# kaal:claim:2029983-018

**Claim.** Despite signs of movement in that direction, there is as yet no genuine European substitute for the U.S. securities class action brought under the fraud-on-the-market theory.

**Type.** failure  **Support.** argued

**Holds when.**

- as of the article's 2012 assessment of European collective procedures

**Source quote.**

> There are some signs that European law could be moving in this direction, although thus far there is no genuine Europe- an substitute for the U.S. securities class action under the fraud-on-the-market theory.

**From.** 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, page 31

**Cite as.** 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

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Failure mode.** no-european-substitute  (family: enforcement-gap)

**Topics.** economics

**Keywords.** fraud-on-the-market, europe, class-actions, collective-procedures

**Related claims.**

- specializes: https://wulfkaal.github.io/claims/1664809-017

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.