Several efforts are under way across the nation to focus attention on the growing costs and complexity of federal civil pretrial discovery procedures, and to consider modifications or alternatives to our present system. These efforts are driven by a perception, shared by many across the globe, that litigation in the United States has become overly expensive and that, “rather than being just an incremental part of doing business, the mere threat of legal action can seriously, and sometimes irrevocably, damage a company,” thereby “making it harder to manage legal risk in the U.S. than in other jurisdictions.”[FOOTNOTE 1]
This perception is said to have had significant consequences with regard to America’s competitiveness in the global market. A report by the Committee on Capital Markets noted, “[f]oreign companies commonly cite the U.S. class action enforcement system as the most important reason why they do not want to list in the U.S. [securities] market.”[FOOTNOTE 2]
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