Shareholder Class Actions: A Rising Trend in Australia, On its Way Here?
Wellington and Auckland, New Zealand
15 November 2010- 16 November 2010
Hosted By: the Law & Economics Association of New Zealand (LEANZ)
NERA Director Greg Houston was invited by the Law & Economics Association of New Zealand to discuss a recent NERA study, "Trends in Australian Securities Class Actions: 1 January 1993 - 31 December 2009," in Wellington on 15 November and in Auckland on 16 November 2010. The study showed that the annual rate of filings of shareholder class actions in Australia set a new record in 2009, with a yet higher number expected for 2010. In New Zealand, the role of class actions is currently being tested by shareholder plaintiffs in their high profile case against Feltex directors and investment banks involved in the 2004 Feltex IPO. Mr. Houston explained the essential ingredients of shareholder class actions, including the parties who are typically eligible to bring them, on what basis, and against whom. He also identified the developments that have been instrumental in driving the upward trend in this form of litigation in Australia, and the prospects for it to become established in New Zealand. In addition, Mr. Houston discussed the essential legal and economic ingredients for a successful shareholder lawsuit, i.e., assessing materiality, loss causation, and damages.
Download Mr. Houston's presentation.
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