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 18: The mimic-the-market method of regulating common fund fee awards: a status report on securities fraud class actions

Charles Silver

Abstract

This chapter tracks the growth and development of the mimic-the-market approach in setting attorneys’ fees in securities class actions. This approach calls for judges to assess what the market would have paid for the lawyer’s services, rather than the more traditional lodestar calculation. An idea that the author himself advocated early on, the mimic-the-market approach to setting fees has gained traction in many jurisdictions across the United States, notably in the Second, Third, and Seventh Circuit Courts of Appeal, and in several district courts. The author points out that following the mimic-the-market approach requires a measure of judicial courage, because it sometimes results in the award of very large fees. The author also revisits his own prediction that judges would begin to set fees at the outset of cases, and discusses why he believes that prediction has not been realized.

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