no no NOUN cblr-1735 323 67 . . PUNCT cblr-1735 324 1 1:184 1:184 NUM cblr-1735 324 2 ] ] PUNCT cblr-1735 324 3 credit credit NOUN cblr-1735 324 4 rating rating NOUN cblr-1735 324 5 agency agency NOUN cblr-1735 324 6 reform reform NOUN cblr-1735 324 7 205 205 NUM cblr-1735 324 8 in in ADP cblr-1735 324 9 this this DET cblr-1735 324 10 context context NOUN cblr-1735 324 11 , , PUNCT cblr-1735 324 12 dodd dodd PROPN cblr-1735 324 13 - - PUNCT cblr-1735 324 14 frank frank PROPN cblr-1735 324 15 section section PROPN cblr-1735 324 16 933(b 933(b PROPN cblr-1735 324 17 ) ) PUNCT cblr-1735 324 18 stands stand VERB cblr-1735 324 19 out out ADP cblr-1735 324 20 from from ADP cblr-1735 324 21 the the DET cblr-1735 324 22 largely largely ADV cblr-1735 324 23 defendant defendant NOUN cblr-1735 324 24 - - PUNCT cblr-1735 324 25 favoring favor VERB cblr-1735 324 26 ( ( PUNCT cblr-1735 324 27 with with ADP cblr-1735 324 28 respect respect NOUN cblr-1735 324 29 to to ADP cblr-1735 324 30 the the DET cblr-1735 324 31 pslra pslra NOUN cblr-1735 324 32 ) ) PUNCT cblr-1735 324 33 legislative legislative ADJ cblr-1735 324 34 actions action NOUN cblr-1735 324 35 and and CCONJ cblr-1735 324 36 judicial judicial ADJ cblr-1735 324 37 decisions decision NOUN cblr-1735 324 38 in in ADP cblr-1735 324 39 the the DET cblr-1735 324 40 two two NUM cblr-1735 324 41 decades decade NOUN cblr-1735 324 42 since since SCONJ cblr-1735 324 43 the the DET cblr-1735 324 44 pslra pslra NOUN cblr-1735 324 45 ’s ’s PART cblr-1735 324 46 passing passing NOUN cblr-1735 324 47 . . PUNCT cblr-1735 325 1 the the DET cblr-1735 325 2 recent recent ADJ cblr-1735 325 3 financial financial ADJ cblr-1735 325 4 crisis crisis NOUN cblr-1735 325 5 perhaps perhaps ADV cblr-1735 325 6 served serve VERB cblr-1735 325 7 as as ADP cblr-1735 325 8 an an DET cblr-1735 325 9 indication indication NOUN cblr-1735 325 10 that that SCONJ cblr-1735 325 11 the the DET cblr-1735 325 12 balance balance NOUN cblr-1735 325 13 between between ADP cblr-1735 325 14 unfairly unfairly ADV cblr-1735 325 15 burdensome burdensome ADJ cblr-1735 325 16 litigation litigation NOUN cblr-1735 325 17 and and CCONJ cblr-1735 325 18 underdeterrence underdeterrence NOUN cblr-1735 325 19 of of ADP cblr-1735 325 20 inefficient inefficient ADJ cblr-1735 325 21 activities activity NOUN cblr-1735 325 22 ( ( PUNCT cblr-1735 325 23 such such ADJ cblr-1735 325 24 as as ADP cblr-1735 325 25 securities security NOUN cblr-1735 325 26 fraud fraud NOUN cblr-1735 325 27 ) ) PUNCT cblr-1735 325 28 had have AUX cblr-1735 325 29 tipped tip VERB cblr-1735 325 30 too too ADV cblr-1735 325 31 far far ADV cblr-1735 325 32 in in ADP cblr-1735 325 33 favor favor NOUN cblr-1735 325 34 of of ADP cblr-1735 325 35 corporate corporate ADJ cblr-1735 325 36 defendants defendant NOUN cblr-1735 325 37 and and CCONJ cblr-1735 325 38 needed need VERB cblr-1735 325 39 to to PART cblr-1735 325 40 be be AUX cblr-1735 325 41 realigned realign VERB cblr-1735 325 42 . . PUNCT cblr-1735 326 1 part part NOUN cblr-1735 326 2 iv iv NOUN cblr-1735 326 3 of of ADP cblr-1735 326 4 this this DET cblr-1735 326 5 note note NOUN cblr-1735 326 6 examines examine VERB cblr-1735 326 7 the the DET cblr-1735 326 8 effectiveness effectiveness NOUN cblr-1735 326 9 of of ADP cblr-1735 326 10 section section NOUN cblr-1735 326 11 933(b 933(b PROPN cblr-1735 326 12 ) ) PUNCT cblr-1735 326 13 in in ADP cblr-1735 326 14 contributing contribute VERB cblr-1735 326 15 to to ADP cblr-1735 326 16 this this DET cblr-1735 326 17 realignment realignment NOUN cblr-1735 326 18 through through ADP cblr-1735 326 19 a a DET cblr-1735 326 20 discussion discussion NOUN cblr-1735 326 21 of of ADP cblr-1735 326 22 securities security NOUN cblr-1735 326 23 private private ADJ cblr-1735 326 24 actions action NOUN cblr-1735 326 25 filed file VERB cblr-1735 326 26 before before ADV cblr-1735 326 27 and and CCONJ cblr-1735 326 28 after after ADP cblr-1735 326 29 dodd dodd PROPN cblr-1735 326 30 - - PUNCT cblr-1735 326 31 frank frank PROPN cblr-1735 326 32 ’s ’s PART cblr-1735 326 33 enactment enactment NOUN cblr-1735 326 34 . . PUNCT cblr-1735 327 1 iv iv X cblr-1735 327 2 . . PUNCT cblr-1735 327 3 case case NOUN cblr-1735 327 4 discussion discussion NOUN cblr-1735 327 5 and and CCONJ cblr-1735 327 6 analysis analysis NOUN cblr-1735 327 7 of of ADP cblr-1735 327 8 section section NOUN cblr-1735 327 9 933(b 933(b PROPN cblr-1735 327 10 ) ) PUNCT cblr-1735 327 11 ’s ’s PART cblr-1735 327 12 effectiveness effectiveness NOUN cblr-1735 327 13 section section NOUN cblr-1735 327 14 933(b 933(b PROPN cblr-1735 327 15 ) ) PUNCT cblr-1735 327 16 amends amend VERB cblr-1735 327 17 the the DET cblr-1735 327 18 pslra pslra NOUN cblr-1735 327 19 ’s ’s PART cblr-1735 327 20 requirements requirement NOUN cblr-1735 327 21 for for ADP cblr-1735 327 22 securities security NOUN cblr-1735 327 23 fraud fraud NOUN cblr-1735 327 24 actions action NOUN cblr-1735 327 25 , , PUNCT cblr-1735 327 26 which which PRON cblr-1735 327 27 apply apply VERB cblr-1735 327 28 to to ADP cblr-1735 327 29 all all DET cblr-1735 327 30 private private ADJ cblr-1735 327 31 actions action NOUN cblr-1735 327 32 brought bring VERB cblr-1735 327 33 under under ADP cblr-1735 327 34 chapter chapter NOUN cblr-1735 327 35 2b 2b NUM cblr-1735 327 36 of of ADP cblr-1735 327 37 title title NOUN cblr-1735 327 38 15,96 15,96 NOUN cblr-1735 327 39 including include VERB cblr-1735 327 40 private private ADJ cblr-1735 327 41 actions action NOUN cblr-1735 327 42 for for ADP cblr-1735 327 43 violations violation NOUN cblr-1735 327 44 of of ADP cblr-1735 327 45 section section NOUN cblr-1735 327 46 10(b).97 10(b).97 NOUN cblr-1735 327 47 in in ADP cblr-1735 327 48 the the DET cblr-1735 327 49 past past NOUN cblr-1735 327 50 , , PUNCT cblr-1735 327 51 most most ADJ cblr-1735 327 52 private private ADJ cblr-1735 327 53 securities security NOUN cblr-1735 327 54 fraud fraud NOUN cblr-1735 327 55 suits suit NOUN cblr-1735 327 56 filed file VERB cblr-1735 327 57 in in ADP cblr-1735 327 58 federal federal ADJ cblr-1735 327 59 court court NOUN cblr-1735 327 60 relied rely VERB cblr-1735 327 61 on on ADP cblr-1735 327 62 section section NOUN cblr-1735 327 63 10(b 10(b NUM cblr-1735 327 64 ) ) PUNCT cblr-1735 327 65 and and CCONJ cblr-1735 327 66 rule rule VERB cblr-1735 327 67 10b-5.98 10b-5.98 NUM cblr-1735 327 68 private private ADJ cblr-1735 327 69 plaintiffs plaintiff NOUN cblr-1735 327 70 may may AUX cblr-1735 327 71 also also ADV cblr-1735 327 72 opt opt VERB cblr-1735 327 73 to to PART cblr-1735 327 74 bring bring VERB cblr-1735 327 75 securities security NOUN cblr-1735 327 76 misrepresentations misrepresentation NOUN cblr-1735 327 77 claims claim NOUN cblr-1735 327 78 under under ADP cblr-1735 327 79 sections section NOUN cblr-1735 327 80 11 11 NUM cblr-1735 327 81 and and CCONJ cblr-1735 327 82 12 12 NUM cblr-1735 327 83 of of ADP cblr-1735 327 84 the the DET cblr-1735 327 85 securities security NOUN cblr-1735 327 86 act act NOUN cblr-1735 327 87 of of ADP cblr-1735 327 88 1933.99 1933.99 NUM cblr-1735 327 89 the the DET cblr-1735 327 90 “ " PUNCT cblr-1735 327 91 strong strong ADJ cblr-1735 327 92 inference inference NOUN cblr-1735 327 93 of of ADP cblr-1735 327 94 scienter scienter NOUN cblr-1735 327 95 ” " PUNCT cblr-1735 327 96 standard standard NOUN cblr-1735 327 97 does do AUX cblr-1735 327 98 not not PART cblr-1735 327 99 apply apply VERB cblr-1735 327 100 to to ADP cblr-1735 327 101 those those DET cblr-1735 327 102 claims claim NOUN cblr-1735 327 103 , , PUNCT cblr-1735 327 104 since since SCONJ cblr-1735 327 105 proof proof NOUN cblr-1735 327 106 of of ADP cblr-1735 327 107 scienter scienter NOUN cblr-1735 327 108 is be AUX cblr-1735 327 109 not not PART cblr-1735 327 110 required require VERB cblr-1735 327 111 in in ADP cblr-1735 327 112 those those PRON cblr-1735 327 113 whether whether SCONJ cblr-1735 327 114 the the DET cblr-1735 327 115 culpable culpable ADJ cblr-1735 327 116 interest interest NOUN cblr-1735 327 117 is be AUX cblr-1735 327 118 strong strong ADJ cblr-1735 327 119 , , PUNCT cblr-1735 327 120 but but CCONJ cblr-1735 327 121 do do AUX cblr-1735 327 122 not not PART cblr-1735 327 123 directly directly ADV cblr-1735 327 124 weigh weigh VERB cblr-1735 327 125 one one NUM cblr-1735 327 126 against against ADP cblr-1735 327 127 the the DET cblr-1735 327 128 other other ADJ cblr-1735 327 129 . . PUNCT cblr-1735 327 130 ” " PUNCT cblr-1735 327 131 ) ) PUNCT cblr-1735 327 132 . . PUNCT cblr-1735 328 1 96 96 NUM cblr-1735 328 2 see see VERB cblr-1735 328 3 15 15 NUM cblr-1735 328 4 u.s.c u.s.c ADJ cblr-1735 328 5 . . PUNCT cblr-1735 329 1 § § PROPN cblr-1735 329 2 78u-4(b)(1)–(2 78u-4(b)(1)–(2 X cblr-1735 329 3 ) ) PUNCT cblr-1735 329 4 ( ( PUNCT cblr-1735 329 5 2012 2012 NUM cblr-1735 329 6 ) ) PUNCT cblr-1735 329 7 ( ( PUNCT cblr-1735 329 8 providing provide VERB cblr-1735 329 9 that that SCONJ cblr-1735 329 10 these these DET cblr-1735 329 11 subsections subsection NOUN cblr-1735 329 12 apply apply VERB cblr-1735 329 13 to to ADP cblr-1735 329 14 “ " PUNCT cblr-1735 329 15 any any DET cblr-1735 329 16 private private ADJ cblr-1735 329 17 action action NOUN cblr-1735 329 18 arising arise VERB cblr-1735 329 19 under under ADP cblr-1735 329 20 this this DET cblr-1735 329 21 chapter chapter NOUN cblr-1735 329 22 , , PUNCT cblr-1735 329 23 ” " PUNCT cblr-1735 329 24 i.e. i.e. X cblr-1735 329 25 , , PUNCT cblr-1735 329 26 chapter chapter NOUN cblr-1735 329 27 2b 2b NUM cblr-1735 329 28 ) ) PUNCT cblr-1735 329 29 . . PUNCT cblr-1735 330 1 97 97 NUM cblr-1735 330 2 see see VERB cblr-1735 330 3 15 15 NUM cblr-1735 330 4 u.s.c u.s.c ADJ cblr-1735 330 5 . . PUNCT cblr-1735 331 1 § § PROPN cblr-1735 331 2 78j(b 78j(b X cblr-1735 331 3 ) ) PUNCT cblr-1735 331 4 ( ( PUNCT cblr-1735 331 5 2012 2012 NUM cblr-1735 331 6 ) ) PUNCT cblr-1735 331 7 ; ; PUNCT cblr-1735 331 8 17 17 NUM cblr-1735 331 9 c.f.r c.f.r NOUN cblr-1735 331 10 . . PUNCT cblr-1735 332 1 § § PROPN cblr-1735 332 2 240.10b-5 240.10b-5 NUM cblr-1735 332 3 ( ( PUNCT cblr-1735 332 4 2015 2015 NUM cblr-1735 332 5 ) ) PUNCT cblr-1735 332 6 . . PUNCT cblr-1735 333 1 98 98 NUM cblr-1735 333 2 see see VERB cblr-1735 333 3 amanda amanda PROPN cblr-1735 333 4 m. m. PROPN cblr-1735 333 5 rose rise VERB cblr-1735 333 6 , , PUNCT cblr-1735 333 7 reforming reform VERB cblr-1735 333 8 securities security NOUN cblr-1735 333 9 litigation litigation NOUN cblr-1735 333 10 reform reform NOUN cblr-1735 333 11 : : PUNCT cblr-1735 333 12 restructuring restructure VERB cblr-1735 333 13 the the DET cblr-1735 333 14 relationship relationship NOUN cblr-1735 333 15 between between ADP cblr-1735 333 16 public public ADJ cblr-1735 333 17 and and CCONJ cblr-1735 333 18 private private ADJ cblr-1735 333 19 enforcement enforcement NOUN cblr-1735 333 20 of of ADP cblr-1735 333 21 rule rule NOUN cblr-1735 333 22 10b-5 10b-5 NUM cblr-1735 333 23 , , PUNCT cblr-1735 333 24 108 108 NUM cblr-1735 333 25 colum colum NOUN cblr-1735 333 26 . . PUNCT cblr-1735 334 1 l. l. PROPN cblr-1735 334 2 rev rev PROPN cblr-1735 334 3 . . PROPN cblr-1735 334 4 1301 1301 NUM cblr-1735 334 5 , , PUNCT cblr-1735 334 6 1302 1302 NUM cblr-1735 334 7 ( ( PUNCT cblr-1735 334 8 2008 2008 NUM cblr-1735 334 9 ) ) PUNCT cblr-1735 334 10 . . PUNCT cblr-1735 335 1 99 99 NUM cblr-1735 335 2 see see VERB cblr-1735 335 3 15 15 NUM cblr-1735 335 4 u.s.c u.s.c ADJ cblr-1735 335 5 . . PUNCT cblr-1735 336 1 § § PROPN cblr-1735 336 2 § § PROPN cblr-1735 336 3 77k 77k NOUN cblr-1735 336 4 , , PUNCT cblr-1735 336 5 77l 77l NOUN cblr-1735 336 6 ( ( PUNCT cblr-1735 336 7 2012 2012 NUM cblr-1735 336 8 ) ) PUNCT cblr-1735 336 9 ; ; PUNCT cblr-1735 336 10 see see VERB cblr-1735 336 11 also also ADV cblr-1735 336 12 james james PROPN cblr-1735 336 13 bohn bohn PROPN cblr-1735 336 14 & & CCONJ cblr-1735 336 15 stephen stephen PROPN cblr-1735 336 16 choi choi PROPN cblr-1735 336 17 , , PUNCT cblr-1735 336 18 fraud fraud NOUN cblr-1735 336 19 in in ADP cblr-1735 336 20 the the DET cblr-1735 336 21 new new ADJ cblr-1735 336 22 - - PUNCT cblr-1735 336 23 issues issue NOUN cblr-1735 336 24 market market NOUN cblr-1735 336 25 : : PUNCT cblr-1735 336 26 empirical empirical ADJ cblr-1735 336 27 evidence evidence NOUN cblr-1735 336 28 on on ADP cblr-1735 336 29 securities security NOUN cblr-1735 336 30 class class NOUN cblr-1735 336 31 actions action NOUN cblr-1735 336 32 , , PUNCT cblr-1735 336 33 144 144 NUM cblr-1735 336 34 u. u. PROPN cblr-1735 336 35 pa pa PROPN cblr-1735 336 36 . . PUNCT cblr-1735 336 37 l. l. PROPN cblr-1735 336 38 rev rev PROPN cblr-1735 336 39 . . PROPN cblr-1735 336 40 903 903 NUM cblr-1735 336 41 , , PUNCT cblr-1735 336 42 913 913 NUM cblr-1735 336 43 ( ( PUNCT cblr-1735 336 44 1996 1996 NUM cblr-1735 336 45 ) ) PUNCT cblr-1735 336 46 . . PUNCT cblr-1735 337 1 guo guo PROPN cblr-1735 337 2 – – PUNCT cblr-1735 337 3 final final ADJ cblr-1735 337 4 206 206 NUM cblr-1735 337 5 columbia columbia PROPN cblr-1735 337 6 business business NOUN cblr-1735 337 7 law law PROPN cblr-1735 337 8 review review NOUN cblr-1735 337 9 [ [ X cblr-1735 337 10 vol vol NOUN cblr-1735 337 11 . . NOUN cblr-1735 337 12 2016 2016 NUM cblr-1735 337 13 sections.100 sections.100 VERB cblr-1735 337 14 the the DET cblr-1735 337 15 case case NOUN cblr-1735 337 16 discussion discussion NOUN cblr-1735 337 17 in in ADP cblr-1735 337 18 part part NOUN cblr-1735 337 19 iv.a iv.a X cblr-1735 337 20 focuses focus VERB cblr-1735 337 21 on on ADP cblr-1735 337 22 claims claim NOUN cblr-1735 337 23 under under ADP cblr-1735 337 24 section section NOUN cblr-1735 337 25 10(b 10(b NUM cblr-1735 337 26 ) ) PUNCT cblr-1735 337 27 . . PUNCT cblr-1735 338 1 a. a. NOUN cblr-1735 338 2 private private ADJ cblr-1735 338 3 actions action NOUN cblr-1735 338 4 against against ADP cblr-1735 338 5 cras cras PROPN cblr-1735 338 6 prior prior ADV cblr-1735 338 7 to to ADP cblr-1735 338 8 doddfrank doddfrank PROPN cblr-1735 338 9 ’s ’s PART cblr-1735 338 10 enactment enactment NOUN cblr-1735 338 11 prior prior ADV cblr-1735 338 12 to to ADP cblr-1735 338 13 dodd dodd PROPN cblr-1735 338 14 - - PUNCT cblr-1735 338 15 frank frank PROPN cblr-1735 338 16 ’s ’s PART cblr-1735 338 17 enactment enactment NOUN cblr-1735 338 18 , , PUNCT cblr-1735 338 19 in in ADP cblr-1735 338 20 order order NOUN cblr-1735 338 21 to to PART cblr-1735 338 22 successfully successfully ADV cblr-1735 338 23 state state VERB cblr-1735 338 24 a a DET cblr-1735 338 25 claim claim NOUN cblr-1735 338 26 under under ADP cblr-1735 338 27 section section NOUN cblr-1735 338 28 10(b 10(b NUM cblr-1735 338 29 ) ) PUNCT cblr-1735 338 30 and and CCONJ cblr-1735 338 31 rule rule VERB cblr-1735 338 32 10b-5 10b-5 NUM cblr-1735 338 33 against against ADP cblr-1735 338 34 any any DET cblr-1735 338 35 corporate corporate ADJ cblr-1735 338 36 defendant defendant NOUN cblr-1735 338 37 , , PUNCT cblr-1735 338 38 including include VERB cblr-1735 338 39 cras cras X cblr-1735 338 40 , , PUNCT cblr-1735 338 41 plaintiffs plaintiff NOUN cblr-1735 338 42 were be AUX cblr-1735 338 43 required require VERB cblr-1735 338 44 to to PART cblr-1735 338 45 “ " PUNCT cblr-1735 338 46 allege allege VERB cblr-1735 338 47 , , PUNCT cblr-1735 338 48 in in ADP cblr-1735 338 49 connection connection NOUN cblr-1735 338 50 with with ADP cblr-1735 338 51 the the DET cblr-1735 338 52 purchase purchase NOUN cblr-1735 338 53 or or CCONJ cblr-1735 338 54 sale sale NOUN cblr-1735 338 55 of of ADP cblr-1735 338 56 securities security NOUN cblr-1735 338 57 : : PUNCT cblr-1735 338 58 ‘ ' PUNCT cblr-1735 338 59 ( ( PUNCT cblr-1735 338 60 1 1 X cblr-1735 338 61 ) ) PUNCT cblr-1735 338 62 a a DET cblr-1735 338 63 misstatement misstatement NOUN cblr-1735 338 64 or or CCONJ cblr-1735 338 65 omission omission NOUN cblr-1735 338 66 , , PUNCT cblr-1735 338 67 ( ( PUNCT cblr-1735 338 68 2 2 NUM cblr-1735 338 69 ) ) PUNCT cblr-1735 338 70 of of ADP cblr-1735 338 71 a a DET cblr-1735 338 72 material material ADJ cblr-1735 338 73 fact fact NOUN cblr-1735 338 74 , , PUNCT cblr-1735 338 75 ( ( PUNCT cblr-1735 338 76 3 3 X cblr-1735 338 77 ) ) PUNCT cblr-1735 338 78 made make VERB cblr-1735 338 79 with with ADP cblr-1735 338 80 scienter scienter NOUN cblr-1735 338 81 , , PUNCT cblr-1735 338 82 ( ( PUNCT cblr-1735 338 83 4 4 X cblr-1735 338 84 ) ) PUNCT cblr-1735 338 85 justifiably justifiably ADV cblr-1735 338 86 relied rely VERB cblr-1735 338 87 on on ADP cblr-1735 338 88 by by ADP cblr-1735 338 89 plaintiffs plaintiff NOUN cblr-1735 338 90 , , PUNCT cblr-1735 338 91 and and CCONJ cblr-1735 338 92 ( ( PUNCT cblr-1735 338 93 5 5 X cblr-1735 338 94 ) ) PUNCT cblr-1735 338 95 proximately proximately ADV cblr-1735 338 96 causing cause VERB cblr-1735 338 97 them they PRON cblr-1735 338 98 injury injury VERB cblr-1735 338 99 . . PUNCT cblr-1735 339 1 ’”101 ’”101 PROPN cblr-1735 339 2 the the DET cblr-1735 339 3 following follow VERB cblr-1735 339 4 cases case NOUN cblr-1735 339 5 apply apply VERB cblr-1735 339 6 the the DET cblr-1735 339 7 tellabs tellab NOUN cblr-1735 339 8 standard standard NOUN cblr-1735 339 9 for for ADP cblr-1735 339 10 the the DET cblr-1735 339 11 scienter scienter NOUN cblr-1735 339 12 requirement requirement NOUN cblr-1735 339 13 and and CCONJ cblr-1735 339 14 illustrate illustrate VERB cblr-1735 339 15 the the DET cblr-1735 339 16 necessary necessary ADJ cblr-1735 339 17 qualities quality NOUN cblr-1735 339 18 for for ADP cblr-1735 339 19 a a DET cblr-1735 339 20 complaint complaint NOUN cblr-1735 339 21 to to PART cblr-1735 339 22 survive survive VERB cblr-1735 339 23 a a DET cblr-1735 339 24 motion motion NOUN cblr-1735 339 25 to to PART cblr-1735 339 26 dismiss dismiss VERB cblr-1735 339 27 . . PUNCT cblr-1735 340 1 1 1 X cblr-1735 340 2 . . X cblr-1735 340 3 in in ADP cblr-1735 340 4 re re ADP cblr-1735 340 5 national national ADJ cblr-1735 340 6 century century NOUN cblr-1735 340 7 financial financial ADJ cblr-1735 340 8 enterprises enterprise NOUN cblr-1735 340 9 , , PUNCT cblr-1735 340 10 inc inc PROPN cblr-1735 340 11 . . PROPN cblr-1735 340 12 , , PUNCT cblr-1735 340 13 investment investment NOUN cblr-1735 340 14 litigation litigation NOUN cblr-1735 340 15 the the DET cblr-1735 340 16 relevant relevant ADJ cblr-1735 340 17 claim claim NOUN cblr-1735 340 18 in in ADP cblr-1735 340 19 in in ADP cblr-1735 340 20 re re PROPN cblr-1735 340 21 national national ADJ cblr-1735 340 22 century century NOUN cblr-1735 340 23 financial financial ADJ cblr-1735 340 24 enterprises enterprise NOUN cblr-1735 340 25 , , PUNCT cblr-1735 340 26 inc inc PROPN cblr-1735 340 27 . . PROPN cblr-1735 340 28 , , PUNCT cblr-1735 340 29 investment investment NOUN cblr-1735 340 30 litigation102 litigation102 PROPN cblr-1735 340 31 was be AUX cblr-1735 340 32 lloyds lloyds PROPN cblr-1735 340 33 bank bank PROPN cblr-1735 340 34 ’s ’s PART cblr-1735 340 35 “ " PUNCT cblr-1735 340 36 claim claim NOUN cblr-1735 340 37 against against ADP cblr-1735 340 38 moody moody PROPN cblr-1735 340 39 ’s ’s PART cblr-1735 340 40 for for ADP cblr-1735 340 41 violating violate VERB cblr-1735 340 42 section section NOUN cblr-1735 340 43 10(b 10(b NUM cblr-1735 340 44 ) ) PUNCT cblr-1735 340 45 of of ADP cblr-1735 340 46 the the DET cblr-1735 340 47 securities securities PROPN cblr-1735 340 48 exchange exchange PROPN cblr-1735 340 49 act act PROPN cblr-1735 340 50 , , PUNCT cblr-1735 340 51 . . PUNCT cblr-1735 340 52 . . PUNCT cblr-1735 341 1 . . PUNCT cblr-1735 342 1 and and CCONJ cblr-1735 342 2 rule rule VERB cblr-1735 342 3 10b-5(b 10b-5(b NUM