Research On Representative Action In Securities Civil Litigation

The door of securities tort civil remedy is open now, however, due to the strict prejudgment of administrative or criminal penalties in the False Statements Securities Judicial Interpretation, causing one type of securities civil tort can be accepted in the court,during the judicial practice. The court can only apply joint action or single action to deal with securities civil tort, excluding the form of group actions in such cases, resulting numerous small investors can’t get timely and effective relief. The article demonstrates that the Representative action in securities litigation is a reasonable way to solve the problem of securities infringement. Through analyzing the American securities class action, we can draw some good lessons from its experience in dealing with securities tort, improve our represent action in securities litigation to solve the increasingly serious problem of securities torts,providing a more effective protection of legitimate rights and interests of numerous small investors.Besides the preface and the conclusion,the article includes three chapters, a total of more than 39000 words. Each chapter is as follows:The first chapter reflections on the lawsuit status of securities civil representative action in our country. Securities torts is increasing seriously, the limitation of representative action in securities litigation leads to many small investors can not be timely and effective relief.The second chapter introduces the American securities class action. Some good experience in law technology in the American securities class action can help for improving our representative action in securities litigation, exploring the "exit" the change of the securities class action, legal elements, contingent fee system and the rights of judge in managing the securities class action to avoid its disadvantage.The third chapter suggestions for perfecting the representative action in securities litigation in our country. The representative action in securities litigation is a reasonable kind of solution to the our country securities civil disputes. The securities civil representative lawsuit should be followed to protect investors’ legitimate rights and interests, and reduce litigation costs. Perfect representative action in securities lawsuit by refining the specific program, especially about the content of the representative selection、bulletin notice. Perfect representative action should be with the corresponding incentive mechanism reform of litigation costs and attorneys’ fees to promote party actively apply representative litigation. Perfect representative litigation need to strengthen the judge’s command to effectively control procedure to solve disputes in one- time, improving the judicial efficiency.