The globalization of securities litigation has been an American phenomenon — until recently.
As the pre-eminent jurisdiction of choice for securities class action claims, U.S. courts have even entertained “F-cubed” claims — claims brought by foreign purchasers of foreign issuers’ securities listed on foreign exchanges. No other country offers all of the perceived advantages for securities class actions that are available under U.S. law, such as class procedures; the fraud-on-the-market presumption; jury trials; no “loser pays” principle; contingent fees for plaintiffs’ counsel; and no caps on damages.
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