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 22: The globalization of entrepreneurial litigation: law, culture, and incentives

John C. Coffee

Abstract

The chapter examines the expansion of class action litigation in Europe and Asia, comparing the role of law, culture, and incentives in fostering entrepreneurial litigation similar to or different from the forms developed in the United States. This comparative analysis is especially important because the United States Supreme Court’s ruling in Morrison v. National Australia Bank Ltd. effectively limits the ability of shareholders to pursue certain claims within the United States, potentially prompting a renewed emphasis on the availability of representative litigation in other jurisdictions. This chapter begins with a presentation of the representative litigation models utilized in different jurisdictions. The chapter highlights some of the advantages and disadvantages of each model of collective litigation, ultimately finding strong evidence that “entrepreneurial” litigation has indeed begun to spread to other jurisdictions.

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