Below is the first part of an article by Paul M. Barrett from businessweek.com. it reads…
Securities class-action lawsuits—the topic sounds both daunting and dull. Don’t be intimidated. We can break this down.
On March 5, the Supreme Court will hear arguments in a case that could doom securities class actions. Would that matter? In a word, yes. It would be a very big deal.
According to the U.S. Chamber of Commerce and its constituent corporations, killing securities class actions would be fine and dandy. Personally, I’m ambivalent. While it’s difficult to prove, the threat of class actions has got to make some executives think twice about lying—and that’s a good thing (unless you’re a dishonest corporate honcho). On the other hand, I’ve always thought there is something intrinsically illogical about privately filed securities class actions, a point I’ll return to in a moment.
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