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Global Settlements: Promise And Peril, John C. Coffee Jr.
Global Settlements: Promise And Peril, John C. Coffee Jr.
Faculty Scholarship
In 2010, Morrison v. National Australia Bank Ltd. destabilized the world of securities litigation by denying those who purchased their securities outside the U.S. the ability to sue in the U.S. (as they had previously often done). Nature, however abhors a vacuum, and practitioners and other jurisdictions began to seek ways to regain access to U.S. courts. Several techniques have emerged: (1) expanding settlement classes so that they are broader than litigation classes and treating the location of the transaction as strictly a merits issue that defendants could waive; (2) adopting U.S. law as applicable to securities issued abroad by …
The Globalization Of Entrepreneurial Litigation: Law, Culture, And Incentives, John C. Coffee Jr.
The Globalization Of Entrepreneurial Litigation: Law, Culture, And Incentives, John C. Coffee Jr.
Faculty Scholarship
The fiftieth anniversary of Rule 23’s adoption in 1966 provides an opportunity to consider how legal change occurs. Law, culture, and incentives all play a role. But which dominates? The adoption of Rule 23 preceded a significant surge in the use of the class action, and some areas of litigation came to depend on Rule 23’s availability (e.g., securities litigation, antitrust litigation, and, for a time, mass torts litigation). Perhaps even more importantly, Rule 23 spurred the growth of the plaintiff’s bar, enabling small firms with a handful of lawyers to develop into major institutional firms of one hundred or …