Vying for Votes: Class-action reformers target key Dems

[Dave Farber <dave () farber net>]

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

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