Panel says curbs needed for lawyers making political contributions

Lawyers who make political contributions to public pension plan officials should be barred from representing the funds as lead plaintiffs in class-action securities lawsuits, according to a report issued today by the Committee on Capital Markets Regulation, an independent, bipartisan committee composed of corporate and financial leaders. According to the report, the crackdown could come in the form of a Department of Labor regulation or congressional legislation barring the practice.