Publicly traded banks and their executives would get new protection from shareholder lawsuits under legislation passed by the Senate last week.

The bill aims to shield all public companies from frivolous lawsuits filed by "professional plaintiffs," said Senate Banking Committee Chairman Alfonse M. D'Amato.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.