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The Law and Economics of Class Actions in Europe

Lessons from America Edited by Jürgen G. Backhaus, Krupp Chair in Public Finance and Fiscal Sociology, Erfurt University, Germany, Alberto Cassone, Università del Piemonte Orientale, Italy and Giovanni B. Ramello, Università del Piemonte Orientale and International Programme IEL – Institutions, Economics and Law, Italy
This well-documented book discusses the power and limitations of class actions with insights and analysis from a panel of distinguished scholars. It pays special attention to the introduction and the applicability of such a legal device in European civil law countries.

The book offers a broad legal and economic investigation, drawing insights from US judicial experience and giving a rigorous discussion of both the philosophical and constitutional aspects and the economic mechanisms and incentives set up by class actions.
Extent: 400 pp
Hardback Price: $165.00 Web: $148.50
Publication Date: 2012
ISBN: 978 1 84720 803 3
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  • Economics and Finance
  • Law and Economics
  • Law - Academic
  • European Law
  • Law and Economics
This well-documented book discusses the power and limitations of class actions with insights and analysis from a panel of distinguished scholars. It pays special attention to the introduction and the applicability of such a legal device in European civil law countries.

The book offers a broad legal and economic investigation, drawing insights from US judicial experience and giving a rigorous discussion of both the philosophical and constitutional aspects and the economic mechanisms and incentives set up by class actions.

The Law and Economics of Class Actions in Europe will be a welcome addition to the bookshelf of all those interested in the function of class action litigation for promoting justice and efficiency. In particular, it will benefit graduate and postgraduate students, researchers and academics in law, economics, and law and economics, policymakers, judges and attorneys.
‘. . . this is a book which covers a broad range of issues within this rather fascinating and topical area of inquiry. Although targeted mainly at law and economics students and scholars, it should also interest commercial, corporate and IP lawyers, as well as economic theorists. Extensively footnoted, it opens up any number of avenues for further research and is, of course, an innovation in itself!’
– Phillip Taylor and Elizabeth Taylor, The Barrister Magazine

‘The Law and Economics of Class Actions in Europe marshals an impressive array of expertise from both sides of the Atlantic to illuminate the debate over class action litigation. This volume is a valuable addition to the literature on class actions in both the US and Europe.’
– Jennifer Arlen, New York University, School of Law, US

‘The availability and performance of class actions is a fundamental question being addressed in many legal systems. Class actions offer a rare opportunity for individuals with small losses to obtain redress against large companies and may provide important incentives to comply with the law. Effective class actions that provide these benefits exist in few countries. This book assembles leading scholars from around the world to provide important new insights into the theory and practice of this important legal procedure.’
– Theodore Eisenberg, Cornell University, US
Contributors: J.G. Backhaus, G. Calabresi, A. Cassone, M.S. Cenini, B. Deffains, F. Denozza, N. Garoupa, A. Gidi, F. Gomez, M.F. Gouveia, S. Harnay, S. Issacharoff, E. Langlais, J. Luther, A. Marciano, G.P. Miller, F. Parisi, G.B. Ramello, L. Sacconi, M.I. Saez, F.M. Scherer, L. Toffoletti, T.S. Ulen, M. Välimäki
Contents:

PART I: CLASS ACTION LITIGATION: THE ORIGINS AND ITS MAIN FEATURES
1. The Law and Economics of Class Action Litigation: Setting the Research Agenda
Jürgen G. Backhaus, Alberto Cassone and Giovanni B. Ramello

2. Class Actions in the US Experience: The Legal Perspective
Hon. Guido Calabresi

3. Class Actions in the US Experience: An Economist’s Perception
Frederic M. Scherer

4. Will Aggregate Litigation Come to Europe?
Samuel Issacharoff and Geoffrey P. Miller

5. Class Action as a Remedy for Market Failure
Jürgen G. Backhaus

6. The Economics of Class Action Litigation
Thomas S. Ulen

PART II: DISENTANGLING THE LAW AND ECONOMICS OF CLASS ACTION
7. Private, Club and Public Goods: The Economic Boundaries of Class Action Litigation
Alberto Cassone and Giovanni B. Ramello

8. Class Action Finance and Legal Expense Insurance
Jürgen G. Backhaus

9. Punitive Damages and Class Actions
Francesco Parisi and Marta Silvia Cenini

10. A Case for Information Sharing in Class Action Suits
Bruno Deffains and Eric Langlais

11. Good Law and Economics Needs Better Microeconomic Models: The Case Against ‘Contingent Fees’ as Application of Agency Models to the Professions
Lorenzo Sacconi

12. Collective Litigation versus Legislation: A Rent-Seeking Approach to Class Actions
Sophie Harnay and Alain Marciano

PART III: COMPARATIVE LEGAL VIEWS: ISSUES, NATIONAL EXPERIENCES AND A PROPOSAL
13. Class Actions in Private Enforcement of EC Antitrust Law: The Commission Green Paper
Francesco Denozza and Luca Toffoletti

14. The Enforcement of Management Passivity Duty in Take-over Law: Class Action or Government Action?
Fernando Gomez and María Isabel Saez

15. The Constitutional Impact of Class Actions in European Legal Systems
Jörg Luther

16. Introducing Class Actions in Finland: An Example of Law-making Without Economic Analysis
Mikko Välimäki

17. Class Actions in Portugal
Mariana França Gouveia and Nuno Garoupa

18. The Class Action Code: A Model for Civil Law Countries
Antonio Gidi

Index