In Italy today, lawmakers approved the country’s first law establishing class action lawsuits. Reuters reports that the law, which becomes effective January 2010, has been criticized by consumer groups because it requires consumers “teaming up in class actions … to turn to the judge individually to request compensation, exposing them to possible costs and fines if the suit is rejected.”
Reuters also reports that the new Italian law has no retroactive effect, and therefore cannot be used to support class actions for past conduct such as that in the scandal involving Italy’s Parmalat.
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[...] 9, 2009 by Paul Karlsgodt A Securities Docket post today tipped me off to this Reuters article discussing the enactment of “Italy’s [...]