kaal:claim:2029983-017

The requirement that each plaintiff show individual reliance, followed in most jurisdictions outside the United States, is not merely a substantive difference: it undermines collective litigation because class procedures work only when plaintiffs share common questions of law and fact.

This difference in substantive law has an impact on procedural issues because class action lit- igation and collective procedures are easier if plaintiffs in the class share common questions of law and fact.

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012), II.A. The Proliferation of European Collective Procedures, p. 29
https://ssrn.com/abstract=2029983 · source PDF

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

• jurisdictions that reject the fraud-on-the-market theory

mechanismsupport: arguedeconomics

• extends kaal:claim:1664809-017 In US securities class actions plaintiffs may proceed on the fraud on the market theory rather than proving ac...

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