Public and Private Enforcement: The Role of Regulators and Class Actions

Private enforcement in the form of class actions backed by litigation funding in areas such as securities, financial products and competition law have truly arrived in Australia. Government legislation has traditionally sought to promote class actions as a way to achieve access to justice but more recently has embraced the class action as a mechanism for achieving deterrence. However, less consideration has been given to how private enforcement may assist or hamper public enforcement. This workshop looked at the class action from the perspective of the "private attorney-genera.l" It considered how it does and should interact with public regulators like the Australian Securities and Investments Commission. The keynote presenter was Professor Lynn Stout, Faculty of Law, University of California, Los Angeles. Professor Stout is a leading academic specialist in corporate law and securities regulation. She is the co-author, along with Margaret Blair, of the seminal article 'A Team Production Theory of Corporate Law' (1999) 85 Virginia Law Review 248. Professor Stout has recently released Cultivating Conscience: How Good Laws Make Good People (Princeton: Princeton University Press, 2011).

Originally Published: 
25/11/2011