Research Handbook on Representative Shareholder Litigation
Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship
Abstract
The chapter recounts the historical evolution of the private right of action under Rule 10b-5, explaining how it began as a cause of action not unlike traditional common law fraud and later morphed into the modern fraud-on-the-market class action. While the early version of the Rule 10b-5 private right was arguably consistent with standard corrective justice and deterrence rationales for private litigation, the author argues that the modern fraud-on-the-market class action is difficult to defend on these grounds. The historical and theoretical context provided by the chapter offers a lens for understanding contemporary scholarly debates over the social desirability of private Rule 10b-5 enforcement.
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