Death of the Worldwide Class?

The growth of majority-foreign classes and the arrival of overseas investors as lead plaintiffs rank among the major developments in U.S. securities fraud litigation over the past decade.

The growth of majority-foreign classes and the arrival of overseas investors as lead plaintiffs rank among the major developments in U.S. securities fraud litigation over the past decade. Two recent decisions by judges in the Southern District of New York, however, cast serious doubt on continued access to American courts for many foreign class claimants, both in securities cases and in class actions generally.

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