ഈݚᆣಊࢌၞ෮৳ކ࣮࠹߃࣮Бۡ ૅݓᆣಊࠢුහ࣮ ᇏଲն࿐م࿐ჽज़ีቆ ज़ีᇶӻದğᇒᆽႧ ज़ี࣮აླྀטದğഈݚᆣಊࢌၞ෮ ീת ज़ี࣮ჴğྷԌ০aݢaཫࡲaਾᆽᄉaนתԣ - 1 -
ଢ ႄ ၂aᆣಊࠢුහۀં č၂Ďᆣಊࠢුහᆭсေྟ čؽĎᆣಊࠢුහᆭᇶေႮ čĎᆣಊࠢුහඔਈᆭࣜဒٳ༅ ؽaᆣಊࠢුහᆭಒಪ č၂Ďᆣಊࠢුහᆭಒಪѓሙ čؽĎᆣಊࠢුහಒಪᆭభ֥ؿགྷ čĎᆣಊࠢᆭࢸק čඹĎᆣಊࠢුහᆭಒಪ๐ᆣ߶ čĎᆣಊࠢුහಒಪҊקᆭᇏࡗഈුܿᄵ čੂĎᆣಊ௺ᅊࠢුහᆭڎಪ aᆣಊࠢුහᆭ൮༜ჰۡ č၂Ďଁࠢුහ൮༜ჰۡᆭ၂Ϯܿᄵ čؽĎuದᆣಊුහڿ۪مvᆭ൮༜ჰ่ۡॻ čĎࠏܒሧᆀაᆣಊࠢුහᆭ൮༜ჰۡ ඹaᆣಊࠢුහᆭ൮༜ੰഽ č၂Ďଁ൮༜ੰഽᆭ၂Ϯܿᄵ čؽĎuದᆣಊුහڿ۪مvؓ൮༜ੰഽ֥ܿק čĎؓᆣಊࠢුහ൮༜ੰഽ܄षᅱѓᆭ҂ुم aᆣಊࠢුහᆭބࢳ č၂Ďᆣಊࠢුහᆭބࢳ৯ čؽĎمჽᄝബҰބࢳࡹၰᇏֹ໊֥ čĎബҰބࢳࡹၰᆭѓሙ čඹĎބࢳࡹၰᆭബҰӱ čĎఃҕაᆀᄝބࢳബҰᇏֹ໊֥ čੂĎބࢳࠎࣁᆭܵ ੂaᆣಊࠢුහᆭ๙ᆩ č၂Ďࠢුහ๙ᆩᆭсေྟ čؽĎ၇ऌֻ23่ܿקႋؿෂᆭ๙ᆩ čĎuದᆣಊුහڿ۪مvᆭ๙ᆩܿק čඹĎࠢӮჴᆭ࿊ᄴԛಃ aᆣಊࠢුහᆭੰഽٮაුහषᆦ č၂ĎҊקੰഽٮᆭ၂Ϯܿᄵ čؽĎҊקੰഽٮ֥ਆᇕᇶေٚم čĎؓمჽ၇ᆯಃҊथੰഽٮᆭ čඹĎڄག൬ٮ֥ݺԩაअཋ čĎׇڱුහषᆦᆭ҂ၩ ϖaૅݓᆣಊࠢුහؓݓ֥ఓൕ č၂ĎቋۚದمჽஆԢࠢුහᆭჰၹٳ༅ čؽĎᆣಊ൙ணӊσࡱҐႨࠢුහᆭсေྟ - 2 -
čĎࡹ৫ݓᆣಊࠢුහᆭऎุܒམ ႄ 2002୍୍Ԛđቋۚದمჽ༯ؿuܱႿ൳ᆣಊ൧ӆၹྴࡌӧඍႄؿ֥൙ಃ࣯ٴσࡱႵܱ໙ี֥๙ᆩvčၛ༯ࡥӫu๙ᆩvĎbھ๙ᆩֻ4่ܿקđؓႿྴࡌӧඍ൙ணӊσࡱđمჽႋ֒Ґ౼ֆࠇᆀ܋ුහ֥ྙൔჍၛ൳đ҂ၒၛࠢුහ֥ྙൔ൳b2003୍୍ԚđቋۚದمჽႻ༯ؿuܱႿബᆣಊ൧ӆၹྴࡌӧඍႄؿ֥൙ணӊσࡱ֥ۄܿקvčၛ༯ࡥӫuܿקvĎbuܿקvֻ12่ᄜՑᇗണဢ֥ܿקbطቋۚದمჽم္ܲለ1໓ิԛđҐႨૅݓ֥ࠢුහࢳथݓᆣಊ൧ӆಃ൙ணӊ࣯ٴીႵمੰ၇ऌbؓࠢ2ුහ֥ڎקႄؿਔૌؓૅݓࠢුහđหљ൞ᆣಊࠢුහ֥ྖ౿bࠢුහđᆷුහ၂ٚ֒൙ದದඔᇙ؟