cblr-1735 342 4 ) ) PUNCT cblr-1735 342 5 promulgated promulgate VERB cblr-1735 342 6 thereunder thereunder NOUN cblr-1735 342 7 . . PUNCT cblr-1735 342 8 . . PUNCT cblr-1735 343 1 . . PUNCT cblr-1735 344 1 .”103 .”103 PUNCT cblr-1735 345 1 the the DET cblr-1735 345 2 u.s u.s PROPN cblr-1735 345 3 . . PROPN cblr-1735 345 4 district district PROPN cblr-1735 345 5 court court NOUN cblr-1735 345 6 for for ADP cblr-1735 345 7 the the DET cblr-1735 345 8 southern southern ADJ cblr-1735 345 9 district district PROPN cblr-1735 345 10 of of ADP cblr-1735 345 11 ohio ohio PROPN cblr-1735 345 12 found find VERB cblr-1735 345 13 that that SCONJ cblr-1735 345 14 the the DET cblr-1735 345 15 plaintiff plaintiff NOUN cblr-1735 345 16 ’s ’s PART cblr-1735 345 17 allegations allegation NOUN cblr-1735 345 18 of of ADP cblr-1735 345 19 factual factual ADJ cblr-1735 345 20 misrepresentations misrepresentation NOUN cblr-1735 345 21 were be AUX cblr-1735 345 22 sufficient sufficient ADJ cblr-1735 345 23 to to PART cblr-1735 345 24 survive survive VERB cblr-1735 345 25 a a DET cblr-1735 345 26 motion motion NOUN cblr-1735 345 27 to to PART cblr-1735 345 28 dismiss dismiss VERB cblr-1735 345 29 under under ADP cblr-1735 345 30 federal federal ADJ cblr-1735 345 31 rule rule NOUN cblr-1735 345 32 of of ADP cblr-1735 345 33 civil civil ADJ cblr-1735 345 34 procedure procedure NOUN cblr-1735 345 35 100 100 NUM cblr-1735 345 36 see see VERB cblr-1735 345 37 15 15 NUM cblr-1735 345 38 u.s.c u.s.c ADJ cblr-1735 345 39 . . PUNCT cblr-1735 346 1 § § PROPN cblr-1735 346 2 § § PROPN cblr-1735 346 3 77k 77k NOUN cblr-1735 346 4 , , PUNCT cblr-1735 346 5 77l 77l NOUN cblr-1735 346 6 ( ( PUNCT cblr-1735 346 7 2012 2012 NUM cblr-1735 346 8 ) ) PUNCT cblr-1735 346 9 . . PUNCT cblr-1735 347 1 101 101 NUM cblr-1735 348 1 in in ADP cblr-1735 348 2 re re PROPN cblr-1735 348 3 nat’l nat’l PROPN cblr-1735 348 4 century century PROPN cblr-1735 348 5 fin fin NOUN cblr-1735 348 6 . . PUNCT cblr-1735 349 1 enters enter NOUN cblr-1735 349 2 . . PUNCT cblr-1735 349 3 , , PUNCT cblr-1735 349 4 inc inc PROPN cblr-1735 349 5 . . PROPN cblr-1735 349 6 , , PUNCT cblr-1735 349 7 inv inv PROPN cblr-1735 349 8 . . PUNCT cblr-1735 350 1 litig litig PROPN cblr-1735 350 2 . . PUNCT cblr-1735 351 1 , , PUNCT cblr-1735 351 2 580 580 NUM cblr-1735 351 3 f. f. PROPN cblr-1735 351 4 supp supp PROPN cblr-1735 351 5 . . PUNCT cblr-1735 352 1 2d 2d PROPN cblr-1735 352 2 630 630 NUM cblr-1735 352 3 , , PUNCT cblr-1735 352 4 637 637 NUM cblr-1735 352 5 ( ( PUNCT cblr-1735 352 6 s.d s.d PROPN cblr-1735 352 7 . . PROPN cblr-1735 352 8 ohio ohio PROPN cblr-1735 352 9 2008 2008 NUM cblr-1735 352 10 ) ) PUNCT cblr-1735 353 1 ( ( PUNCT cblr-1735 353 2 quoting quote VERB cblr-1735 353 3 helwig helwig PROPN cblr-1735 353 4 v. v. PROPN cblr-1735 353 5 vencor vencor PROPN cblr-1735 353 6 , , PUNCT cblr-1735 353 7 inc inc PROPN cblr-1735 353 8 . . PROPN cblr-1735 353 9 , , PUNCT cblr-1735 353 10 251 251 NUM cblr-1735 353 11 f.3d f.3d NUM cblr-1735 353 12 540 540 NUM cblr-1735 353 13 , , PUNCT cblr-1735 353 14 554 554 NUM cblr-1735 353 15 ( ( PUNCT cblr-1735 353 16 6th 6th ADJ cblr-1735 353 17 cir cir NOUN cblr-1735 353 18 . . PROPN cblr-1735 353 19 2001 2001 NUM cblr-1735 353 20 ) ) PUNCT cblr-1735 353 21 ( ( PUNCT cblr-1735 353 22 en en X cblr-1735 353 23 banc banc PROPN cblr-1735 353 24 ) ) PUNCT cblr-1735 353 25 ) ) PUNCT cblr-1735 353 26 . . PUNCT cblr-1735 354 1 the the DET cblr-1735 354 2 u.s u.s PROPN cblr-1735 354 3 . . PROPN cblr-1735 354 4 supreme supreme PROPN cblr-1735 354 5 court court PROPN cblr-1735 354 6 has have AUX cblr-1735 354 7 reserved reserve VERB cblr-1735 354 8 the the DET cblr-1735 354 9 issue issue NOUN cblr-1735 354 10 of of ADP cblr-1735 354 11 the the DET cblr-1735 354 12 requisite requisite ADJ cblr-1735 354 13 level level NOUN cblr-1735 354 14 of of ADP cblr-1735 354 15 scienter scienter NOUN cblr-1735 354 16 in in ADP cblr-1735 354 17 section section NOUN cblr-1735 354 18 10(b 10(b NUM cblr-1735 354 19 ) ) PUNCT cblr-1735 354 20 and and CCONJ cblr-1735 354 21 rule rule VERB cblr-1735 354 22 10b-5 10b-5 NUM cblr-1735 354 23 cases case NOUN cblr-1735 354 24 . . PUNCT cblr-1735 355 1 see see VERB cblr-1735 355 2 ernst ernst PROPN cblr-1735 355 3 & & CCONJ cblr-1735 355 4 ernst ernst PROPN cblr-1735 355 5 v. v. PROPN cblr-1735 355 6 hochfelder hochfelder PROPN cblr-1735 355 7 , , PUNCT cblr-1735 355 8 425 425 NUM cblr-1735 355 9 u.s u.s PROPN cblr-1735 355 10 . . PROPN cblr-1735 355 11 185 185 NUM cblr-1735 355 12 , , PUNCT cblr-1735 355 13 193 193 NUM cblr-1735 355 14 n.12 n.12 NOUN cblr-1735 355 15 ( ( PUNCT cblr-1735 355 16 1976 1976 NUM cblr-1735 355 17 ) ) PUNCT cblr-1735 355 18 . . PUNCT cblr-1735 356 1 however however ADV cblr-1735 356 2 , , PUNCT cblr-1735 356 3 “ " PUNCT cblr-1735 356 4 [ [ X cblr-1735 356 5 e]very e]very ADP cblr-1735 356 6 court court NOUN cblr-1735 356 7 of of ADP cblr-1735 356 8 appeals appeal NOUN cblr-1735 356 9 that that PRON cblr-1735 356 10 has have AUX cblr-1735 356 11 considered consider VERB cblr-1735 356 12 the the DET cblr-1735 356 13 issue issue NOUN cblr-1735 356 14 has have AUX cblr-1735 356 15 held hold VERB cblr-1735 356 16 that that SCONJ cblr-1735 356 17 a a DET cblr-1735 356 18 plaintiff plaintiff NOUN cblr-1735 356 19 may may AUX cblr-1735 356 20 meet meet VERB cblr-1735 356 21 the the DET cblr-1735 356 22 scienter scienter NOUN cblr-1735 356 23 requirement requirement NOUN cblr-1735 356 24 by by ADP cblr-1735 356 25 showing show VERB cblr-1735 356 26 that that SCONJ cblr-1735 356 27 the the DET cblr-1735 356 28 defendant defendant NOUN cblr-1735 356 29 acted act VERB cblr-1735 356 30 intentionally intentionally ADV cblr-1735 356 31 or or CCONJ cblr-1735 356 32 recklessly recklessly ADV cblr-1735 356 33 , , PUNCT cblr-1735 356 34 though though SCONJ cblr-1735 356 35 the the DET cblr-1735 356 36 circuits circuit NOUN cblr-1735 356 37 differ differ VERB cblr-1735 356 38 on on ADP cblr-1735 356 39 the the DET cblr-1735 356 40 degree degree NOUN cblr-1735 356 41 of of ADP cblr-1735 356 42 recklessness recklessness NOUN cblr-1735 356 43 required require VERB cblr-1735 356 44 . . PUNCT cblr-1735 356 45 ” " PUNCT cblr-1735 356 46 tellabs tellabs PROPN cblr-1735 356 47 , , PUNCT cblr-1735 356 48 inc inc PROPN cblr-1735 356 49 . . PROPN cblr-1735 357 1 v. v. PROPN cblr-1735 357 2 makor makor PROPN cblr-1735 357 3 issues issues PROPN cblr-1735 357 4 & & CCONJ cblr-1735 357 5 rights right NOUN cblr-1735 357 6 , , PUNCT cblr-1735 357 7 ltd ltd PROPN cblr-1735 357 8 . . PROPN cblr-1735 357 9 , , PUNCT cblr-1735 357 10 551 551 NUM cblr-1735 357 11 u.s u.s PROPN cblr-1735 357 12 . . PROPN cblr-1735 357 13 308 308 NUM cblr-1735 357 14 , , PUNCT cblr-1735 357 15 319 319 NUM cblr-1735 357 16 n.3 n.3 NOUN cblr-1735 357 17 ( ( PUNCT cblr-1735 357 18 2007 2007 NUM cblr-1735 357 19 ) ) PUNCT cblr-1735 357 20 . . PUNCT cblr-1735 358 1 102 102 NUM cblr-1735 358 2 580 580 NUM cblr-1735 358 3 f. f. PROPN cblr-1735 358 4 supp supp PROPN cblr-1735 358 5 . . PUNCT cblr-1735 359 1 2d 2d NUM cblr-1735 359 2 630 630 NUM cblr-1735 359 3 ( ( PUNCT cblr-1735 359 4 s.d s.d PROPN cblr-1735 359 5 . . PROPN cblr-1735 359 6 ohio ohio PROPN cblr-1735 359 7 2008 2008 NUM cblr-1735 359 8 ) ) PUNCT cblr-1735 359 9 . . PUNCT cblr-1735 360 1 103 103 NUM cblr-1735 361 1 i i PRON cblr-1735 361 2 d. d. PROPN cblr-1735 361 3 at at ADP cblr-1735 361 4 637 637 NUM cblr-1735 361 5 . . PUNCT cblr-1735 362 1 guo guo PROPN cblr-1735 362 2 – – PUNCT cblr-1735 362 3 final final ADJ cblr-1735 362 4 no no NOUN cblr-1735 362 5 . . PUNCT cblr-1735 363 1 1:184 1:184 NUM cblr-1735 363 2 ] ] PUNCT cblr-1735 363 3 credit credit NOUN cblr-1735 363 4 rating rating NOUN cblr-1735 363 5 agency agency NOUN cblr-1735 363 6 reform reform NOUN cblr-1735 363 7 207 207 NUM cblr-1735 363 8 12(b)(6).104 12(b)(6).104 NUM cblr-1735 363 9 it it PRON cblr-1735 363 10 also also ADV cblr-1735 363 11 dismissed dismiss VERB cblr-1735 363 12 the the DET cblr-1735 363 13 defendant defendant NOUN cblr-1735 363 14 ’s ’s PART cblr-1735 363 15 first first ADJ cblr-1735 363 16 amendment amendment PROPN cblr-1735 363 17 arguments.105 arguments.105 PROPN cblr-1735 363 18 while while SCONJ cblr-1735 363 19 the the DET cblr-1735 363 20 court court NOUN cblr-1735 363 21 found find VERB cblr-1735 363 22 that that SCONJ cblr-1735 363 23 the the DET cblr-1735 363 24 plaintiff plaintiff NOUN cblr-1735 363 25 would would AUX cblr-1735 363 26 not not PART cblr-1735 363 27 be be AUX cblr-1735 363 28 able able ADJ cblr-1735 363 29 to to PART cblr-1735 363 30 show show VERB cblr-1735 363 31 reliance reliance NOUN cblr-1735 363 32 based base VERB cblr-1735 363 33 on on ADP cblr-1735 363 34 the the DET cblr-1735 363 35 facts fact NOUN cblr-1735 363 36 as as SCONJ cblr-1735 363 37 alleged allege VERB cblr-1735 363 38 , , PUNCT cblr-1735 363 39 it it PRON cblr-1735 363 40 nevertheless nevertheless ADV cblr-1735 363 41 went go VERB cblr-1735 363 42 on on ADP cblr-1735 363 43 to to PART cblr-1735 363 44 discuss discuss VERB cblr-1735 363 45 at at ADP cblr-1735 363 46 great great ADJ cblr-1735 363 47 length length NOUN cblr-1735 363 48 what what PRON cblr-1735 363 49 appeared appear VERB cblr-1735 363 50 to to PART cblr-1735 363 51 be be AUX cblr-1735 363 52 the the DET cblr-1735 363 53 more more ADV cblr-1735 363 54 dispositive dispositive ADJ cblr-1735 363 55 issue issue NOUN cblr-1735 363 56 for for ADP cblr-1735 363 57 this this DET cblr-1735 363 58 claim claim NOUN cblr-1735 363 59 — — PUNCT cblr-1735 363 60 scienter.106 scienter.106 NUM cblr-1735 363 61 the the DET cblr-1735 363 62 court court NOUN cblr-1735 363 63 applied apply VERB cblr-1735 363 64 the the DET cblr-1735 363 65 “ " PUNCT cblr-1735 363 66 strong strong ADJ cblr-1735 363 67 inference inference NOUN cblr-1735 363 68 ” " PUNCT cblr-1735 363 69 standard standard ADJ cblr-1735 363 70 pursuant pursuant NOUN cblr-1735 363 71 to to ADP cblr-1735 363 72 subsection subsection NOUN cblr-1735 363 73 ( ( PUNCT cblr-1735 363 74 b)(2 b)(2 X cblr-1735 363 75 ) ) PUNCT cblr-1735 363 76 of of ADP cblr-1735 363 77 the the DET cblr-1735 363 78 pslra pslra NOUN cblr-1735 363 79 as as SCONJ cblr-1735 363 80 interpreted interpret VERB cblr-1735 363 81 in in ADP cblr-1735 363 82 tellabs107 tellabs107 NUM cblr-1735 363 83 and and CCONJ cblr-1735 363 84 found find VERB cblr-1735 363 85 that that SCONJ cblr-1735 363 86 the the DET cblr-1735 363 87 plaintiff plaintiff NOUN cblr-1735 363 88 ’s ’s PART cblr-1735 363 89 allegations allegation NOUN cblr-1735 363 90 were be AUX cblr-1735 363 91 insufficient insufficient ADJ cblr-1735 363 92 to to PART cblr-1735 363 93 meet meet VERB cblr-1735 363 94 this this DET cblr-1735 363 95 standard.108 standard.108 NOUN cblr-1735 363 96 the the DET cblr-1735 363 97 court court NOUN cblr-1735 363 98 dismissed dismiss VERB cblr-1735 363 99 the the DET cblr-1735 363 100 plaintiff plaintiff NOUN cblr-1735 363 101 ’s ’s PART cblr-1735 363 102 argument argument NOUN cblr-1735 363 103 that that SCONJ cblr-1735 363 104 the the DET cblr-1735 363 105 defendant defendant NOUN cblr-1735 363 106 ’s ’s PART cblr-1735 363 107 “ " PUNCT cblr-1735 363 108 access access NOUN cblr-1735 363 109 to to ADP cblr-1735 363 110 information information NOUN cblr-1735 363 111 , , PUNCT cblr-1735 363 112 coupled couple VERB cblr-1735 363 113 with with ADP cblr-1735 363 114 its its PRON cblr-1735 363 115 alleged alleged ADJ cblr-1735 363 116 role role NOUN cblr-1735 363 117 , , PUNCT cblr-1735 363 118 supports support VERB cblr-1735 363 119 a a DET cblr-1735 363 120 strong strong ADJ cblr-1735 363 121 inference inference NOUN cblr-1735 363 122 of of ADP cblr-1735 363 123 scienter scienter NOUN cblr-1735 363 124 . . PUNCT cblr-1735 364 1 ”109 ”109 VERB cblr-1735 364 2 instead instead ADV cblr-1735 364 3 , , PUNCT cblr-1735 364 4 the the DET cblr-1735 364 5 court court NOUN cblr-1735 364 6 ’s ’s PART cblr-1735 364 7 standard standard NOUN cblr-1735 364 8 required require VERB cblr-1735 364 9 the the DET cblr-1735 364 10 plaintiff plaintiff NOUN cblr-1735 364 11 to to PART cblr-1735 364 12 directly directly ADV cblr-1735 364 13 allege allege VERB cblr-1735 364 14 in in ADP cblr-1735 364 15 its its PRON cblr-1735 364 16 complaint complaint NOUN cblr-1735 364 17 that that SCONJ cblr-1735 364 18 the the DET cblr-1735 364 19 rating rating NOUN cblr-1735 364 20 agency agency NOUN cblr-1735 364 21 defendant defendant NOUN cblr-1735 364 22 had have VERB cblr-1735 364 23 knowledge knowledge NOUN cblr-1735 364 24 of of ADP cblr-1735 364 25 the the DET cblr-1735 364 26 corporate corporate ADJ cblr-1735 364 27 violations violation NOUN cblr-1735 364 28 that that PRON cblr-1735 364 29 ultimately ultimately ADV cblr-1735 364 30 resulted result VERB cblr-1735 364 31 in in ADP cblr-1735 364 32 a a DET cblr-1735 364 33 ratings rating NOUN cblr-1735 364 34 downgrade.110 downgrade.110 NOUN cblr-1735 364 35 the the DET cblr-1735 364 36 court court NOUN cblr-1735 364 37 suggested suggest VERB cblr-1735 364 38 that that SCONJ cblr-1735 364 39 the the DET cblr-1735 364 40 plaintiff plaintiff NOUN cblr-1735 364 41 should should AUX cblr-1735 364 42 have have AUX cblr-1735 364 43 identified identify VERB cblr-1735 364 44 in in ADP cblr-1735 364 45 its its PRON cblr-1735 364 46 complaint complaint NOUN cblr-1735 364 47 the the DET cblr-1735 364 48 specific specific ADJ cblr-1735 364 49 document document NOUN cblr-1735 364 50 or or CCONJ cblr-1735 364 51 documents document NOUN cblr-1735 364 52 which which PRON cblr-1735 364 53 “ " PUNCT cblr-1735 364 54 alerted alert VERB cblr-1735 364 55 [ [ PUNCT cblr-1735 364 56 the the DET cblr-1735 364 57 rating rating NOUN cblr-1735 364 58 agency agency NOUN cblr-1735 364 59 defendant defendant NOUN cblr-1735 364 60 ] ] PUNCT cblr-1735 364 61 to to ADP cblr-1735 364 62 information information NOUN cblr-1735 364 63 that that PRON cblr-1735 364 64 should should AUX cblr-1735 364 65 have have AUX cblr-1735 364 66 caused cause VERB cblr-1735 364 67 [ [ PUNCT cblr-1735 364 68 the the DET cblr-1735 364 69 defendant defendant NOUN cblr-1735 364 70 ] ] PUNCT cblr-1735 364 71 to to PART cblr-1735 364 72 refuse refuse VERB cblr-1735 364 73 to to PART cblr-1735 364 74 give give VERB cblr-1735 364 75 favorable favorable ADJ cblr-1735 364 76 ratings rating NOUN cblr-1735 364 77 ” " PUNCT cblr-1735 364 78 to to ADP cblr-1735 364 79 the the DET cblr-1735 364 80 notes note NOUN cblr-1735 364 81 at at ADP cblr-1735 364 82 issue.111 issue.111 PROPN cblr-1735 364 83 this this PRON cblr-1735 364 84 would would AUX cblr-1735 364 85 have have AUX cblr-1735 364 86 been be AUX cblr-1735 364 87 extremely extremely ADV cblr-1735 364 88 difficult difficult ADJ cblr-1735 364 89 , , PUNCT cblr-1735 364 90 if if SCONJ cblr-1735 364 91 not not PART cblr-1735 364 92 impossible impossible ADJ cblr-1735 364 93 , , PUNCT cblr-1735 364 94 for for SCONJ cblr-1735 364 95 the the DET cblr-1735 364 96 plaintiff plaintiff NOUN cblr-1735 364 97 to to PART cblr-1735 364 98 do do VERB cblr-1735 364 99 , , PUNCT cblr-1735 364 100 given give VERB cblr-1735 364 101 the the DET cblr-1735 364 102 stay stay NOUN cblr-1735 364 103 on on ADP cblr-1735 364 104 discovery discovery NOUN cblr-1735 364 105 that that PRON cblr-1735 364 106 was be AUX cblr-1735 364 107 in in ADP cblr-1735 364 108 place place NOUN cblr-1735 364 109 pending pende VERB cblr-1735 364 110 the the DET cblr-1735 364 111 motion motion NOUN cblr-1735 364 112 to to PART cblr-1735 364 113 dismiss dismiss VERB cblr-1735 364 114 . . PUNCT cblr-1735 365 1 2 2 X cblr-1735 365 2 . . X cblr-1735 365 3 in in ADP cblr-1735 365 4 re re X cblr-1735 365 5 moody moody PROPN cblr-1735 365 6 ’s ’s PART cblr-1735 365 7 corp corp PROPN cblr-1735 365 8 . . PROPN cblr-1735 365 9 securities security NOUN cblr-1735 365 10 litigation litigation PROPN cblr-1735 365 11 the the DET cblr-1735 365 12 court court NOUN cblr-1735 365 13 in in ADP cblr-1735 365 14 in in ADP cblr-1735 365 15 re re PROPN cblr-1735 365 16 moody moody PROPN cblr-1735 365 17 ’s ’s PART cblr-1735 365 18 corp corp PROPN cblr-1735 365 19 . . PROPN cblr-1735 365 20 securities securities PROPN cblr-1735 365 21 litigation112 litigation112 PROPN cblr-1735 365 22 applied apply VERB cblr-1735 365 23 the the DET cblr-1735 365 24 second second ADJ cblr-1735 365 25 circuit circuit NOUN cblr-1735 365 26 standard standard NOUN cblr-1735 365 27 for for ADP cblr-1735 365 28 scienter scienter NOUN cblr-1735 365 29 pleadings pleading NOUN cblr-1735 365 30 , , PUNCT cblr-1735 365 31 104 104 NUM cblr-1735 365 32 see see VERB cblr-1735 365 33 i i PRON cblr-1735 365 34 d. d. PROPN cblr-1735 365 35 at at ADP cblr-1735 365 36 637–39 637–39 NUM cblr-1735 365 37 . . PUNCT cblr-1735 366 1 105 105 NUM cblr-1735 367 1 i i PRON cblr-1735 367 2 d. d. PROPN cblr-1735 367 3 at at ADP cblr-1735 367 4 640 640 NUM cblr-1735 367 5 . . PUNCT cblr-1735 368 1 106 106 NUM cblr-1735 368 2 see see VERB cblr-1735 368 3 i i PRON cblr-1735 368 4 d. d. PROPN cblr-1735 368 5 at at ADP cblr-1735 368 6 638 638 NUM cblr-1735 368 7 , , PUNCT cblr-1735 368 8 640–44 640–44 NOUN cblr-1735 368 9 . . PROPN cblr-1735 368 10 107 107 NUM cblr-1735 368 11 tellabs tellabs PROPN cblr-1735 368 12 , , PUNCT cblr-1735 368 13 inc inc PROPN cblr-1735 368 14 . . PROPN cblr-1735 369 1 v. v. PROPN cblr-1735 369 2 makor makor PROPN cblr-1735 369 3 issues issues PROPN cblr-1735 369 4 & & CCONJ cblr-1735 369 5 rights right NOUN cblr-1735 369 6 , , PUNCT cblr-1735 369 7 ltd ltd PROPN cblr-1735 369 8 . . PROPN cblr-1735 369 9 , , PUNCT cblr-1735 369 10 551 551 NUM cblr-1735 369 11 u.s u.s PROPN cblr-1735 369 12 . . PROPN cblr-1735 369 13 308 308 NUM cblr-1735 369 14 , , PUNCT cblr-1735 369 15 314 314 NUM cblr-1735 369 16 ( ( PUNCT cblr-1735 369 17 2007 2007 NUM cblr-1735 369 18 ) ) PUNCT cblr-1735 369 19 . . PUNCT cblr-1735 370 1 108 108 NUM cblr-1735 370 2 in in ADP cblr-1735 370 3 re re PROPN cblr-1735 370 4 nat’l nat’l NOUN cblr-1735 370 5 century century NOUN cblr-1735 370 6 , , PUNCT cblr-1735 370 7 580 580 NUM cblr-1735 370 8 f. f. NOUN cblr-1735 370 9 supp supp PROPN cblr-1735 370 10 . . PUNCT cblr-1735 371 1 2d 2d PROPN cblr-1735 371 2 at at ADP cblr-1735 371 3 640 640 NUM cblr-1735 371 4 , , PUNCT cblr-1735 371 5 644 644 NUM cblr-1735 371 6 . . X cblr-1735 372 1 109 109 NUM cblr-1735 372 2 i i PROPN cblr-1735 372 3 d. d. PROPN cblr-1735 372 4 at at ADP cblr-1735 372 5 642 642 NUM cblr-1735 372 6 . . PUNCT cblr-1735 373 1 110 110 NUM cblr-1735 373 2 see see VERB cblr-1735 373 3 i i PRON cblr-1735 373 4 d. d. PROPN cblr-1735 373 5 at at ADP cblr-1735 373 6 641–42 641–42 PROPN cblr-1735 373 7 . . PUNCT cblr-1735 373 8 111 111 NUM cblr-1735 374 1 i i PROPN cblr-1735 374 2 d. d. PROPN cblr-1735 374 3 at at ADP cblr-1735 374 4 641 641 NUM cblr-1735 374 5 . . PUNCT cblr-1735 374 6 112 112 NUM cblr-1735 374 7 599 599 NUM cblr-1735 374 8 f. f. PROPN cblr-1735 374 9 supp supp PROPN cblr-1735 374 10 . . PUNCT cblr-1735 375 1 2d 2d NOUN cblr-1735 375 2 493 493 NUM cblr-1735 375 3 ( ( PUNCT cblr-1735 375 4 s.d.n.y s.d.n.y PROPN cblr-1735 375 5 . . PROPN cblr-1735 375 6 2009 2009 NUM cblr-1735 375 7 ) ) PUNCT cblr-1735 375 8 . . PUNCT cblr-1735 376 1 guo guo PROPN cblr-1735 376 2 – – PUNCT cblr-1735 376 3 final final ADJ cblr-1735 376 4 208 208 NUM cblr-1735 376 5 columbia columbia PROPN cblr-1735 376 6 business business NOUN cblr-1735 376 7 law law NOUN cblr-1735 376 8 review review NOUN cblr-1735 376 9 [ [ X cblr-1735 376 10 vol vol NOUN cblr-1735 376 11 . . PUNCT cblr-1735 376 12 2016 2016 NUM cblr-1735 376 13 noting