미국 증권집단소송의 최근 현황과 주요 사례 분석
A Study of Recent Trends and Important Cases in Securities Class Action Litigation in the U.S.
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
2005년 1월 1일 증권관련집단소송법이 시행된 후 17년이 경과하는 동안 우리나라에서 제기된 증권관련집단소송은 총 9건이다. 이는 지난 17년 동안 현격히 성장한 주식시장에서 주식불공정거래행위가 날로 증가하고 있는 상황에서 증권관련집단소송제도가 입법취지에 맞게 다수의 소액 투자자의 권리구제를 위한 제도로 원활하게 이용되지 못하고 있는 것을 보여주는 것이다. 이 글은 증권관련집단소송제도의 개선방안을 도출하기 위하여 제도의 도입시 입법모델이 되었고 증권집단소송이 현재까지 가장 활발히 이용되고 있는 미국 증권집단소송의 최근 현황 및 주요 사례를 면밀히 검토해 봄으로써 그 시사점을 찾아보고자 한다. 미국의 증권집단소송의 최근 현황은 과거 20여년간의 증권집단소송 제기 건수, 소송 관련 회사의 시가총액 변동, 증권집단소송의 청구 원인, 전체 상장회사 수 대비 피소 회사 수의 비율, 각하․화해 등 증권집단소송의 진행 경과, 종결까지의 경과 시간 추이, 소송허가신청 처리 현황 및 소요시간, 화해 종결 건 수 및 화해액 등을 기준으로 상세히 분석하였다. 또한 미국 증권집단소송의 주요 사례로는 Enron 사건, WorldCom 사건, Basic Inc. v. Levinson, Dura Pharmaceuticals, Inc. v. Broudo, Tellabs, Inc. v. Makor Issues & Rights, Ltd. 등 증권집단소송 관련 규정에 대한 중요 해석기준을 제시해 준 사건들을 중심으로 구체적인 사실관계, 소송의 진행내역, 결과 및 시사점 등을 검토해 보았다.
Abstract
Since the Securities-Related Class Action Act(hereafter "the Act") was effected on January 1 2005, total nine securities class actions were filed. It means that the securities class action under the Act has not been utilized actively to claim for damages of numerous small investors as the purpose of the Act, considering that the illegal market manipulation activities have increased as the scope of securities market has been expanded during the past ten years. This paper presents suggestion to improve the current regulations related to the securities class action by studying the recent trends and important cases in securities class action litigation in the U.S. which was the legislative model of the Act. The recent trends in securities class action litigation in the U.S. are analyzed in detail by various criteria, such as annual number of class action filings, change of market value, cause of allegation, percentage of U.S. exchange-listed companies subject to filings and change in the number of companies listed on U.S. exchange, status of filings such as being dismissed, settled, or trial verdict, time to resolution, status of motions for class certification and time from first complaint filing to class certification decision, number and size of settlement. This paper also deeply analyzes facts, issues, litigation process, outcomes and suggestions of important securities class cases - Enron case, WorldCom case, Basic Inc. v. Levinson, Dura Pharmaceuticals, Inc. v. Broudo, Tellabs, Inc. v. Makor Issues & Rights, Ltd. - which provide significant standards to apply the regulations for the securities class action.
참고문헌 (29)
- 석명철, "미국증권관계법" (2001), 박영사
- 임재연, "미국증권법" (2009), 박영사
- "무자본 M&A 과정에서 발생한 불공정거래 조사 결과 분석 및 투자자 유의사항", 금융감독원 보도자료, ~ (2014)
- 金淳錫, "기업의 회계부정과 외부감사인의 독립성 제고방안", 증권법연구, 3(2), pp.307~343 (2002), 한국증권법학회
- Stephen J, "Pritchard, Securities Regulation: Cases and Analysis" (2012)
- Ann Morales Olazabal, "Loss Causation in Fraud-on-the-Market Cases Post-Dura Pharmaceuticals", Berkeley Business Law Journal, 3(2) (2006)
- Bob Lyke, "WorldCom: The Accounting Scandal", CRS Report for Congress (2002)
- Cornerstone Research, "Securities Class Action Case Filings - 2005:A Year in Review", ~ (2006)
- Cornerstone Research, "Securities Class Action Filings – 2021 Year in Review", ~ (2022)
- David M. Brodsky, "The Fraud on the Market Theory and Securities Fraud Claims", New York Law Journal, 230(82) (2003)
- Dharan, Bala G., "Red Flags in Enron’s Reporting of Revenues and Key Financial Measures", Social Science Research Network, ~ (2008)
- Dr. Renzo Comolli, "Recent Trends in Securities Class Action Litigation: 2014 Full-Year Review - Settlement amounts plummet in 2014, but post-Halliburton II filings rebound" (2015), National Economic Research Associates, Inc
- Elaine Buckberg, "Recent Trends in Securities Class Action Litigation: 2003 Update" (2004), The Bureau of National Affairs Inc
- Floyd Norris, "Where Did The Value Go At Enron?", The New York Times, ~ (2001)
- James Doran, "Enron staffwin $85 m", The Times, ~ (2004)
- Janeen Mclntosh, "Recent Trends in Securities Class Action Litigation: 2014 Full-Year Review" (2022), National Economic Research Associates Inc
- Kevin M. LaCroix, "Cornerstone Research: Securities Suit Filings Increase in 2013, Filing Rate Above Historical Averages", The D&O Diary, ~ (2014)
- Kevin M. LaCroix, "NERA Release 2013 Securities Class Action Litigation Report", The D&O Diary, ~ (2014)
- Laarni T. Bulan, "Securities Class Action Settlements - 2021 Review and Analysis" (2022), National Economic Research Associates, Inc
- Merrin B. Fox, "Demystifying Causation in Fraud-on-the-Market Actions", Business Lawyer, 60 (2005)
- Richard A. Oppel Jr., "Enron Admits to Overstating Profits by About $ 600 Million", The New York Times, ~ (2001)
- "The Supreme Court 2006 term - Leading Cases", Harvard Law Review, 121 (2007)
- Tobias Pavel, "Chalmers University of Technology Financial Risk" (2012)
- University of California Office of the President, "Banks, law firms were pivotal in executing Enron securities fraud", ~ (2002)
- University of California Office of the President, "University of California named lead plaintiffin Enron class action suit", ~ (2002)
- Report of Investigation by The Special Investigative Committee of the Board of Directors, "U.S. Securities", Worldcom, Inc, ~ (2003)
- "In re WorldCom, Inc. Securities Litigation, Case Background"[URL]
- "LLC, the Enron Securities Litigation Web Site"[URL]
- "Stanford Law School Securities Class Action Clearinghouse"[URL]