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RECENT DEVELOPMENTS IN JUDICIAL SETTLEMENT OF DISPUTES INVOLVING MASS SHAREHOLDER CLAIMS TOWARDS LISTED COMPANIES: GLOBAL, EUROPEAN AND CROATIAN PERSPECTIVE

Croatian capital market is, from the beginning of the year 2009, governed by new Capital Market Act that introduces higher level of investor protection, by posing firmer rules on mandatory disclosure for listed companies. Based on the similar trends in comparative law it could be expected that disputes between investors and issuers are more likely to arise. Investors would more likely seek judicial protection, i.e. sue for damages, when issuers’ misstatements on the capital market such us false prospectuses, non-prompt disclosure of price sensitive information etc. occur. Because of dispersed corporate structure in listed companies, it is possible to have a large group of investors on the plaintiff’ s side, which opens various legal issues in handling such massive claims. National approaches to this problem are very different: from an American modeled class actions, to English group litigation, German model case procedure, etc. Aim of this paper is to analyze how mass shareholders’ / investors’ suits work out in regulatory environment of the US and some EU countries, as well as point out what procedural mechanisms are available in the Croatian law, and to suggest actions which should be taken in order to facilitate settlement of those disputes.

shareholders, investors’ disputes, listed companies, capital market, class action, group action

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