Corporate governance and securities class actions

This study investigates the governance attributes of firms that have been subject to securities class actions (SCAs). There has been a recent sizable increase in the number of firms subject to SCAs in Australia. We examine a sample of firms that have been subject to SCAs due to disclosure breaches and match the firms by industry and size to a control sample. First, we examine the compliance culture of the SCA firms via the frequency of Australian Securities Exchange (ASX)queries of the firm and find that the frequency of ASX queries is positively associated with the occurrence of a SCA. Secondly, we provide evidence that SCA firms exhibit weaker levels of corporate governance than the matched control sample. In addition, we contribute to the understanding of firms subject to SCAs and their corporate governance attributes. Our results suggest the presence of a nomination committee may be associated with higher agency costs and that the influence of CEO duality may reduce the effectiveness of a nomination committee.

Shareholder class actions - a critical analysis of the procedure under Part IVA of the Federal Court of Australia Act

Part IVA of the Federal Court of Australia Act 1974 (C’th) governs the class action procedure, which has been available in Australia since March 1992. The procedure was not popular amongst the shareholders until in the late 1990s, and since then the number of shareholder class actions has steadily increased. Many of these shareholder class actions settled before a final court hearing. This article critically examines the class action procedure and in doing so, it highlights the current issues that contribute to a rapid rise in shareholder class actions. The article calls for reform to the class action procedure. It identifies areas for reform in an attempt to improve the position of the group members so that they can receive a better outcome than what they can get under the current class action model.

Multi-party actions as a route to collective redress for mass arm, having particular regard to environmental mass harm

Accepted Version

Bogeymen, lunatics and fanatics: collective actions and the private enforcement of European competition law

The European desire to ensure that bearers of EU rights are adequately compensated for any infringement of these rights, particularly in cases where the harm is widely diffused, and perhaps not even noticed by those affected by it, collides with another desire: to avoid the perceived excesses of an American-style system of class actions. The excesses of these American class actions are in European discourse presented as a sort of bogeyman, which is a source of irrational fear, often presented by parental or other authority figures. But when looked at critically, the bogeyman disappears. In this paper, I examine the European (and UK) proposals for collective action. I compare them to the American regime. The flaws and purported excesses of the American regime, I argue, are exaggerated. A close, objective examination of the American regime shows this. I conclude that it is not the mythical bogeyman of a US class action that is the barrier to effective collective redress; rather, the barriers to effective, wide-ranging group actions lie within European legal culture and traditions, particularly those mandating individual control over litigation.

Diálogo institucional e direito à saúde

O trabalho busca analisar os problemas envolvendo a efetivação do direito à saúde no Brasil, os conflitos alocativos subjacentes à temática e o papel das instituições representativas, do Judiciário e da sociedade civil neste processo. Pretende-se reafirmar a importância da proteção do direito à saúde e, ao mesmo tempo, criticar uma certa euforia doutrinária e jurisprudencial que se instalou nos últimos anos e passou a compreender o Judiciário como o último guardião das promessas constitucionais não cumpridas pelos ramos representativos. O trabalho analisa as experiências constitucionais de países que não apostam no dogma da supremacia judicial e tentam conciliar a revisão judicial com mecanismos mais democráticos. A partir daí propõe o marco teórico das teorias do diálogo institucional como uma alternativa menos unilateral para enfrentar os desafios desencadeados no campo sanitário. No trabalho enfatiza-se a importância pelas preocupações com a efetividade da constituição, mas propõe-se uma reflexão sobre qual seria a melhor alternativa para tanto, chegando-se à conclusão contra-intuitiva de que talvez o caminho mais eficaz passe por um controle judicial fraco, que não despreze as potencialidades do Direito, mas que aposte mais na democracia e na interação sinérgica entre os ramos representativos e a sociedade civil.

O novo perfil da tutela dos direitos individuais homogêneos

A dissertação tem por objeto a análise das novas formas de tratamento processual dos direitos individuais homogêneos, os quais frequentemente dão ensejo à propositura de ações repetitivas, especialmente a partir da tendência pela adoção de procedimentos de agregação de ações em alguns países. Assim, analisam-se as ações-teste estabelecidas pela Alemanha (Musterverfahren), Inglaterra (Group Litigation Order) e o incidente de resolução de demandas repetitivas previsto no Projeto de novo Código de Processo Civil brasileiro (PL 8.046/2010). Como esta espécie de direitos também pode ser tutelada por ações coletivas, o trabalho contém um estudo sobre suas principais características, como a representatividade adequada e os diferentes sistemas de extensão dos efeitos produzidos pela coisa julgada formada nestas ações. Todo este debate é precedido da análise dos princípios constitucionais da isonomia e da segurança jurídica, do movimento mundial de aproximação entre os sistemas de civil law e common law, e da crescente tendência uniformizadora da jurisprudência brasileira.

