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Introducing Class Actions in Finland: an Example of Lawmaking without Economic Analysis

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  • Valimaki, Mikko

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    Abstract

    Finnish Parliament accepted in February 2007 a new law on class actions (literally group actions), which entered into force 1 October, 2008. The legislative process was particularly slow. Finland has been preparing a law on class actions since the early 1990s and this was - depending on the criteria of counting - the fourth try. Some fifteen years ago the idea of class actions was something new in Europe. Time passes quickly however, and the new Finnish law cannot be described as radical by any meaning of the word. Many European countries have changed their existing procedural codes and enacted new laws to make class action litigation possible. This article analyses the Finnish lawmaking process from comparative and economic policy viewpoints.

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    File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucapdv/valimaki175.pdf
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    Bibliographic Info

    Paper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 152.

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    Length: 16 pages
    Date of creation: Dec 2010
    Date of revision:
    Handle: RePEc:uca:ucapdv:152

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    Web page: http://polis.unipmn.it

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    Keywords: class actions; Finland; public choice;

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    1. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
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    Cited by:
    1. Donatella Porrini & Giovanni B. Ramello, 2011. "Class action and financial markets: insights from law and economics," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(2), pages 140-160, July.

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