a҂ॖିൈҕࡆුහđૌᆭࡗႵሢ܋֥مੰ໙ีࠇ൙ൌ໙ีđࡼૌ൪ູ၂۱ࠢđ۷Ⴕ০Ⴟൌགྷمੰ֥ଢ֥đၹՎđၛ၂۱ࠇۄ۱ࠢӮჴቔູࠢսіದđսіᆜ۱ࠢӮჴิఏ֥ුහbࠢුහऎႵၛ༯ࠫ۱หᆘğֻ၂đದඔᇙ؟đࠧᆺିႮ၂۱ࠇඔ۱ࠢӮჴսіಆุӮჴิఏුහđ҂ॖିႮಆุӮჴൈԛ๖đ܋ࣉྛුහbֻؽđಆุӮჴᆭࡗႵሢ܋֥০ݝܱ༢đࠧಆุӮჴؓݝ֥൙ൌनႵ܋֥مੰ໙ีࠇ൙ൌ໙ีđᆜ۱ࠢࣅૡֹࢲކᄝ၂ఏbֻđໃࣜ൱ಃ֥սđࠧսіದ҂ࣜఃӮჴ֥൱ಃđࣼॖսіಆุࠢӮჴཟمჽิఏුහbֻඹđथི৯ॖၛঔᅦđࠧथ҂ࣇؓପུҕࡆුහ֥ࠢսіದؿളمੰི৯đطؓପུીႵҕࡆ3ුහ֥ࠢӮჴࠣପུ۴Чਘམ҂֥֞ᇶ္ุؿളمੰི৯bࠢුහေࢳथ֥ห൹൞đෛሢགྷս܄ඳ֩ஔնቆᆮ֥ؿᅚđ൙ິم֥౦ྙӁളਔྍ֥э߄đԛགྷਔ၂ུԮ֥൙ුහܿᄵمࢳथ֥໙ีbᄝགྷսഠ߶ളࠃᇏđԛགྷਔܿଆॢభ֥նቆᆮaหљ൞ഈ൧܄ඳđૌၛՖ൙അ൙ࠃູթᄝଢ֥đູགྷսഠ߶Էᄯਔॢభ఼ն֥ളӁ৯đೂݔૌՖ൙൙ິمྛູđࡼ֤Ӯతഈຣ֒൙ದ֥ಃ০൳֞ᇗٕbᆃᇕಃྛູາݝ֥ܼٗྟࠣః࠹ުݔđჹჹӑԛԮ֥൙ಃྛູbطđᄝն؟ඔ౦ঃ༯đֆ۱൳ݝದ෮ᄥ൳֥ാඔحࢠཬđఏුࡆݝದޓ҂ࣜ࠶đֆ۱൳ݝದສສФ௧٢ఙఏුࡆݝದ֥ಃ০bૅݓ၂ࡅੰഽ൙ༀ෮ᄝྙಸᆃᇕ౦ঃൈඪđοᅶჰႵ֥൙ුහჰᄵđoૄՑᆺჭđٳљཟ၂తຣದ༯൭đᆃဢ֢౼ਔతຣᆭުಯಖॖၛ4҂Фمੰሔ࣮bp၂۱ದ؋ൈࡗଽ֢Ӯతഈຣದ֥ಒ҂ॖିđ০Ⴈ܄ඳ֩ྙൔᄝ؋ൈࡗଽٕӮతഈຣದ֥ಃၭಏ൞གྷսࣜ࠶ᄎྛᇏ҂֤҂૫֥ؓགྷൌ໙ีb ᆣಊິمྛູაఃິمྛູཌྷбđ֝ᇁ֥مੰުݔٚ૫Ⴕၛ༯ԛหׄğֻ၂đ൳ݝದದඔᇙ؟bഈ൧܄ඳ֥ሧᆀದඔᇙ؟đ၂֊ؿളᆣಊ௺ᅊ֩ິمྛູđ൳ݝದದඔᇙ؟