# Reliance

`kaal:entity:reliance`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `reliance`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 3 works, 2010 to 2016.

**2010**

- [1664809-017](https://wulfkaal.github.io/claims/1664809-017) [definitional/evidenced] -- 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.
  > theory' rather than requiring plaintiffs to prove actual reliance on
  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

**2012**

- [2029983-017](https://wulfkaal.github.io/claims/2029983-017) [mechanism/argued] -- 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). SSRN: https://ssrn.com/abstract=2029983
- [2029983-027](https://wulfkaal.github.io/claims/2029983-027) [mechanism/argued] -- Because the Dutch Supreme Court's World Online presumption of reliance can be extended to ad hoc disclosure violations and misleading periodic reports, the Dutch legal system could compete effectively with the United States by lowering the crucial reliance threshold in securities actions.
  > These developments suggest that the Dutch legal system could effectively compete with the United States, at least as it pertains to lowering the crucial threshold re- quirement of reliance in securities actions.
  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

**2016**

- [2811718-019](https://wulfkaal.github.io/claims/2811718-019) [condition/evidenced] -- Relying solely on a representation by the investment or the fund, without actually performing due diligence, is sufficient to present a fact issue on fraud to a jury.
  > Relying solely on an investment or fund representation and not actually performing due diligence is sufficient to present an issue of fact to a jury for fraud.
  Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/reliance.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.