On 14 November 2007, NERA's Sydney office held a colloquium exploring legal, economic, and corporate perspectives on the rise of shareholder litigation in Australia. Maurice Newman, Chairman of the Australian Securities Exchange, provided insights on the impact that increased shareholder class actions may have on directors that face obligations of continuous disclosure. Bernard Murphy, Chairman of the Board of Maurice Blackburn, Australia's largest class action legal practice, suggested that despite recent developments that have helped facilitate these actions, it is unlikely that they will rise to the level experienced in the US because frivolous claims are discouraged under the Australian system where the losing party is liable for the legal costs of its opponent. Finally, Dr. Andrew Carron, President of NERA, discussed trends in US securities litigation and the role of economists in assessing damage to shareholders that result from corporate misrepresentations.