Prominent US class action lawyer, Melvyn Weiss has urged European investors to hold more of the region's major companies to account by filing class action lawsuits in cases of corporate wrongdoing.
In an interview with the Legal Week news service this week, the Milberg Weiss Bershad Hynes & Lerach senior partner observed that:
"It is an uphill struggle [to get European investors interested in class actions]." He continued:
"European investors, especially in the UK, are reluctant to use litigation as the deterrent or remedy that the US employs to make the securities market more honest."
The feared class action lawyer also expressed his support for the combined efforts of New York Attorney General, Eliot Spitzer, and the US Securities and Exchange Commission to combat mutual fund abuses.
"Spitzer is a brilliant lawyer and as a government official, has jumped in when it is needed," he explained, continuing: "The SEC has been a good agency that has not [until now] been adequately funded. It is good that the government is recognising what we have been talking about for several decades."
According to Legal Week, Mr Weiss made these observations en route to a conference examining the potential for class action litigation in Europe.
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