International Journal of Law and Management
HALLIBURTON II: A LOSER’S HISTORY
Frances and George Skestos Professor of Law, University of Michigan.
The Supreme Court was presented with an opportunity to bring fundamental reform to securities class actions last term in Halliburton Co. v. Erica P. John Fund, Inc. The Court ducked that opportunity, passing the buck to Congress to undo the mess that the Court had created a quarter century prior in Basic Inc. v. Levinson. Congress’s history in dealing with securities class actions suggests that reform is unlikely to come from the legislature anytime soon. The Securities and Exchange Commission appears to be satisfied with the status quo as well. With these institutional actors resisting reform, corporations and their shareholders may resort to self-help in dealing with the cost and distraction created by securities class actions. Paradoxically, resistance to reform of securities class actions may result in self-help measures that eliminate securities class actions—and their deterrent value—altogether.
class actions, The Supreme Court’s, Halliburton II, common law
Date Deposited : 31 Mar 2016 11:10
Official URL: http://scholarship.law.duke.edu/
Last Modified : 31 Mar 2016 11:10
Volume 10, Number 2, - 2015 , ISSN 1937-9498
Full Text Original