Attorney Articles

Most Foreign Investors Are Now Banned from Class Actions, Must Act as Lead Plaintiff or Opt Out

The federal court of appeals in Manhattan (the Second Circuit) recently affirmed a district court decision to exclude from the class all foreign investors from countries that are unlikely to recognize the court’s judgment or the court-approved settlement as the final resolution for all class members. The rule, which has already been followed by other courts in the United States, affects investors from around the world, including the Gulf States, Germany, France, Austria, Switzerland, Luxembourg, Japan, South Korea, and Taiwan…

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