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Article
Publication date: 2 October 2019

Francesco Falco

To explain the impacts of the class action, as recently amended by the Italian Parliament, and help financial institutions to develop a compliance approach in order to avoid…

Abstract

Purpose

To explain the impacts of the class action, as recently amended by the Italian Parliament, and help financial institutions to develop a compliance approach in order to avoid and/or mitigate the relevant risks.

Design/methodology/approach

This article provides an overview on the Italian class action, as recently amended by the Italian Law No. 31/2019, examines the relevant impact for financial institutions (taking into account some recent case law) and identifies possible compliance solutions to avoid/mitigate the relevant risks.

Findings

The recent amendments to the Italian class action may increase risks for financial institutions.

Practical implications (Optional)

Financial institutions should examine their relationships with stakeholders in the light of the new Italian class action in order to implement policies and procedures to prevent the relevant risks.

Originality/value

Practical guidance from an experienced lawyer in the litigation and compliance fields.

Details

Journal of Investment Compliance, vol. 20 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 2 August 2013

Daniel Murphy and Dianne McGrath

The purpose of this paper is to expand our understanding of the motivations for corporate environmental, social and governance (ESG) reporting.

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Abstract

Purpose

The purpose of this paper is to expand our understanding of the motivations for corporate environmental, social and governance (ESG) reporting.

Design/methodology/approach

This paper provides a conceptual exploration of the motivation for corporations to provide ESG reports and proposes deterrence theory and avoidance as a complementary explanatory motivation for such reports.

Findings

Within this paper it is argued that part of the motivation for some corporations to increase ESG disclosures is to avoid, or mitigate, the risk of class actions and the associated financial penalties. This paper proposes that in Australia the deterrence impact, and ancillary avoidance behaviour, of civil litigation class action provides a further motivation for improving both corporate ESG disclosure and sustainability performance.

Originality/value

This paper extends the social and environmental accounting (SEA) reporting literature by proposing deterrence theory and avoidance as a corporate motivation for environmental, social and governance (ESG) reporting. Deterrence is proposed as a different, yet complementary, motivation to the oft‐cited variations of stakeholder and legitimacy theory which are dominant in the SEA reporting motivation literature.

Details

Sustainability Accounting, Management and Policy Journal, vol. 4 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 24 August 2018

John Gould, Joseph Grundfest and Alexander Aganin

This paper aims to provide an analysis of securities class action filings in 2017 along with related trends over time and a comprehensive current view of the securities class…

Abstract

Purpose

This paper aims to provide an analysis of securities class action filings in 2017 along with related trends over time and a comprehensive current view of the securities class action landscape.

Design/methodology/approach

The paper details 2017 securities class actions and related trends by measures including the number and size of filings; market capitalization losses; litigation likelihood for US versus non-US exchange-listed companies; status and outcomes of filings (settled, dismissed, continuing); core versus merger and acquisition filings; individual versus institutional investors as lead plaintiffs; and concentration of class action activity by industry sector, stock exchange and court circuit.

Findings

The number of federal securities class action lawsuits filed in 2017 reached a record high for the second straight year. The jump was spurred by a sharp increase in lawsuits targeting mergers and acquisitions. The 412 securities class action filings in 2017 represented a more than 50 per cent increase from the previous record of 271 filings in 2016.

Originality/value

This paper details analysis by legal and industry experts.

Details

Journal of Investment Compliance, vol. 19 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 5 September 2016

Alexander Aganin

To provide an analysis of securities class action filings in 2015 along with related trends over time and a comprehensive current view of the securities class action landscape.

Abstract

Purpose

To provide an analysis of securities class action filings in 2015 along with related trends over time and a comprehensive current view of the securities class action landscape.

Design/methodology/approach

Details 2015 securities class actions and related trends in terms of the number and size of filings; market capitalization losses; the litigation exposure of IPOs; the classification of complaints; litigation likelihood for US exchange-listed companies; resolutions (settlements, dismissals or trial verdict outcomes); timing of dismissals and settlements; filing lags; filings against foreign issuers; number of mega filings; recent rulings related to class certification; and concentration of class action activity by industry sector, stock exchange and court circuit.