bՖૅݓ৳Ϲඳمᇏྏ1996 ୍ؿ֥҃၂ٺ࣮Бۡটुđᄝඹ۱߭ബ৳Ϲഈුمჽ൳5ࠢුහᇏđࠢӮჴनದඔູ45,055 ದbֻؽđᆣಊິمྛູᄯӮ֥ݝሹحऍնb၂ཛᆌؓ1995 ୍ૅݓᆣಊࠢුහ֥࣮іૼđनടσࣁحۚղ10,619,170 ૅჭbථฌڞն࿐ᆣಊࠢුහౢෘᇏྏ࠹֥σࡱᇏđቋնࣁح֥ᆣಊࠢුහބࢳࣁമᇀۚղ ၡૅჭbֻđֆ۱ሧᆀ൳֥֞ാࣁحбࢠཬđሧᆀ၂ϮીႵ৯ֆఏු 1 ࡉໂğuҐႨุࠢුහ่ࡱഉ҂ऎСvđuᇏݓᆣಊБv2002୍10ᄅ29ರđֻ8ϱb 2 ྸ؟࿐ᆀࡼݓ֥սіದුහაࠢුහ֩bૌಪູෙಖਆᆀඋႿಕุྟුහđթᄝൌᇉљbЧ࣮Бۡᇏ֥ࠢුහࣇᆷૅݓൔࠢුහb 3 ࡾaࡉӉթğuંࠢුහvčഈĎđᇏݓم࿐1988୍ֻ6௹đֻ85်b 4 ေᇑğuૅݓࠢුහࠎԤӱܿᄵ࣮vđധᎪᆣಊࢌၞ෮ֻ0061ݼ࣮Бۡđֻ11်b 5 Thomas E. Willging et al., Empirical Study of Class Actions in Four Federal District Courts: Final Report to the Advisory Committee on Civil Rules, Federal Judicial Center, at 14(1996). 6 Charles Silver, Class ActioniRepresentative Proceedings, Bouckaert et al., (eds.), Encyclopedia of Law and - 3 -
ᆣಊິمྛູದbഈ૫ႄඍ֥৳Ϲඳمᇏྏ֥טҰБۡཁൕđᄝФטҰ֥ࠢුහσࡱᇏđࠢӮჴࠆ֤ணӊ֥ࣁح֥नඔ൞315-528 ૅჭbࡌഡႵದ҂჻ၩҕაࠢුහđམ๙ݖֆුහটົሱ֥࠭ಃ০đֆුහ֥ුහӮЧࡼ൞ૌॖିࠆ֤ணӊࣁح֥10 Пၛ7ഈbၹՎđᄝᆣಊິمྛູႄఏ֥ணӊ࣯ٴ֩ࠢුහᇏđֆ۱ሧᆀ֥০ၭொཬbࠧཌྷܱ֥܄ඳمބᆣಊمܿקሧᆀ൳֞ݝުॖၛఏුິمྛູದѩࠆ֤ணӊđႮႿࡆݝದ၂Ϯ൞॥