note VERB cblr-1735 376 14 that that SCONJ cblr-1735 376 15 “ " PUNCT cblr-1735 376 16 [ [ X cblr-1735 376 17 p]laintiffs p]laintiff NOUN cblr-1735 376 18 can can AUX cblr-1735 376 19 establish establish VERB cblr-1735 376 20 scienter scienter NOUN cblr-1735 376 21 either either CCONJ cblr-1735 376 22 by by ADP cblr-1735 376 23 : : PUNCT cblr-1735 376 24 ( ( PUNCT cblr-1735 376 25 a a X cblr-1735 376 26 ) ) PUNCT cblr-1735 376 27 ‘ ' PUNCT cblr-1735 376 28 alleging allege VERB cblr-1735 376 29 facts fact NOUN cblr-1735 376 30 to to PART cblr-1735 376 31 show show VERB cblr-1735 376 32 that that SCONJ cblr-1735 376 33 defendants defendant NOUN cblr-1735 376 34 had have AUX cblr-1735 376 35 both both CCONJ cblr-1735 376 36 motive motive ADJ cblr-1735 376 37 and and CCONJ cblr-1735 376 38 opportunity opportunity NOUN cblr-1735 376 39 to to PART cblr-1735 376 40 commit commit VERB cblr-1735 376 41 fraud fraud NOUN cblr-1735 376 42 , , PUNCT cblr-1735 376 43 ’ ' PUNCT cblr-1735 376 44 or or CCONJ cblr-1735 376 45 ( ( PUNCT cblr-1735 376 46 b b NOUN cblr-1735 376 47 ) ) PUNCT cblr-1735 376 48 ‘ ' PUNCT cblr-1735 376 49 alleging allege VERB cblr-1735 376 50 facts fact NOUN cblr-1735 376 51 that that PRON cblr-1735 376 52 constitute constitute VERB cblr-1735 376 53 strong strong ADJ cblr-1735 376 54 circumstantial circumstantial ADJ cblr-1735 376 55 evidence evidence NOUN cblr-1735 376 56 of of ADP cblr-1735 376 57 conscious conscious ADJ cblr-1735 376 58 misbehavior misbehavior NOUN cblr-1735 376 59 or or CCONJ cblr-1735 376 60 recklessness recklessness NOUN cblr-1735 376 61 . . PUNCT cblr-1735 377 1 ’”113 ’”113 PROPN cblr-1735 377 2 the the DET cblr-1735 377 3 court court NOUN cblr-1735 377 4 then then ADV cblr-1735 377 5 stated state VERB cblr-1735 377 6 that that SCONJ cblr-1735 377 7 plaintiffs plaintiff NOUN cblr-1735 377 8 can can AUX cblr-1735 377 9 meet meet VERB cblr-1735 377 10 the the DET cblr-1735 377 11 high high ADJ cblr-1735 377 12 standard standard NOUN cblr-1735 377 13 for for ADP cblr-1735 377 14 establishing establish VERB cblr-1735 377 15 circumstantial circumstantial ADJ cblr-1735 377 16 evidence evidence NOUN cblr-1735 377 17 of of ADP cblr-1735 377 18 scienter scienter NOUN cblr-1735 377 19 “ " PUNCT cblr-1735 377 20 by by ADP cblr-1735 377 21 alleging allege VERB cblr-1735 377 22 , , PUNCT cblr-1735 377 23 inter inter ADJ cblr-1735 377 24 alia alia NOUN cblr-1735 377 25 , , PUNCT cblr-1735 377 26 that that SCONJ cblr-1735 377 27 defendants defendant NOUN cblr-1735 377 28 ( ( PUNCT cblr-1735 377 29 1 1 NUM cblr-1735 377 30 ) ) PUNCT cblr-1735 377 31 ‘ ' PUNCT cblr-1735 377 32 engaged engage VERB cblr-1735 377 33 in in ADP cblr-1735 377 34 deliberately deliberately ADV cblr-1735 377 35 illegal illegal ADJ cblr-1735 377 36 behavior behavior NOUN cblr-1735 377 37 ; ; PUNCT cblr-1735 377 38 ’ ' PUNCT cblr-1735 377 39 ( ( PUNCT cblr-1735 377 40 2 2 NUM cblr-1735 377 41 ) ) PUNCT cblr-1735 377 42 ‘ ' PUNCT cblr-1735 377 43 knew know VERB cblr-1735 377 44 facts fact NOUN cblr-1735 377 45 or or CCONJ cblr-1735 377 46 had have VERB cblr-1735 377 47 access access NOUN cblr-1735 377 48 to to ADP cblr-1735 377 49 information information NOUN cblr-1735 377 50 suggesting suggest VERB cblr-1735 377 51 that that SCONJ cblr-1735 377 52 their their PRON cblr-1735 377 53 public public ADJ cblr-1735 377 54 statements statement NOUN cblr-1735 377 55 were be AUX cblr-1735 377 56 not not PART cblr-1735 377 57 accurate accurate ADJ cblr-1735 377 58 ; ; PUNCT cblr-1735 377 59 ’ ' PUNCT cblr-1735 377 60 or or CCONJ cblr-1735 377 61 ( ( PUNCT cblr-1735 377 62 3 3 NUM cblr-1735 377 63 ) ) PUNCT cblr-1735 377 64 ‘ ' PUNCT cblr-1735 377 65 failed fail VERB cblr-1735 377 66 to to PART cblr-1735 377 67 check check VERB cblr-1735 377 68 information information NOUN cblr-1735 377 69 they they PRON cblr-1735 377 70 had have VERB cblr-1735 377 71 a a DET cblr-1735 377 72 duty duty NOUN cblr-1735 377 73 to to PART cblr-1735 377 74 monitor monitor VERB cblr-1735 377 75 . . PUNCT cblr-1735 377 76 ’”114 ’”114 PROPN cblr-1735 378 1 thus thus ADV cblr-1735 378 2 , , PUNCT cblr-1735 378 3 under under ADP cblr-1735 378 4 the the DET cblr-1735 378 5 second second ADJ cblr-1735 378 6 circuit circuit NOUN cblr-1735 378 7 standard standard NOUN cblr-1735 378 8 prior prior ADV cblr-1735 378 9 to to ADP cblr-1735 378 10 dodd dodd PROPN cblr-1735 378 11 - - PUNCT cblr-1735 378 12 frank frank PROPN cblr-1735 378 13 , , PUNCT cblr-1735 378 14 plaintiffs plaintiff NOUN cblr-1735 378 15 ’ ' PUNCT cblr-1735 378 16 allegation allegation NOUN cblr-1735 378 17 of of ADP cblr-1735 378 18 a a DET cblr-1735 378 19 cra cra PROPN cblr-1735 378 20 ’s ’s PART cblr-1735 378 21 access access NOUN cblr-1735 378 22 to to ADP cblr-1735 378 23 information information NOUN cblr-1735 378 24 suggesting suggest VERB cblr-1735 378 25 inaccuracy inaccuracy NOUN cblr-1735 378 26 of of ADP cblr-1735 378 27 its its PRON cblr-1735 378 28 public public ADJ cblr-1735 378 29 statements statement NOUN cblr-1735 378 30 was be AUX cblr-1735 378 31 sufficient sufficient ADJ cblr-1735 378 32 to to PART cblr-1735 378 33 survive survive VERB cblr-1735 378 34 a a DET cblr-1735 378 35 motion motion NOUN cblr-1735 378 36 to to PART cblr-1735 378 37 dismiss dismiss VERB cblr-1735 378 38 . . PUNCT cblr-1735 379 1 importantly importantly ADV cblr-1735 379 2 , , PUNCT cblr-1735 379 3 the the DET cblr-1735 379 4 new new ADJ cblr-1735 379 5 standard standard NOUN cblr-1735 379 6 under under ADP cblr-1735 379 7 section section NOUN cblr-1735 379 8 933(b 933(b PROPN cblr-1735 379 9 ) ) PUNCT cblr-1735 379 10 may may AUX cblr-1735 379 11 in in ADP cblr-1735 379 12 application application NOUN cblr-1735 379 13 be be AUX cblr-1735 379 14 more more ADV cblr-1735 379 15 stringent stringent ADJ cblr-1735 379 16 than than ADP cblr-1735 379 17 the the DET cblr-1735 379 18 previous previous ADJ cblr-1735 379 19 second second ADJ cblr-1735 379 20 circuit circuit NOUN cblr-1735 379 21 standard standard NOUN cblr-1735 379 22 . . PUNCT cblr-1735 380 1 b. b. PROPN cblr-1735 381 1 private private ADJ cblr-1735 381 2 actions action NOUN cblr-1735 381 3 against against ADP cblr-1735 381 4 cras cra NOUN cblr-1735 381 5 since since SCONJ cblr-1735 381 6 dodd dodd PROPN cblr-1735 381 7 - - PUNCT cblr-1735 381 8 frank frank PROPN cblr-1735 381 9 ’s ’s PART cblr-1735 381 10 enactment enactment NOUN cblr-1735 381 11 private private ADJ cblr-1735 381 12 actions action NOUN cblr-1735 381 13 filed file VERB cblr-1735 381 14 against against ADP cblr-1735 381 15 cras cra NOUN cblr-1735 381 16 since since SCONJ cblr-1735 381 17 mid-2010 mid-2010 NOUN cblr-1735 381 18 have have AUX cblr-1735 381 19 relied rely VERB cblr-1735 381 20 almost almost ADV cblr-1735 381 21 exclusively exclusively ADV cblr-1735 381 22 on on ADP cblr-1735 381 23 claims claim NOUN cblr-1735 381 24 under under ADP cblr-1735 381 25 common common ADJ cblr-1735 381 26 law law NOUN cblr-1735 381 27 fraud fraud NOUN cblr-1735 381 28 or or CCONJ cblr-1735 381 29 section section NOUN cblr-1735 381 30 11 11 NUM cblr-1735 381 31 of of ADP cblr-1735 381 32 the the DET cblr-1735 381 33 securities security NOUN cblr-1735 381 34 act act NOUN cblr-1735 381 35 of of ADP cblr-1735 381 36 1933.115 1933.115 NUM cblr-1735 381 37 to to ADP cblr-1735 381 38 date date NOUN cblr-1735 381 39 , , PUNCT cblr-1735 381 40 the the DET cblr-1735 381 41 only only ADJ cblr-1735 381 42 complaint complaint NOUN cblr-1735 381 43 that that SCONJ cblr-1735 381 44 references reference NOUN cblr-1735 381 45 cras cras X cblr-1735 381 46 ’ ' PUNCT cblr-1735 381 47 duty duty NOUN cblr-1735 381 48 of of ADP cblr-1735 381 49 reasonable reasonable ADJ cblr-1735 381 50 verification verification NOUN cblr-1735 381 51 was be AUX cblr-1735 381 52 filed file VERB cblr-1735 381 53 in in ADP cblr-1735 381 54 first first PROPN cblr-1735 381 55 national national PROPN cblr-1735 381 56 bank bank PROPN cblr-1735 381 57 v. v. CCONJ cblr-1735 381 58 mcgraw mcgraw PROPN cblr-1735 381 59 - - PUNCT cblr-1735 381 60 hill hill NOUN cblr-1735 381 61 companies company NOUN cblr-1735 381 62 , , PUNCT cblr-1735 381 63 inc.116 inc.116 VERB cblr-1735 381 64 no no DET cblr-1735 381 65 complaint complaint NOUN cblr-1735 381 66 to to ADP cblr-1735 381 67 date date NOUN cblr-1735 381 68 has have AUX cblr-1735 381 69 relied rely VERB cblr-1735 381 70 on on ADP cblr-1735 381 71 the the DET cblr-1735 381 72 113 113 NUM cblr-1735 381 73 i i PROPN cblr-1735 381 74 d. d. NOUN cblr-1735 381 75 at at ADP cblr-1735 381 76 514 514 NUM cblr-1735 381 77 ( ( PUNCT cblr-1735 381 78 quoting quote VERB cblr-1735 381 79 kalnit kalnit VERB cblr-1735 381 80 v. v. ADP cblr-1735 381 81 eichler eichler NOUN cblr-1735 381 82 , , PUNCT cblr-1735 381 83 264 264 NUM cblr-1735 381 84 f.3d f.3d NUM cblr-1735 381 85 131 131 NUM cblr-1735 381 86 , , PUNCT cblr-1735 381 87 138 138 NUM cblr-1735 381 88 ( ( PUNCT cblr-1735 381 89 2d 2d NUM cblr-1735 381 90 cir cir NOUN cblr-1735 381 91 . . PUNCT cblr-1735 381 92 2001 2001 NUM cblr-1735 381 93 ) ) PUNCT cblr-1735 381 94 ) ) PUNCT cblr-1735 381 95 . . PUNCT cblr-1735 382 1 114 114 NUM cblr-1735 383 1 i i PROPN cblr-1735 383 2 d. d. PROPN cblr-1735 383 3 ( ( PUNCT cblr-1735 383 4 quoting quote VERB cblr-1735 383 5 novak novak PROPN cblr-1735 383 6 v. v. PROPN cblr-1735 383 7 kasaks kasaks PROPN cblr-1735 383 8 , , PUNCT cblr-1735 383 9 216 216 NUM cblr-1735 383 10 f.3d f.3d NUM cblr-1735 383 11 300 300 NUM cblr-1735 383 12 , , PUNCT cblr-1735 383 13 311 311 NUM cblr-1735 383 14 ( ( PUNCT cblr-1735 383 15 2d 2d NUM cblr-1735 383 16 cir cir NOUN cblr-1735 383 17 . . PROPN cblr-1735 383 18 2000 2000 NUM cblr-1735 383 19 ) ) PUNCT cblr-1735 383 20 ) ) PUNCT cblr-1735 383 21 . . PUNCT cblr-1735 384 1 115 115 NUM cblr-1735 384 2 see see VERB cblr-1735 384 3 , , PUNCT cblr-1735 384 4 e.g. e.g. ADV cblr-1735 384 5 , , PUNCT cblr-1735 384 6 space space NOUN cblr-1735 384 7 coast coast PROPN cblr-1735 384 8 credit credit PROPN cblr-1735 384 9 union union PROPN cblr-1735 384 10 v. v. ADP cblr-1735 384 11 merrill merrill PROPN cblr-1735 384 12 lynch lynch PROPN cblr-1735 384 13 , , PUNCT cblr-1735 384 14 pierce pierce PROPN cblr-1735 384 15 , , PUNCT cblr-1735 384 16 fenner fenner PROPN cblr-1735 384 17 & & CCONJ cblr-1735 384 18 smith smith PROPN cblr-1735 384 19 inc inc PROPN cblr-1735 384 20 . . PROPN cblr-1735 384 21 , , PUNCT cblr-1735 384 22 no no INTJ cblr-1735 384 23 . . NOUN cblr-1735 384 24 12 12 NUM cblr-1735 384 25 - - PUNCT cblr-1735 384 26 60430 60430 NUM cblr-1735 384 27 - - PUNCT cblr-1735 384 28 civ civ NOUN cblr-1735 384 29 , , PUNCT cblr-1735 384 30 2014 2014 NUM cblr-1735 384 31 wl wl NOUN cblr-1735 384 32 1230719 1230719 NUM cblr-1735 384 33 ( ( PUNCT cblr-1735 384 34 s.d s.d PROPN cblr-1735 384 35 . . PROPN cblr-1735 384 36 fla fla PROPN cblr-1735 384 37 . . PUNCT cblr-1735 385 1 mar mar PROPN cblr-1735 385 2 . . PROPN cblr-1735 385 3 25 25 NUM cblr-1735 385 4 , , PUNCT cblr-1735 385 5 2014 2014 NUM cblr-1735 385 6 ) ) PUNCT cblr-1735 385 7 ( ( PUNCT cblr-1735 385 8 common common ADJ cblr-1735 385 9 law law NOUN cblr-1735 385 10 fraud fraud NOUN cblr-1735 385 11 claims claim VERB cblr-1735 385 12 ) ) PUNCT cblr-1735 385 13 ; ; PUNCT cblr-1735 385 14 genesee genesee PROPN cblr-1735 385 15 cty cty PROPN cblr-1735 385 16 . . PUNCT cblr-1735 385 17 emps emps PROPN cblr-1735 385 18 . . PUNCT cblr-1735 386 1 ret ret PROPN cblr-1735 386 2 . . PUNCT cblr-1735 387 1 sys sys PROPN cblr-1735 387 2 . . PUNCT cblr-1735 388 1 v. v. ADP cblr-1735 388 2 thornburg thornburg ADJ cblr-1735 388 3 mortg mortg NOUN cblr-1735 388 4 . . PUNCT cblr-1735 389 1 sec sec PROPN cblr-1735 389 2 . . PROPN cblr-1735 390 1 tr tr VERB cblr-1735 390 2 . . NOUN cblr-1735 390 3 2006 2006 NUM cblr-1735 390 4 - - SYM cblr-1735 390 5 3 3 NUM cblr-1735 390 6 , , PUNCT cblr-1735 390 7 825 825 NUM cblr-1735 390 8 f. f. PROPN cblr-1735 390 9 supp supp PROPN cblr-1735 390 10 . . PUNCT cblr-1735 391 1 2d 2d PROPN cblr-1735 391 2 1082 1082 NUM cblr-1735 391 3 ( ( PUNCT cblr-1735 391 4 d.n.m d.n.m PROPN cblr-1735 391 5 . . PUNCT cblr-1735 391 6 2011 2011 NUM cblr-1735 391 7 ) ) PUNCT cblr-1735 391 8 ( ( PUNCT cblr-1735 391 9 section section NOUN cblr-1735 391 10 11 11 NUM cblr-1735 391 11 claim claim NOUN cblr-1735 391 12 ) ) PUNCT cblr-1735 391 13 ; ; PUNCT cblr-1735 391 14 anschutz anschutz PROPN cblr-1735 391 15 corp corp PROPN cblr-1735 391 16 . . PROPN cblr-1735 392 1 v. v. PROPN cblr-1735 392 2 merrill merrill PROPN cblr-1735 392 3 lynch lynch PROPN cblr-1735 392 4 & & CCONJ cblr-1735 392 5 co. co. PROPN cblr-1735 392 6 , , PUNCT cblr-1735 392 7 inc inc PROPN cblr-1735 392 8 . . PROPN cblr-1735 392 9 , , PUNCT cblr-1735 392 10 785 785 NUM cblr-1735 392 11 f. f. PROPN cblr-1735 392 12 supp supp PROPN cblr-1735 392 13 . . PUNCT cblr-1735 393 1 2d 2d PROPN cblr-1735 393 2 799 799 NUM cblr-1735 393 3 ( ( PUNCT cblr-1735 393 4 n.d n.d PROPN cblr-1735 393 5 . . PROPN cblr-1735 393 6 cal cal PROPN cblr-1735 393 7 . . PUNCT cblr-1735 394 1 2011 2011 NUM cblr-1735 394 2 ) ) PUNCT cblr-1735 394 3 ( ( PUNCT cblr-1735 394 4 common common ADJ cblr-1735 394 5 law law NOUN cblr-1735 394 6 negligent negligent ADJ cblr-1735 394 7 misrepresentation misrepresentation NOUN cblr-1735 394 8 claim claim NOUN cblr-1735 394 9 ) ) PUNCT cblr-1735 394 10 . . PUNCT cblr-1735 395 1 116 116 NUM cblr-1735 395 2 complaint complaint NOUN cblr-1735 395 3 at at ADP cblr-1735 395 4 53 53 NUM cblr-1735 395 5 n.9 n.9 NOUN cblr-1735 395 6 , , PUNCT cblr-1735 395 7 first first PROPN cblr-1735 395 8 nat’l nat’l PROPN cblr-1735 395 9 bank bank PROPN cblr-1735 395 10 & & CCONJ cblr-1735 395 11 tr tr PROPN cblr-1735 395 12 . . PROPN cblr-1735 395 13 co. co. PROPN cblr-1735 395 14 of of ADP cblr-1735 395 15 rochelle rochelle NOUN cblr-1735 395 16 , , PUNCT cblr-1735 395 17 ill ill PROPN cblr-1735 395 18 . . PUNCT cblr-1735 396 1 v. v. ADP cblr-1735 396 2 mcgraw mcgraw PROPN cblr-1735 396 3 - - PUNCT cblr-1735 396 4 hill hill PROPN cblr-1735 396 5 cos cos PROPN cblr-1735 396 6 . . PROPN cblr-1735 396 7 , , PUNCT cblr-1735 396 8 inc inc PROPN cblr-1735 396 9 . . PROPN cblr-1735 396 10 ( ( PUNCT cblr-1735 396 11 n.d n.d PROPN cblr-1735 396 12 . . PROPN cblr-1735 396 13 ill ill PROPN cblr-1735 396 14 . . PUNCT cblr-1735 396 15 aug aug PROPN cblr-1735 396 16 . . PROPN cblr-1735 396 17 9 9 NUM cblr-1735 396 18 , , PUNCT cblr-1735 396 19 2013 2013 NUM cblr-1735 396 20 ) ) PUNCT cblr-1735 396 21 ( ( PUNCT cblr-1735 396 22 no no INTJ cblr-1735 396 23 . . PUNCT cblr-1735 396 24 1:13 1:13 NUM cblr-1735 396 25 - - PUNCT cblr-1735 396 26 cv-05693 cv-05693 NOUN cblr-1735 396 27 ) ) PUNCT cblr-1735 396 28 . . PUNCT cblr-1735 397 1 on on ADP cblr-1735 397 2 march march PROPN cblr-1735 397 3 27 27 NUM cblr-1735 397 4 , , PUNCT cblr-1735 397 5 2015 2015 NUM cblr-1735 397 6 , , PUNCT cblr-1735 397 7 the the DET cblr-1735 397 8 u.s u.s PROPN cblr-1735 397 9 . . PROPN cblr-1735 397 10 district district PROPN cblr-1735 397 11 court court NOUN cblr-1735 397 12 for for ADP cblr-1735 397 13 the the DET cblr-1735 397 14 northern northern ADJ cblr-1735 397 15 district district PROPN cblr-1735 397 16 of of ADP cblr-1735 397 17 illinois illinois PROPN cblr-1735 397 18 guo guo PROPN cblr-1735 397 19 – – PUNCT cblr-1735 397 20 final final ADJ cblr-1735 397 21 no no NOUN cblr-1735 397 22 . . PUNCT cblr-1735 398 1 1:184 1:184 NUM cblr-1735 398 2 ] ] PUNCT cblr-1735 398 3 credit credit NOUN cblr-1735 398 4 rating rating NOUN cblr-1735 398 5 agency agency NOUN cblr-1735 398 6 reform reform NOUN cblr-1735 398 7 209 209 NUM cblr-1735 398 8 new new ADJ cblr-1735 398 9 standard standard NOUN cblr-1735 398 10 in in ADP cblr-1735 398 11 15 15 NUM cblr-1735 398 12 u.s.c u.s.c ADJ cblr-1735 398 13 . . PUNCT cblr-1735 399 1 § § PROPN cblr-1735 399 2 78u-4(b)(2)(b 78u-4(b)(2)(b NUM cblr-1735 399 3 ) ) PUNCT cblr-1735 399 4 in in ADP cblr-1735 399 5 a a DET cblr-1735 399 6 private private ADJ cblr-1735 399 7 action action NOUN cblr-1735 399 8 against against ADP cblr-1735 399 9 cra cra PROPN cblr-1735 399 10 defendants defendant NOUN cblr-1735 399 11 . . PUNCT cblr-1735 400 1 this this DET cblr-1735 400 2 lack lack NOUN cblr-1735 400 3 of of ADP cblr-1735 400 4 case case NOUN cblr-1735 400 5 law law NOUN cblr-1735 400 6 is be AUX cblr-1735 400 7 unexpected unexpected ADJ cblr-1735 400 8 , , PUNCT cblr-1735 400 9 given give VERB cblr-1735 400 10 section section NOUN cblr-1735 400 11 933(b 933(b PROPN cblr-1735 400 12 ) ) PUNCT cblr-1735 400 13 ’s ’ VERB cblr-1735 400 14 anticipated anticipate VERB cblr-1735 400 15 significance.117 significance.117 VERB cblr-1735 400 16 the the DET cblr-1735 400 17 following follow VERB cblr-1735 400 18 subpart subpart NOUN cblr-1735 400 19 e e NOUN cblr-1735 400 20 examines examine VERB cblr-1735 400 21 indications indication NOUN cblr-1735 400 22 of of ADP cblr-1735 400 23 section section NOUN cblr-1735 400 24 933(b 933(b PROPN cblr-1735 400 25 ) ) PUNCT cblr-1735 400 26 ’s ’s PART cblr-1735 400 27 success success NOUN cblr-1735 400 28 in in ADP cblr-1735 400 29 forms form NOUN cblr-1735 400 30 other other ADJ cblr-1735 400 31 than than ADP cblr-1735 400 32 private private ADJ cblr-1735 400 33 actions action NOUN cblr-1735 400 34 filed file VERB cblr-1735 400 35 . . PUNCT cblr-1735 401 1 c. c. PROPN cblr-1735 401 2 inquiry inquiry NOUN cblr-1735 401 3 into into ADP cblr-1735 401 4 changes change NOUN cblr-1735 401 5 in in ADP cblr-1735 401 6 cra cra PROPN cblr-1735 401 7 best good ADJ cblr-1735 401 8 practices practice NOUN cblr-1735 401 9 since since SCONJ cblr-1735 401 10 dodd dodd PROPN cblr-1735 401 11 - - PUNCT cblr-1735 401 12 frank frank PROPN cblr-1735 401 13 ’s ’s PROPN cblr-1735 401 14 enactment enactment PROPN cblr-1735 401 15 section section NOUN cblr-1735 401 16 933(b 933(b PROPN cblr-1735 401 17 ) ) PUNCT cblr-1735 401 18 redefined redefine VERB cblr-1735 401 19 the the DET cblr-1735 401 20 scienter scienter NOUN cblr-1735 401 21 requirement requirement NOUN cblr-1735 401 22 in in ADP cblr-1735 401 23 private private ADJ cblr-1735 401 24 suits suit NOUN cblr-1735 401 25 against against ADP cblr-1735 401 26 rating rating NOUN cblr-1735 401 27 agency agency NOUN cblr-1735 401 28 defendants defendant NOUN cblr-1735 401 29 as as ADP cblr-1735 401 30 knowing know VERB cblr-1735 401 31 or or CCONJ cblr-1735 401 32 reckless reckless ADJ cblr-1735 401 33 failure failure NOUN cblr-1735 401 34 to to PART cblr-1735 401 35 carry carry VERB cblr-1735 401 36 out out ADP cblr-1735 401 37 reasonable reasonable ADJ cblr-1735 401 38 investigation investigation NOUN cblr-1735 401 39 or or CCONJ cblr-1735 401 40 reasonable reasonable ADJ cblr-1735 401 41 verification verification NOUN cblr-1735 401 42 of of ADP cblr-1735 401 43 the the DET cblr-1735 401 44 factual factual ADJ cblr-1735 401 45 elements element NOUN cblr-1735 401 46 used use VERB cblr-1735 401 47 to to PART cblr-1735 401 48 arrive arrive VERB cblr-1735 401 49 at at ADP cblr-1735 401 50 their their PRON cblr-1735 401 51 ratings.118 ratings.118 NOUN cblr-1735 401 52 the the DET cblr-1735 401 53 major major ADJ cblr-1735 401 54 cras cra NOUN cblr-1735 401 55 have have AUX cblr-1735 401 56 since since SCONJ cblr-1735 401 57 adapted adapt VERB cblr-1735 401 58 to to ADP cblr-1735 401 59 this this DET cblr-1735 401 60 standard standard NOUN cblr-1735 401 61 by by ADP cblr-1735 401 62 preemptively preemptively ADV cblr-1735 401 63 adopting adopt VERB cblr-1735 401 64 codes code NOUN cblr-1735 401 65 of of ADP cblr-1735 401 66 conduct conduct NOUN cblr-1735 401 67 stipulating