Proposition 211 in California has failed, meaning venture capitalists and US computer firms are safe from shareholder litigation over wrong forecasts.
Proposition 211 suffered a resounding blow from California, probably fuelled by the fact that IT is the US' largest industry after tourism.
Lawyers in other states had hoped that pensioners in California with investments in IT firms would vote positively for the motion.
Although California returned Bill Clinton as US president, other results were more bizarre. The state said yes to legalising cannabis for medical uses in the state, with 56 per cent in favour.
More than 80 per cent of the electorate there said affirmative action in favour of minorities should remain. Yet only 54 per cent of the electorate bothered to turn out and vote for either president, cannabis or Proposition 211.
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