ᇅሢஔն֥ഈ൧܄ඳ֥ܵҪದჴࠇ൞ഈ൧܄ඳЧദđေᄝگᄖ֥അༀࠃਵთᆣૼࡆݝದႋӵքணӊᄳđླေᆦڱۚυ֥ුහӮЧѩӵքϧු֥ڄགđֆ۱ሧᆀ၂ϮીႵ৯ಀఏුஔն֥ഈ൧܄ඳࠇ॥ᇅഈ൧܄ඳ֥ದb ૅݓ൞ቋᄪၛᇅקمྙൔܿקࠢුහᇅ؇֥ݓࡅđ္൞ؿղᆣಊ൧ӆᇏᆣಊࠢුහቋູؿղ֥ݓࡅbૅݓᄝࠢුහٚ૫֥ൌđ۳ૌᅚൕਔࠢුහ֥сေྟđࠢුහ૫ਢહဢ֥ห൹؛đᇅקહဢ֥ห൹ܿᄵॖၛᄝޅᇕӱ؇ഈ߄ࢳᆃུ؛֩֩bॖၛඪđૅݓࠢුහᇅ؇౼֤֥ӮིࠣఃӁള֥р؊đູૌಆ૫ಪ്ࠢුහᇅ؇aކܿ߃ൡކݓླေ֥ࠢුහܿᄵđิ܂ਔႵၭ֥࣮ҋb Ч࣮Бۡട֥ࠣਵთູૅݓᆣಊࠢුහđࣇ࣮ӱܿᄵđط҂࣮ൌุم໙ีb8u৳Ϲ൙ුහܿᄵv൞ૌ࣮ࠢුහ֥ࠎЧሧਘbu৳Ϲ൙ුහܿᄵvႿ1938୍ࠆ֤๙ݖđ1966୍ྩڿൈҐବਔo࿊ᄴԛpܿᄵđᆃ֤ૅݓ֥ࠢුහӮູਔ၂ᇕຯ৯఼ն֥ුහbu৳Ϲ൙ුහܿᄵvႿ1987୍ބ1998୍ႻቔਔਆՑбࢠཬ֥ྩڿđطቋ࣍၂Ցбࢠն֥ྩڿູ2003୍b ૅݓمੰᇏधն҆ٳᇅקمܿᄵླေ๙ݖ২ࡆၛૼಒބ༥߄đҌᆇᆞӮູඳمࠃᇏॖၛᄎႨ֥ܿᄵbၹՎđ࣮ࠢුහܿᄵđ҂षؓૅݓࠢුහ২֥ࢳb૫ؓजᖟݽَ֥৳Ϲمჽ২໓đૌຬလྖฑđ෮ྜྷ֥൞đ৳Ϲඳم২ؿᅚఏট֥ࠢුහ֥ӱܸ২֥ࠎЧ౦ঃđॖၛҕॉૅݓ৳Ϲඳمᇏྏູ৳Ϲمܲщཿu֥گᄖුහᆷଲvb1969 ୍uگᄖුහᆷଲvֻ၂ϱԛϱđ2004୍uᆷଲvֻඹϱԛϱbuگᄖුහᆷଲv൞৳Ϲඳمᇏྏູ੫ྛఃoڿࣉඳمӱܵa՜ࣉૅݓمჽ֥ؿᅚp֥مקༀطщཿ֥đ൞م࿐ࢸႵܱࠢුහӱܿᄵ֥ಃຯԛϱbҕॉھಃຯᇷඍđॖၛᄝޓնӱ؇ഈक़ڛᄝ؋௹ଽ҂ିնਈࠢුහ২ҋਘ֥ಌཊb 9ૅݓݓ߶Ⴟ1995୍๙ݖਔuದᆣಊුහڿ۪مvčၛ༯ࡥӫuڿ۪مvĎbuڿ۪مvࠣః৫مሧਘ൞ૌ࣮ૅݓᆣಊࠢුහ֥ࠎЧሧਘbਸ਼ຓ࣮Бۡa࿐ᆀᇷඍֻ֩ؽ൭ሧਘၧ൞ᇗေ֥ҕॉሧਘb ၂aᆣಊࠢුහۀં č၂Ďᆣಊࠢුහᆭсေྟ ᆟکಌكሧჷđၛؓᇙ؟ິّᆣಊم֥ྛູࣉྛ॥bᄝ܄ඳᇗնິمྛູđೂνಖ൙ࡱaൗ๙൙ࡱФၛުđૅݓದؓՎႵਔ۷ധख़֥ಪ്bૅݓᆣಊࢌၞჴ߶čၛ༯ࡥӫૅᆣࢌ߶Ď൞ᇶေڵᄳᆳྛᆣಊم֥৳Ϲࠏܒđ؟