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Vying for Votes: Class-action reformers target key Dems
From: Dave Farber <dave () farber net>
Date: Wed, 11 Feb 2004 15:14:44 -0500
Delivered-To: dfarber+ () ux13 sp cs cmu edu Date: Wed, 11 Feb 2004 14:09:52 -0500 From: Center for Responsive Politics <alerts () crp org> Subject: Vying for Votes: Class-action reformers target key Dems To: alert recipients <alerts () crp org> CENTER FOR RESPONSIVE POLITICS MONEY IN POLITICS ALERT Vol. 7, #38: February 11, 2004 tel: 202-857-0044, fax: 202-857-7809 email: info () crp org, web: www.opensecrets.org; www.capitaleye.org; www.fecwatch.org VYING FOR VOTES Class-action reform backers give generously to key Democrats By Sheryl Fred The prospects of passing class-action reform looked dim last October, when Republicans fell just one vote short of blocking a Democratic filibuster in the Senate. But the landscape changed a month later when a group of Democrats emerged from closed-door meetings with Senate Majority Leader Bill Frist (R-Tenn.) and pledged to change their votes on the issue. Republicans are now within striking distance of their first tort reform victory this session. The Class Action Fairness Act would move certain lawsuits from state to federal courts, something supporters of the bill have heralded as a way to prevent lawyers from venue shopping and discourage frivolous lawsuits. Democratic Sens. Christopher Dodd (Conn.), Mary Landrieu (La.) and Chuck Schumer (N.Y.) initially joined critics of the legislation, who argued the new provisions would make it more difficult to get lawsuits certified as class actions and delay compensation for injured parties. But the senators now say they will support a slightly amended version of the bill, which could be brought up for a vote early this year. "The agreement that we've struck on class-action lawsuits preserves the ability of Americans to bring lawsuits in a fair and reasonable way while doing away with some of the worst abuses," Schumer told the Washington Times last November. Financial services companies, accounting firms and insurance companies -- most of which have faced costly class-action litigation themselves -- are lobbying heavily in support of the legislation. Many of these same companies also happen to be among the country's top campaign contributors. Dodd, Landrieu and Schumer have all received contributions from these interests. But as members of the Senate Banking Committee, Dodd and Schumer in particular have been among their biggest beneficiaries over the years. CITIGROUP (Total contributions since 1989: $16.2 million, 46 percent to Democrats) Citigroup has given Schumer $322,000 in individual and PAC contributions since 1989, more than to any other federal candidate. Dodd is the sixth-largest recipient of Citigroup money, with $136,700 raised during that time. Citigroup CEO Charles O. Prince III gave Schumer $2,000 in the 2000 election cycle and Dodd $1,000 in the 2002 election cycle. Last March, Schumer attended a birthday bash for Citigroup Chairman Sanford Weill. Prince, then head of global corporate and investment banking, also attended the Carnegie Hall affair. J.P. MORGAN CHASE & CO. (Total contributions since 1989: $10.6 million, 41 percent to Democrats) The financial services firm has given Schumer $234,000 in individual and PAC donations since 1989, making him the top beneficiary of the company's contributions. CEO William B. Harrison Jr. gave Schumer $1,000 in 2002. Since 2000, Schumer and Harrison have worked together on the Group of 35 Task Force, a coalition of community leaders and business executives formed to "address the growing shortage of commercial office space in New York City." AMERICAN INTERNATIONAL GROUP (Total contributions since 1989: $7 million, 45 percent to Democrats) Next to President Bush, Schumer is the largest recipient of money from AIG. The senator has collected more than $112,000 from the insurance giant's PAC and employees since 1989. Dodd has received $73,900 from the company during the same period, including $17,160 in the first nine months of 2003. That makes him the top congressional recipient of AIG contributions this election cycle. AIG President and Bush Pioneer Maurice Greenberg and his wife Corrine gave a combined $4,000 to Schumer in 2001 and another $4,000 to Dodd last February. Dodd worked closely with AIG to craft terrorism risk insurance legislation post-Sept. 11. Schumer was a key supporter of the legislation. DELOITTE TOUCHE TOHMATSU (Total contributions since 1989: $9.4 million, 29 percent to Democrats) Deloitte Touche Tohmatsu has given Dodd $169,200 in individual and PAC contributions since 1989, more than to any other member of Congress. Schumer, who collected $104,200 from the accounting firm in that same period, is the company's No. 2 congressional recipient. Deloitte CEO William G. Parrett gave Schumer $1,000 in the 2000 election cycle. PRUDENTIAL FINANCIAL (Total contributions since 1989: $7.6 million, 46 percent to Democrats) Dodd has raised more money from Prudential Financial than any other member of Congress. The company's PAC and employees have given the senator a total of $77,500 since 1989. Schumer, who's raised $70,800 from Prudential in that time, is the second-largest congressional recipient of the company's contributions. Prudential CEO Art Ryan and his wife Patricia gave Dodd a combined $4,000 in the 2000 and 2002 election cycles. Ryan has given Schumer a total of $4,000 since 2001. BANK OF AMERICA (Total contributions since 1989: $9.5 million, 44 percent to Democrats) Schumer was the top recipient of money from Bank of America in the 2002 election cycle, when he raised $57,500 from the company in individual and PAC contributions. Kenneth Lewis, Bank of America's CEO, wrote a $1,000 check to Dodd's campaign last March. This report is available online at: www.capitaleye.org/inside.asp?ID=118 To be added to or removed from this list, please visit:http://www.opensecrets.org/alerts/index.asp
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- Vying for Votes: Class-action reformers target key Dems Dave Farber (Feb 11)