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The Principal-Agent Problems in American Class Actions

Author

Listed:
  • Tatiana Markova

    (Sofia University "St. Kliment Ohridski")

Abstract

The article has made an analysis of the situation in the collective proceedings in the USA when agency problems arise between the class, i.e. the community of victims participating in the procedure (principal) and the lawyer of these victims (agent). A series of such problems are identified and examined. How could they be restricted or resolved? The analysis of the respective proposals shows that they are hard to be realized in practice as a whole. It proves that in case of offenses that have led to numerous victims with large damages, individual claims may take advantage with view of the compensation. We also demonstrate in what sense the analysis of the agency problems in the US class action is useful to prevent some serious ones to occur in the European court practice.

Suggested Citation

  • Tatiana Markova, 2014. "The Principal-Agent Problems in American Class Actions," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, issue 1, pages 124-131, November.
    • Handle: RePEc:vra:journl:y:2014:i:1:p:124-131
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    File URL: http://www.su-varna.org/izdanij/2014/Ikonomik-2014/Pages%20124-131.pdf
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    More about this item

    Keywords

    class action; agency problems; victim compensation; advantage of the individual procedure; organizational schemes of agent relationship;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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