EU Commission Recommendation on Collective Redress Mechanism

The European Commission has come out today with its communication “Towards a European Horizontal Framework for Collective Redress” and its recommendation “on common principles for injunctive and compensatory collective redress mechanisms in the Member States concerning violations of rights granted under Union Law”. These horizontal instrumens are complemented by a draft directive regarding “damages under national law for infringements of the competition law provisions of the Member States and of the European Union”. Continue reading

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Germany’s Mini-Madoff: Barclays Sued in Frankfurt, Munich under Revised KapMuG

According to  press reports, some sixty retail investors are suing Barclays in Frankfurt over certificates issued by Barclays that related to Helmut Kiener’s Ponzi scheme. Similar actions are being brought in Munich. If I am not mistaken, then this is the first large-scale litigation where the German plaintiff bar tries to establish a model procedure under the extended scope of the revised Capital Market Investors’ Model Proceedings Act (KapMuG) that came into force in November 2012 –  or perhaps even the first one overall.  Continue reading

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Hot Topics in Legal Policy: EU Commissioner for Justice Reding on Class Actions in Europe – 2012 German Jurists Forums (Deutscher Juristentag)

Viviane Reding, the Vice President of the European Commission and Commissioner for Justice, spoke about “Europe, the Law, and the German legal profession: a comment from Luxembourg” at last week’s German Jurists Forum in Munich (see my earlier post on the Forum). The focus of her speech was on the German legal debate on the Euro rescue plans – that’s somewhat off topic in this blog, as important as it is, and we leave it to verfassungsblog.de and others to comment upon. But Viviane Reding devoted a couple of sentences to more mundane issues, such as the plans for group or class actions in the European Union. Here’s what she had to say: Continue reading

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“Class Actions or Mass Actions – The Experience of Litigators and Financial Institutions” at the IBA Conference, Dublin, October 4, 2012

At this year’s Annual IBA Conference in Dublin, the Banking Law Committee and the Litigation Committee will be presenting a joint session on “Class Actions or Mass Actions – The experience of Litigators and Financial Institutions”. I will be speaking about the German approach to collective actions – readers of the blog will be familiar with KapMuG
which will be put into perspective and compared to the approaches taken in other jurisdictions. See you in Dublin!

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