stipulate VERB cblr-1735 401 68 to to ADP cblr-1735 401 69 reasonable reasonable ADJ cblr-1735 401 70 investigation investigation NOUN cblr-1735 401 71 of of ADP cblr-1735 401 72 factual factual ADJ cblr-1735 401 73 elements element NOUN cblr-1735 401 74 , , PUNCT cblr-1735 401 75 as as ADV cblr-1735 401 76 well well ADV cblr-1735 401 77 as as ADP cblr-1735 401 78 reasonable reasonable ADJ cblr-1735 401 79 verification verification NOUN cblr-1735 401 80 when when SCONJ cblr-1735 401 81 available.119 available.119 DET cblr-1735 401 82 cras cras PROPN cblr-1735 401 83 granted grant VERB cblr-1735 401 84 the the DET cblr-1735 401 85 cra cra PROPN cblr-1735 401 86 defendants defendant NOUN cblr-1735 401 87 ’ ' PUNCT cblr-1735 401 88 joint joint ADJ cblr-1735 401 89 motion motion NOUN cblr-1735 401 90 to to PART cblr-1735 401 91 dismiss dismiss VERB cblr-1735 401 92 , , PUNCT cblr-1735 401 93 and and CCONJ cblr-1735 401 94 the the DET cblr-1735 401 95 plaintiff plaintiff NOUN cblr-1735 401 96 ’s ’s PART cblr-1735 401 97 appeal appeal NOUN cblr-1735 401 98 was be AUX cblr-1735 401 99 dismissed dismiss VERB cblr-1735 401 100 on on ADP cblr-1735 401 101 november november PROPN cblr-1735 401 102 9 9 NUM cblr-1735 401 103 , , PUNCT cblr-1735 401 104 2015 2015 NUM cblr-1735 401 105 . . PUNCT cblr-1735 402 1 see see VERB cblr-1735 402 2 first first PROPN cblr-1735 402 3 nat’l nat’l PROPN cblr-1735 402 4 bank bank PROPN cblr-1735 402 5 & & CCONJ cblr-1735 402 6 tr tr PROPN cblr-1735 402 7 . . PROPN cblr-1735 402 8 co. co. PROPN cblr-1735 402 9 of of ADP cblr-1735 402 10 rochelle rochelle NOUN cblr-1735 402 11 , , PUNCT cblr-1735 402 12 ill ill PROPN cblr-1735 402 13 . . PUNCT cblr-1735 403 1 v. v. ADP cblr-1735 403 2 mcgraw mcgraw PROPN cblr-1735 403 3 - - PUNCT cblr-1735 403 4 hill hill PROPN cblr-1735 403 5 cos cos PROPN cblr-1735 403 6 . . PROPN cblr-1735 403 7 , , PUNCT cblr-1735 403 8 inc inc PROPN cblr-1735 403 9 . . PROPN cblr-1735 403 10 , , PUNCT cblr-1735 403 11 85 85 NUM cblr-1735 403 12 f. f. PROPN cblr-1735 403 13 supp supp PROPN cblr-1735 403 14 . . PUNCT cblr-1735 404 1 3d 3d PROPN cblr-1735 404 2 963 963 NUM cblr-1735 404 3 , , PUNCT cblr-1735 404 4 965 965 NUM cblr-1735 404 5 ( ( PUNCT cblr-1735 404 6 n.d n.d PROPN cblr-1735 404 7 . . PROPN cblr-1735 404 8 ill ill PROPN cblr-1735 404 9 . . PROPN cblr-1735 404 10 2015 2015 NUM cblr-1735 404 11 ) ) PUNCT cblr-1735 404 12 , , PUNCT cblr-1735 404 13 appeal appeal NOUN cblr-1735 404 14 dismissed dismiss VERB cblr-1735 404 15 , , PUNCT cblr-1735 404 16 first first PROPN cblr-1735 404 17 nat’l nat’l PROPN cblr-1735 404 18 bank bank PROPN cblr-1735 404 19 & & CCONJ cblr-1735 404 20 tr tr PROPN cblr-1735 404 21 . . PROPN cblr-1735 404 22 co. co. PROPN cblr-1735 404 23 of of ADP cblr-1735 404 24 rochelle rochelle NOUN cblr-1735 404 25 , , PUNCT cblr-1735 404 26 ill ill PROPN cblr-1735 404 27 . . PUNCT cblr-1735 405 1 v. v. ADP cblr-1735 405 2 moody moody PROPN cblr-1735 405 3 ’s ’s PART cblr-1735 405 4 inv’rs inv’rs NOUN cblr-1735 405 5 serv serv PROPN cblr-1735 405 6 . . PROPN cblr-1735 405 7 , , PUNCT cblr-1735 405 8 inc inc PROPN cblr-1735 405 9 . . PROPN cblr-1735 405 10 , , PUNCT cblr-1735 405 11 no no INTJ cblr-1735 405 12 . . NOUN cblr-1735 405 13 15 15 NUM cblr-1735 405 14 - - SYM cblr-1735 405 15 1742 1742 NUM cblr-1735 405 16 ( ( PUNCT cblr-1735 405 17 7th 7th ADJ cblr-1735 405 18 cir cir NOUN cblr-1735 405 19 . . PUNCT cblr-1735 406 1 nov nov PROPN cblr-1735 406 2 . . PROPN cblr-1735 406 3 9 9 NUM cblr-1735 406 4 , , PUNCT cblr-1735 406 5 2015 2015 NUM cblr-1735 406 6 ) ) PUNCT cblr-1735 406 7 ( ( PUNCT cblr-1735 406 8 mandate mandate NOUN cblr-1735 406 9 ordering order VERB cblr-1735 406 10 dismissal dismissal NOUN cblr-1735 406 11 of of ADP cblr-1735 406 12 case case NOUN cblr-1735 406 13 ) ) PUNCT cblr-1735 406 14 . . PUNCT cblr-1735 407 1 117 117 NUM cblr-1735 407 2 see see VERB cblr-1735 407 3 supra supra PROPN cblr-1735 407 4 note note NOUN cblr-1735 407 5 2 2 NUM cblr-1735 407 6 and and CCONJ cblr-1735 407 7 accompanying accompany VERB cblr-1735 407 8 text text NOUN cblr-1735 407 9 . . PUNCT cblr-1735 408 1 118 118 NUM cblr-1735 408 2 see see VERB cblr-1735 408 3 dodd dodd PROPN cblr-1735 408 4 - - PUNCT cblr-1735 408 5 frank frank PROPN cblr-1735 408 6 act act PROPN cblr-1735 408 7 § § PROPN cblr-1735 408 8 933(b 933(b PROPN cblr-1735 408 9 ) ) PUNCT cblr-1735 408 10 , , PUNCT cblr-1735 408 11 15 15 NUM cblr-1735 408 12 u.s.c u.s.c ADJ cblr-1735 408 13 . . PUNCT cblr-1735 409 1 § § PROPN cblr-1735 409 2 78u-4(b)(2)(b 78u-4(b)(2)(b NUM cblr-1735 409 3 ) ) PUNCT cblr-1735 409 4 ( ( PUNCT cblr-1735 409 5 2012 2012 NUM cblr-1735 409 6 ) ) PUNCT cblr-1735 409 7 . . PUNCT cblr-1735 410 1 119 119 NUM cblr-1735 410 2 see see VERB cblr-1735 410 3 fitch fitch NOUN cblr-1735 410 4 ratings rating NOUN cblr-1735 410 5 , , PUNCT cblr-1735 410 6 code code NOUN cblr-1735 410 7 of of ADP cblr-1735 410 8 conduct conduct NOUN cblr-1735 410 9 16 16 NUM cblr-1735 410 10 ( ( PUNCT cblr-1735 410 11 2014 2014 NUM cblr-1735 410 12 ) ) PUNCT cblr-1735 410 13 , , PUNCT cblr-1735 410 14 https://www https://www PROPN cblr-1735 410 15 . . PUNCT cblr-1735 410 16 fitchratings.com/web_content/credit_policy/code_of_conduct.pdf fitchratings.com/web_content/credit_policy/code_of_conduct.pdf PROPN cblr-1735 411 1 [ [ X cblr-1735 411 2 http://per http://per X cblr-1735 411 3 ma.cc/uj9k-n9az ma.cc/uj9k-n9az PROPN cblr-1735 411 4 ] ] X cblr-1735 411 5 ( ( PUNCT cblr-1735 411 6 “ " PUNCT cblr-1735 411 7 fitch fitch VERB cblr-1735 411 8 conducts conduct VERB cblr-1735 411 9 a a DET cblr-1735 411 10 reasonable reasonable ADJ cblr-1735 411 11 investigation investigation NOUN cblr-1735 411 12 of of ADP cblr-1735 411 13 the the DET cblr-1735 411 14 factual factual ADJ cblr-1735 411 15 information information NOUN cblr-1735 411 16 relied rely VERB cblr-1735 411 17 upon upon SCONJ cblr-1735 411 18 by by ADP cblr-1735 411 19 it it PRON cblr-1735 411 20 in in ADP cblr-1735 411 21 accordance accordance NOUN cblr-1735 411 22 with with ADP cblr-1735 411 23 its its PRON cblr-1735 411 24 ratings rating NOUN cblr-1735 411 25 methodology methodology NOUN cblr-1735 411 26 , , PUNCT cblr-1735 411 27 and and CCONJ cblr-1735 411 28 obtains obtain VERB cblr-1735 411 29 reasonable reasonable ADJ cblr-1735 411 30 verification verification NOUN cblr-1735 411 31 of of ADP cblr-1735 411 32 that that DET cblr-1735 411 33 information information NOUN cblr-1735 411 34 from from ADP cblr-1735 411 35 independent independent ADJ cblr-1735 411 36 sources source NOUN cblr-1735 411 37 , , PUNCT cblr-1735 411 38 to to ADP cblr-1735 411 39 the the DET cblr-1735 411 40 extent extent NOUN cblr-1735 411 41 such such ADJ cblr-1735 411 42 sources source NOUN cblr-1735 411 43 are be AUX cblr-1735 411 44 available available ADJ cblr-1735 411 45 for for ADP cblr-1735 411 46 a a DET cblr-1735 411 47 given give VERB cblr-1735 411 48 security security NOUN cblr-1735 411 49 or or CCONJ cblr-1735 411 50 in in ADP cblr-1735 411 51 a a DET cblr-1735 411 52 given give VERB cblr-1735 411 53 jurisdiction jurisdiction NOUN cblr-1735 411 54 . . PUNCT cblr-1735 411 55 ” " PUNCT cblr-1735 411 56 ) ) PUNCT cblr-1735 411 57 ; ; PUNCT cblr-1735 411 58 moody moody PROPN cblr-1735 411 59 ’s ’s PART cblr-1735 411 60 inv’rs inv’rs NOUN cblr-1735 411 61 serv serv PROPN cblr-1735 411 62 . . PROPN cblr-1735 411 63 , , PUNCT cblr-1735 411 64 inc inc PROPN cblr-1735 411 65 . . PROPN cblr-1735 411 66 , , PUNCT cblr-1735 411 67 annual annual ADJ cblr-1735 411 68 certification certification NOUN cblr-1735 411 69 of of ADP cblr-1735 411 70 form form NOUN cblr-1735 411 71 nrsro nrsro ADJ cblr-1735 411 72 2013 2013 NUM cblr-1735 411 73 , , PUNCT cblr-1735 411 74 at at ADP cblr-1735 411 75 89 89 NUM cblr-1735 411 76 , , PUNCT cblr-1735 411 77 https://www.moodys.com/sites/ https://www.moodys.com/sites/ PROPN cblr-1735 411 78 products product NOUN cblr-1735 411 79 / / SYM cblr-1735 411 80 productattachments productattachment NOUN cblr-1735 411 81 / / SYM cblr-1735 411 82 sp27707_mis_nrsro%202014.pdf sp27707_mis_nrsro%202014.pdf NOUN cblr-1735 412 1 [ [ X cblr-1735 412 2 http:// http:// PROPN cblr-1735 412 3 perma.cc/m2hw-d8z5 perma.cc/m2hw-d8z5 PROPN cblr-1735 412 4 ] ] X cblr-1735 412 5 ( ( PUNCT cblr-1735 412 6 “ " PUNCT cblr-1735 412 7 before before ADP cblr-1735 412 8 using use VERB cblr-1735 412 9 data datum NOUN cblr-1735 412 10 provided provide VERB cblr-1735 412 11 by by ADP cblr-1735 412 12 an an DET cblr-1735 412 13 issuer issuer NOUN cblr-1735 412 14 or or CCONJ cblr-1735 412 15 its its PRON cblr-1735 412 16 agent agent NOUN cblr-1735 412 17 , , PUNCT cblr-1735 412 18 [ [ X cblr-1735 412 19 moody moody NOUN cblr-1735 412 20 ’s ’s PART cblr-1735 412 21 investors investor NOUN cblr-1735 412 22 service service PROPN cblr-1735 412 23 ] ] PUNCT cblr-1735 412 24 generally generally ADV cblr-1735 412 25 will will AUX cblr-1735 412 26 investigate investigate VERB cblr-1735 412 27 and and CCONJ cblr-1735 412 28 obtain obtain VERB cblr-1735 412 29 reasonable reasonable ADJ cblr-1735 412 30 verification verification NOUN cblr-1735 412 31 of of ADP cblr-1735 412 32 key key ADJ cblr-1735 412 33 factual factual ADJ cblr-1735 412 34 elements element NOUN cblr-1735 412 35 using use VERB cblr-1735 412 36 an an DET cblr-1735 412 37 independent independent ADJ cblr-1735 412 38 source source NOUN cblr-1735 412 39 , , PUNCT cblr-1735 412 40 including include VERB cblr-1735 412 41 by by ADP cblr-1735 412 42 comparison comparison NOUN cblr-1735 412 43 to to ADP cblr-1735 412 44 other other ADJ cblr-1735 412 45 information information NOUN cblr-1735 412 46 that that PRON cblr-1735 412 47 comes come VERB cblr-1735 412 48 from from ADP cblr-1735 412 49 sources source NOUN cblr-1735 412 50 that that PRON cblr-1735 412 51 are be AUX cblr-1735 412 52 independent independent ADJ cblr-1735 412 53 of of ADP cblr-1735 412 54 the the DET cblr-1735 412 55 issuer issuer NOUN cblr-1735 412 56 . . PUNCT cblr-1735 413 1 [ [ X cblr-1735 413 2 moody moody NOUN cblr-1735 413 3 ’s ’s PART cblr-1735 413 4 investors investor NOUN cblr-1735 413 5 service service PROPN cblr-1735 413 6 ] ] PUNCT cblr-1735 413 7 adopts adopt VERB cblr-1735 413 8 all all DET cblr-1735 413 9 necessary necessary ADJ cblr-1735 413 10 measures measure NOUN cblr-1735 413 11 so so SCONJ cblr-1735 413 12 that that SCONJ cblr-1735 413 13 the the DET cblr-1735 413 14 information information NOUN cblr-1735 413 15 it it PRON cblr-1735 413 16 uses use VERB cblr-1735 413 17 in in ADP cblr-1735 413 18 assigning assign VERB cblr-1735 413 19 a a DET cblr-1735 413 20 credit credit NOUN cblr-1735 413 21 rating rating NOUN cblr-1735 413 22 is be AUX cblr-1735 413 23 of of ADP cblr-1735 413 24 sufficient sufficient ADJ cblr-1735 413 25 quality quality NOUN cblr-1735 413 26 and and CCONJ cblr-1735 413 27 from from ADP cblr-1735 413 28 sources source NOUN cblr-1735 413 29 [ [ X cblr-1735 413 30 it it PRON cblr-1735 413 31 ] ] PUNCT cblr-1735 413 32 considers consider VERB cblr-1735 413 33 to to PART cblr-1735 413 34 be be AUX cblr-1735 413 35 reliable reliable ADJ cblr-1735 413 36 . . PUNCT cblr-1735 413 37 . . PUNCT cblr-1735 413 38 . . PUNCT cblr-1735 413 39 . . PUNCT cblr-1735 413 40 ” " PUNCT cblr-1735 413 41 ) ) PUNCT cblr-1735 413 42 . . PUNCT cblr-1735 414 1 guo guo PROPN cblr-1735 414 2 – – PUNCT cblr-1735 414 3 final final ADJ cblr-1735 414 4 210 210 NUM cblr-1735 414 5 columbia columbia PROPN cblr-1735 414 6 business business NOUN cblr-1735 414 7 law law PROPN cblr-1735 414 8 review review NOUN cblr-1735 414 9 [ [ X cblr-1735 414 10 vol vol NOUN cblr-1735 414 11 . . NOUN cblr-1735 414 12 2016 2016 NUM cblr-1735 414 13 prefer prefer VERB cblr-1735 414 14 to to PART cblr-1735 414 15 rely rely VERB cblr-1735 414 16 primarily primarily ADV cblr-1735 414 17 on on ADP cblr-1735 414 18 third third ADJ cblr-1735 414 19 - - PUNCT cblr-1735 414 20 party party NOUN cblr-1735 414 21 due due ADJ cblr-1735 414 22 diligence diligence NOUN cblr-1735 414 23 service service NOUN cblr-1735 414 24 providers provider NOUN cblr-1735 414 25 to to PART cblr-1735 414 26 satisfy satisfy VERB cblr-1735 414 27 the the DET cblr-1735 414 28 due due ADJ cblr-1735 414 29 diligence diligence NOUN cblr-1735 414 30 requirements requirement NOUN cblr-1735 414 31 imposed impose VERB cblr-1735 414 32 by by ADP cblr-1735 414 33 section section NOUN cblr-1735 414 34 933(b 933(b PROPN cblr-1735 414 35 ) ) PUNCT cblr-1735 414 36 , , PUNCT cblr-1735 414 37 citing cite VERB cblr-1735 414 38 the the DET cblr-1735 414 39 prohibitive prohibitive ADJ cblr-1735 414 40 expense expense NOUN cblr-1735 414 41 of of ADP cblr-1735 414 42 carrying carry VERB cblr-1735 414 43 out out ADP cblr-1735 414 44 their their PRON cblr-1735 414 45 own own ADJ cblr-1735 414 46 investigations.120 investigations.120 ADJ cblr-1735 414 47 thus thus ADV cblr-1735 414 48 , , PUNCT cblr-1735 414 49 the the DET cblr-1735 414 50 pertinent pertinent ADJ cblr-1735 414 51 standard standard NOUN cblr-1735 414 52 has have AUX cblr-1735 414 53 shifted shift VERB cblr-1735 414 54 from from ADP cblr-1735 414 55 actual actual ADJ cblr-1735 414 56 or or CCONJ cblr-1735 414 57 constructive constructive ADJ cblr-1735 414 58 knowledge knowledge NOUN cblr-1735 414 59 to to ADP cblr-1735 414 60 a a DET cblr-1735 414 61 duty duty NOUN cblr-1735 414 62 of of ADP cblr-1735 414 63 reasonable reasonable ADJ cblr-1735 414 64 verification verification NOUN cblr-1735 414 65 . . PUNCT cblr-1735 415 1 the the DET cblr-1735 415 2 securities securities PROPN cblr-1735 415 3 exchange exchange PROPN cblr-1735 415 4 commission commission PROPN cblr-1735 415 5 adopted adopt VERB cblr-1735 415 6 its its PRON cblr-1735 415 7 final final ADJ cblr-1735 415 8 rules rule NOUN cblr-1735 415 9 applicable applicable ADJ cblr-1735 415 10 to to ADP cblr-1735 415 11 nrsros nrsros PROPN cblr-1735 415 12 pursuant pursuant ADJ cblr-1735 415 13 to to ADP cblr-1735 415 14 dodd dodd PROPN cblr-1735 415 15 - - PUNCT cblr-1735 415 16 frank frank PROPN cblr-1735 415 17 sections section NOUN cblr-1735 415 18 932 932 NUM cblr-1735 415 19 , , PUNCT cblr-1735 415 20 936 936 NUM cblr-1735 415 21 , , PUNCT cblr-1735 415 22 and and CCONJ cblr-1735 415 23 938.121 938.121 NUM cblr-1735 415 24 the the DET cblr-1735 415 25 key key ADJ cblr-1735 415 26 new new ADJ cblr-1735 415 27 rules rule NOUN cblr-1735 415 28 , , PUNCT cblr-1735 415 29 in in ADP cblr-1735 415 30 light light NOUN cblr-1735 415 31 of of ADP cblr-1735 415 32 the the DET cblr-1735 415 33 shift shift NOUN cblr-1735 415 34 to to ADP cblr-1735 415 35 reasonable reasonable ADJ cblr-1735 415 36 verification verification NOUN cblr-1735 415 37 , , PUNCT cblr-1735 415 38 are be AUX cblr-1735 415 39 rules rule NOUN cblr-1735 415 40 15ga-2 15ga-2 NUM cblr-1735 415 41 and and CCONJ cblr-1735 415 42 17g-10.122 17g-10.122 NUM cblr-1735 415 43 for for ADP cblr-1735 415 44 asset asset NOUN cblr-1735 415 45 - 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- PUNCT cblr-1735 416 9 party party NOUN cblr-1735 416 10 due due ADJ cblr-1735 416 11 diligence diligence NOUN cblr-1735 416 12 services service NOUN cblr-1735 416 13 are be AUX cblr-1735 416 14 employed employ VERB cblr-1735 416 15 by by ADP cblr-1735 416 16 ” " PUNCT cblr-1735 416 17 an an DET cblr-1735 416 18 nrsro.123 nrsro.123 NOUN cblr-1735 416 19 the the DET cblr-1735 416 20 new new ADJ cblr-1735 416 21 rule rule NOUN cblr-1735 416 22 17g-10 17g-10 NUM cblr-1735 416 23 implements implement NOUN cblr-1735 416 24 section section NOUN cblr-1735 416 25 15e(s)(4)(b 15e(s)(4)(b NUM cblr-1735 416 26 ) ) PUNCT cblr-1735 416 27 and and CCONJ cblr-1735 416 28 specifies specify VERB cblr-1735 416 29 the the DET cblr-1735 416 30 use use NOUN cblr-1735 416 31 of of ADP cblr-1735 416 32 the the DET cblr-1735 416 33 new new ADJ cblr-1735 416 34 form form NOUN cblr-1735 416 35 abs ab NOUN cblr-1735 416 36 due due ADJ cblr-1735 416 37 diligence-15e.124 diligence-15e.124 NOUN cblr-1735 416 38 new new ADJ cblr-1735 416 39 rule rule NOUN cblr-1735 416 40 15ga-2 15ga-2 NUM cblr-1735 416 41 requires require VERB cblr-1735 416 42 issuers issuer NOUN cblr-1735 416 43 or or CCONJ cblr-1735 416 44 underwriters underwriter NOUN cblr-1735 416 45 of of ADP cblr-1735 416 46 asset asset NOUN cblr-1735 416 47 - - PUNCT cblr-1735 416 48 backed back VERB cblr-1735 416 49 securities security NOUN cblr-1735 416 50 to to PART cblr-1735 416 51 be be AUX cblr-1735 416 52 rated rate VERB cblr-1735 416 53 by by ADP cblr-1735 416 54 nrsros nrsros PROPN cblr-1735 416 55 and and CCONJ cblr-1735 416 56 to to PART cblr-1735 416 57 make make VERB cblr-1735 416 58 available available ADJ cblr-1735 416 59 the the DET cblr-1735 416 60 findings finding NOUN cblr-1735 416 61 and and CCONJ cblr-1735 416 62 conclusions conclusion NOUN cblr-1735 416 63 of of ADP cblr-1735 416 64 any any DET cblr-1735 416 65 third third ADJ cblr-1735 416 66 - - PUNCT cblr-1735 416 67 party party NOUN cblr-1735 416 68 due due ADJ cblr-1735 416 69 diligence diligence NOUN cblr-1735 416 70 report report NOUN cblr-1735 416 71 obtained obtain VERB cblr-1735 416 72 , , PUNCT cblr-1735 416 73 using use VERB cblr-1735 416 74 form form NOUN cblr-1735 416 75 abs-15g.125 abs-15g.125 SCONJ cblr-1735 416 76 these these DET cblr-1735 416 77 new new ADJ cblr-1735 416 78 rules rule NOUN cblr-1735 416 79 took take VERB cblr-1735 416 80 effect effect NOUN cblr-1735 416 81 on on ADP cblr-1735 416 82 june june PROPN cblr-1735 416 83 120 120 NUM cblr-1735 416 84 see see VERB cblr-1735 416 85 , , PUNCT cblr-1735 416 86 e.g. e.g. ADV cblr-1735 416 87 , , PUNCT cblr-1735 416 88 fitch fitch NOUN cblr-1735 416 89 ratings rating NOUN cblr-1735 416 90 , , PUNCT cblr-1735 416 91 comment comment NOUN cblr-1735 416 92 letter letter NOUN cblr-1735 416 93 on on ADP cblr-1735 416 94 proposed propose VERB cblr-1735 416 95 rule rule NOUN cblr-1735 416 96 on on ADP cblr-1735 416 97 issuer issuer ADJ cblr-1735 416 98 review review NOUN cblr-1735 416 99 of of ADP cblr-1735 416 100 assets asset NOUN cblr-1735 416 101 in in ADP cblr-1735 416 102 offerings offering NOUN cblr-1735 416 103 or or CCONJ cblr-1735 416 104 asset asset NOUN cblr-1735 416 105 - - PUNCT cblr-1735 416 106 backed back VERB cblr-1735 416 107 securities security NOUN cblr-1735 416 108 ( ( PUNCT cblr-1735 416 109 nov nov PROPN cblr-1735 416 110 . . PROPN cblr-1735 416 111 15 15 NUM cblr-1735 416 112 , , PUNCT cblr-1735 416 113 2010 2010 NUM cblr-1735 416 114 ) ) PUNCT cblr-1735 416 115 , , PUNCT cblr-1735 416 116 https://www.sec.gov/comments/s7-26-10/s72610-36.pdf https://www.sec.gov/comments/s7-26-10/s72610-36.pdf VERB cblr-1735 416 117 [ [ X cblr-1735 416 118 http://per http://per X cblr-1735 416 119 ma.cc/r3u4-rvz5 ma.cc/r3u4-rvz5 PROPN cblr-1735 416 120 ] ] PUNCT cblr-1735 416 121 . . PUNCT cblr-1735 417 1 121 121 NUM cblr-1735 417 2 see see VERB cblr-1735 417 3 press press NOUN cblr-1735 417 4 release release NOUN cblr-1735 417 5 , , PUNCT cblr-1735 417 6 sec sec PROPN cblr-1735 417 7 , , PUNCT cblr-1735 417 8 sec sec PROPN cblr-1735 417 9 adopts adopt VERB cblr-1735 417 10 credit credit NOUN cblr-1735 417 11 rating rating NOUN cblr-1735 417 12 agency agency NOUN cblr-1735 417 13 reform reform NOUN cblr-1735 417 14 rules rule NOUN cblr-1735 417 15 ( ( PUNCT cblr-1735 417 16 aug aug PROPN cblr-1735 417 17 . . PROPN cblr-1735 417 18 27 27 NUM cblr-1735 417 19 , , PUNCT cblr-1735 417 20 2014 2014 NUM cblr-1735 417 21 ) ) PUNCT cblr-1735 417 22 , , PUNCT cblr-1735 417 23 http://www.sec.gov/news/pressrelease/detail/press