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Full-Text Articles in Legal Remedies
Victim V. Victim Restitution: The Commingling Fictions, Andrew Kull
Victim V. Victim Restitution: The Commingling Fictions, Andrew Kull
St. Mary's Law Journal
Abstract forthcoming.
Torts, Frederick J. Moreau
Reassessing Damages In Securities Fraud Class Actions, Elizabeth C. Burch
Reassessing Damages In Securities Fraud Class Actions, Elizabeth C. Burch
ExpressO
No coherent doctrinal statement exists for calculating open-market damages for securities fraud class actions. Instead, courts have tried in vain to fashion common-law deceit and misrepresentation remedies to fit open-market fraud. The result is a relatively ineffective system with a hallmark feature: unpredictable damage awards. This poses a significant fraud deterrence problem from both a practical and a theoretical standpoint.
In 2005, the Supreme Court had the opportunity to clarify open-market damage principles and to facilitate earlier dismissal of cases without compensable economic losses. Instead, in Dura Pharmaceuticals v. Broudo, it further confused the damage issue by (1) perpetuating the …