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  • 1.

    Describe the nature and extent of securities litigation in your jurisdiction.

  • 2.

    What are the types of securities claim available to investors?

  • 3.

    How do claims arising out of securities offerings differ from those based on secondary-market purchases of securities?

  • 4.

    Are there differences in the claims available for publicly traded securities and for privately issued securities?

  • 5.

    What are the elements of the main types of securities claim?

  • 6.

    What is the standard for determining whether the offering documents or other statements by defendants are actionable?

  • 7.

    What is the standard for determining whether a defendant has a culpable state of mind?

  • 8.

    Is proof of reliance required, and are there any presumptions of reliance available to assist plaintiffs?

  • 9.

    Is proof of causation required? How is causation established?

  • 10.

    What elements present special issues in the securities litigation context?

  • 11.

    What is the relevant limitation period? When does it begin to run? Can it be extended or shortened?

  • 12.

    What defences present special issues in the securities litigation context?

  • 13.

    What remedies are available? What is the measure of damages?

  • 14.

    What is required to plead the claim adequately and proceed past the initial pleading?

  • 15.

    What are the procedural mechanisms available to defendants to defeat, dispose of or narrow claims at an early stage of proceedings? What requirements must be satisfied to obtain each form of pretrial resolution?

  • 16.

    Are the principles of secondary, vicarious or ‘controlling person’ liability recognised in your jurisdiction?

  • 17.

    What are the special issues in your jurisdiction with respect to securities claims against directors?

  • 18.

    What are the special issues in your jurisdiction with respect to securities claims against underwriters?

  • 19.

    What are the special issues in your jurisdiction with respect to securities claims against auditors?

  • 20.

    In what circumstances does your jurisdiction allow collective proceedings?

  • 21.

    In collective proceedings, are claims opt-in or opt-out?

  • 22.

    Can damages be determined on a class-wide basis, or must damages be assessed individually?

  • 23.

    What is the involvement of the court in collective proceedings?

  • 24.

    What role do regulators, professional bodies, and other third parties play in collective proceedings?

  • 25.

    What options are available for plaintiffs to obtain funding for their claims?

  • 26.

    Who is liable to pay costs in securities litigation? How are they calculated? Are there other procedural issues relevant to costs?

  • 27.

    Are there special issues in your jurisdiction with respect to interests in investment funds? What claims are available to investors in a fund against the fund and its directors, and against an investment manager or adviser?

  • 28.

    Are there special issues in your country in the structured finance context?

  • 29.

    What are the requirements for foreign residents or for holders of securities purchased in other jurisdictions to bring a successful claim in your jurisdiction?

  • 30.

    What are the requirements for investors to bring a successful claim in your jurisdiction against foreign defendants or issuers of securities traded on a foreign exchange?

  • 31.

    How do courts in your jurisdiction deal with multiple securities claims in different jurisdictions?

  • 32.

    What are the requirements in your jurisdiction to enforce foreign-court judgments relating to securities transactions?

  • 33.

    What alternatives to litigation are available in your jurisdiction to redress losses on securities transactions? What are the advantages and disadvantages of arbitration as compared with litigation in your jurisdiction in securities disputes?

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Frankfurt
Mainzer Landstrasse 46
60325
Frankfurt
Germany
T: +4969719901
F: +496971994000


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