O direito prestacional à saúde e sua implementação judicial limites e possibilidades

A presente dissertação centra-se no estudo do direito prestacional à saúde e de sua sindicação por intermédio de demandas individuais e coletivas. Para tanto, demonstrada a fundamentalidade formal e material do direito à saúde, analisa-se como os tribunais brasileiros se comportam diante das muitas objeções opostas à sua atuação. Constatada a elasticidade do tratamento conferido pela jurisprudência às demandas individuais, propõem-se critérios objetivos limitadores; diante da contrastante timidez dos julgados na seara coletiva, o foco passa a ser o escrutínio das possibilidades de controle judicial inexploradas.

Old Town Glasgow: Squalor, Agitation and City Improvements

In 1862, Glasgow Corporation initiated the first of a series of three legislative acts which would become known collectively as the City Improvements Acts. Despite having some influence on the nature of the built fabric on the expanding city as a whole, the most extensive consequences of these acts was reserved for one specific area of the city, the remnants of the medieval Old Town. As the city had expanded towards all points of the compass in a regular, grid-iron structure throughout the nineteenth century, the Old Town remained singularly as a densely wrought fabric of medieval wynds, vennels, oblique passageways and accelerated tenementalisation. Here, as the rest of the city began to assume the form of an ordered entity, visible and classifiable, one could still find and addresses such as ‘Bridgegate, No. 29, backland, stair first left, three up, right lobby, door facing’ (quoted in Pacione, 1995).

Unsurprisingly, this place, where proximity to the midden (dung-heap) was considered an enviable position, was seen by the authorities as a major health hazard and a source not only of cholera, but also of the more alarming typhoid epidemic of 1842. Accordingly, the demolitions which occurred in the backlands of the Old Town under the first of the acts, the Glasgow Police Act of 1862, were justified on health and medical grounds. But disease was not the only social problem thought to issue from this district. Reports from social reformers including Fredrick Engels suggested that the decay of the area’s physical fabric could be extended to the moral profile of its inhabitants. This was in such a state of degeneracy that there were calls for a nearby military barracks to be relocated to more salubrious climes because troops were routinely coming into contact ‘with the most dissolute and profligate portion of the population’ (Peter Clonston, Lord Provost, June 1861). Perhaps more worrying for the city fathers, however, was that the barracks’ arsenal was seen as a potential source of arms for the militant and often illegal cotton workers’ unions and organisations who inhabited the Old Town as well as the districts to the east. In fact, the Old Town and East End had been the site of numerous working class actions and riots since 1787, including a strike of 60,000 workers in 1820, 100,000 in 1838, and the so-called Bread Riots of 1848 where shouts of ‘Vive La Revolution’ were reported in the Gallowgate.

The events in Paris in 1848 precipitated Baron Hausmann’s interventions into that city. The boulevards were in turn visited by members of Glasgow Corporation and ultimately, it can be argued, provided an example for Old Town Glasgow. This paper suggests that the city improvement acts carried a similarly complex and pervasive agenda, one which embodied not only health, class conflict and sexual morality but also the more local condition of sectarianism. And, like in Paris, these were played out spatially in a extensive reconfiguration of the urban fabric of the Old Town which, through the creation of new streets and a railway yard, not only made it more amenable to large scale military manoeuvres but also, opened up the area to capitalist accumulation. By the end of the works, the medieval heritage of the Old Town had been almost completely razed, the working class and Catholic East End had, through the insertion of the railway yard, been isolated from the city centre and approximately 70,000 people had been made homeless.

Les questions de compétence internationale des tribunaux québécois soulevées par le recours collectif multi-juridictionnel : pragmatisme ou cohérence théorique

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LL.M. en droit des affaires"

Les recours collectifs contre plusieurs défendeurs

Le recours collectif est un moyen de procédure qui permet à une personne d'agir en demande pour le compte des membres d'un groupe dont elle fait partie. Cette procédure peut être introduite contre plus qu'un seul défendeur. On distingue deux types de recours collectifs contre plusieurs défendeurs. Il y a d'abord les recours collectifs où tous les membres du groupe ont un recours personnel contre tous les défendeurs. Il y a aussi les recours collectifs où les membres du groupe font valoir une même cause d'action à l'encontre de plusieurs défendeurs qui auraient eu un comportement fautif similaire à l'égard de l'un ou l'autre des membres du groupe. La recevabilité de ce dernier type de recours collectifs a été remise en question. Le requérant n'aurait pas l'intérêt suffisant pour ester en justice contre les défendeurs qui ne lui ont pas causé préjudice. Il ne saurait non plus satisfaire aux exigences du Code de procédure civile concernant l'autorisation du recours collectif. Or, il appert des règles mises en place en matière de recours collectif que le requérant fait valoir non seulement ses propres droits personnels, mais aussi tous ceux des membres du groupe. Ainsi, on ne peut lui reprocher l'absence d'intérêt juridique ou de cause d'action dans la mesure où il y a, pour chacun des défendeurs, au moins un membre du groupe avec un intérêt suffisant ou une cause d'action à son encontre. Les autres exigences du Code de procédure civile ne font pas, en soi, obstacle à l'autorisation d'un recours collectif contre plusieurs défendeurs.