Findings

The number of filings in 2015 was the largest since 2008. The Disclosure Dollar Loss Index® (DDL Index®), the Maximum Dollar Loss Index® (MDL Index®) and the number of mega filings rose sharply in 2015 after declines in 2014. The Consumer Non-Cyclical sector had the most filings in 2015 while filings against companies in the Financial sector were below historical averages. Dismissal rates appear to be trending down. The median filing lag has never been shorter than in 2015. Filings against foreign issuers remain at high levels. Filings against S&P 500 companies remained below the historical average.

Originality/value

Detailed analysis by legal and industry experts.

Article
Publication date: 12 March 2018

Vicki Catherine Waye

Drawing on “Strategic Alliance” literature and qualitative research methods, the purpose of this study is to examine the initiation and operations phases of the relationship…

Abstract

Purpose

Drawing on “Strategic Alliance” literature and qualitative research methods, the purpose of this study is to examine the initiation and operations phases of the relationship between Australian litigation funders and class law firms. The initiation phase examines factors such as complementarity between needs and assets compatibility between the funder and the class law firm goals of the alliance trust and alliance structure. The operations phase considers factors such as governance, communication and risk management and accountability. Because of its focus on the fairness of settlement, case law provides limited understanding of the drivers of the class law firm and funder relationship. An “inside look” of how the funder-law firm is initiated and made operational provides a more accurate picture and has important implications for the management of the ethical issues that arise during the course of that relationship.

Design/methodology/approach

This paper is a content analysis and contains qualitative interviews.

Findings

The strategic alliance between class law firms and litigation funders has evolved within an institutional climate that has acknowledged the benefits that the alliance can bring to the conduct of class actions. That same institutional environment has led to an alliance which is informal and transactionally oriented, where each of the parties maintains a demarcation in function. Although they share aspects of the strategic management of class actions, funders continue to be diligent monitors of class law firms, and class law firms continue to advance the legal rights of class members.

Research limitations/implications

It is observed that the size of the sample is small driven by a number of market participants.

Practical implications

The paper confirms that the litigation funder–law firm strategic alliance works well as a result of institutional constraints.

Social implications

Each of the alliance partners was keen to ensure that neither they nor their partner acted in a way which might attract judicial disapproval. Each also believed that they played a positive role in promoting class member interests, albeit that their primary motivation was to earn fees or a commission. The success of the alliance between class law firms and litigation funders has substantially improved access to justice in Australia for small claims holders.

Originality/value

The paper provides insight into a strategic alliance which is formed primarily for the benefit of third parties. This is one of the first papers to consider the litigation funder–law firm relationship through the lens of strategic alliance literature.

Details

International Journal of Law and Management, vol. 60 no. 2
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 9 January 2017

Frederick Davis, Behzad Taghipour and Thomas J. Walker

The purpose of this paper is to investigate the trading patterns of corporate insiders, both managing and non-managing, around the announcement dates of securities class action…

Abstract

Purpose

The purpose of this paper is to investigate the trading patterns of corporate insiders, both managing and non-managing, around the announcement dates of securities class action lawsuits and related legal settlements.

Design/methodology/approach

The authors use market model event study methodology to examine the impact of class action litigation and settlement announcements on the stock prices of sued firms. The authors then determine the extent of abnormal insider trading surrounding such announcements by comparing insider trading activity (volume and transaction counts) to prior insider trading in the same firm, and to a matched sample of firms not experiencing such litigation announcements. A multivariate framework is utilized to provide further insight into the determinants of such abnormal insider trading.

Findings

The authors establish that class action litigation and settlement announcements have a significant impact on the stock prices of sued firms, and that foreknowledge of these events appears to be used by insiders to earn abnormal profits. Moreover, results indicate that managing insiders exhibit higher opportunistic abnormal trading activity than non-managing insiders. Multivariate analysis shows that size, prior firm returns, and the implementation of the Sarbanes-Oxley Act are important determinants of such insider trading.

Originality/value

This appears to be the first paper to analyze insider trading surrounding class action settlement announcements, and raises concerns about the ethical conduct of certain insider groups while highlighting the importance of access to private information, even amongst insiders themselves.

Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

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Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 1 February 2000

Michelle Gallant

The notion of suing professionals — lawyers, brokers, accountants — appears to make good financial sense. It seems fiscally sensible because, while an offender may melt into the…

Abstract

The notion of suing professionals — lawyers, brokers, accountants — appears to make good financial sense. It seems fiscally sensible because, while an offender may melt into the night, take up residence in a foreign haven or otherwise dissipate his assets, established professionals usually have sufficient property at their disposal to make their pursuit through the civil court economically prudent. Shareholders in the Bre‐X affair sought, through a class action, to hold analysts and stockbrokers accountable for losses sustained when the price of Bre‐X shares suddenly collapsed in 1997. A decision in late November 1999 not to appeal a ruling of an Ontario Superior Court signals but a tiny ending to a messy multi‐million‐dollar scandal and to the quest to attach responsibility to a group of professionals. It is a tiny ending because it was the individualistic character of the legal issues in the context of the exigencies of the Ontario legislation, rather than the merits of the underlying claim, that foreclosed this attempt to hold professionals liable for financial losses.

Details

Journal of Financial Crime, vol. 7 no. 4
Type: Research Article
ISSN: 1359-0790

Article
Publication date: 8 January 2018

Olga Piedad Zalamea Patino, Jos Van Orshoven and Thérèse Steenberghen

The purpose of this paper is to present the development of an ontological model consisting of terms and relationships between these terms, creating a conceptual information model…

Abstract

Purpose

The purpose of this paper is to present the development of an ontological model consisting of terms and relationships between these terms, creating a conceptual information model for the Built Cultural Heritage (BCH) domain, more specifically for preventive conservation.

Design/methodology/approach

The On-To-Knowledge methodology was applied in the ontology development process. Terms related to preventive conservation were identified by means of a taxonomy which was used later to identify related existing ontologies. Three ontologies were identified and merged, i.e. Geneva City Geographic Markup Language (Geneva CityGML), Monument Damage ontology (Mondis) and CIDOC Conceptual Reference Model (CIDOC-CRM). Additional classes and properties were defined as to provide a complete semantic framework for management of BCH.

Findings

A BCH-ontology for preventive conservation was created. It consists of 143 classes from which 38 originate from the Mondis ontology, 38 from Geneva CityGML, 37 from CIDOC-CRM and 30 were newly created. The ontology was applied in a use case related to the New cathedral in the city of Cuenca, Ecuador. Advantages over other type of systems and for the BCH-domain were discussed based on this example.

Research limitations/implications

The proposed ontology is in a testing stage through which a number of its aspects are being verified.

Originality/value

This ontological model is the first one to focus on the preventive conservation of BCH.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 8 no. 2
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 11 May 2015

Marco Greco, Michele Grimaldi and Livio Cricelli

The purpose of this paper is to identify the recurrences in the empirical evidences that link open innovation (OI) actions and innovation performance in European countries. It…

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Abstract

Purpose

The purpose of this paper is to identify the recurrences in the empirical evidences that link open innovation (OI) actions and innovation performance in European countries. It provides managers with useful strategic suggestions, emphasizes the limitations of the state of the art, and recommends future directions of research.

Design/methodology/approach

The authors systematically reviewed empirical articles linking OI actions and innovation performance in European countries, published on peer reviewed journals from January 2003 until May 2013. The authors organized the evidences according to a novel taxonomy grounded in the literature.

Findings

The paper shows an increasing interest in the research of empirical evidence regarding OI and innovation performance. Nonetheless, evidence of the role played by outbound OI activities are extremely rare. The authors found that process innovations are more likely to benefit from coupled OI activities rather than inbound activities. Moreover, the effect of coupled depth actions on both product and process innovation performance was always positive in the reviewed articles. The authors also discuss how scholars measure innovation performance, pointing out the criticalities.

Research limitations/implications

The paper allows analysing the empirical evidences found in the literature, emphasizing the limitations of the state of the art and recommending future directions of research.

Practical implications

The systematization of the empirical evidences found in the European literature provides managers with useful strategic suggestions to improve their organizations’ innovation performances.

Originality/value

The paper contains a complete and extensive analysis of empirical OI literature with respect to European countries. The articles and their findings are organized according to a novel taxonomy useful to identify evidences and recurrences in a synoptic manner.

Details

European Journal of Innovation Management, vol. 18 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

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