Aid for legal proceedings: investors' associations must meet specified eligibility and documentation requirements before Board approval. Applications by Investors' Associations must show eligibility and include a tabular list of affected investors with holdings, details of the cause of action and investor impact, a statement that at least one thousand investors have legally enforceable causes of action, the name of the solicitor and/or advocate engaged or proposed, an itemized estimate of legal expenses, and an undertaking that aid has not been and will not be sought from any other source. Separate applications are required for different stages of the same case. For misrepresentation claims the application must establish investor reliance and resulting monetary loss.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Aid for legal proceedings: investors' associations must meet specified eligibility and documentation requirements before Board approval.
Applications by Investors' Associations must show eligibility and include a tabular list of affected investors with holdings, details of the cause of action and investor impact, a statement that at least one thousand investors have legally enforceable causes of action, the name of the solicitor and/or advocate engaged or proposed, an itemized estimate of legal expenses, and an undertaking that aid has not been and will not be sought from any other source. Separate applications are required for different stages of the same case. For misrepresentation claims the application must establish investor reliance and resulting monetary loss.
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