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Legal Briefing
Prevention is the best defence
Practice Area: Litigation
Sector: Investment Management
Jurisdiction: USA
Published: 09 February 2010
Law Firm: Morrison & Foerster
Overview
According to a recent study by PricewaterhouseCoopers, the number of securities class actions filed in the US against non-US companies hit an all-time high in 2008. Numerous factors contributed to this trend, and none show signs of reversing any time soon. European companies can reduce their exposure to the risk of US securities litigation by employing preventative measures, including best practices for internal investigations.
One factor contributing to the trend towards US securities litigation against non-US companies has been increased participation by European institutional investors. German institutions have been particularly active, seeking the lead role in US securities class actions over 50 times. In addition, an upsurge in activity by UK pension funds was noted after a 2007 statement from the National Association of Pension Funds (NAPF) encouraging pension funds to participate in US securities litigation.
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