Australia: Securities class actions ‘just blackmail suits’ | The Australian

Leading business groups have backed the federal government’s planned crackdown on opportunistic securities class actions and warned that the impact of this form of litigation is far greater than asserted by plaintiff lawyers.

Organisations representing company directors, chartered secretaries and risk managers say class action promoters are launching claims in the name of shareholders primarily to make profits for financiers and entrepreneurial lawyers.

via Securities class actions ‘just blackmail suits’ | The Australian