Abstract

http://ssrn.com/abstract=1984758
 
 

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A Great Game: The Dynamics of State Competition and Litigation


Matthew D. Cain


U.S. Securities and Exchange Commission

Steven Davidoff Solomon


University of California, Berkeley - School of Law

January 2013


Abstract:     
We provide a multi-dimensional picture of jurisdictional competition for corporate litigation by examining merger litigation in a hand-collected sample of 1,117 takeovers from 2005-2011. We find that entrepreneurial plaintiffs’ attorneys drive this competition by bringing suits in jurisdictions which have previously awarded more favorable judgments and higher fees and by avoiding unfavorable jurisdictions. States with an apparent interest in attracting corporate litigation respond in-kind by adjusting judgments and awards to re-attract litigation. These states award higher attorneys’ fees and dismiss fewer cases when attorneys have been migrating to other jurisdictions. Our findings illuminate the dynamics and existence of jurisdictional competition for corporate litigation.

Number of Pages in PDF File: 45

Keywords: Merger Litigation, Takeovers, Jurisdictional Competition, Delaware, Plaintiffs' Attorneys, Shareholder Class Actions

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Date posted: January 13, 2012 ; Last revised: January 31, 2013

Suggested Citation

Cain, Matthew D. and Davidoff Solomon, Steven, A Great Game: The Dynamics of State Competition and Litigation (January 2013). Available at SSRN: http://ssrn.com/abstract=1984758 or http://dx.doi.org/10.2139/ssrn.1984758

Contact Information

Matthew D. Cain (Contact Author)
U.S. Securities and Exchange Commission ( email )
United States Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
United States
Steven M. Solomon
University of California, Berkeley - School of Law ( email )
215 Boalt Hall
Berkeley, CA 94720-7200
United States
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