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Dozens of the world’s largest pension funds have jointly written a letter to the US government demanding the restoration of their right to sue non-US corporations for fraud as shareholders.
Almost 100 funds, collectively representing more than $2trillion in assets, have called on the Securities and Exchange commission to re-establish class action rights, which would allow owners of shares bought on a foreign exchange to prosecute in the US. The legal right to do so was curtailed after a ruling in the Supreme Court last year.
The principal fear of investors concerns BP. It is believed that, under the current legal framework, US shareholders who bought their BP shares on the London Stock Exchange, where the company has its primary listing, will be unable to join any legal action against the firm, despite the damage of the disaster occurring mainly in the US.
Almost 100 funds, collectively representing more than $2trillion in assets, have called on the Securities and Exchange commission to re-establish class action rights, which would allow owners of shares bought on a foreign exchange to prosecute in the US. The legal right to do so was curtailed after a ruling in the Supreme Court last year.
The principal fear of investors concerns BP. It is believed that, under the current legal framework, US shareholders who bought their BP shares on the London Stock Exchange, where the company has its primary listing, will be unable to join any legal action against the firm, despite the damage of the disaster occurring mainly in the US.
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