Research Handbook on Representative Shareholder Litigation
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Research Handbook on Representative Shareholder Litigation

Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship

Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
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Chapter 7: Fighting frivolous litigation in a multijurisdictional world

Adam Badawi

Abstract

The chapter interrogates recent efforts by the Delaware Chancery Court to rein in disclosure-only settlements. Under the author’s analysis, such suits might constitute a “necessary evil” in service of another goal: “Delaware’s ability to stay at the forefront of corporate law.” Much depends on whether plaintiff law firms know the strength of their cases at filing, or whether they only develop that understanding over time. If the latter, rational firms might bring cases outside of Delaware—even strong cases—for fear that the lack of ability to obtain a disclosure-only settlement would leave them unable to recover costs in Delaware if the case turned out to be weak. The author raises the possibility that Delaware’s crackdown on such settlements may be incompatible with its commitment to remain the leading forum for corporate litigation.

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