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Edited Legal Collections Data |
Book Title: Research Handbook on Representative Shareholder Litigation
Editor(s): Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity
Publisher: Edward Elgar Publishing
ISBN: 9781786435330
Section: Chapter 16
Section Title: Appraisal as representative litigation
Author(s): Myers, Minor
Number of pages: 15
Abstract/Description:
This chapter examines the ways in which appraisal is a form of representative litigation. The author explains that, although appraisal claims cannot be brought as class actions, they are nonetheless a form of collective action. The outcome of an appraisal proceeding binds all dissenting stockholders, not just those who have filed a petition in court, and petitioning stockholders can recover their expenses pro rata from other members of the dissenting group. The representative nature of these suits gives rise to legal questions about control of claims, sharing of expenses, settlement rights, and notice obligations to other dissenters that are familiar but distinct from the class action context. This chapter explores these questions by analyzing the dynamics of an appraisal claim through its life cycle, from the initial decision to dissent to the sharing of expenses following a trial judgment.
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URL: http://www.austlii.edu.au/au/journals/ELECD/2018/1121.html