Looks like the Supreme Court thinks that shareholder class-action lawsuits in the states are a waste of time... for the legal system anyway.
On one hand it removes a litigation threat from big businesses. OTOH it keeps investors from piling in and then claiming they were too stupid to understand what they were doing in the first place. But I think that the typical class-action member was a shareholder who was pushed into it by a lawyer to see what he could get.
It doesn't seem to keep individual shareholders from filing suit. Of course few have the assets or the resources to do so.
So maybe this will cut back on the ambulance-chasing by the financial legal industry, which isn't such a bad thing. As for the poor retail investor, the brokerage & investment firms care for them as much as they ever have. Caveat emptor.
On one hand it removes a litigation threat from big businesses. OTOH it keeps investors from piling in and then claiming they were too stupid to understand what they were doing in the first place. But I think that the typical class-action member was a shareholder who was pushed into it by a lawyer to see what he could get.
It doesn't seem to keep individual shareholders from filing suit. Of course few have the assets or the resources to do so.
So maybe this will cut back on the ambulance-chasing by the financial legal industry, which isn't such a bad thing. As for the poor retail investor, the brokerage & investment firms care for them as much as they ever have. Caveat emptor.