Securities laws For Individual Investors Are More Beneficial to Institutional Investors證券法為個人投資者更加有利於機構投資者
US securities laws do more to benefit big institutional investors than the individual investors whom such laws were designed to protect, according to a study issued on Wednesday by the US Chamber of Commerce, America’s most powerful business lobby.美國證券法，多做有利於大型機構投資者比個人投資者，其中如法律，旨在保護，根據一項研究，發表的週三是由美國商會，美國的最強大的商業遊說。
So litigation that compensates big institutions for losses on an individual stock may actually be overcompensating them for the effect of fraud overall, the study concludes.因此，補償的訴訟，大機構的損失就個別股票實際上可能overcompensating他們的影響欺詐的整體，研究報告的結論。
The chamber – which is a long-term critic of shareholder class actions – issued its findings to coincide roughly with the 10th anniversary of the 1995 Private Securities Litigation Reform Act (PSLRA).會議廳-這是一個長遠的影評人的股東集體訴訟的-其發表的調查結果不謀而合大致與1 0週年，1 9 95年私人證券訴訟改革法案（p s lra）。
“The existing system frequently provides ‘compensation’ to large institutional investors even when they have suffered no real economic loss – indeed, they actually may have gained – from alleged securities fraud,” says the report’s author, Anjan Thakor of the Olin School of Business at Washington University. “現行的制度，經常提供補償'大型機構投資者，甚至當他們有沒有受到真正的經濟損失-事實上，他們其實是可以得到-從被指控證券欺詐，說： ”該報告的作者，a n jan和塔克爾的奧林學校業務在華盛頓大學。
“A litigation system so distanced from economic reality arguably cannot adequately serve the purposes for which it was initially created,” he said. “一項訴訟制度，以便保持距離，從經濟現實，可以說是不能充分滿足服務的目的，它最初的創造， ”他說。
“The average American investor gets the short end of the stick in the securities class action system, as compared to large institutional investors,” says Lisa Rickard, president of the chamber’s Institute for Legal Reform. “美國人的平均投資者獲得短期年底，軟硬兼施，在證券集體訴訟制度，比較大的機構投資者，說： ”麗莎理查德，商會主席的研究所的法律改革。
But John Coffee, a securities law expert at Columbia Law School, says the study “should not be the basis for a sweeping condemnation of securities class action lawsuits”.但約翰咖啡，證券法律專家在哥倫比亞大學法學院說，研究“不應成為一個基礎廣泛的譴責，證券集體訴訟” 。
Institutional investors might be getting more than their fair share of class action settlements, but the amounts were small, Prof Coffee said.機構投資者可能會得到更多的比他們公平地分享的階級行動定居點，但數額很小，教授咖啡說。 In 2004, he said the typical securities class action settled for only 2.5 per cent of the total amount lost by investors.在2004年，他說，典型的證券集體訴訟解決的只有2.5 ％的總金額失去投資者。
“If you’re looking at whether the securities class action performs any social function, it does very little in the form of compensation, but it can achieve some general deterrence. “如果您正在尋找是否證券集體訴訟執行任何的社會功能，但這很少，在形式的補償，但它可以實現一些一般性的威懾。 We would have more corporate fraud without these suits.”我們將有更多的公司詐騙，沒有這些訴訟“ 。
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