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Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions

The Yale law journal, 1995-06, Vol.104 (8), p.2053-2127

Copyright 1995 The Yale Law Journal Company, Inc. ;COPYRIGHT 1995 Yale University, School of Law ;Copyright Yale Law Journal Company, Inc. Jun 1995 ;ISSN: 0044-0094 ;EISSN: 1939-8611 ;DOI: 10.2307/796992

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Title:
Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions
Author: Weiss, Elliott J. ; Beckerman, John S.
Subjects: Attorneys ; Attorneys fees ; Class ; Class Action ; Class action lawsuits ; Class actions (Civil procedure) ; Corporations ; Costs ; Defendants ; Economic aspects ; Fees ; Institutional investments ; Investors ; Law ; Litigation ; Majority stockholders ; Money ; Plaintiffs ; Plaintiffs attorneys ; Proposals ; Securities ; Securities fraud ; Securities law ; Shareholders rights ; United States
Is Part Of: The Yale law journal, 1995-06, Vol.104 (8), p.2053-2127
Description: Plaintiff's attorneys, operating on behalf of figurehead clients, effectively control when securities class actions are initiated and how they are prosecuted. Institutional investors are the principal beneficiaries of securities class actions, and institutions have more than enough at stake to justify serving as litigation monitors. However, current judicial practices discourage institutions from playing that role. Three procedural reforms designed to encourage institutions to become litigation monitors are proposed: 1. appointing the attorneys who represent the class members with the largest financial stake in the action as lead counsel for the plaintiff class, 2. providing early notice to class members with large stakes, and 3. restricting discovery concerning whether such class members are typical and adequate class representatives.
Publisher: New Haven, Conn: The Yale Law Journal Company
Language: English
Identifier: ISSN: 0044-0094
EISSN: 1939-8611
DOI: 10.2307/796992
Source: ProQuest Central

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Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions

Copyright 1995 The Yale Law Journal Company, Inc. ;COPYRIGHT 1995 Yale University, School of Law ;Copyright Yale Law Journal Company, Inc. Jun 1995 ;ISSN: 0044-0094 ;EISSN: 1939-8611 ;DOI: 10.2307/796992

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