House lawmakers have introduced their version of a bill to restore private rights of action for aiding and abetting liability.

Representative Maxine Waters (D-Calif.) has introduced H.R.5042, which would amend section 20 of the '34 Exchange Act to allow for a private civil action against a person that provides "substantial assistance in violation of such Act."

The bill appears to mirror Senate Bill 1551, the Liability for Aiding and Abetting Securities Violations Act, introduced last July by Sen. Arlen Specter, which seeks to restore investors' right to bring private actions against aiders and abettors.

The legislation aims to overturn restrictions under the Supreme Court ruling in Central Bank of Denver v. First Interstate Bank of Denver and Stoneridge Investment Partners, LLC v. Scientific-Atlanta, which held that that plaintiffs couldn't bring such lawsuits against "secondary actors" such as auditors, bankers, and lawyers.