Citation

Optimal lead plaintiffs

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Abstract:

The Private Securities Litigation Reform Act’s lead-plaintiff appointment process has subsumed any rigorous inquiry into adequate representation in securities class actions. This is particularly problematic given that class members have diverse preferences—their litigation stakes, risk preferences, relationships with class counsel, financial sophistication, and desired remedies all vary. The logical solution is to appoint a lead-plaintiff group. But so far groups have underperformed because courts prefer those with pre-existing relationships and group cohesion—the same qualities that lead to group polarization, confirmation bias, and groupthink. Consequently, this Article draws from the social-psychology literature on diversity and group decision-making to suggest a counter-intuitive remedy: appoint a cognitively diverse lead-plaintiff group and link diversity to class members’ heterogeneous preferences.
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Association:
Name: American Psychology - Law Society / 4th International Congress of Psychology and Law
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http://www.ap-ls.org/


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URL: http://citation.allacademic.com/meta/p482384_index.html
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MLA Citation:

Burch, Elizabeth. "Optimal lead plaintiffs" Paper presented at the annual meeting of the American Psychology - Law Society / 4th International Congress of Psychology and Law, Hyatt Regency Miami, Miami, FL, Mar 02, 2011 <Not Available>. 2014-11-26 <http://citation.allacademic.com/meta/p482384_index.html>

APA Citation:

Burch, E. C. , 2011-03-02 "Optimal lead plaintiffs" Paper presented at the annual meeting of the American Psychology - Law Society / 4th International Congress of Psychology and Law, Hyatt Regency Miami, Miami, FL <Not Available>. 2014-11-26 from http://citation.allacademic.com/meta/p482384_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: The Private Securities Litigation Reform Act’s lead-plaintiff appointment process has subsumed any rigorous inquiry into adequate representation in securities class actions. This is particularly problematic given that class members have diverse preferences—their litigation stakes, risk preferences, relationships with class counsel, financial sophistication, and desired remedies all vary. The logical solution is to appoint a lead-plaintiff group. But so far groups have underperformed because courts prefer those with pre-existing relationships and group cohesion—the same qualities that lead to group polarization, confirmation bias, and groupthink. Consequently, this Article draws from the social-psychology literature on diversity and group decision-making to suggest a counter-intuitive remedy: appoint a cognitively diverse lead-plaintiff group and link diversity to class members’ heterogeneous preferences.


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