Wednesday, October 3, 2007
An excerpt from Speech by SEC Commissioner Kathleen L. Casey, at the North American Securities Administrators Association Annual Conference, Seattle, Washington, October 1, 2007:
In recent months, the Commission has also been asked to evaluate our private class action system. This summer, several Representatives from the U.S. Congress asked us to consider whether the securities class action system adequately complements our enforcement efforts. And in August, a group of 6 noted professors asked us to explore a purely economic consideration: does the private litigation system achieve an efficient wealth redistribution objective, or are the transactions costs unnecessarily high?