211 isn't about protecting us from fraud. 211 isn't about being able to recover legitimate losses. We're already protected.
211 doesn't stop frivolous lawsuits-- it encourages frivolous lawsuits. 211 doesn't limit attorney fees-- it prohibits limits on fees.
Here's what 211 is really about:
211 was written by and for securities lawyers.
211 allows these lawyers to file frivolous lawsuits in California--lawsuits outlawed in federal courts.
211 guarantees that lawyers can charge outrageous fees. 211 prohibits the Legislature from passing laws restricting lawyer fees.
211 is a hoax that benefits a few greedy lawyers, but hurts the rest of us:
DAMAGES PENSIONS, RETIREMENT AND FAMILY SAVINGS
211 allows ''frivolous lawsuit" lawyers to ''legally extort" hundreds of millions of dollars from companies in which Californians hold investments through pension funds, mutual funds and savings.
Californians lose hundreds of millions of dollars to these lawsuits which often cause drops in stock prices, further reducing savings.
DAMAGES MEDICAL RESEARCH
''211 jeopardizes crucial research into new treatments and cures for many life threatening diseases. It takes millions of dollars from research and sends it to the pocket books of a few wealthy securities lawyers."
Instead of protecting us from ''Orange County" abuses, 211 actually prohibits politicians from being held liable for their fraud and abuse (like Robert Citron, the Treasurer responsible for much of Orange County's $1.7 billion loss).
Seniors, families, taxpayers, small business and employees say ''NO" on 211.
Vice President, Hispanic Women's Council
STEVEN J. TEDESCO
President, San Jose Metropolitan
Chamber of Commerce