Enforcing Consumer and Capital Markets Law in the United States
Enforcing Consumer and Capital Markets Law in the United States, in ENFORCING CONSUMER AND CAPITAL MARKET LAW – THE DIESEL EMISSIONS SCANDAL (Beate Gsell and Thomas M.J. Möllers eds.( Intersentia 2020)
University of Missouri School of Law Legal Studies Research Paper No. 2020-24
26 Pages Posted: 11 Aug 2020
Date Written: August 7, 2020
Consumers with similar claims in the United States (US) often join forces to pursue remedies using class actions. This allows them to obtain remedies with little cost and effort and serves a ‘private attorney general’ function by bringing light to purchase problems and deceptive practices that may otherwise be ignored. This is especially true in small dollar claims, where the cost to individually litigate is disproportionate to the eventual judgment. However, some have criticised class actions in the US for forcing settlements and padding the pockets of lawyers, while leaving consumers with minimal pay-outs. This chapter will provide an overview of how enforcement and class actions operate in the US, using the Volkswagen (VW) diesel emissions case as an example. This chapter is part of a book that provides a comparative study of consumer and capital markets law. The book includes country reports from all over the world, all looking at how consumers and shareholders in various countries asserted claims evolving from the Dieselgate scandal.
Keywords: capital markets, comparative law, consumer rights, consumer law, class actions, markets law, deceptive trade practices, ethics, contracts, VW, auto claim, environmental law, fairness, due process
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