Law360 Interviews Aaron Miner on PSLRA 30th Anniversary

Aaron Miner, Arnold & Porter Securities Litigation partner, was quoted in the recent Law360 article, “30 Years On, PSLRA Debates Still Rage In Securities Cases,” which analyzed how courts continue to interpret and apply the Private Securities Litigation Reform Act three decades after its enactment.

Aaron noted that while many of the fears raised by critics of the PSLRA have not materialized, it has provided defendants with important procedural protections — particularly by strengthening the ability to challenge claims before discovery begins. He noted that the persistence of large settlements suggests the law has not fully achieved its original goal of curbing weak or abusive suits.

“It leaves a lot to be desired, I think, in terms of the effect that it was meant to have from the beginning,” Aaron said.

He also highlighted questions around what evidence is sufficient to plead scienter under the PSLRA’s heightened standard remain actively litigated in lower courts, absent further guidance from the U.S. Supreme Court.

“That’s an issue that I’ve certainly dealt with, that others have dealt with: what is sufficient to plead scienter?” Aaron said. “Can we rely on an expert report that makes certain allegations as particularized enough without further facts? What is enough for confidential witnesses to be considered credible at the pleading phase?”

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