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 9: Who collects the deal tax, where, and what Delaware can do about it

Sean J. Griffith and Anthony Rickey


This chapter focuses on Delaware’s efforts to crack down on disclosure-only settlements. The authors test one theory of plaintiff law firms: that there are “white hat” and “black hat” firms, that is, firms that bring meritorious cases and firms that bring weak ones. They find evidence consistent with the existence of “black hat” firms, but also evidence that “white hat” firms may in fact be “gray,” filing strong cases in Delaware and weaker cases outside it. To deal with the problem of “gray hat” behavior, the authors suggest that Delaware probe lead counsel applicants’ conduct outside of Delaware in making lead counsel appointments. Delaware can use its unique position as the center of corporate law to assure that meritorious cases continue to be brought there.

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