미국증권대표당사자소송에서의 인과관계에 관한 최근 논의가 우리 법의 운용에 끼칠 수 있는 영향에 대한 일고

• 발행기관: 한국민사소송법학회
• 저자명: 함영주
• 간행물 정보: 『민사소송』제11권 제1호, 246~283쪽, 전체 38쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2007.05.30

영문 초록

The South Korean legislature passed a bill establishing a private securities class action system on January 20, 2004. The law has been in force since January 01, 2005. According to a recent Korean newspaper article, there has been not one Korean securities class action case filed since 2005. There are many reasons why no case has been filed up to now: Prerequisites like, at least 0.01% in aggregate of the issued and outstanding shares of the subject company, for 50 or more members is, too heavy a financial burden plus high risk for a plaintiff lawyer, and no discovery rules like American laws, etc. But the most important factors might be the difference of economical and judi-cial infrastructure between America and Korea. Nearly all of the factors are differ-ent: the size of security market, the judges, courts, lawyers, legal and educational backgrounds and the shareholders attitude. If these differences are ignored, any analysis will be flawed. So, I reviewed the pros and cons about loss and transaction causation as ele-ments in the Fraud-On-The-Market Theory of American scholars. I also reviewe the American Federal Court s interpretations on loss and transaction causation. In conclusion, this other complicated set of pros and cons of loss and trans-action causation theory in America doesn t need to introduced or should not be interpreted as a theory of Korean Securities Class Action. This American law theo-ry can be used in “ceteris paribus” (it means that other things being equal in Latin) conditions only. A more careful consideration will be necessary for a law-yer to initiate a Korean Class Action suit in Korea.

목차

Ⅰ. 서 론

Ⅱ. 미국 및 우리나라에서의 증권소송상의 인과관계에 관한 논의

Ⅲ. 증권법에서의 인과관계 논의의 전개과정

Ⅳ. 우리 법 운용관점에서의 검토

Ⅴ. 결론

참고문헌

키워드

증권소송개혁법 거래인과관계 직접적인 인과관계(주원인, 근인) 소송원인(소권) 효율적시장가설 손해인과관계 인위적으로 부풀려진 가격 신뢰관계 시장에서의 사기이론 미국증권거래위원회 Private Securities Litigation Reform Act transaction causation proximate cause cause of action efficiency market theory loss causation artificially inflated price reliance the Fraud-On-The-Market Theory SEC