PROP. 211: A SPECIAL INTEREST MEASURE WE DON'T NEED
Californians currently have the same strong protections against investment and securities fraud as citizens in the other 49 states. We don't need 211.
Prop. 211 is not about protecting consumers or seniors. It's about protecting the huge incomes that a handful of lawyers make filing frivolous lawsuits against some of California's best businesses.
A ''FRIVOLOUS LAWSUIT" LOOPHOLE
The only thing 211 protects is the ability of a few securities lawyers to evade federal law and filefrivolous lawsuits in California--lawsuits that are outlawed under U.S. law.
Here's what others say about 211:
''This measure is not about protecting seniors, it's about protecting the ability of opportunistic lawyers to continue to make millions by filing frivolous lawsuits."
''This initiative would curtail California's economic recovery. It's a job killer that will send California's best high-tech and bio-tech companies to other states."
''Frivolous securities lawsuits are a serious problem for the high-tech and bio-tech industries. Creating good jobs and researching new cures for diseases are more important uses of these companies' time and money than responding to frivolous litigation. That's why we oppose Proposition 211."
TAXPAYERS, SENIORS AND EMPLOYEES OPPOSE 211
Californians from every walk of life, including Democrats, Republicans, seniors, consumers, taxpayers and employees say ''NO" to Prop. 211. Here's why:
A JOB KILLER FOR CALIFORNIA
According to the Law and Economics Consulting Group (Emeryville, California), 159,000 JOBS COULD BE LOST OVER THE NEXT DECADE under 211. Let's not send more jobs to other states!
The measure could COST CALIFORNIA BUSINESSES OVER $1.3 BILLION A YEAR --money that should go to investors and pensions or to create new jobs--not to a handful of lawyers.
California taxpayers will pay for all the judges, courtrooms and clerks to process these new frivolous lawsuits. According to the same study, these lawsuits could COST TAXPAYERS UPWARDS OF $100 MILLION in higher court costs over ten years.
Even worse, California could face up to $5.1 billion in reduced state revenue over the next decade because of 211. To make up the difference, taxpayers could expect ENORMOUS TAX INCREASES or severe reductions in funding to education, law enforcement and other vital programs.
SECURITIES LAWYERS BANKROLL CAMPAIGN
A few securities lawyers contributed millions of dollars to their special interest committee to put 211 on the ballot.
They are promoting 211 so they can file more frivolous lawsuits in California-- lawsuits where lawyers make millions-- sometimes tens of thousands of dollars an hour.
STOP FRIVOLOUS LAWSUITS
Legal reforms should stop these frivolous lawsuits which severely damage our best businesses and kill jobs. INSTEAD, PROPOSITION 211 PROMISES MORE FRIVOLOUS LAWSUITS AND FEWER JOBS.
Check the facts. Find out who's really pouring millions into 211. Then join with consumers, seniors, taxpayers and employees in voting ''NO" on Proposition 211.
MARTYN B. HOPPER
State Director, National Federation of Independent
President, California Chamber of Commerce