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Halliburton case could bring flood of class action suits
Breaking Legal News |
2011/03/10 12:46
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The U.S. Supreme Court has agreed to hear a securities class action case with particularly important implications for public companies based in Texas. At issue is a 2007 court of appeals ruling that made it more difficult for shareholders to bring securities fraud class actions in Texas, Louisiana and Mississippi. If the Supreme Court sides with the shareholder plaintiff, companies in Texas could face a flood of cases that plaintiffs previously would not have filed.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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