TITLE	Supreme Court Order 2015Ma4027 Dated November 4, 2016¡¼Motion for Permission to File Lawsuits¡½ [full Text]
Summary
[1] Requirements for permission to file a securities class action by a representative party, and whether liability for damages is a matter that a court needs to examine when deciding to grant permission (affirmative in principle) Whether a court can examine an act, etc. that led to a damages claim within the scope to determine whether the requirements for permission to file a lawsuit are met as prescribed under Article 12(1)2 of the Securities-Related Class Action Act (affirmative) [2] Method of determining ¡°the scope of the class¡± which is required to be indicated in a ruling on the permission to file a securities class action under Article 15(2)4 of the Securities-Related Class Action Act Where individuals (class members) purchased shares issued by a company, subject to the applicable scope of the Securities-Related Class Action Act, and then partly sold the shares during the period of damages incurred due to the company¡¯s statutory violation but could not specify as to when the shares were acquired upon seeking damages, whether a representative party can determine the scope of the class based on his/her choice of method (affirmative in principle) Where there exist select class members who, during the period of damages incurred, partly sold their shares deposited in an account with a financial institution that accepts securities, whether the scope of the class can be determined based on the first-in, first-out method whereby the shares first purchased are first sold (affirmative) [3] Meaning of a ¡°defendant company¡± under Article 12(1)2 of the Securities-Related Class Action Act [4] Meaning of ¡°[the] legal or factual merits, as a claim for damages referred to in each subparagraph of Article 3(1), shall be common to all class members,¡± one of the requirements for permission to file a lawsuit, under Article 12(1)2 of the Securities-Related Class Action Act, and whether such requirement can be regarded as not being satisfied solely on the basis that there exist slightly different facts among each class member¡¯s claim or that there exist grounds of defense among individual class members (negative) [5] Meaning of ¡°[t]he securities-related class action shall be an appropriate and efficient means to realize the rights of the class and protect their interests,¡± one of the requirements for permission to file a lawsuit, under Article 12(1)3 of the Securities-Related Class Action Act

Prev	Supreme Court Decision 2013Da71098 Decided November 10, 2016 ¡¼Damages (Etc.)¡½
Next	Supreme Court Decision 2013Da7769 Decided October 27, 2016 ¡¼Damages (Etc.)¡½