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"We fully anticipate that we will prevail against these frivolous actions," the statement said.
In February 2002, a Tax Court judge dismissed Ms. Kuglin's claims of I.R.S. irregularities in determining she owed taxes for 1994 and 1995, but declined an I.R.S. request to impose penalties on her for filing frivolous actions to delay collection.
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He described Mr. Perelman — his longtime friend, client and business partner — as a "deadbeat" and "bully" in court papers, saying he should be sanctioned by the judge for bringing the "frivolous" action.
"I'm relieved this frivolous action has ended," he said.
Supporters say it would reduce frivolous legal actions that end up mainly benefiting the lawyers who file them.
It was touted as the end of frivolous class actions and obscene fees.
The bill is backed by the US Chamber of Commerce and other business groups, who claim frivolous class actions are raging out of control, led by greedy lawyers seeking windfalls at the expense of hard-working corporations (and their executives).
AMERICA'S new Class Action Fairness Act seeks to curb frivolous class-action lawsuits against companies in areas such as product liability and labour law, mainly by redirecting more of them to federal courts and so denying lawyers scope to "forum-shop" among biddable state courts.
The Private Securities Litigation Reform Act of 1995 was meant to curb frivolous class-action suits within the field of securities law.
"A disturbing trend has emerged where adversely affected companies initiate frivolous legal action to chill the exercise of the Copyright Act's inalienable termination right.
When Mr. Bush threatened to veto the original Senate bill last week, he said it provided "no effective limitations on frivolous class-action suits".
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