Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Reforming Securities Litigation Reform: A Proposal For Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda M. Rose
Reforming Securities Litigation Reform: A Proposal For Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda M. Rose
Amanda M Rose
Forthcoming in Columbia Law Review, Vol. 108, No. 6 (Oct. 2008)
For years, commentators have debated how to reform the controversial Rule 10b-5 class action, without pausing to ask whether the game is worth the candle. Is private enforcement of Rule 10b-5 worth preserving, or might we be better off with exclusive public enforcement? This fundamental and neglected question demands attention today more than ever. An academic consensus has now emerged that private enforcement of Rule 10b-5 cannot be defended on compensatory grounds, at least in its most common form (a fraud-on-the-market class action brought against a non-trading issuer). That …