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17 results

  • 4 - How Many Class Actions Are Meritless?

  • from Part I - The United States
  • Edited by Brian T. Fitzpatrick, Randall S. Thomas
  • Book:
    The Cambridge Handbook of Class Actions
    Published online:
    29 January 2021
    Print publication:
    18 February 2021, pp 59-70

  • Summary

    One of the most frequent criticisms of class action lawsuits is that they are often meritless. This is an important component of the campaign against class actions. If most class actions are meritless, then many of the virtues about private enforcement become moot: even if private lawyers are more effective than government bureaucrats at enforcing the law, if most of the enforcement efforts are misguided, why would we want them to be effective? The profit motive would simply be giving us more of something we don’t want. Better to have someone ineffectual than someone effectual when it comes to delivering bad stuff.

  • 23 - The Indian Securities Fraud Class Action

  • from Part IV - Asia and the South Pacific
  • Edited by Brian T. Fitzpatrick, Randall S. Thomas
  • Book:
    The Cambridge Handbook of Class Actions
    Published online:
    29 January 2021
    Print publication:
    18 February 2021, pp 462-478

  • Summary

    In 2013, India enacted one of the most robust private enforcement regimes for securities fraud violations in the world. Unlike in most other countries, Indian shareholders can now initiate securities fraud lawsuits on their own, represent all other defrauded shareholders unless those shareholders affirmatively opt out, and collect money damages for the entire class. The only thing missing is a better financing mechanism: unlike the United States, Canada, and Australia, India does not permit contingency fees, so class action lawyers cannot front the costs of litigation in exchange for collecting a percentage of what they recover. On the other hand, the 2013 law enacted a public financing regime for securities fraud class actions and it is possible third-party financing will be permitted; these mechanisms may make up some of the loss in effectiveness caused by the lack of contingency fees.

The Cambridge Handbook of Class Actions
  • An International Survey
  • Edited by Brian T. Fitzpatrick, Randall S. Thomas
  • Published online:
    29 January 2021
    Print publication:
    18 February 2021
  • Economic activity is more globally integrated than ever before, but so is the scope of corporate misconduct. As more and more people across the world are affected by such malfeasance, the differences in legal redress have become increasingly visible. This transparency has resulted in a growing convergence towards an American model of robust private enforcement of the law, including the class-action lawsuit. This handbook brings together scholars from nearly two dozen countries to describe and assess the class-action procedure (or its equivalent) in their respective countries and, where possible, to offer empirical data on these systems. At the same time, the work presents a variety of multidisciplinary perspectives on class actions, from economics to philosophy, making this handbook an essential resource to academics, lawyers, and policymakers alike.