http://www.sec.gov/news/pressrelease/detail/press PROPN cblr-1735 417 24 release/1370542776658#.vlsirgtf8p4 release/1370542776658#.vlsirgtf8p4 PROPN cblr-1735 418 1 [ [ X cblr-1735 418 2 http://perma.cc/feb8-h8jf http://perma.cc/feb8-h8jf NOUN cblr-1735 418 3 ] ] X cblr-1735 418 4 ; ; PUNCT cblr-1735 418 5 see see AUX cblr-1735 418 6 also also ADV cblr-1735 418 7 nationally nationally ADV cblr-1735 418 8 recognized recognize VERB cblr-1735 418 9 statistical statistical ADJ cblr-1735 418 10 rating rating NOUN cblr-1735 418 11 organizations organization NOUN cblr-1735 418 12 , , PUNCT cblr-1735 418 13 79 79 NUM cblr-1735 418 14 fed feed VERB cblr-1735 418 15 . . PUNCT cblr-1735 419 1 reg reg PROPN cblr-1735 419 2 . . PUNCT cblr-1735 420 1 55,078 55,078 NUM cblr-1735 420 2 ( ( PUNCT cblr-1735 420 3 sept sept PROPN cblr-1735 420 4 . . PROPN cblr-1735 420 5 15 15 NUM cblr-1735 420 6 , , PUNCT cblr-1735 420 7 2014 2014 NUM cblr-1735 420 8 ) ) PUNCT cblr-1735 420 9 ( ( PUNCT cblr-1735 420 10 to to PART cblr-1735 420 11 be be AUX cblr-1735 420 12 codified codify VERB cblr-1735 420 13 at at ADP cblr-1735 420 14 17 17 NUM cblr-1735 420 15 c.f.r c.f.r NOUN cblr-1735 420 16 . . PUNCT cblr-1735 421 1 pts pts PROPN cblr-1735 421 2 . . PROPN cblr-1735 421 3 232 232 NUM cblr-1735 421 4 , , PUNCT cblr-1735 421 5 240 240 NUM cblr-1735 421 6 , , PUNCT cblr-1735 421 7 249 249 NUM cblr-1735 421 8 , , PUNCT cblr-1735 421 9 & & CCONJ cblr-1735 421 10 249b 249b NUM cblr-1735 421 11 ) ) PUNCT cblr-1735 422 1 [ [ X cblr-1735 422 2 hereinafter hereinafter NOUN cblr-1735 422 3 sec sec PROPN cblr-1735 422 4 release release NOUN cblr-1735 422 5 ] ] PUNCT cblr-1735 422 6 . . PUNCT cblr-1735 423 1 122 122 NUM cblr-1735 423 2 17 17 NUM cblr-1735 423 3 c.f.r c.f.r NOUN cblr-1735 423 4 . . PUNCT cblr-1735 424 1 § § PROPN cblr-1735 424 2 § § PROPN cblr-1735 424 3 240.15ga-2 240.15ga-2 NUM cblr-1735 424 4 , , PUNCT cblr-1735 424 5 240.17g-10 240.17g-10 NUM cblr-1735 424 6 ( ( PUNCT cblr-1735 424 7 2015 2015 NUM cblr-1735 424 8 ) ) PUNCT cblr-1735 424 9 . . PUNCT cblr-1735 425 1 123 123 NUM cblr-1735 425 2 15 15 NUM cblr-1735 425 3 u.s.c u.s.c NOUN cblr-1735 425 4 . . PUNCT cblr-1735 426 1 § § PROPN cblr-1735 426 2 78o-7(s)(4)(b 78o-7(s)(4)(b PROPN cblr-1735 426 3 ) ) PUNCT cblr-1735 426 4 ( ( PUNCT cblr-1735 426 5 2012 2012 NUM cblr-1735 426 6 ) ) PUNCT cblr-1735 426 7 . . PUNCT cblr-1735 427 1 124 124 NUM cblr-1735 427 2 see see AUX cblr-1735 427 3 nationally nationally ADV cblr-1735 427 4 recognized recognize VERB cblr-1735 427 5 statistical statistical ADJ cblr-1735 427 6 rating rating NOUN cblr-1735 427 7 organizations organization NOUN cblr-1735 427 8 , , PUNCT cblr-1735 427 9 76 76 NUM cblr-1735 427 10 fed fed PROPN cblr-1735 427 11 . . PUNCT cblr-1735 428 1 reg reg PROPN cblr-1735 428 2 . . PROPN cblr-1735 428 3 33,420 33,420 NUM cblr-1735 428 4 , , PUNCT cblr-1735 428 5 33,471 33,471 NUM cblr-1735 428 6 ( ( PUNCT cblr-1735 428 7 proposed propose VERB cblr-1735 428 8 june june PROPN cblr-1735 428 9 8 8 NUM cblr-1735 428 10 , , PUNCT cblr-1735 428 11 2011 2011 NUM cblr-1735 428 12 ) ) PUNCT cblr-1735 428 13 ( ( PUNCT cblr-1735 428 14 to to PART cblr-1735 428 15 be be AUX cblr-1735 428 16 codified codify VERB cblr-1735 428 17 at at ADP cblr-1735 428 18 17 17 NUM cblr-1735 428 19 c.f.r c.f.r NOUN cblr-1735 428 20 . . PUNCT cblr-1735 429 1 pts pts PROPN cblr-1735 429 2 . . PROPN cblr-1735 429 3 232 232 NUM cblr-1735 429 4 , , PUNCT cblr-1735 429 5 240 240 NUM cblr-1735 429 6 , , PUNCT cblr-1735 429 7 249 249 NUM cblr-1735 429 8 , , PUNCT cblr-1735 429 9 & & CCONJ cblr-1735 429 10 249b 249b PROPN cblr-1735 429 11 ) ) PUNCT cblr-1735 429 12 ; ; PUNCT cblr-1735 429 13 see see VERB cblr-1735 429 14 also also ADV cblr-1735 429 15 sec sec PROPN cblr-1735 429 16 release release NOUN cblr-1735 429 17 , , PUNCT cblr-1735 429 18 supra supra PROPN cblr-1735 429 19 note note NOUN cblr-1735 429 20 121 121 NUM cblr-1735 429 21 , , PUNCT cblr-1735 429 22 at at ADP cblr-1735 429 23 55,245 55,245 NUM cblr-1735 429 24 . . PUNCT cblr-1735 430 1 125 125 NUM cblr-1735 430 2 see see VERB cblr-1735 430 3 nationally nationally ADV cblr-1735 430 4 recognized recognize VERB cblr-1735 430 5 statistical statistical ADJ cblr-1735 430 6 rating rating NOUN cblr-1735 430 7 organizations organization NOUN cblr-1735 430 8 , , PUNCT cblr-1735 430 9 76 76 NUM cblr-1735 430 10 fed fed PROPN cblr-1735 430 11 . . PUNCT cblr-1735 431 1 reg reg PROPN cblr-1735 431 2 at at ADP cblr-1735 431 3 33,466–67 33,466–67 NUM cblr-1735 431 4 ; ; PUNCT cblr-1735 431 5 see see VERB cblr-1735 431 6 also also ADV cblr-1735 431 7 sec sec PROPN cblr-1735 431 8 release release NOUN cblr-1735 431 9 , , PUNCT cblr-1735 431 10 supra supra PROPN cblr-1735 431 11 note note NOUN cblr-1735 431 12 121 121 NUM cblr-1735 431 13 , , PUNCT cblr-1735 431 14 at at ADP cblr-1735 431 15 55,183 55,183 NUM cblr-1735 431 16 – – PUNCT cblr-1735 431 17 84 84 NUM cblr-1735 431 18 . . PUNCT cblr-1735 432 1 guo guo PROPN cblr-1735 432 2 – – PUNCT cblr-1735 432 3 final final ADJ cblr-1735 432 4 no no NOUN cblr-1735 432 5 . . PUNCT cblr-1735 433 1 1:184 1:184 NUM cblr-1735 433 2 ] ] PUNCT cblr-1735 433 3 credit credit NOUN cblr-1735 433 4 rating rating NOUN cblr-1735 433 5 agency agency NOUN cblr-1735 433 6 reform reform NOUN cblr-1735 433 7 211 211 NUM cblr-1735 433 8 15 15 NUM cblr-1735 433 9 , , PUNCT cblr-1735 433 10 2015,126 2015,126 NUM cblr-1735 433 11 and and CCONJ cblr-1735 433 12 as as ADP cblr-1735 433 13 a a DET cblr-1735 433 14 result result NOUN cblr-1735 433 15 , , PUNCT cblr-1735 433 16 the the DET cblr-1735 433 17 dynamic dynamic NOUN cblr-1735 433 18 between between ADP cblr-1735 433 19 nrsros nrsros PROPN cblr-1735 433 20 , , PUNCT cblr-1735 433 21 issuers issuer NOUN cblr-1735 433 22 , , PUNCT cblr-1735 433 23 and and CCONJ cblr-1735 433 24 third third ADJ cblr-1735 433 25 - - PUNCT cblr-1735 433 26 party party NOUN cblr-1735 433 27 due due ADJ cblr-1735 433 28 diligence diligence NOUN cblr-1735 433 29 service service NOUN cblr-1735 433 30 providers provider NOUN cblr-1735 433 31 has have AUX cblr-1735 433 32 changed change VERB cblr-1735 433 33 . . PUNCT cblr-1735 434 1 it it PRON cblr-1735 434 2 is be AUX cblr-1735 434 3 uncertain uncertain ADJ cblr-1735 434 4 at at ADP cblr-1735 434 5 this this DET cblr-1735 434 6 point point NOUN cblr-1735 434 7 which which DET cblr-1735 434 8 party party NOUN cblr-1735 434 9 will will AUX cblr-1735 434 10 bear bear VERB cblr-1735 434 11 the the DET cblr-1735 434 12 greater great ADJ cblr-1735 434 13 risk risk NOUN cblr-1735 434 14 of of ADP cblr-1735 434 15 litigation litigation NOUN cblr-1735 434 16 as as ADP cblr-1735 434 17 a a DET cblr-1735 434 18 result result NOUN cblr-1735 434 19 of of ADP cblr-1735 434 20 a a DET cblr-1735 434 21 ratings rating NOUN cblr-1735 434 22 failure failure NOUN cblr-1735 434 23 , , PUNCT cblr-1735 434 24 and and CCONJ cblr-1735 434 25 how how SCONJ cblr-1735 434 26 these these DET cblr-1735 434 27 new new ADJ cblr-1735 434 28 rules rule NOUN cblr-1735 434 29 will will AUX cblr-1735 434 30 affect affect VERB cblr-1735 434 31 section section PROPN cblr-1735 434 32 933(b 933(b PROPN cblr-1735 434 33 ) ) PUNCT cblr-1735 434 34 ’s ’s PART cblr-1735 434 35 effectiveness effectiveness NOUN cblr-1735 434 36 going go VERB cblr-1735 434 37 forward forward ADV cblr-1735 434 38 . . PUNCT cblr-1735 435 1 v. v. ADP cblr-1735 435 2 possible possible ADJ cblr-1735 435 3 explanations explanation NOUN cblr-1735 435 4 of of ADP cblr-1735 435 5 section section NOUN cblr-1735 435 6 933(b 933(b PROPN cblr-1735 435 7 ) ) PUNCT cblr-1735 435 8 ’s ’s PART cblr-1735 435 9 perceived perceive VERB cblr-1735 435 10 ineffectiveness ineffectiveness NOUN cblr-1735 435 11 a. a. PROPN cblr-1735 435 12 reduced reduce VERB cblr-1735 435 13 efficacy efficacy NOUN cblr-1735 435 14 of of ADP cblr-1735 435 15 10b-5 10b-5 NUM cblr-1735 435 16 litigation litigation NOUN cblr-1735 435 17 an an DET cblr-1735 435 18 important important ADJ cblr-1735 435 19 factor factor NOUN cblr-1735 435 20 to to PART cblr-1735 435 21 consider consider VERB cblr-1735 435 22 in in ADP cblr-1735 435 23 determining determine VERB cblr-1735 435 24 why why SCONJ cblr-1735 435 25 section section NOUN cblr-1735 435 26 933(b 933(b PROPN cblr-1735 435 27 ) ) PUNCT cblr-1735 435 28 has have AUX cblr-1735 435 29 not not PART cblr-1735 435 30 produced produce VERB cblr-1735 435 31 its its PRON cblr-1735 435 32 anticipated anticipated ADJ cblr-1735 435 33 effect effect NOUN cblr-1735 435 34 in in ADP cblr-1735 435 35 the the DET cblr-1735 435 36 judicial judicial ADJ cblr-1735 435 37 system system NOUN cblr-1735 435 38 is be AUX cblr-1735 435 39 the the DET cblr-1735 435 40 efficacy efficacy NOUN cblr-1735 435 41 of of ADP cblr-1735 435 42 federal federal ADJ cblr-1735 435 43 securities security NOUN cblr-1735 435 44 fraud fraud PROPN cblr-1735 435 45 litigation litigation PROPN cblr-1735 435 46 in in ADP cblr-1735 435 47 general general ADJ cblr-1735 435 48 , , PUNCT cblr-1735 435 49 especially especially ADV cblr-1735 435 50 relative relative ADJ cblr-1735 435 51 to to ADP cblr-1735 435 52 litigation litigation NOUN cblr-1735 435 53 grounded ground VERB cblr-1735 435 54 in in ADP cblr-1735 435 55 securities security NOUN cblr-1735 435 56 act act PROPN cblr-1735 435 57 section section NOUN cblr-1735 435 58 11 11 NUM cblr-1735 435 59 and and CCONJ cblr-1735 435 60 12 12 NUM cblr-1735 435 61 claims claim NOUN cblr-1735 435 62 , , PUNCT cblr-1735 435 63 or or CCONJ cblr-1735 435 64 state state NOUN cblr-1735 435 65 common common ADJ cblr-1735 435 66 law law NOUN cblr-1735 435 67 fraud fraud NOUN cblr-1735 435 68 claims claim VERB cblr-1735 435 69 . . PUNCT cblr-1735 436 1 because because SCONJ cblr-1735 436 2 section section NOUN cblr-1735 436 3 933(b 933(b PROPN cblr-1735 436 4 ) ) PUNCT cblr-1735 436 5 modifies modify VERB cblr-1735 436 6 the the DET cblr-1735 436 7 pslra pslra NOUN cblr-1735 436 8 ’s ’s PART cblr-1735 436 9 requirements requirement NOUN cblr-1735 436 10 for for ADP cblr-1735 436 11 securities security NOUN cblr-1735 436 12 fraud fraud NOUN cblr-1735 436 13 actions action NOUN cblr-1735 436 14 , , PUNCT cblr-1735 436 15 it it PRON cblr-1735 436 16 affects affect VERB cblr-1735 436 17 only only ADV cblr-1735 436 18 claims claim NOUN cblr-1735 436 19 of of ADP cblr-1735 436 20 violations violation NOUN cblr-1735 436 21 of of ADP cblr-1735 436 22 the the DET cblr-1735 436 23 securities securities PROPN cblr-1735 436 24 exchange exchange PROPN cblr-1735 436 25 act act NOUN cblr-1735 436 26 of of ADP cblr-1735 436 27 1934 1934 NUM cblr-1735 436 28 , , PUNCT cblr-1735 436 29 which which PRON cblr-1735 436 30 are be AUX cblr-1735 436 31 primarily primarily ADV cblr-1735 436 32 section section NOUN cblr-1735 436 33 10(b 10(b NUM cblr-1735 436 34 ) ) PUNCT cblr-1735 436 35 claims.127 claims.127 PROPN cblr-1735 436 36 u.s u.s PROPN cblr-1735 436 37 . . PROPN cblr-1735 436 38 supreme supreme PROPN cblr-1735 436 39 court court PROPN cblr-1735 436 40 decisions decision NOUN cblr-1735 436 41 in in ADP cblr-1735 436 42 recent recent ADJ cblr-1735 436 43 years year NOUN cblr-1735 436 44 have have AUX cblr-1735 436 45 greatly greatly ADV cblr-1735 436 46 narrowed narrow VERB cblr-1735 436 47 the the DET cblr-1735 436 48 scope scope NOUN cblr-1735 436 49 of of ADP cblr-1735 436 50 private private ADJ cblr-1735 436 51 actions action NOUN cblr-1735 436 52 under under ADP cblr-1735 436 53 section section NOUN cblr-1735 436 54 10(b 10(b NUM cblr-1735 436 55 ) ) PUNCT cblr-1735 436 56 and and CCONJ cblr-1735 436 57 rule rule VERB cblr-1735 436 58 10b-5.128 10b-5.128 NUM cblr-1735 436 59 as as ADP cblr-1735 436 60 a a DET cblr-1735 436 61 result result NOUN cblr-1735 436 62 , , PUNCT cblr-1735 436 63 private private ADJ cblr-1735 436 64 plaintiffs plaintiff NOUN cblr-1735 436 65 have have AUX cblr-1735 436 66 fallen fall VERB cblr-1735 436 67 back back ADV cblr-1735 436 68 on on ADP cblr-1735 436 69 state state NOUN cblr-1735 436 70 common common ADJ cblr-1735 436 71 law law NOUN cblr-1735 436 72 claims claim NOUN cblr-1735 436 73 of of ADP cblr-1735 436 74 fraud fraud NOUN cblr-1735 436 75 and and CCONJ cblr-1735 436 76 negligent negligent ADJ cblr-1735 436 77 misrepresentation.129 misrepresentation.129 PROPN cblr-1735 436 78 one one NOUN cblr-1735 436 79 can can AUX cblr-1735 436 80 thus thus ADV cblr-1735 436 81 infer infer VERB cblr-1735 436 82 that that SCONJ cblr-1735 436 83 section section NOUN cblr-1735 436 84 933(b 933(b PROPN cblr-1735 436 85 ) ) PUNCT cblr-1735 436 86 ’s ’s PART cblr-1735 436 87 potential potential ADJ cblr-1735 436 88 pro pro ADJ cblr-1735 436 89 - - ADJ cblr-1735 436 90 plaintiff plaintiff ADJ cblr-1735 436 91 effect effect NOUN cblr-1735 436 92 on on ADP cblr-1735 436 93 private private ADJ cblr-1735 436 94 securities security NOUN cblr-1735 436 95 fraud fraud NOUN cblr-1735 436 96 litigation litigation NOUN cblr-1735 436 97 is be AUX cblr-1735 436 98 not not PART cblr-1735 436 99 sufficient sufficient ADJ cblr-1735 436 100 to to PART cblr-1735 436 101 overcome overcome VERB cblr-1735 436 102 the the DET cblr-1735 436 103 concurrent concurrent ADJ cblr-1735 436 104 reduction reduction NOUN cblr-1735 436 105 in in ADP cblr-1735 436 106 the the DET cblr-1735 436 107 efficacy efficacy NOUN cblr-1735 436 108 of of ADP cblr-1735 436 109 section section NOUN cblr-1735 436 110 10(b 10(b NUM cblr-1735 436 111 ) ) PUNCT cblr-1735 436 112 litigation litigation NOUN cblr-1735 436 113 in in ADP cblr-1735 436 114 general general ADJ cblr-1735 436 115 , , PUNCT cblr-1735 436 116 at at ADV cblr-1735 436 117 least least ADJ cblr-1735 436 118 as as SCONJ cblr-1735 436 119 perceived perceive VERB cblr-1735 436 120 by by ADP cblr-1735 436 121 plaintiffs plaintiff NOUN cblr-1735 436 122 when when SCONJ cblr-1735 436 123 evaluating evaluate VERB cblr-1735 436 124 their their PRON cblr-1735 436 125 choice choice NOUN cblr-1735 436 126 of of ADP cblr-1735 436 127 which which PRON cblr-1735 436 128 claims claim VERB cblr-1735 436 129 to to PART cblr-1735 436 130 allege allege VERB cblr-1735 436 131 . . PUNCT cblr-1735 437 1 consequently consequently ADV cblr-1735 437 2 , , PUNCT cblr-1735 437 3 section section NOUN cblr-1735 437 4 933(b 933(b PROPN cblr-1735 437 5 ) ) PUNCT cblr-1735 437 6 ’s ’s PART cblr-1735 437 7 effect effect NOUN cblr-1735 437 8 has have AUX cblr-1735 437 9 not not PART cblr-1735 437 10 been be AUX cblr-1735 437 11 apparent apparent ADJ cblr-1735 437 12 through through ADP cblr-1735 437 13 private private ADJ cblr-1735 437 14 actions action NOUN cblr-1735 437 15 filed file VERB cblr-1735 437 16 in in ADP cblr-1735 437 17 recent recent ADJ cblr-1735 437 18 years year NOUN cblr-1735 437 19 . . PUNCT cblr-1735 438 1 126 126 NUM cblr-1735 438 2 see see VERB cblr-1735 438 3 sec sec PROPN cblr-1735 438 4 release release NOUN cblr-1735 438 5 , , PUNCT cblr-1735 438 6 supra supra PROPN cblr-1735 438 7 note note NOUN cblr-1735 438 8 121 121 NUM cblr-1735 438 9 , , PUNCT cblr-1735 438 10 at at ADP cblr-1735 438 11 55,078 55,078 NUM cblr-1735 438 12 . . PUNCT cblr-1735 439 1 127 127 NUM cblr-1735 439 2 see see VERB cblr-1735 439 3 supra supra PROPN cblr-1735 439 4 part part NOUN cblr-1735 439 5 iii.b iii.b PROPN cblr-1735 439 6 . . PROPN cblr-1735 439 7 128 128 NUM cblr-1735 439 8 see see VERB cblr-1735 439 9 supra supra PROPN cblr-1735 439 10 part part NOUN cblr-1735 439 11 iii.b iii.b X cblr-1735 439 12 . . PUNCT cblr-1735 440 1 the the DET cblr-1735 440 2 restriction restriction NOUN cblr-1735 440 3 against against ADP cblr-1735 440 4 private private ADJ cblr-1735 440 5 recovery recovery NOUN cblr-1735 440 6 for for ADP cblr-1735 440 7 aider aider NOUN cblr-1735 440 8 and and CCONJ cblr-1735 440 9 abettor abettor NOUN cblr-1735 440 10 liability liability NOUN cblr-1735 440 11 as as ADV cblr-1735 440 12 well well ADV cblr-1735 440 13 as as ADP cblr-1735 440 14 the the DET cblr-1735 440 15 restriction restriction NOUN cblr-1735 440 16 on on ADP cblr-1735 440 17 recovery recovery NOUN cblr-1735 440 18 from from ADP cblr-1735 440 19 any any DET cblr-1735 440 20 defendant defendant NOUN cblr-1735 440 21 who who PRON cblr-1735 440 22 lacked lack VERB cblr-1735 440 23 ultimate ultimate ADJ cblr-1735 440 24 authority authority NOUN cblr-1735 440 25 over over ADP cblr-1735 440 26 misleading mislead VERB cblr-1735 440 27 statements statement NOUN cblr-1735 440 28 have have AUX cblr-1735 440 29 rendered render VERB cblr-1735 440 30 section section NOUN cblr-1735 440 31 10(b 10(b NUM cblr-1735 440 32 ) ) PUNCT cblr-1735 440 33 much much ADV cblr-1735 440 34 less less ADV cblr-1735 440 35 effective effective ADJ cblr-1735 440 36 for for ADP cblr-1735 440 37 private private ADJ cblr-1735 440 38 plaintiffs plaintiff NOUN cblr-1735 440 39 . . PUNCT cblr-1735 441 1 129 129 NUM cblr-1735 441 2 see see VERB cblr-1735 441 3 supra supra PROPN cblr-1735 441 4 part part PROPN cblr-1735 441 5 iv.b iv.b PROPN cblr-1735 441 6 . . PUNCT cblr-1735 442 1 guo guo PROPN cblr-1735 442 2 – – PUNCT cblr-1735 442 3 final final ADJ cblr-1735 442 4 212 212 NUM cblr-1735 442 5 columbia columbia PROPN cblr-1735 442 6 business business NOUN cblr-1735 442 7 law law NOUN cblr-1735 442 8 review review NOUN cblr-1735 442 9 [ [ X cblr-1735 442 10 vol vol NOUN cblr-1735 442 11 . . NOUN cblr-1735 442 12 2016 2016 NUM cblr-1735 442 13 to to PART cblr-1735 442 14 address address VERB cblr-1735 442 15 this this DET cblr-1735 442 16 issue issue NOUN cblr-1735 442 17 , , PUNCT cblr-1735 442 18 policymakers policymaker NOUN cblr-1735 442 19 would would AUX cblr-1735 442 20 need need VERB cblr-1735 442 21 to to PART cblr-1735 442 22 either either CCONJ cblr-1735 442 23 address address VERB cblr-1735 442 24 the the DET cblr-1735 442 25 underlying underlie VERB cblr-1735 442 26 barriers barrier NOUN cblr-1735 442 27 to to ADP cblr-1735 442 28 success success NOUN cblr-1735 442 29 in in ADP cblr-1735 442 30 section section NOUN cblr-1735 442 31 10(b 10(b NUM cblr-1735 442 32 ) ) PUNCT cblr-1735 442 33 litigation litigation NOUN cblr-1735 442 34 or or CCONJ cblr-1735 442 35 change change VERB cblr-1735 442 36 the the DET cblr-1735 442 37 public public ADJ cblr-1735 442 38 perception perception NOUN cblr-1735 442 39 of of ADP cblr-1735 442 40 section section NOUN cblr-1735 442 41 933(b 933(b PROPN cblr-1735 442 42 ) ) PUNCT cblr-1735 442 43 ’s ’s PART cblr-1735 442 44 potential potential ADJ cblr-1735 442 45 effectiveness effectiveness NOUN cblr-1735 442 46 in in ADP cblr-1735 442 47 overcoming overcome VERB cblr-1735 442 48 these these DET cblr-1735 442 49 barriers barrier NOUN cblr-1735 442 50 . . PUNCT cblr-1735 443 1 the the DET cblr-1735 443 2 former former ADJ cblr-1735 443 3 would would AUX cblr-1735 443 4 require require VERB cblr-1735 443 5 undoing undo VERB cblr-1735 443 6 much much ADJ cblr-1735 443 7 of of ADP cblr-1735 443 8 the the DET cblr-1735 443 9 court court NOUN cblr-1735 443 10 ’s ’s PART cblr-1735 443 11 recent recent ADJ cblr-1735 443 12 section section NOUN cblr-1735 443 13 10(b 10(b NUM cblr-1735 443 14 ) ) PUNCT cblr-1735 443 15 jurisprudence jurisprudence NOUN cblr-1735 443 16 , , PUNCT cblr-1735 443 17 and and CCONJ cblr-1735 443 18 as as ADP cblr-1735 443 19 such such ADJ cblr-1735 443 20 , , PUNCT cblr-1735 443 21 will will AUX cblr-1735 443 22 most most ADV cblr-1735 443 23 likely likely ADV cblr-1735 443 24 prove prove VERB cblr-1735 443 25 to to PART cblr-1735 443 26 be be AUX cblr-1735 443 27 prohibitively prohibitively ADV cblr-1735 443 28 difficult difficult