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ARTICLE · 10 MARCH 2009

Trends In Class And Derivative Actions - Should We Be Concerned?

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The economic downturn has led to an increase in speculation of likely investor and shareholder action.

United KingdomInsurance
Graham Denny
Graham Denny

The economic downturn has led to an increase in speculation of likely investor and shareholder action. Whilst this may be true for the US, what about in England and Wales or wider Europe? There have been calls for the introduction of a class action system but what form if any will it take? US commentators warn of the impact their class action system has on US industry not to mention the insurance market. Similarly, since 1 October 2007 there has been concern that the Companies Act 2006 will open up the floodgates to shareholder derivative claims in England and Wales. What are the trends?

In November 2007 the European Union Commissioner responsible for consumer policy announced plans to explore an EU wide strategy for collective redress and enforcement. She made it clear that a US system was not on her agenda. In November 2008 the European Commission announced the publication of a Green Paper on consumer collective redress. 1 March 2009 is the deadline for comments

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