but opponents say the law would create such difficult hurdles to advancing class action suits
in the courts that it would make the practice virtually impossible.
Indian investors and depositors will finally get the option of filing class action suits
against a company after the government on Wednesday set up the National Company Law Tribunal (NCLT) - a new entity that will take over several powers in coming months, including those related to deciding on revival of companies.
Just this spring, the 2nd Circuit found that a mandatory arbitration clause in American Express customer agreements did not prevent merchant customers from filing class action suits
However, an uptick in securities class action suits
filed in the first few weeks of the third quarter suggests that the second quarter was only a breather in what is shaping up to be an active year for securities litigation.
In addition to shareholder derivative suits and class action suits
for board breaches of duty, exclusions from federal plans are exposures faced by health care boards.
Class action suits
were introduced in Swedish law in 2002.
While buyers don't have access to insurer claims files--such as those used by actuaries to price risk--they do have access to detailed information on securities class action suits
, the principal cause of claims under public company D & O policies.
It drives home the message that class action suits
are out of control," said Michael Duncan, general council for the National Association of Independent Insurers.
But California Advocates for Nursing Home Reform has filed three class action suits
against the state of California in federal court.
Nobody would mind class action suits
if they didn't work," Cabraser said.
In 1989, several class action suits
filed against Continental Can Company for violations of Section 510 of the Employee Retirement Income Security Act of 1974 (ERISA) were consolidated and a settlement agreement was reached under the supervision of a Special Master.
The number of securities class action suits
filed was essentially unchanged, with 234 suits filed in 2009 compared to 239 the prior year, while the number of securities fraud suits filed by regulators grew sharply, with a 22 percent increase over 2008.