ADJ cblr-1735 443 29 and and CCONJ cblr-1735 443 30 unadvisable unadvisable ADJ cblr-1735 443 31 . . PUNCT cblr-1735 444 1 the the DET cblr-1735 444 2 latter latter ADJ cblr-1735 444 3 option option NOUN cblr-1735 444 4 is be AUX cblr-1735 444 5 more more ADV cblr-1735 444 6 promising promising ADJ cblr-1735 444 7 , , PUNCT cblr-1735 444 8 and and CCONJ cblr-1735 444 9 it it PRON cblr-1735 444 10 might might AUX cblr-1735 444 11 be be AUX cblr-1735 444 12 carried carry VERB cblr-1735 444 13 out out ADP cblr-1735 444 14 through through ADP cblr-1735 444 15 clarifications clarification NOUN cblr-1735 444 16 on on ADP cblr-1735 444 17 the the DET cblr-1735 444 18 specific specific ADJ cblr-1735 444 19 elements element NOUN cblr-1735 444 20 required require VERB cblr-1735 444 21 to to PART cblr-1735 444 22 prove prove VERB cblr-1735 444 23 a a DET cblr-1735 444 24 failure failure NOUN cblr-1735 444 25 by by ADP cblr-1735 444 26 cras cras PROPN cblr-1735 444 27 to to PART cblr-1735 444 28 carry carry VERB cblr-1735 444 29 out out ADP cblr-1735 444 30 reasonable reasonable ADJ cblr-1735 444 31 investigation investigation NOUN cblr-1735 444 32 and and CCONJ cblr-1735 444 33 verification verification NOUN cblr-1735 444 34 of of ADP cblr-1735 444 35 the the DET cblr-1735 444 36 factual factual ADJ cblr-1735 444 37 elements element NOUN cblr-1735 444 38 of of ADP cblr-1735 444 39 the the DET cblr-1735 444 40 ratings rating NOUN cblr-1735 444 41 they they PRON cblr-1735 444 42 issue issue VERB cblr-1735 444 43 . . PUNCT cblr-1735 445 1 the the DET cblr-1735 445 2 sec sec PROPN cblr-1735 445 3 could could AUX cblr-1735 445 4 issue issue VERB cblr-1735 445 5 these these DET cblr-1735 445 6 clarifications clarification NOUN cblr-1735 445 7 in in ADP cblr-1735 445 8 a a DET cblr-1735 445 9 timely timely ADJ cblr-1735 445 10 manner manner NOUN cblr-1735 445 11 , , PUNCT cblr-1735 445 12 and and CCONJ cblr-1735 445 13 they they PRON cblr-1735 445 14 would would AUX cblr-1735 445 15 function function VERB cblr-1735 445 16 similarly similarly ADV cblr-1735 445 17 to to ADP cblr-1735 445 18 the the DET cblr-1735 445 19 court court NOUN cblr-1735 445 20 ’s ’s PART cblr-1735 445 21 clarification clarification NOUN cblr-1735 445 22 of of ADP cblr-1735 445 23 the the DET cblr-1735 445 24 heightened heighten VERB cblr-1735 445 25 pleadings pleading NOUN cblr-1735 445 26 standard standard NOUN cblr-1735 445 27 in in ADP cblr-1735 445 28 tellabs tellab NOUN cblr-1735 445 29 , , PUNCT cblr-1735 445 30 which which PRON cblr-1735 445 31 gave give VERB cblr-1735 445 32 teeth tooth NOUN cblr-1735 445 33 to to ADP cblr-1735 445 34 the the DET cblr-1735 445 35 standard standard NOUN cblr-1735 445 36 introduced introduce VERB cblr-1735 445 37 by by ADP cblr-1735 445 38 the the DET cblr-1735 445 39 pslra.130 pslra.130 PROPN cblr-1735 445 40 the the DET cblr-1735 445 41 current current ADJ cblr-1735 445 42 uncertainty uncertainty NOUN cblr-1735 445 43 with with ADP cblr-1735 445 44 respect respect NOUN cblr-1735 445 45 to to ADP cblr-1735 445 46 how how SCONJ cblr-1735 445 47 this this DET cblr-1735 445 48 failure failure NOUN cblr-1735 445 49 might might AUX cblr-1735 445 50 be be AUX cblr-1735 445 51 alleged allege VERB cblr-1735 445 52 and and CCONJ cblr-1735 445 53 proven prove VERB cblr-1735 445 54 is be AUX cblr-1735 445 55 likely likely ADJ cblr-1735 445 56 to to PART cblr-1735 445 57 influence influence VERB cblr-1735 445 58 prospective prospective ADJ cblr-1735 445 59 plaintiffs plaintiff NOUN cblr-1735 445 60 in in ADP cblr-1735 445 61 their their PRON cblr-1735 445 62 decision decision NOUN cblr-1735 445 63 over over ADP cblr-1735 445 64 whether whether SCONJ cblr-1735 445 65 to to PART cblr-1735 445 66 file file VERB cblr-1735 445 67 a a DET cblr-1735 445 68 claim claim NOUN cblr-1735 445 69 under under ADP cblr-1735 445 70 section section NOUN cblr-1735 445 71 10(b 10(b NUM cblr-1735 445 72 ) ) PUNCT cblr-1735 445 73 . . PUNCT cblr-1735 446 1 this this PRON cblr-1735 446 2 in in ADP cblr-1735 446 3 turn turn NOUN cblr-1735 446 4 reduces reduce VERB cblr-1735 446 5 the the DET cblr-1735 446 6 efficacy efficacy NOUN cblr-1735 446 7 of of ADP cblr-1735 446 8 section section NOUN cblr-1735 446 9 933(b 933(b PROPN cblr-1735 446 10 ) ) PUNCT cblr-1735 446 11 . . PUNCT cblr-1735 447 1 b. b. PROPN cblr-1735 447 2 boilerplate boilerplate ADJ cblr-1735 447 3 assertions assertion NOUN cblr-1735 447 4 by by ADP cblr-1735 447 5 cras cra NOUN cblr-1735 447 6 in in ADP cblr-1735 447 7 their their PRON cblr-1735 447 8 respective respective ADJ cblr-1735 447 9 codes code NOUN cblr-1735 447 10 of of ADP cblr-1735 447 11 conduct conduct NOUN cblr-1735 447 12 another another DET cblr-1735 447 13 closely closely ADV cblr-1735 447 14 - - PUNCT cblr-1735 447 15 related relate VERB cblr-1735 447 16 , , PUNCT cblr-1735 447 17 potential potential ADJ cblr-1735 447 18 reason reason NOUN cblr-1735 447 19 for for ADP cblr-1735 447 20 section section NOUN cblr-1735 447 21 933(b 933(b PROPN cblr-1735 447 22 ) ) PUNCT cblr-1735 447 23 ’s ’s PART cblr-1735 447 24 lack lack NOUN cblr-1735 447 25 of of ADP cblr-1735 447 26 perceived perceive VERB cblr-1735 447 27 effect effect NOUN cblr-1735 447 28 in in ADP cblr-1735 447 29 the the DET cblr-1735 447 30 courts court NOUN cblr-1735 447 31 is be AUX cblr-1735 447 32 the the DET cblr-1735 447 33 perceived perceive VERB cblr-1735 447 34 difficulty difficulty NOUN cblr-1735 447 35 in in ADP cblr-1735 447 36 pleading plead VERB cblr-1735 447 37 with with ADP cblr-1735 447 38 particularity particularity NOUN cblr-1735 447 39 cras cras X cblr-1735 447 40 ’ ' PUNCT cblr-1735 447 41 failure failure NOUN cblr-1735 447 42 to to PART cblr-1735 447 43 carry carry VERB cblr-1735 447 44 out out ADP cblr-1735 447 45 their their PRON cblr-1735 447 46 due due ADJ cblr-1735 447 47 diligence diligence NOUN cblr-1735 447 48 duties duty NOUN cblr-1735 447 49 , , PUNCT cblr-1735 447 50 in in ADP cblr-1735 447 51 light light NOUN cblr-1735 447 52 of of ADP cblr-1735 447 53 the the DET cblr-1735 447 54 major major ADJ cblr-1735 447 55 cras cras X cblr-1735 447 56 ’ ' PUNCT cblr-1735 447 57 adoption adoption NOUN cblr-1735 447 58 of of ADP cblr-1735 447 59 boilerplate boilerplate ADJ cblr-1735 447 60 assertions assertion NOUN cblr-1735 447 61 of of ADP cblr-1735 447 62 due due ADJ cblr-1735 447 63 diligence diligence NOUN cblr-1735 447 64 in in ADP cblr-1735 447 65 their their PRON cblr-1735 447 66 respective respective ADJ cblr-1735 447 67 codes code NOUN cblr-1735 447 68 of of ADP cblr-1735 447 69 conduct conduct NOUN cblr-1735 447 70 and and CCONJ cblr-1735 447 71 forms form NOUN cblr-1735 447 72 nrsro.131 nrsro.131 VERB cblr-1735 447 73 prior prior ADV cblr-1735 447 74 to to ADP cblr-1735 447 75 discovery discovery NOUN cblr-1735 447 76 , , PUNCT cblr-1735 447 77 it it PRON cblr-1735 447 78 is be AUX cblr-1735 447 79 unlikely unlikely ADJ cblr-1735 447 80 that that SCONJ cblr-1735 447 81 prospective prospective ADJ cblr-1735 447 82 plaintiffs plaintiff NOUN cblr-1735 447 83 will will AUX cblr-1735 447 84 have have VERB cblr-1735 447 85 sufficient sufficient ADJ cblr-1735 447 86 information information NOUN cblr-1735 447 87 as as ADP cblr-1735 447 88 to to ADP cblr-1735 447 89 the the DET cblr-1735 447 90 internal internal ADJ cblr-1735 447 91 processes process NOUN cblr-1735 447 92 of of ADP cblr-1735 447 93 a a DET cblr-1735 447 94 cra cra PROPN cblr-1735 447 95 and and CCONJ cblr-1735 447 96 specific specific ADJ cblr-1735 447 97 deviations deviation NOUN cblr-1735 447 98 from from ADP cblr-1735 447 99 the the DET cblr-1735 447 100 proper proper ADJ cblr-1735 447 101 due due ADJ cblr-1735 447 102 diligence diligence NOUN cblr-1735 447 103 procedures procedure NOUN cblr-1735 447 104 asserted assert VERB cblr-1735 447 105 in in ADP cblr-1735 447 106 its its PRON cblr-1735 447 107 codes code NOUN cblr-1735 447 108 of of ADP cblr-1735 447 109 conduct conduct NOUN cblr-1735 447 110 to to PART cblr-1735 447 111 be be AUX cblr-1735 447 112 able able ADJ cblr-1735 447 113 to to PART cblr-1735 447 114 allege allege VERB cblr-1735 447 115 such such ADJ cblr-1735 447 116 deviations deviation NOUN cblr-1735 447 117 with with ADP cblr-1735 447 118 particularity particularity NOUN cblr-1735 447 119 ( ( PUNCT cblr-1735 447 120 i.e. i.e. X cblr-1735 447 121 , , PUNCT cblr-1735 447 122 as as ADP cblr-1735 447 123 “ " PUNCT cblr-1735 447 124 factual factual ADJ cblr-1735 447 125 contentions contention NOUN cblr-1735 447 126 [ [ X cblr-1735 447 127 with with ADP cblr-1735 447 128 ] ] PUNCT cblr-1735 447 129 evidentiary evidentiary ADJ cblr-1735 447 130 support support NOUN cblr-1735 447 131 ” " PUNCT cblr-1735 447 132 ) ) PUNCT cblr-1735 447 133 , , PUNCT cblr-1735 447 134 as as SCONJ cblr-1735 447 135 required require VERB cblr-1735 447 136 by by ADP cblr-1735 447 137 130 130 NUM cblr-1735 447 138 see see NOUN cblr-1735 447 139 cozzarelli cozzarelli NOUN cblr-1735 447 140 v. v. ADP cblr-1735 447 141 inspire inspire PROPN cblr-1735 447 142 pharm pharm PROPN cblr-1735 447 143 . . PUNCT cblr-1735 447 144 inc inc PROPN cblr-1735 447 145 . . PROPN cblr-1735 447 146 , , PUNCT cblr-1735 447 147 549 549 NUM cblr-1735 447 148 f.3d f.3d NUM cblr-1735 447 149 618 618 NUM cblr-1735 447 150 , , PUNCT cblr-1735 447 151 624 624 NUM cblr-1735 447 152 ( ( PUNCT cblr-1735 447 153 4th 4th ADJ cblr-1735 447 154 cir cir NOUN cblr-1735 447 155 . . PROPN cblr-1735 447 156 2008 2008 NUM cblr-1735 447 157 ) ) PUNCT cblr-1735 447 158 . . PUNCT cblr-1735 448 1 131 131 NUM cblr-1735 448 2 see see VERB cblr-1735 448 3 supra supra PROPN cblr-1735 448 4 note note PROPN cblr-1735 448 5 119 119 NUM cblr-1735 448 6 and and CCONJ cblr-1735 448 7 accompanying accompany VERB cblr-1735 448 8 text text NOUN cblr-1735 448 9 . . PUNCT cblr-1735 449 1 guo guo PROPN cblr-1735 449 2 – – PUNCT cblr-1735 449 3 final final ADJ cblr-1735 449 4 no no NOUN cblr-1735 449 5 . . PUNCT cblr-1735 450 1 1:184 1:184 NUM cblr-1735 450 2 ] ] PUNCT cblr-1735 450 3 credit credit NOUN cblr-1735 450 4 rating rating NOUN cblr-1735 450 5 agency agency NOUN cblr-1735 450 6 reform reform NOUN cblr-1735 450 7 213 213 NUM cblr-1735 450 8 federal federal ADJ cblr-1735 450 9 rule rule NOUN cblr-1735 450 10 of of ADP cblr-1735 450 11 civil civil ADJ cblr-1735 450 12 procedure procedure NOUN cblr-1735 450 13 11(b).132 11(b).132 NUM cblr-1735 450 14 plaintiffs plaintiff NOUN cblr-1735 450 15 likely likely ADV cblr-1735 450 16 will will AUX cblr-1735 450 17 not not PART cblr-1735 450 18 be be AUX cblr-1735 450 19 able able ADJ cblr-1735 450 20 to to PART cblr-1735 450 21 overcome overcome VERB cblr-1735 450 22 the the DET cblr-1735 450 23 boilerplate boilerplate ADJ cblr-1735 450 24 provisions provision NOUN cblr-1735 450 25 in in ADP cblr-1735 450 26 cras cras X cblr-1735 450 27 ’ ' PUNCT cblr-1735 450 28 codes code NOUN cblr-1735 450 29 of of ADP cblr-1735 450 30 conduct conduct NOUN cblr-1735 450 31 without without ADP cblr-1735 450 32 running run VERB cblr-1735 450 33 a a DET cblr-1735 450 34 significant significant ADJ cblr-1735 450 35 risk risk NOUN cblr-1735 450 36 of of ADP cblr-1735 450 37 being be AUX cblr-1735 450 38 sanctioned sanction VERB cblr-1735 450 39 under under ADP cblr-1735 450 40 federal federal ADJ cblr-1735 450 41 rule rule NOUN cblr-1735 450 42 of of ADP cblr-1735 450 43 civil civil ADJ cblr-1735 450 44 procedure procedure NOUN cblr-1735 450 45 11(c).133 11(c).133 NUM cblr-1735 450 46 potential potential ADJ cblr-1735 450 47 policy policy NOUN cblr-1735 450 48 changes change NOUN cblr-1735 450 49 to to PART cblr-1735 450 50 address address VERB cblr-1735 450 51 this this DET cblr-1735 450 52 problem problem NOUN cblr-1735 450 53 include include VERB cblr-1735 450 54 instituting institute VERB cblr-1735 450 55 a a DET cblr-1735 450 56 safe safe ADJ cblr-1735 450 57 harbor harbor NOUN cblr-1735 450 58 from from ADP cblr-1735 450 59 sanctions sanction NOUN cblr-1735 450 60 for for ADP cblr-1735 450 61 plaintiffs plaintiff NOUN cblr-1735 450 62 in in ADP cblr-1735 450 63 the the DET cblr-1735 450 64 particular particular ADJ cblr-1735 450 65 situation situation NOUN cblr-1735 450 66 of of ADP cblr-1735 450 67 private private ADJ cblr-1735 450 68 10(b 10(b NUM cblr-1735 450 69 ) ) PUNCT cblr-1735 450 70 suits suit NOUN cblr-1735 450 71 against against ADP cblr-1735 450 72 rating rating NOUN cblr-1735 450 73 agencies agency NOUN cblr-1735 450 74 . . PUNCT cblr-1735 451 1 this this PRON cblr-1735 451 2 can can AUX cblr-1735 451 3 be be AUX cblr-1735 451 4 justified justify VERB cblr-1735 451 5 given give VERB cblr-1735 451 6 the the DET cblr-1735 451 7 elevated elevated ADJ cblr-1735 451 8 asymmetry asymmetry NOUN cblr-1735 451 9 in in ADP cblr-1735 451 10 access access NOUN cblr-1735 451 11 to to ADP cblr-1735 451 12 information information NOUN cblr-1735 451 13 between between ADP cblr-1735 451 14 plaintiffs plaintiff NOUN cblr-1735 451 15 and and CCONJ cblr-1735 451 16 rating rating NOUN cblr-1735 451 17 agency agency NOUN cblr-1735 451 18 defendants defendant NOUN cblr-1735 451 19 in in ADP cblr-1735 451 20 private private ADJ cblr-1735 451 21 securities security NOUN cblr-1735 451 22 fraud fraud NOUN cblr-1735 451 23 actions,134 actions,134 PROPN cblr-1735 451 24 as as ADV cblr-1735 451 25 well well ADV cblr-1735 451 26 as as ADP cblr-1735 451 27 the the DET cblr-1735 451 28 overall overall ADJ cblr-1735 451 29 importance importance NOUN cblr-1735 451 30 of of ADP cblr-1735 451 31 cras cras X cblr-1735 451 32 ’ ' PUNCT cblr-1735 451 33 role role NOUN cblr-1735 451 34 as as ADP cblr-1735 451 35 gatekeepers gatekeeper NOUN cblr-1735 451 36 to to ADP cblr-1735 451 37 the the DET cblr-1735 451 38 financial financial ADJ cblr-1735 451 39 markets.135 markets.135 NOUN cblr-1735 451 40 another another DET cblr-1735 451 41 potential potential ADJ cblr-1735 451 42 policy policy NOUN cblr-1735 451 43 fix fix NOUN cblr-1735 451 44 would would AUX cblr-1735 451 45 be be AUX cblr-1735 451 46 to to PART cblr-1735 451 47 allow allow VERB cblr-1735 451 48 limited limited ADJ cblr-1735 451 49 discovery discovery NOUN cblr-1735 451 50 pending pende VERB cblr-1735 451 51 a a DET cblr-1735 451 52 motion motion NOUN cblr-1735 451 53 to to PART cblr-1735 451 54 dismiss dismiss VERB cblr-1735 451 55 in in ADP cblr-1735 451 56 private private ADJ cblr-1735 451 57 securities security NOUN cblr-1735 451 58 fraud fraud NOUN cblr-1735 451 59 actions action NOUN cblr-1735 451 60 against against ADP cblr-1735 451 61 cras cras X cblr-1735 451 62 . . PUNCT cblr-1735 452 1 c. c. PROPN cblr-1735 452 2 potential potential ADJ cblr-1735 452 3 non non ADJ cblr-1735 452 4 - - ADJ cblr-1735 452 5 judicial judicial ADJ cblr-1735 452 6 reasons reason NOUN cblr-1735 452 7 for for ADP cblr-1735 452 8 perceived perceive VERB cblr-1735 452 9 ineffectiveness ineffectiveness NOUN cblr-1735 452 10 in in ADP cblr-1735 452 11 addition addition NOUN cblr-1735 452 12 to to ADP cblr-1735 452 13 the the DET cblr-1735 452 14 potential potential ADJ cblr-1735 452 15 reasons reason NOUN cblr-1735 452 16 listed list VERB cblr-1735 452 17 in in ADP cblr-1735 452 18 parts part NOUN cblr-1735 452 19 iv.a iv.a NOUN cblr-1735 452 20 and and CCONJ cblr-1735 452 21 iv.b iv.b NOUN cblr-1735 452 22 above above ADV cblr-1735 452 23 , , PUNCT cblr-1735 452 24 there there PRON cblr-1735 452 25 are be VERB cblr-1735 452 26 a a DET cblr-1735 452 27 number number NOUN cblr-1735 452 28 of of ADP cblr-1735 452 29 non non ADJ cblr-1735 452 30 - - ADJ cblr-1735 452 31 judicial judicial ADJ cblr-1735 452 32 factors factor NOUN cblr-1735 452 33 that that PRON cblr-1735 452 34 may may AUX cblr-1735 452 35 be be AUX cblr-1735 452 36 contributing contribute VERB cblr-1735 452 37 to to ADP cblr-1735 452 38 the the DET cblr-1735 452 39 perceived perceive VERB cblr-1735 452 40 ineffectiveness ineffectiveness NOUN cblr-1735 452 41 of of ADP cblr-1735 452 42 section section NOUN cblr-1735 452 43 933(b 933(b PROPN cblr-1735 452 44 ) ) PUNCT cblr-1735 452 45 . . PUNCT cblr-1735 453 1 these these DET cblr-1735 453 2 factors factor NOUN cblr-1735 453 3 may may AUX cblr-1735 453 4 not not PART cblr-1735 453 5 require require VERB cblr-1735 453 6 a a DET cblr-1735 453 7 policy policy NOUN cblr-1735 453 8 response response NOUN cblr-1735 453 9 , , PUNCT cblr-1735 453 10 but but CCONJ cblr-1735 453 11 they they PRON cblr-1735 453 12 are be AUX cblr-1735 453 13 important important ADJ cblr-1735 453 14 to to PART cblr-1735 453 15 consider consider VERB cblr-1735 453 16 when when SCONJ cblr-1735 453 17 evaluating evaluate VERB cblr-1735 453 18 the the DET cblr-1735 453 19 overall overall ADJ cblr-1735 453 20 effectiveness effectiveness NOUN cblr-1735 453 21 of of ADP cblr-1735 453 22 section section NOUN cblr-1735 453 23 933(b 933(b PROPN cblr-1735 453 24 ) ) PUNCT cblr-1735 453 25 . . PUNCT cblr-1735 454 1 132 132 NUM cblr-1735 454 2 fed fed PROPN cblr-1735 454 3 . . PUNCT cblr-1735 455 1 r. r. PROPN cblr-1735 455 2 civ civ PROPN cblr-1735 455 3 . . PUNCT cblr-1735 456 1 p. p. NOUN cblr-1735 456 2 11(b 11(b NUM cblr-1735 456 3 ) ) PUNCT cblr-1735 456 4 . . PUNCT cblr-1735 457 1 133 133 NUM cblr-1735 457 2 see see VERB cblr-1735 457 3 fed fed PROPN cblr-1735 457 4 . . PUNCT cblr-1735 458 1 r. r. PROPN cblr-1735 458 2 civ civ PROPN cblr-1735 458 3 . . PUNCT cblr-1735 459 1 p. p. NOUN cblr-1735 459 2 11(c 11(c NUM cblr-1735 459 3 ) ) PUNCT cblr-1735 459 4 . . PUNCT cblr-1735 460 1 134 134 NUM cblr-1735 460 2 arthur arthur PROPN cblr-1735 460 3 r. r. PROPN cblr-1735 460 4 miller miller PROPN cblr-1735 460 5 , , PUNCT cblr-1735 460 6 from from ADP cblr-1735 460 7 conley conley NOUN cblr-1735 460 8 to to ADP cblr-1735 460 9 twombly twombly PROPN cblr-1735 460 10 to to PART cblr-1735 460 11 iqbal iqbal VERB cblr-1735 460 12 : : PUNCT cblr-1735 460 13 a a DET cblr-1735 460 14 double double ADJ cblr-1735 460 15 play play NOUN cblr-1735 460 16 on on ADP cblr-1735 460 17 the the DET cblr-1735 460 18 federal federal ADJ cblr-1735 460 19 rules rule NOUN cblr-1735 460 20 of of ADP cblr-1735 460 21 civil civil ADJ cblr-1735 460 22 procedure procedure NOUN cblr-1735 460 23 , , PUNCT cblr-1735 460 24 60 60 NUM cblr-1735 460 25 duke duke PROPN cblr-1735 460 26 l.j l.j PROPN cblr-1735 460 27 . . PROPN cblr-1735 460 28 1 1 NUM cblr-1735 460 29 , , PUNCT cblr-1735 460 30 45 45 NUM cblr-1735 460 31 ( ( PUNCT cblr-1735 460 32 2010 2010 NUM cblr-1735 460 33 ) ) PUNCT cblr-1735 460 34 ( ( PUNCT cblr-1735 460 35 “ " PUNCT cblr-1735 460 36 this this DET cblr-1735 460 37 problem problem NOUN cblr-1735 460 38 of of ADP cblr-1735 460 39 information information NOUN cblr-1735 460 40 asymmetry asymmetry NOUN cblr-1735 460 41 — — PUNCT cblr-1735 460 42 which which PRON cblr-1735 460 43 generally generally ADV cblr-1735 460 44 is be AUX cblr-1735 460 45 a a DET cblr-1735 460 46 much much ADV cblr-1735 460 47 more more ADV cblr-1735 460 48 formidable formidable ADJ cblr-1735 460 49 concern concern NOUN cblr-1735 460 50 for for ADP cblr-1735 460 51 plaintiffs plaintiff NOUN cblr-1735 460 52 than than ADP cblr-1735 460 53 for for ADP cblr-1735 460 54 defendants defendant NOUN cblr-1735 460 55 — — PUNCT cblr-1735 460 56 presents present VERB cblr-1735 460 57 itself itself PRON cblr-1735 460 58 in in ADP cblr-1735 460 59 many many ADJ cblr-1735 460 60 litigation litigation NOUN cblr-1735 460 61 contexts contexts NOUN cblr-1735 460 62 . . PUNCT cblr-1735 461 1 it it PRON cblr-1735 461 2 is be AUX cblr-1735 461 3 prevalent prevalent ADJ cblr-1735 461 4 in in ADP cblr-1735 461 