Appellate review is important because "the Supreme Court has repeatedly recognized, [that] litigation under Rule 10b-5 presents a danger of vexatiousness
different in the degree and in kind from that which accompanies litigation in general.
Second, regarding the new guidelines, I will apply the tests of repetition, frivolity, vexatiousness
and unnecessary prolongation of report stage proceedings insofar as it is possible to do so in the particular circumstances with which the Chair is faced.
In an oft-repeated opinion, Justice Rehnquist described "widespread recognition" that private securities litigation "presents a danger of vexatiousness
different in degree and in kind from that which accompanies litigation in general.