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Booth, Richard A. --- "Claim character and class conflict in securities litigation" [2018] ELECD 1110; in Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity (eds), "Research Handbook on Representative Shareholder Litigation" (Edward Elgar Publishing, 2018) 80

Book Title: Research Handbook on Representative Shareholder Litigation

Editor(s): Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity

Publisher: Edward Elgar Publishing

ISBN: 9781786435330

Section: Chapter 5

Section Title: Claim character and class conflict in securities litigation

Author(s): Booth, Richard A.

Number of pages: 18

Abstract/Description:

The subject of this chapter is direct and derivative shareholder suits. The author provides a detailed analysis of the distinct sources of losses suffered by buyers in a typical securities fraud class action and concludes that courts have mischaracterized many shareholder claims. These claims are properly seen as belonging to the corporation—derivative claims—rather than direct claims belonging to individual buyers. The chapter identifies legal support for recharacterizing the claims and considers consequences for shareholder litigation.