Investor empowerment strategies in the Congressional reform of securities class actions

Article Abstract:

Efforts under the Private Securities Litigation Reform Act of 1995 to limit possible securities class action plaintiffs and install the plaintiff with the largest economic stake as the lead plaintiff infringe on the right to bring meritorious claims and conflict with class action policy rationales. Provisions limiting repeat lead plaintiffs, barring referral fees and adding certification requirements only serve to diminish investors rights and will not empower investors. Having the largest stakeholder be the lead plaintiff will not help the class action mechanism vindicate the rights of the class as a whole.

Political aspects, Protection and preservation, Investors, Securities law

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In-kind class action settlements

Article Abstract:

Mechanisms such as market discipline, mixed cash and scrip compensation of attorneys and minimum guaranteed payments address the complexities faced by courts and attorneys addressing the fairness and adequacy of in-kind class action settlements under Federal Rules of Civil Procedure Rule 23(e) review. In-kind payments to class members, such as free products or discounted services, pose valuation problems for courts charged with approving the settlement. The need for better mechanisms to protect plaintiffs when in-kind settlements are made suggests that Rule 23 may need fundamental reform.

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The Rules Enabling Act and the limits of Rule 23

Article Abstract:

The interpretation by the US Supreme Court in Amchem Products, Inc. v. Windsor of Federal Rule of Civil Procedure 23 indicates that the Court intends to follow precedent and broadly construe the Rules Enabling Act (REA) despite language in the case to the contrary. The Court stated that Rule 23 would be interpreted in keeping with the REA, but its interpretation affected substantive rights. The scope of judicial rulemaking powers remains unclear in light of the REA prohibition against judicial interpretations affecting substantive rights.

Civil procedure

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