5 actions action NOUN cblr-1735 461 6 challenging challenge VERB cblr-1735 461 7 the the DET cblr-1735 461 8 conduct conduct NOUN cblr-1735 461 9 of of ADP cblr-1735 461 10 large large ADJ cblr-1735 461 11 institutions institution NOUN cblr-1735 461 12 — — PUNCT cblr-1735 461 13 for for ADP cblr-1735 461 14 example example NOUN cblr-1735 461 15 , , PUNCT cblr-1735 461 16 antitrust antitrust ADJ cblr-1735 461 17 and and CCONJ cblr-1735 461 18 securities security NOUN cblr-1735 461 19 cases case NOUN cblr-1735 461 20 — — PUNCT cblr-1735 461 21 when when SCONJ cblr-1735 461 22 the the DET cblr-1735 461 23 necessary necessary ADJ cblr-1735 461 24 information information NOUN cblr-1735 461 25 relating relate VERB cblr-1735 461 26 to to ADP cblr-1735 461 27 issues issue NOUN cblr-1735 461 28 such such ADJ cblr-1735 461 29 as as ADP cblr-1735 461 30 fraud fraud NOUN cblr-1735 461 31 , , PUNCT cblr-1735 461 32 conspiracy conspiracy NOUN cblr-1735 461 33 , , PUNCT cblr-1735 461 34 price price NOUN cblr-1735 461 35 - - PUNCT cblr-1735 461 36 fixing fixing NOUN cblr-1735 461 37 , , PUNCT cblr-1735 461 38 and and CCONJ cblr-1735 461 39 corporate corporate ADJ cblr-1735 461 40 governance governance NOUN cblr-1735 461 41 can can AUX cblr-1735 461 42 be be AUX cblr-1735 461 43 found find VERB cblr-1735 461 44 only only ADV cblr-1735 461 45 in in ADP cblr-1735 461 46 the the DET cblr-1735 461 47 defendant defendant NOUN cblr-1735 461 48 's 's PART cblr-1735 461 49 files file NOUN cblr-1735 461 50 and and CCONJ cblr-1735 461 51 computers computer NOUN cblr-1735 461 52 . . PUNCT cblr-1735 462 1 the the DET cblr-1735 462 2 problem problem NOUN cblr-1735 462 3 is be AUX cblr-1735 462 4 exacerbated exacerbate VERB cblr-1735 462 5 in in ADP cblr-1735 462 6 multiple multiple ADJ cblr-1735 462 7 - - PUNCT cblr-1735 462 8 defendant defendant NOUN cblr-1735 462 9 situations situation NOUN cblr-1735 462 10 in in ADP cblr-1735 462 11 which which PRON cblr-1735 462 12 access access NOUN cblr-1735 462 13 to to ADP cblr-1735 462 14 information information NOUN cblr-1735 462 15 is be AUX cblr-1735 462 16 critical critical ADJ cblr-1735 462 17 to to ADP cblr-1735 462 18 indicating indicate VERB cblr-1735 462 19 the the DET cblr-1735 462 20 alleged alleged ADJ cblr-1735 462 21 wrongdoing wrongdoing NOUN cblr-1735 462 22 in in ADP cblr-1735 462 23 order order NOUN cblr-1735 462 24 to to PART cblr-1735 462 25 focus focus VERB cblr-1735 462 26 on on ADP cblr-1735 462 27 the the DET cblr-1735 462 28 alleged allege VERB cblr-1735 462 29 wrongdoer wrongdoer NOUN cblr-1735 462 30 . . PUNCT cblr-1735 462 31 ” " PUNCT cblr-1735 462 32 ) ) PUNCT cblr-1735 462 33 . . PUNCT cblr-1735 463 1 135 135 NUM cblr-1735 463 2 see see VERB cblr-1735 463 3 supra supra PROPN cblr-1735 463 4 part part PROPN cblr-1735 463 5 ii ii PROPN cblr-1735 463 6 . . PUNCT cblr-1735 463 7 guo guo PROPN cblr-1735 463 8 – – PUNCT cblr-1735 463 9 final final ADJ cblr-1735 463 10 214 214 NUM cblr-1735 463 11 columbia columbia PROPN cblr-1735 463 12 business business NOUN cblr-1735 463 13 law law PROPN cblr-1735 463 14 review review NOUN cblr-1735 463 15 [ [ X cblr-1735 463 16 vol vol NOUN cblr-1735 463 17 . . NOUN cblr-1735 463 18 2016 2016 NUM cblr-1735 463 19 1 1 NUM cblr-1735 463 20 . . PUNCT cblr-1735 463 21 out out ADP cblr-1735 463 22 - - PUNCT cblr-1735 463 23 of of ADP cblr-1735 463 24 - - PUNCT cblr-1735 463 25 court court NOUN cblr-1735 463 26 settlements settlement NOUN cblr-1735 463 27 only only ADV cblr-1735 463 28 a a DET cblr-1735 463 29 fraction fraction NOUN cblr-1735 463 30 of of ADP cblr-1735 463 31 all all DET cblr-1735 463 32 legal legal ADJ cblr-1735 463 33 disputes dispute NOUN cblr-1735 463 34 proceed proceed VERB cblr-1735 463 35 beyond beyond ADP cblr-1735 463 36 the the DET cblr-1735 463 37 initial initial ADJ cblr-1735 463 38 pleadings pleading NOUN cblr-1735 463 39 stage stage NOUN cblr-1735 463 40 , , PUNCT cblr-1735 463 41 often often ADV cblr-1735 463 42 because because SCONJ cblr-1735 463 43 they they PRON cblr-1735 463 44 are be AUX cblr-1735 463 45 dropped drop VERB cblr-1735 463 46 or or CCONJ cblr-1735 463 47 settled settle VERB cblr-1735 463 48 out out ADP cblr-1735 463 49 of of ADP cblr-1735 463 50 court.136 court.136 ADJ cblr-1735 463 51 however however ADV cblr-1735 463 52 , , PUNCT cblr-1735 463 53 corporate corporate ADJ cblr-1735 463 54 defendants defendant NOUN cblr-1735 463 55 generally generally ADV cblr-1735 463 56 have have VERB cblr-1735 463 57 very very ADV cblr-1735 463 58 little little ADJ cblr-1735 463 59 incentive incentive NOUN cblr-1735 463 60 to to PART cblr-1735 463 61 settle settle VERB cblr-1735 463 62 cases case NOUN cblr-1735 463 63 with with ADP cblr-1735 463 64 private private ADJ cblr-1735 463 65 plaintiffs plaintiff NOUN cblr-1735 463 66 in in ADP cblr-1735 463 67 the the DET cblr-1735 463 68 initial initial ADJ cblr-1735 463 69 pleadings pleading NOUN cblr-1735 463 70 stages stage NOUN cblr-1735 463 71 , , PUNCT cblr-1735 463 72 since since SCONJ cblr-1735 463 73 they they PRON cblr-1735 463 74 benefit benefit VERB cblr-1735 463 75 from from ADP cblr-1735 463 76 the the DET cblr-1735 463 77 stay stay NOUN cblr-1735 463 78 on on ADP cblr-1735 463 79 discovery discovery NOUN cblr-1735 463 80 pending pende VERB cblr-1735 463 81 motions motion NOUN cblr-1735 463 82 to to PART cblr-1735 463 83 dismiss dismiss VERB cblr-1735 463 84 , , PUNCT cblr-1735 463 85 and and CCONJ cblr-1735 463 86 the the DET cblr-1735 463 87 process process NOUN cblr-1735 463 88 of of ADP cblr-1735 463 89 filing file VERB cblr-1735 463 90 a a DET cblr-1735 463 91 motion motion NOUN cblr-1735 463 92 to to PART cblr-1735 463 93 dismiss dismiss VERB cblr-1735 463 94 is be AUX cblr-1735 463 95 not not PART cblr-1735 463 96 resource resource NOUN cblr-1735 463 97 - - PUNCT cblr-1735 463 98 intensive intensive ADJ cblr-1735 463 99 . . PUNCT cblr-1735 464 1 thus thus ADV cblr-1735 464 2 , , PUNCT cblr-1735 464 3 the the DET cblr-1735 464 4 potential potential NOUN cblr-1735 464 5 for for ADP cblr-1735 464 6 disputes dispute NOUN cblr-1735 464 7 to to PART cblr-1735 464 8 be be AUX cblr-1735 464 9 settled settle VERB cblr-1735 464 10 outside outside ADV cblr-1735 464 11 of of ADP cblr-1735 464 12 the the DET cblr-1735 464 13 judicial judicial ADJ cblr-1735 464 14 process process NOUN cblr-1735 464 15 does do AUX cblr-1735 464 16 not not PART cblr-1735 464 17 explain explain VERB cblr-1735 464 18 the the DET cblr-1735 464 19 lack lack NOUN cblr-1735 464 20 of of ADP cblr-1735 464 21 decisions decision NOUN cblr-1735 464 22 ruling rule VERB cblr-1735 464 23 on on ADP cblr-1735 464 24 rule rule NOUN cblr-1735 464 25 12(b)(6 12(b)(6 NUM cblr-1735 464 26 ) ) PUNCT cblr-1735 464 27 motions motion NOUN cblr-1735 464 28 to to PART cblr-1735 464 29 dismiss dismiss VERB cblr-1735 464 30 . . PUNCT cblr-1735 465 1 furthermore furthermore ADV cblr-1735 465 2 , , PUNCT cblr-1735 465 3 out out ADV cblr-1735 465 4 - - PUNCT cblr-1735 465 5 of of ADP cblr-1735 465 6 - - PUNCT cblr-1735 465 7 court court NOUN cblr-1735 465 8 settlements settlement NOUN cblr-1735 465 9 would would AUX cblr-1735 465 10 not not PART cblr-1735 465 11 explain explain VERB cblr-1735 465 12 the the DET cblr-1735 465 13 complete complete ADJ cblr-1735 465 14 lack lack NOUN cblr-1735 465 15 of of ADP cblr-1735 465 16 complaints complaint NOUN cblr-1735 465 17 filed file VERB cblr-1735 465 18 in in ADP cblr-1735 465 19 federal federal ADJ cblr-1735 465 20 court court NOUN cblr-1735 465 21 against against ADP cblr-1735 465 22 cras cras PROPN cblr-1735 465 23 citing cite VERB cblr-1735 465 24 the the DET cblr-1735 465 25 lowered lower VERB cblr-1735 465 26 scienter scienter NOUN cblr-1735 465 27 requirement.137 requirement.137 NUM cblr-1735 465 28 2 2 NUM cblr-1735 465 29 . . PUNCT cblr-1735 465 30 changes change NOUN cblr-1735 465 31 in in ADP cblr-1735 465 32 underlying underlie VERB cblr-1735 465 33 ratings rating NOUN cblr-1735 465 34 methodology methodology NOUN cblr-1735 465 35 a a DET cblr-1735 465 36 potentially potentially ADV cblr-1735 465 37 positive positive ADJ cblr-1735 465 38 reason reason NOUN cblr-1735 465 39 for for ADP cblr-1735 465 40 the the DET cblr-1735 465 41 lack lack NOUN cblr-1735 465 42 of of ADP cblr-1735 465 43 perceived perceive VERB cblr-1735 465 44 effectiveness effectiveness NOUN cblr-1735 465 45 of of ADP cblr-1735 465 46 section section NOUN cblr-1735 465 47 933(b 933(b PROPN cblr-1735 465 48 ) ) PUNCT cblr-1735 465 49 in in ADP cblr-1735 465 50 federal federal ADJ cblr-1735 465 51 securities security NOUN cblr-1735 465 52 actions action NOUN cblr-1735 465 53 brought bring VERB cblr-1735 465 54 since since SCONJ cblr-1735 465 55 dodd dodd PROPN cblr-1735 465 56 - - PUNCT cblr-1735 465 57 frank frank PROPN cblr-1735 465 58 ’s ’s PART cblr-1735 465 59 enactment enactment NOUN cblr-1735 465 60 could could AUX cblr-1735 465 61 be be AUX cblr-1735 465 62 that that SCONJ cblr-1735 465 63 cras cras PROPN cblr-1735 465 64 have have AUX cblr-1735 465 65 changed change VERB cblr-1735 465 66 their their PRON cblr-1735 465 67 underlying underlie VERB cblr-1735 465 68 ratings rating NOUN cblr-1735 465 69 methodologies methodology NOUN cblr-1735 465 70 to to PART cblr-1735 465 71 reflect reflect VERB cblr-1735 465 72 greater great ADJ cblr-1735 465 73 attention attention NOUN cblr-1735 465 74 to to ADP cblr-1735 465 75 independent independent ADJ cblr-1735 465 76 verification verification NOUN cblr-1735 465 77 and and CCONJ cblr-1735 465 78 due due ADJ cblr-1735 465 79 diligence diligence NOUN cblr-1735 465 80 , , PUNCT cblr-1735 465 81 thus thus ADV cblr-1735 465 82 preemptively preemptively ADV cblr-1735 465 83 reducing reduce VERB cblr-1735 465 84 their their PRON cblr-1735 465 85 exposure exposure NOUN cblr-1735 465 86 to to ADP cblr-1735 465 87 private private ADJ cblr-1735 465 88 securities security NOUN cblr-1735 465 89 class class NOUN cblr-1735 465 90 actions action NOUN cblr-1735 465 91 . . PUNCT cblr-1735 466 1 if if SCONJ cblr-1735 466 2 this this PRON cblr-1735 466 3 were be AUX cblr-1735 466 4 the the DET cblr-1735 466 5 case case NOUN cblr-1735 466 6 , , PUNCT cblr-1735 466 7 it it PRON cblr-1735 466 8 might might AUX cblr-1735 466 9 imply imply VERB cblr-1735 466 10 that that PRON cblr-1735 466 11 section section NOUN cblr-1735 466 12 933(b 933(b PROPN cblr-1735 466 13 ) ) PUNCT cblr-1735 466 14 has have AUX cblr-1735 466 15 been be AUX cblr-1735 466 16 effective effective ADJ cblr-1735 466 17 at at ADP cblr-1735 466 18 bringing bring VERB cblr-1735 466 19 about about ADP cblr-1735 466 20 desired desire VERB cblr-1735 466 21 cra cra PROPN cblr-1735 466 22 reform reform NOUN cblr-1735 466 23 . . PUNCT cblr-1735 467 1 however however ADV cblr-1735 467 2 , , PUNCT cblr-1735 467 3 it it PRON cblr-1735 467 4 would would AUX cblr-1735 467 5 be be AUX cblr-1735 467 6 difficult difficult ADJ cblr-1735 467 7 to to PART cblr-1735 467 8 isolate isolate VERB cblr-1735 467 9 the the DET cblr-1735 467 10 changes change NOUN cblr-1735 467 11 attributable attributable ADJ cblr-1735 467 12 to to ADP cblr-1735 467 13 section section NOUN cblr-1735 467 14 933(b 933(b PROPN cblr-1735 467 15 ) ) PUNCT cblr-1735 467 16 in in ADP cblr-1735 467 17 particular particular ADJ cblr-1735 467 18 , , PUNCT cblr-1735 467 19 given give VERB cblr-1735 467 20 the the DET cblr-1735 467 21 array array NOUN cblr-1735 467 22 of of ADP cblr-1735 467 23 policy policy NOUN cblr-1735 467 24 changes change NOUN cblr-1735 467 25 adopted adopt VERB cblr-1735 467 26 as as ADP cblr-1735 467 27 a a DET cblr-1735 467 28 package package NOUN cblr-1735 467 29 in in ADP cblr-1735 467 30 dodd dodd PROPN cblr-1735 467 31 - - PUNCT cblr-1735 467 32 frank frank PROPN cblr-1735 467 33 . . PUNCT cblr-1735 468 1 it it PRON cblr-1735 468 2 is be AUX cblr-1735 468 3 also also ADV cblr-1735 468 4 fairly fairly ADV cblr-1735 468 5 unlikely unlikely ADJ cblr-1735 468 6 that that SCONJ cblr-1735 468 7 this this DET cblr-1735 468 8 underlying underlie VERB cblr-1735 468 9 improvement improvement NOUN cblr-1735 468 10 in in ADP cblr-1735 468 11 the the DET cblr-1735 468 12 cra cra PROPN cblr-1735 468 13 ratings rating NOUN cblr-1735 468 14 process process NOUN cblr-1735 468 15 has have AUX cblr-1735 468 16 taken take VERB cblr-1735 468 17 place place NOUN cblr-1735 468 18 — — PUNCT cblr-1735 468 19 ratings rating NOUN cblr-1735 468 20 agencies agency NOUN cblr-1735 468 21 likely likely ADV cblr-1735 468 22 would would AUX cblr-1735 468 23 not not PART cblr-1735 468 24 willingly willingly ADV cblr-1735 468 25 incur incur VERB cblr-1735 468 26 the the DET cblr-1735 468 27 significant significant ADJ cblr-1735 468 28 costs cost NOUN cblr-1735 468 29 associated associate VERB cblr-1735 468 30 with with ADP cblr-1735 468 31 overhauling overhaul VERB cblr-1735 468 32 their their PRON cblr-1735 468 33 ratings rating NOUN cblr-1735 468 34 processes process NOUN cblr-1735 468 35 and and CCONJ cblr-1735 468 36 conducting conduct VERB cblr-1735 468 37 substantially substantially ADV cblr-1735 468 38 more more ADV cblr-1735 468 39 due due ADJ cblr-1735 468 40 diligence diligence NOUN cblr-1735 468 41 without without ADP cblr-1735 468 42 a a DET cblr-1735 468 43 much much ADV cblr-1735 468 44 greater great ADJ cblr-1735 468 45 threat threat NOUN cblr-1735 468 46 of of ADP cblr-1735 468 47 litigation litigation NOUN cblr-1735 468 48 . . PUNCT cblr-1735 469 1 given give VERB cblr-1735 469 2 136 136 NUM cblr-1735 469 3 see see NOUN cblr-1735 469 4 generally generally ADV cblr-1735 469 5 theodore theodore VERB cblr-1735 469 6 eisenberg eisenberg PROPN cblr-1735 469 7 & & CCONJ cblr-1735 469 8 charlotte charlotte PROPN cblr-1735 469 9 lanvers lanver NOUN cblr-1735 469 10 , , PUNCT cblr-1735 469 11 what what PRON cblr-1735 469 12 is be AUX cblr-1735 469 13 the the DET cblr-1735 469 14 settlement settlement NOUN cblr-1735 469 15 rate rate NOUN cblr-1735 469 16 and and CCONJ cblr-1735 469 17 why why SCONJ cblr-1735 469 18 should should AUX cblr-1735 469 19 we we PRON cblr-1735 469 20 care care VERB cblr-1735 469 21 ? ? PUNCT cblr-1735 469 22 , , PUNCT cblr-1735 469 23 6 6 NUM cblr-1735 469 24 j. j. PROPN cblr-1735 469 25 empirical empirical ADJ cblr-1735 469 26 legal legal ADJ cblr-1735 469 27 stud stud NOUN cblr-1735 469 28 . . PUNCT cblr-1735 470 1 111 111 NUM cblr-1735 470 2 , , PUNCT cblr-1735 470 3 111 111 NUM cblr-1735 470 4 ( ( PUNCT cblr-1735 470 5 2009 2009 NUM cblr-1735 470 6 ) ) PUNCT cblr-1735 470 7 . . PUNCT cblr-1735 471 1 137 137 NUM cblr-1735 471 2 see see VERB cblr-1735 471 3 supra supra PROPN cblr-1735 471 4 part part PROPN cblr-1735 471 5 iv.b iv.b PROPN cblr-1735 471 6 . . PUNCT cblr-1735 472 1 guo guo PROPN cblr-1735 472 2 – – PUNCT cblr-1735 472 3 final final ADJ cblr-1735 472 4 no no NOUN cblr-1735 472 5 . . PUNCT cblr-1735 473 1 1:184 1:184 NUM cblr-1735 473 2 ] ] PUNCT cblr-1735 473 3 credit credit NOUN cblr-1735 473 4 rating rating NOUN cblr-1735 473 5 agency agency NOUN cblr-1735 473 6 reform reform NOUN cblr-1735 473 7 215 215 NUM cblr-1735 473 8 the the DET cblr-1735 473 9 reasons reason NOUN cblr-1735 473 10 listed list VERB cblr-1735 473 11 in in ADP cblr-1735 473 12 parts part NOUN cblr-1735 473 13 v.a v.a PROPN cblr-1735 473 14 and and CCONJ cblr-1735 473 15 v.b v.b PROPN cblr-1735 473 16 , , PUNCT cblr-1735 473 17 section section NOUN cblr-1735 473 18 933(b 933(b PROPN cblr-1735 473 19 ) ) PUNCT cblr-1735 473 20 most most ADV cblr-1735 473 21 likely likely ADV cblr-1735 473 22 does do AUX cblr-1735 473 23 not not PART cblr-1735 473 24 present present VERB cblr-1735 473 25 a a DET cblr-1735 473 26 sufficient sufficient ADJ cblr-1735 473 27 threat threat NOUN cblr-1735 473 28 . . PUNCT cblr-1735 474 1 it it PRON cblr-1735 474 2 is be AUX cblr-1735 474 3 more more ADV cblr-1735 474 4 likely likely ADJ cblr-1735 474 5 that that SCONJ cblr-1735 474 6 cras cras PROPN cblr-1735 474 7 have have AUX cblr-1735 474 8 tried try VERB cblr-1735 474 9 to to PART cblr-1735 474 10 assign assign VERB cblr-1735 474 11 greater great ADJ cblr-1735 474 12 litigation litigation NOUN cblr-1735 474 13 risk risk NOUN cblr-1735 474 14 to to ADP cblr-1735 474 15 issuers issuer NOUN cblr-1735 474 16 and and CCONJ cblr-1735 474 17 third third ADJ cblr-1735 474 18 - - PUNCT cblr-1735 474 19 party party NOUN cblr-1735 474 20 due due ADJ cblr-1735 474 21 diligence diligence NOUN cblr-1735 474 22 providers provider NOUN cblr-1735 474 23 , , PUNCT cblr-1735 474 24 as as SCONJ cblr-1735 474 25 discussed discuss VERB cblr-1735 474 26 in in ADP cblr-1735 474 27 part part NOUN cblr-1735 474 28 iv.c iv.c ADJ cblr-1735 474 29 . . PUNCT cblr-1735 475 1 thus thus ADV cblr-1735 475 2 , , PUNCT cblr-1735 475 3 this this DET cblr-1735 475 4 potentially potentially ADV cblr-1735 475 5 positive positive ADJ cblr-1735 475 6 explanation explanation NOUN cblr-1735 475 7 for for ADP cblr-1735 475 8 the the DET cblr-1735 475 9 lack lack NOUN cblr-1735 475 10 of of ADP cblr-1735 475 11 perceived perceive VERB cblr-1735 475 12 effect effect NOUN cblr-1735 475 13 should should AUX cblr-1735 475 14 not not PART cblr-1735 475 15 be be AUX cblr-1735 475 16 enough enough ADJ cblr-1735 475 17 reason reason NOUN cblr-1735 475 18 on on ADP cblr-1735 475 19 its its PRON cblr-1735 475 20 own own ADJ cblr-1735 475 21 to to PART cblr-1735 475 22 neglect neglect VERB cblr-1735 475 23 policy policy NOUN cblr-1735 475 24 changes change NOUN cblr-1735 475 25 in in ADP cblr-1735 475 26 the the DET cblr-1735 475 27 area area NOUN cblr-1735 475 28 of of ADP cblr-1735 475 29 private private ADJ cblr-1735 475 30 securities security NOUN cblr-1735 475 31 litigation litigation NOUN cblr-1735 475 32 against against ADP cblr-1735 475 33 cras cras X cblr-1735 475 34 . . PUNCT cblr-1735 476 1 3 3 X cblr-1735 476 2 . . X cblr-1735 476 3 countercyclical countercyclical ADJ cblr-1735 476 4 applicability applicability NOUN cblr-1735 476 5 of of ADP cblr-1735 476 6 cra cra PROPN cblr-1735 476 7 reform reform PROPN cblr-1735 476 8 a a DET cblr-1735 476 9 final final ADJ cblr-1735 476 10 non non ADJ cblr-1735 476 11 - - ADJ cblr-1735 476 12 judicial judicial ADJ cblr-1735 476 13 reason reason NOUN cblr-1735 476 14 for for ADP cblr-1735 476 15 section section NOUN cblr-1735 476 16 933(b 933(b PROPN cblr-1735 476 17 ) ) PUNCT cblr-1735 476 18 ’s ’s PART cblr-1735 476 19 perceived perceive VERB cblr-1735 476 20 ineffectiveness ineffectiveness NOUN cblr-1735 476 21 is be AUX cblr-1735 476 22 the the DET cblr-1735 476 23 inherently inherently ADV cblr-1735 476 24 countercyclical countercyclical ADJ cblr-1735 476 25 applicability applicability NOUN cblr-1735 476 26 of of ADP cblr-1735 476 27 cra cra PROPN cblr-1735 476 28 reform reform NOUN cblr-1735 476 29 . . PUNCT cblr-1735 477 1 many many ADJ cblr-1735 477 2 more more ADJ cblr-1735 477 3 suits suit NOUN cblr-1735 477 4 are be AUX cblr-1735 477 5 brought bring VERB cblr-1735 477 6 against against ADP cblr-1735 477 7 financial financial ADJ cblr-1735 477 8 market market NOUN cblr-1735 477 9 players player NOUN cblr-1735 477 10 , , PUNCT cblr-1735 477 11 including include VERB cblr-1735 477 12 cras cra NOUN cblr-1735 477 13 , , PUNCT cblr-1735 477 14 in in ADP cblr-1735 477 15 the the DET cblr-1735 477 16 immediate immediate ADJ cblr-1735 477 17 aftermath aftermath NOUN cblr-1735 477 18 of of ADP cblr-1735 477 19 a a DET cblr-1735 477 20 financial financial ADJ cblr-1735 477 21 market market NOUN cblr-1735 477 22 downturn.138 downturn.138 NOUN cblr-1735 477 23 since since SCONJ cblr-1735 477 24 