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Public Pension Funds As Shareholder Activists: A Comment On Choi And Fisch, Randall Thomas
Public Pension Funds As Shareholder Activists: A Comment On Choi And Fisch, Randall Thomas
Vanderbilt Law School Faculty Publications
The world of shareholder activism has expanded dramatically over the past twenty years so that it now contains a broad set of actors carrying on a wide range of activities. At one end of the spectrum, hedge fund activist shareholders have taken large investment positions in targeted companies and spent significant amounts of money lobbying aggressively for a host of structural changes at these corporations. At a more intermediate level of activism are the labor union pension funds. The union funds have been active, making innovative uses of the federal securities laws to get shareholder proposals on corporate ballots and …
Leaving Money On The Table: Do Institutional Investors Fail To File Claims In Securities Class Actions?, Randall Thomas, James D. Cox
Leaving Money On The Table: Do Institutional Investors Fail To File Claims In Securities Class Actions?, Randall Thomas, James D. Cox
Vanderbilt Law School Faculty Publications
In this paper, we examine the role of institutional investors in securities fraud class actions. We begin by surveying the first five years of experience with the Lead Plaintiff provision of the Private Securities Litigation Reform Act (PSLRA). In particular, we look at those cases where the lead plaintiff position has been contested and the outcome of those disputes. We find that institutional investors have been very successful in obtaining the position of lead plaintiff where they have sought it, but that there are a number of cases where they were unsuccessful. In part two of the paper, we dissect …