Les problèmes posés par la multiplicité de lois applicables dans les recours collectifs internationaux engagés à la suite d'accidents à grande échelle

Sous l'ère moderne, où le commerce n'a plus de frontières physiques, les catastrophes causant des dommages à grande échelle se sont multipliées. Lorsque de telles catastrophes surviennent, l'utilisation de procédures de recours collectif pour juger de l'ensemble des litiges semble être la solution indiquée. Pourtant, l'expérience nous démontre qu'il n'en est rien... Bien que le même événement cause des dommages à de multiples victimes, le recours judiciaire demeure l'exercice d'un droit personnel. Le tribunal devra alors rechercher l'application de règles matérielles spécifiques à ce recours. En l'absence de règles spécifiques, les règles de conflit de lois du tribunal saisi seront applicables. Or, ces règles ne sont pas uniformes et entraînent une multiplicité de lois applicables. Conséquemment, il est opportun de s'interroger sur la pertinence de réunir des recours individuels en un seul recours. L'expérience américaine nous démontre les difficultés engendrées par la multiplicité de lois applicables à un recours collectif, bien que des solutions législatives et jurisprudentielles aient été proposées. Ces solutions demeurent imparfaites, tant au niveau de leur constitutionalité que du respect des droits fondamentaux. Devant la complexité occasionnée par le regroupement de ces litiges, les tribunaux sont réfractaires à leur autorisation, dès lors qu'une multiplicité de lois applicables est démontrée. Ainsi, la solution juridique la mieux adaptée aux recours collectifs internationaux demeure celle de saisir les tribunaux, de plusieurs recours collectifs distincts; chacun regroupé en fonction de la loi applicable à chaque recours, déterminée, au préalable, par l'analyse des règles de conflit de lois du tribunal saisi.

La acción de grupo : mecanismo adecuado y efectivo para reparar graves violaciones a los derechos humanos

La presente tesis, demuestra que la acción de grupo, consagrada en el Artículo 88 de la Constitución Política de Colombia y en la Ley 472 de 1998, es un mecanismo idóneo y efectivo de reparación en casos de graves violaciones a los derechos humanos v.gr. desplazamiento forzado. Para ello, en una primera parte, se presentan algunos antecedentes internacionales de esta acción, como lo son los International Mass Claims Processes y las Class Actions anglosajonas, que evidencian los casos de procedencia y los requisitos que se han establecido a nivel internacional para que una acción colectiva pueda proceder para indemnizar esta clase de violaciones. Posteriormente, en una segunda parte, se analizan los principales aspectos procesales de la acción de grupo, como lo son, por ejemplo, la conformación del grupo, la representatividad adecuada, el termino de caducidad de la acción, la notificación de la demanda, la publicación de la sentencia y el estimativo de perjuicios, entre otros aspectos, que a nivel sustancial y procedimental muestran que la acción de grupo es un mecanismo adecuado para indemnizar in integrum a las víctimas de las graves violaciones a los derechos humanos. Por último, se establece que el estándar internacional de reparación que es empleado en el sistema interamericano de protección de derechos humanos (Restitución, indemnización. rehabilitación, satisfacción, garantía de no repetición y proyecto de vida) puede ser aplicado de manera adecuada y efectiva a través del empleo de la acción de grupo.

A importância da participação das agências reguladoras como amicus curiae nos processos que envolvem ambientes regulados

O presente trabalho propõe uma reflexão acerca de um novo papel a ser desempenhado pelas Agências Reguladoras no Estado Democrático de Direito, repensando a teoria tripartite desenvolvida por Montesquieu - a importância de sua participação, como amicus curiae, nos processos que envolvem o ambiente regulado. O tema ganha importância quando se percebe que as decisões tomadas pelos reguladores tornam-se objeto de disputas judiciais, geralmente iniciadas por meio de ações civis públicas, que na defesa do princípio da transparência dos atos públicos e do interesse da coletividade, por vezes, acabam por esbarrar em questões técnicas fundamentais ao bom funcionamento do ambiente regulado, e que, se modificadas, prejudicam a própria prestação do serviço, consequentemente, os consumidores – em defesa dos quais foi proposta a ação. É objeto deste trabalho, portanto, propor uma solução, ou melhor, chamar atenção para uma solução em face do problema posto – visto que se encontra no ordenamento jurídico brasileiro, porém tão pouco utilizada.