doddfrank doddfrank PROPN cblr-1735 477 25 ’s ’s PART cblr-1735 477 26 enactment enactment NOUN cblr-1735 477 27 , , PUNCT cblr-1735 477 28 the the DET cblr-1735 477 29 financial financial ADJ cblr-1735 477 30 markets market NOUN cblr-1735 477 31 have have AUX cblr-1735 477 32 largely largely ADV cblr-1735 477 33 been be AUX cblr-1735 477 34 in in ADP cblr-1735 477 35 recovery,139 recovery,139 ADJ cblr-1735 477 36 and and CCONJ cblr-1735 477 37 thus thus ADV cblr-1735 477 38 there there PRON cblr-1735 477 39 has have AUX cblr-1735 477 40 not not PART cblr-1735 477 41 been be AUX cblr-1735 477 42 much much ADJ cblr-1735 477 43 occasion occasion NOUN cblr-1735 477 44 for for ADP cblr-1735 477 45 suits suit NOUN cblr-1735 477 46 against against ADP cblr-1735 477 47 cras cra NOUN cblr-1735 477 48 in in ADP cblr-1735 477 49 recent recent ADJ cblr-1735 477 50 years year NOUN cblr-1735 477 51 . . PUNCT cblr-1735 478 1 the the DET cblr-1735 478 2 vast vast ADJ cblr-1735 478 3 majority majority NOUN cblr-1735 478 4 of of ADP cblr-1735 478 5 claims claim NOUN cblr-1735 478 6 arising arise VERB cblr-1735 478 7 from from ADP cblr-1735 478 8 the the DET cblr-1735 478 9 years year NOUN cblr-1735 478 10 leading lead VERB cblr-1735 478 11 to to ADP cblr-1735 478 12 the the DET cblr-1735 478 13 global global ADJ cblr-1735 478 14 financial financial ADJ cblr-1735 478 15 crisis crisis NOUN cblr-1735 478 16 of of ADP cblr-1735 478 17 2007–2008 2007–2008 NUM cblr-1735 478 18 would would AUX cblr-1735 478 19 have have AUX cblr-1735 478 20 been be AUX cblr-1735 478 21 time time NOUN cblr-1735 478 22 - - PUNCT cblr-1735 478 23 barred bar VERB cblr-1735 478 24 by by ADP cblr-1735 478 25 the the DET cblr-1735 478 26 138 138 NUM cblr-1735 478 27 see see NOUN cblr-1735 478 28 claire claire PROPN cblr-1735 478 29 eckstein eckstein PROPN cblr-1735 478 30 , , PUNCT cblr-1735 478 31 securities security NOUN cblr-1735 478 32 litigation litigation NOUN cblr-1735 478 33 : : PUNCT cblr-1735 478 34 will will AUX cblr-1735 478 35 the the DET cblr-1735 478 36 current current ADJ cblr-1735 478 37 crisis crisis NOUN cblr-1735 478 38 reverse reverse VERB cblr-1735 478 39 the the DET cblr-1735 478 40 recent recent ADJ cblr-1735 478 41 downward downward ADJ cblr-1735 478 42 trend trend NOUN cblr-1735 478 43 ? ? PUNCT cblr-1735 479 1 1 1 NUM cblr-1735 479 2 ( ( PUNCT cblr-1735 479 3 2009 2009 NUM cblr-1735 479 4 ) ) PUNCT cblr-1735 479 5 , , PUNCT cblr-1735 480 1 http://www http://www PROPN cblr-1735 480 2 . . PROPN cblr-1735 480 3 stern.nyu.edu/sites/default/files/assets/documents/uat_024427.pdf stern.nyu.edu/sites/default/files/assets/documents/uat_024427.pdf PROPN cblr-1735 481 1 [ [ X cblr-1735 481 2 http:// http:// PROPN cblr-1735 481 3 perma.cc/ae8s-8f6h perma.cc/ae8s-8f6h PROPN cblr-1735 481 4 ] ] X cblr-1735 481 5 ( ( PUNCT cblr-1735 481 6 “ " PUNCT cblr-1735 481 7 market market NOUN cblr-1735 481 8 volatility volatility NOUN cblr-1735 481 9 and and CCONJ cblr-1735 481 10 the the DET cblr-1735 481 11 recession recession NOUN cblr-1735 481 12 of of ADP cblr-1735 481 13 2008 2008 NUM cblr-1735 481 14 led lead VERB cblr-1735 481 15 to to ADP cblr-1735 481 16 an an DET cblr-1735 481 17 increase increase NOUN cblr-1735 481 18 of of ADP cblr-1735 481 19 31 31 NUM cblr-1735 481 20 % % NOUN cblr-1735 481 21 in in ADP cblr-1735 481 22 class class NOUN cblr-1735 481 23 - - PUNCT cblr-1735 481 24 action action NOUN cblr-1735 481 25 filings filing NOUN cblr-1735 481 26 since since SCONJ cblr-1735 481 27 2007 2007 NUM cblr-1735 481 28 — — PUNCT cblr-1735 481 29 of of ADP cblr-1735 481 30 which which PRON cblr-1735 481 31 43 43 NUM cblr-1735 481 32 % % NOUN cblr-1735 481 33 were be AUX cblr-1735 481 34 related relate VERB cblr-1735 481 35 to to ADP cblr-1735 481 36 the the DET cblr-1735 481 37 credit credit NOUN cblr-1735 481 38 crisis crisis NOUN cblr-1735 481 39 . . PUNCT cblr-1735 482 1 half half NOUN cblr-1735 482 2 of of ADP cblr-1735 482 3 all all DET cblr-1735 482 4 filings filing NOUN cblr-1735 482 5 were be AUX cblr-1735 482 6 against against ADP cblr-1735 482 7 financial financial ADJ cblr-1735 482 8 institutions institution NOUN cblr-1735 482 9 . . PUNCT cblr-1735 482 10 ” " PUNCT cblr-1735 482 11 ) ) PUNCT cblr-1735 482 12 ; ; PUNCT cblr-1735 483 1 james james PROPN cblr-1735 483 2 e. e. PROPN cblr-1735 483 3 lyons lyons PROPN cblr-1735 483 4 & & CCONJ cblr-1735 483 5 scott scott PROPN cblr-1735 483 6 d. d. PROPN cblr-1735 483 7 musoff musoff PROPN cblr-1735 483 8 , , PUNCT cblr-1735 483 9 securities security NOUN cblr-1735 483 10 class class NOUN cblr-1735 483 11 actions action NOUN cblr-1735 483 12 : : PUNCT cblr-1735 483 13 no no DET cblr-1735 483 14 shrinking shrink VERB cblr-1735 483 15 ice ice NOUN cblr-1735 483 16 cap cap NOUN cblr-1735 483 17 1 1 NUM cblr-1735 483 18 ( ( PUNCT cblr-1735 483 19 2009 2009 NUM cblr-1735 483 20 ) ) PUNCT cblr-1735 483 21 , , PUNCT cblr-1735 483 22 http://www.skadden.com/sites/ http://www.skadden.com/sites/ PUNCT cblr-1735 483 23 default default NOUN cblr-1735 483 24 / / SYM cblr-1735 483 25 files file NOUN cblr-1735 483 26 / / SYM cblr-1735 483 27 publications publication NOUN cblr-1735 483 28 / / SYM cblr-1735 483 29 publications1612_0.pdf publications1612_0.pdf PROPN cblr-1735 484 1 [ [ X cblr-1735 484 2 http://perma.cc/hlc8ptfd http://perma.cc/hlc8ptfd X cblr-1735 484 3 ] ] X cblr-1735 484 4 ( ( PUNCT cblr-1735 484 5 “ " PUNCT cblr-1735 484 6 securities security NOUN cblr-1735 484 7 class class NOUN cblr-1735 484 8 action action NOUN cblr-1735 484 9 filings filing NOUN cblr-1735 484 10 reached reach VERB cblr-1735 484 11 a a DET cblr-1735 484 12 10 10 NUM cblr-1735 484 13 - - PUNCT cblr-1735 484 14 year year NOUN cblr-1735 484 15 low low NOUN cblr-1735 484 16 in in ADP cblr-1735 484 17 2006 2006 NUM cblr-1735 484 18 . . PUNCT cblr-1735 484 19 . . PUNCT cblr-1735 484 20 . . PUNCT cblr-1735 484 21 . . PUNCT cblr-1735 485 1 [ [ X cblr-1735 485 2 t]he t]he X cblr-1735 485 3 combination combination NOUN cblr-1735 485 4 of of ADP cblr-1735 485 5 the the DET cblr-1735 485 6 sudden sudden ADJ cblr-1735 485 7 onset onset NOUN cblr-1735 485 8 of of ADP cblr-1735 485 9 the the DET cblr-1735 485 10 global global ADJ cblr-1735 485 11 credit credit NOUN cblr-1735 485 12 crisis crisis NOUN cblr-1735 485 13 and and CCONJ cblr-1735 485 14 the the DET cblr-1735 485 15 increased increase VERB cblr-1735 485 16 volatility volatility NOUN cblr-1735 485 17 in in ADP cblr-1735 485 18 the the DET cblr-1735 485 19 securities security NOUN cblr-1735 485 20 markets market NOUN cblr-1735 485 21 in in ADP cblr-1735 485 22 the the DET cblr-1735 485 23 last last ADJ cblr-1735 485 24 18 18 NUM cblr-1735 485 25 months month NOUN cblr-1735 485 26 has have AUX cblr-1735 485 27 led lead VERB cblr-1735 485 28 to to ADP cblr-1735 485 29 an an DET cblr-1735 485 30 unprecedented unprecedented ADJ cblr-1735 485 31 resurgence resurgence NOUN cblr-1735 485 32 in in ADP cblr-1735 485 33 securities security NOUN cblr-1735 485 34 litigation litigation NOUN cblr-1735 485 35 . . PUNCT cblr-1735 485 36 ” " PUNCT cblr-1735 485 37 ) ) PUNCT cblr-1735 485 38 . . PUNCT cblr-1735 486 1 139 139 NUM cblr-1735 486 2 see see VERB cblr-1735 486 3 craig craig PROPN cblr-1735 486 4 k. k. PROPN cblr-1735 486 5 elwell elwell PROPN cblr-1735 486 6 , , PUNCT cblr-1735 486 7 cong cong PROPN cblr-1735 486 8 . . PUNCT cblr-1735 487 1 research research NOUN cblr-1735 487 2 serv serv PROPN cblr-1735 487 3 . . PUNCT cblr-1735 487 4 , , PUNCT cblr-1735 487 5 economic economic ADJ cblr-1735 487 6 recovery recovery NOUN cblr-1735 487 7 : : PUNCT cblr-1735 487 8 sustaining sustain VERB cblr-1735 487 9 u.s u.s PROPN cblr-1735 487 10 . . PROPN cblr-1735 487 11 economic economic ADJ cblr-1735 487 12 growth growth NOUN cblr-1735 487 13 in in ADP cblr-1735 487 14 a a DET cblr-1735 487 15 post post ADJ cblr-1735 487 16 - - ADJ cblr-1735 487 17 crisis crisis ADJ cblr-1735 487 18 economy economy NOUN cblr-1735 487 19 ( ( PUNCT cblr-1735 487 20 2013 2013 NUM cblr-1735 487 21 ) ) PUNCT cblr-1735 487 22 , , PUNCT cblr-1735 487 23 http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=21 http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=21 X cblr-1735 487 24 12&context 12&context NUM cblr-1735 487 25 = = X cblr-1735 487 26 key_workplace key_workplace NOUN cblr-1735 487 27 [ [ X cblr-1735 487 28 http://perma.cc/4vdw-k9d5 http://perma.cc/4vdw-k9d5 X cblr-1735 487 29 ] ] X cblr-1735 487 30 ( ( PUNCT cblr-1735 487 31 “ " PUNCT cblr-1735 487 32 economic economic ADJ cblr-1735 487 33 recovery recovery NOUN cblr-1735 487 34 began begin VERB cblr-1735 487 35 in in ADP cblr-1735 487 36 mid-2009 mid-2009 NOUN cblr-1735 487 37 . . PUNCT cblr-1735 488 1 real real ADJ cblr-1735 488 2 gross gross ADJ cblr-1735 488 3 domestic domestic ADJ cblr-1735 488 4 product product NOUN cblr-1735 488 5 ( ( PUNCT cblr-1735 488 6 gdp gdp NOUN cblr-1735 488 7 ) ) PUNCT cblr-1735 488 8 has have AUX cblr-1735 488 9 been be AUX cblr-1735 488 10 on on ADP cblr-1735 488 11 a a DET cblr-1735 488 12 positive positive ADJ cblr-1735 488 13 track track NOUN cblr-1735 488 14 since since SCONJ cblr-1735 488 15 then then ADV cblr-1735 488 16 . . PUNCT cblr-1735 488 17 . . PUNCT cblr-1735 488 18 . . PUNCT cblr-1735 488 19 . . PUNCT cblr-1735 488 20 ” " PUNCT cblr-1735 488 21 ) ) PUNCT cblr-1735 488 22 . . PUNCT cblr-1735 489 1 guo guo PROPN cblr-1735 489 2 – – PUNCT cblr-1735 489 3 final final ADJ cblr-1735 489 4 216 216 NUM cblr-1735 489 5 columbia columbia PROPN cblr-1735 489 6 business business NOUN cblr-1735 489 7 law law PROPN cblr-1735 489 8 review review NOUN cblr-1735 489 9 [ [ X cblr-1735 489 10 vol vol NOUN cblr-1735 489 11 . . NOUN cblr-1735 489 12 2016 2016 NUM cblr-1735 489 13 statute statute NOUN cblr-1735 489 14 of of ADP cblr-1735 489 15 limitations.140 limitations.140 PROPN cblr-1735 489 16 thus thus ADV cblr-1735 489 17 , , PUNCT cblr-1735 489 18 it it PRON cblr-1735 489 19 is be AUX cblr-1735 489 20 fairly fairly ADV cblr-1735 489 21 probable probable ADJ cblr-1735 489 22 that that SCONJ cblr-1735 489 23 the the DET cblr-1735 489 24 full full ADJ cblr-1735 489 25 effect effect NOUN cblr-1735 489 26 — — PUNCT cblr-1735 489 27 or or CCONJ cblr-1735 489 28 lack lack NOUN cblr-1735 489 29 of of ADP cblr-1735 489 30 effect effect NOUN cblr-1735 489 31 — — PUNCT cblr-1735 489 32 of of ADP cblr-1735 489 33 section section NOUN cblr-1735 489 34 933(b 933(b PROPN cblr-1735 489 35 ) ) PUNCT cblr-1735 489 36 will will AUX cblr-1735 489 37 not not PART cblr-1735 489 38 be be AUX cblr-1735 489 39 observable observable ADJ cblr-1735 489 40 until until ADP cblr-1735 489 41 the the DET cblr-1735 489 42 next next ADJ cblr-1735 489 43 major major ADJ cblr-1735 489 44 financial financial ADJ cblr-1735 489 45 market market NOUN cblr-1735 489 46 downturn downturn NOUN cblr-1735 489 47 . . PUNCT cblr-1735 490 1 nevertheless nevertheless ADV cblr-1735 490 2 , , PUNCT cblr-1735 490 3 given give VERB cblr-1735 490 4 cras cra NOUN cblr-1735 490 5 ’ ' PUNCT cblr-1735 490 6 essential essential ADJ cblr-1735 490 7 role role NOUN cblr-1735 490 8 in in ADP cblr-1735 490 9 the the DET cblr-1735 490 10 markets market NOUN cblr-1735 490 11 and and CCONJ cblr-1735 490 12 their their PRON cblr-1735 490 13 potential potential NOUN cblr-1735 490 14 to to PART cblr-1735 490 15 affect affect VERB cblr-1735 490 16 systemic systemic ADJ cblr-1735 490 17 risk risk NOUN cblr-1735 490 18 , , PUNCT cblr-1735 490 19 policymakers policymaker NOUN cblr-1735 490 20 can can AUX cblr-1735 490 21 not not PART cblr-1735 490 22 afford afford VERB cblr-1735 490 23 to to PART cblr-1735 490 24 simply simply ADV cblr-1735 490 25 wait wait VERB cblr-1735 490 26 until until SCONJ cblr-1735 490 27 the the DET cblr-1735 490 28 next next ADJ cblr-1735 490 29 downturn downturn NOUN cblr-1735 490 30 to to PART cblr-1735 490 31 act act VERB cblr-1735 490 32 and and CCONJ cblr-1735 490 33 should should AUX cblr-1735 490 34 still still ADV cblr-1735 490 35 carefully carefully ADV cblr-1735 490 36 consider consider VERB cblr-1735 490 37 the the DET cblr-1735 490 38 implications implication NOUN cblr-1735 490 39 of of ADP cblr-1735 490 40 the the DET cblr-1735 490 41 potential potential ADJ cblr-1735 490 42 problems problem NOUN cblr-1735 490 43 preventing prevent VERB cblr-1735 490 44 section section NOUN cblr-1735 490 45 933(b 933(b PROPN cblr-1735 490 46 ) ) PUNCT cblr-1735 490 47 from from ADP cblr-1735 490 48 achieving achieve VERB cblr-1735 490 49 its its PRON cblr-1735 490 50 designed design VERB cblr-1735 490 51 effect effect NOUN cblr-1735 490 52 . . PUNCT cblr-1735 491 1 vi vi X cblr-1735 491 2 . . PROPN cblr-1735 491 3 conclusion conclusion NOUN cblr-1735 491 4 the the DET cblr-1735 491 5 observed observed ADJ cblr-1735 491 6 effect effect NOUN cblr-1735 491 7 of of ADP cblr-1735 491 8 section section NOUN cblr-1735 491 9 933(b 933(b PROPN cblr-1735 491 10 ) ) PUNCT cblr-1735 491 11 since since SCONJ cblr-1735 491 12 its its PRON cblr-1735 491 13 enactment enactment NOUN cblr-1735 491 14 has have AUX cblr-1735 491 15 fallen fall VERB cblr-1735 491 16 short short ADJ cblr-1735 491 17 of of ADP cblr-1735 491 18 expectations expectation NOUN cblr-1735 491 19 . . PUNCT cblr-1735 492 1 this this PRON cblr-1735 492 2 may may AUX cblr-1735 492 3 be be AUX cblr-1735 492 4 due due ADJ cblr-1735 492 5 to to ADP cblr-1735 492 6 a a DET cblr-1735 492 7 number number NOUN cblr-1735 492 8 of of ADP cblr-1735 492 9 factors factor NOUN cblr-1735 492 10 , , PUNCT cblr-1735 492 11 both both CCONJ cblr-1735 492 12 intrinsic intrinsic ADJ cblr-1735 492 13 and and CCONJ cblr-1735 492 14 extrinsic extrinsic ADJ cblr-1735 492 15 to to ADP cblr-1735 492 16 the the DET cblr-1735 492 17 legal legal ADJ cblr-1735 492 18 system system NOUN cblr-1735 492 19 . . PUNCT cblr-1735 493 1 rating rating NOUN cblr-1735 493 2 agencies agency NOUN cblr-1735 493 3 have have AUX cblr-1735 493 4 reacted react VERB cblr-1735 493 5 to to ADP cblr-1735 493 6 section section NOUN cblr-1735 493 7 933(b 933(b PROPN cblr-1735 493 8 ) ) PUNCT cblr-1735 493 9 by by ADP cblr-1735 493 10 adopting adopt VERB cblr-1735 493 11 generic generic ADJ cblr-1735 493 12 provisions provision NOUN cblr-1735 493 13 in in ADP cblr-1735 493 14 their their PRON cblr-1735 493 15 respective respective ADJ cblr-1735 493 16 codes code NOUN cblr-1735 493 17 of of ADP cblr-1735 493 18 conduct conduct NOUN cblr-1735 493 19 stipulating stipulate VERB cblr-1735 493 20 compliance compliance NOUN cblr-1735 493 21 . . PUNCT cblr-1735 494 1 this this PRON cblr-1735 494 2 is be AUX cblr-1735 494 3 unlikely unlikely ADJ cblr-1735 494 4 to to PART cblr-1735 494 5 be be AUX cblr-1735 494 6 very very ADV cblr-1735 494 7 helpful helpful ADJ cblr-1735 494 8 in in ADP cblr-1735 494 9 preventing prevent VERB cblr-1735 494 10 another another DET cblr-1735 494 11 collective collective ADJ cblr-1735 494 12 failure failure NOUN cblr-1735 494 13 by by ADP cblr-1735 494 14 cras cras PROPN cblr-1735 494 15 to to PART cblr-1735 494 16 carry carry VERB cblr-1735 494 17 out out ADP cblr-1735 494 18 their their PRON cblr-1735 494 19 crucial crucial ADJ cblr-1735 494 20 roles role NOUN cblr-1735 494 21 as as ADP cblr-1735 494 22 gatekeepers gatekeeper NOUN cblr-1735 494 23 to to ADP cblr-1735 494 24 the the DET cblr-1735 494 25 financial financial ADJ cblr-1735 494 26 markets market NOUN cblr-1735 494 27 . . PUNCT cblr-1735 495 1 despite despite SCONJ cblr-1735 495 2 its its PRON cblr-1735 495 3 potential potential NOUN cblr-1735 495 4 for for ADP cblr-1735 495 5 abuse abuse NOUN cblr-1735 495 6 , , PUNCT cblr-1735 495 7 private private ADJ cblr-1735 495 8 securities security NOUN cblr-1735 495 9 litigation litigation NOUN cblr-1735 495 10 remains remain VERB cblr-1735 495 11 an an DET cblr-1735 495 12 essential essential ADJ cblr-1735 495 13 supplement supplement NOUN cblr-1735 495 14 to to ADP cblr-1735 495 15 the the DET cblr-1735 495 16 sec sec PROPN cblr-1735 495 17 and and CCONJ cblr-1735 495 18 doj doj PROPN cblr-1735 495 19 in in ADP cblr-1735 495 20 the the DET cblr-1735 495 21 deterrence deterrence NOUN cblr-1735 495 22 of of ADP cblr-1735 495 23 such such ADJ cblr-1735 495 24 failures failure NOUN cblr-1735 495 25 . . PUNCT cblr-1735 496 1 thus thus ADV cblr-1735 496 2 , , PUNCT cblr-1735 496 3 policymakers policymaker NOUN cblr-1735 496 4 can can AUX cblr-1735 496 5 not not PART cblr-1735 496 6 afford afford VERB cblr-1735 496 7 to to PART cblr-1735 496 8 neglect neglect NOUN cblr-1735 496 9 section section NOUN cblr-1735 496 10 933(b 933(b PROPN cblr-1735 496 11 ) ) PUNCT cblr-1735 496 12 ’s ’s PART cblr-1735 496 13 perceived perceive VERB cblr-1735 496 14 inefficacy inefficacy NOUN cblr-1735 496 15 in in ADP cblr-1735 496 16 achieving achieve VERB cblr-1735 496 17 private private ADJ cblr-1735 496 18 deterrence deterrence NOUN cblr-1735 496 19 since since SCONJ cblr-1735 496 20 its its PRON cblr-1735 496 21 enactment enactment NOUN cblr-1735 496 22 , , PUNCT cblr-1735 496 23 and and CCONJ cblr-1735 496 24 should should AUX cblr-1735 496 25 consider consider VERB cblr-1735 496 26 additional additional ADJ cblr-1735 496 27 reform reform NOUN cblr-1735 496 28 and and CCONJ cblr-1735 496 29 clarifications clarification NOUN cblr-1735 496 30 of of ADP cblr-1735 496 31 the the DET cblr-1735 496 32 pleadings pleading NOUN cblr-1735 496 33 requirements requirement NOUN cblr-1735 496 34 in in ADP cblr-1735 496 35 bringing bring VERB cblr-1735 496 36 about about ADP cblr-1735 496 37 section section NOUN cblr-1735 496 38 933(b 933(b PROPN cblr-1735 496 39 ) ) PUNCT cblr-1735 496 40 ’s ’s PART cblr-1735 496 41 fully fully ADV cblr-1735 496 42 intended intend VERB cblr-1735 496 43 effect effect NOUN cblr-1735 496 44 . . PUNCT cblr-1735 497 1 140 140 NUM cblr-1735 497 2 the the DET cblr-1735 497 3 sarbanes sarbanes PROPN cblr-1735 497 4 - - PUNCT cblr-1735 497 5 oxley oxley ADJ cblr-1735 497 6 act act NOUN cblr-1735 497 7 of of ADP cblr-1735 497 8 2002 2002 NUM cblr-1735 497 9 provides provide VERB cblr-1735 497 10 that that SCONJ cblr-1735 497 11 private private ADJ cblr-1735 497 12 claims claim NOUN cblr-1735 497 13 under under ADP cblr-1735 497 14 10(b 10(b NUM cblr-1735 497 15 ) ) PUNCT cblr-1735 497 16 “ " PUNCT cblr-1735 497 17 may may AUX cblr-1735 497 18 be be AUX cblr-1735 497 19 brought bring VERB cblr-1735 497 20 not not PART cblr-1735 497 21 later later ADV cblr-1735 497 22 than than ADP cblr-1735 497 23 the the DET cblr-1735 497 24 earlier early ADV cblr-1735 497 25 of—(1 of—(1 ADJ cblr-1735 497 26 ) ) PUNCT cblr-1735 497 27 2 2 NUM cblr-1735 497 28 years year NOUN cblr-1735 497 29 after after ADP cblr-1735 497 30 the the DET cblr-1735 497 31 discovery discovery NOUN cblr-1735 497 32 of of ADP cblr-1735 497 33 the the DET cblr-1735 497 34 facts fact NOUN cblr-1735 497 35 constituting constitute VERB cblr-1735 497 36 the the DET cblr-1735 497 37 violation violation NOUN cblr-1735 497 38 ; ; PUNCT cblr-1735 497 39 or or CCONJ cblr-1735 497 40 ( ( PUNCT cblr-1735 497 41 2 2 NUM cblr-1735 497 42 ) ) PUNCT cblr-1735 497 43 5 5 NUM cblr-1735 497 44 years year NOUN cblr-1735 497 45 after after ADP cblr-1735 497 46 such such ADJ cblr-1735 497 47 violation violation NOUN cblr-1735 497 48 . . PUNCT cblr-1735 497 49 ” " PUNCT cblr-1735 498 1 28 28 NUM cblr-1735 498 2 u.s.c u.s.c ADJ cblr-1735 498 3 . . PUNCT cblr-1735 499 1 § § PROPN cblr-1735 499 2 1658(b 1658(b NUM cblr-1735 499 3 ) ) PUNCT cblr-1735 499 4 ( ( PUNCT cblr-1735 499 5 2012 2012 NUM cblr-1735 499 6 ) ) PUNCT cblr-1735 499 7 . . PUNCT