ILR President Lisa A. Rickard: EU About to “Import the Abuses of the U.S. Class Action System”
The European Parliament Legal Affairs Committee approved an amended version of the European Commission’s directive on collective redress yesterday, Law360 reports.
U.S. Chamber Institute for Legal Reform President Lisa A. Rickard said the legislation as written may potentially “import the abuses of the U.S. class action system, which primarily benefits lawyers and profit-seeking third-party investors in lawsuits.”
Rickard’s words seem to be ringing true. As the European Parliament deliberates on a bill that would bring U.S.-style class actions to the European Union, one of the world’s largest litigation funders announced that it will return to the continent for the first time in two years. According to Commercial Dispute Resolution News, IMF Bentham’s new fund will draw on $300 million investment capital to invest across Europe and the United Kingdom.
