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 "identifier": "kaal:entity:class-actions",
 "name": "Class actions",
 "termCode": "class-actions",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-012",
   "identifier": "kaal:claim:1664809-012",
   "text": "The lack of securities class actions in European jurisdictions creates a void that increases the incentives for forum shopping by plaintiffs' lawyers.",
   "abstract": "This void increases incentives for forum shopping by",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "European jurisdictions that do not offer securities class actions"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-017",
   "identifier": "kaal:claim:1664809-017",
   "text": "In US securities class actions plaintiffs may proceed on the fraud on the market theory rather than proving actual reliance on misleading statements, an approach that has been rejected in most other countries.",
   "abstract": "theory' rather than requiring plaintiffs to prove actual reliance on",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "definitional",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "US securities class actions under section 10(b) and Rule 10b-5"
   ],
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   "@id": "https://wulfkaal.github.io/claims/1664809-020",
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   "text": "Section 7216 could have the opposite effect of forcefully exporting US law onto other jurisdictions including Europe, even though it would be preferable for other nations to decide for themselves whether to have a class action litigation system.",
   "abstract": "7216 could have the opposite effect of forcefully exporting US law",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "countries that have deliberately declined to adopt class action litigation"
   ],
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-017",
   "identifier": "kaal:claim:1765901-017",
   "text": "Non-U.S. investors have a strong incentive to route foreign trades through U.S. brokers if that preserves a U.S. cause of action, because their home jurisdictions rarely offer the attractive features of the U.S. system such as broad discovery, higher damages, class actions, and no exposure to defendants' costs.",
   "abstract": "Indeed, the home jurisdiction of non-U.S. clients of U.S. brokers is not likely to provide many of the attractive features of the U.S. legal system, such as unparalleled discovery, a tendency towards higher damages and settle- ment amounts, the availability of securities class actions",
   "citation": "Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901",
   "datePublished": "2011",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "a broker location theory accepted by U.S. courts",
    "non-U.S. clients trading non-U.S. securities"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-026",
   "identifier": "kaal:claim:1765901-026",
   "text": "Foreign-cubed rulings such as Morrison determined the size of the plaintiff class in private suits, but were irrelevant to the SEC's ability to enforce wherever a U.S. securities transaction is connected to the alleged fraud.",
   "abstract": "Morrison and other foreign-cubed cases determined the size of the plaintiff class in private suits, an issue relevant to the compensation of plaintiffs' lawyers, but the rulings in these cases were irrelevant to whether the SEC could pursue enforcement",
   "citation": "Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901",
   "datePublished": "2011",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "private class actions compared with SEC enforcement"
   ],
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-013",
   "identifier": "kaal:claim:2029983-013",
   "text": "Because Section 929P did not restore private rights of action, the most powerful weapon in plaintiffs' arsenal, the fraud-on-the-market theory in class actions, is thwarted wherever the transaction took place outside the United States.",
   "abstract": "most powerful weapon in plaintiffs' arsenal, the fraud-on-the- market theory in class actions, is thus thwarted in those in- stances where transactions are outside the United States.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "private class actions over non-U.S. transactions",
    "SEC and DOJ actions remain possible"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-018",
   "identifier": "kaal:claim:2029983-018",
   "text": "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.",
   "abstract": "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.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "as of the article's 2012 assessment of European collective procedures"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-020",
   "identifier": "kaal:claim:2029983-020",
   "text": "The WCAM's requirement that a court evaluate procedural and substantive fairness and the efficiency of the settlement lets the Dutch system avoid blackmail settlements, where a defendant pays simply to escape endless proceedings and reputational loss.",
   "abstract": "The WCAM, thus, avoids black- mail settlements in which a defendant offers a payment to get out of a class action to avoid the prospect of endless proceedings",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Dutch collective settlements certified by the Amsterdam Court of Appeal"
   ],
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  },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-026",
   "identifier": "kaal:claim:2029983-026",
   "text": "Given the Fortis and Converium decisions, it is conceivable that Dutch courts will expand their extraterritorial reach beyond the enforcement of settlements to cases litigated as class actions.",
   "abstract": "Given the developments in the Fortis and Converium decisions, it is conceivable that Dutch courts could expand their exterritorial reach beyond settlements.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "continuation of the trend visible in Fortis and Converium"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-030",
   "identifier": "kaal:claim:2029983-030",
   "text": "Canada could engage in Forum Competition with the United States if its courts allow suits under Canadian law over all transactions in securities listed for trading in Canada, even transactions executed in the United States, assembling a class of Canadian and U.S. investors that Morrison forbids in U.S. courts.",
   "abstract": "Canada thus has an opportunity to engage in Forum Competition with the United States if its courts assume a different posture and allow suits under Canadian law with respect to all transactions in securities listed for trading in Canada, even if some of those transactions take place in the",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "Canadian courts adopt a posture different from U.S. courts applying Morrison"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
  }
 ],
 "description": "10 claims in the published works of Wulf A. Kaal carry the concept tag 'class-actions'. Derived node: a roster, not an adjudicated definition."
}