୍ট၂ᆰ૫ਢࣜٮ҂ቀ֥໙ีbૅᆣࢌ߶၂໊ᇶ༜іൕđყෘཋᇅၩሢದࠢුහсಖᄝົӻᆣಊ൧ӆ֥Ӵྐഈϲဆܱྟ֥࢘bૅᆣࢌ߶ਸ਼၂໊ᇶ༜࿆ӫđದුහၘӮູҀӊФ௺ௌ֥ሧᆀ֥ᇶေ۽ऎbԢ٤ᆳྛمੰॖႮದປӮđڎᄵ௺ᅊ൳ݝᆀࡼ֤҂֞Ҁӊđቔذᆀ֤҂֞ԩـđ҂مྛູၧ֤10҂֞سᇅbطૅݓࣜ࠶ࡼ߶ᄥ൳ാđၹູሧᆀ߶ؓሧЧ൧ӆാಀྐྏb Economics, Volume II. Civil Law and Economics, at 543(2000). 7 Thomas E. Willging et al., Empirical Study of Class Actions in Four Federal District Courts: Final Report to the Advisory Committee on Civil Rules, Federal Judicial Center, at 13(1996). 8 ૅݓݓ߶ᆞᄝษંuࠢුහ܄مvđഉໃ๙ݖb 9 ૅݓݓ߶Ⴟ1998୍ߎ๙ݖਔu၂ᆣಊුහѓሙمvđھم֥ᇶေଢ֥ᄝႿᄝ۲ᇜൌീuದᆣಊුහڿ۪مvb 10 See . Conf. Rep. No. 104-369, at 31 (1995), reprinted in 1995 . 730. - 4 -
ૅݓ৳Ϲቋۚمჽၧಪູđದᆳྛᆣಊم൞ᆟکࡓܵ୭৯ᆭсေҀԉđؓ൳௺ᅊᆭ11ሧᆀބᆜ۱ᆣಊ൧ӆႵݺԩbᄝᇅקuڿ۪مvൈđૅݓݓ߶ؓದᆣಊුහնࡆᄡആđӫః൞ླᆟکҐ౼ྛࣼିϺᇹ൳௺ᅊᆭሧᆀຝ߭ാ֥၂ཛс҂ॖഒ֥۽ऎb۴ऌݓ߶֥ၩđದᆣಊුහᆭഠ߶০ၭ֥ಒӑݖුහӮЧbࠢුහؓഠ߶Ⴕၭđ࠻ିҀӊᆣಊ௺ᅊσᇏ֥൳ݝᆀđႻିسᇅ܄ඳࣜҪᆭໃট҂مྛູđၹطႵ০Ⴟิശದૌؓᆣಊ൧ӆᆭྐྏbದᆣಊුහିิശ܄ᇙࠣಆ౯ሧᆀؓૅݓሧЧ൧ӆᆭྐྏđႵ০Ⴟسᇅ҂مྛູѩಒЌ܄ඳܲჴaബ࠹12ഽa൙aੰഽބఃದബര੫ྛఃၬༀb࣐ܵݓ߶ᄡႮ௺ᅊ൳ݝᆀᆳྛᆣಊمđᄝᆣಊ൧ӆഈᄥ൳ാ֥ሧᆀॖିࠆ֤ᆭணӊحಏ҂ቀၛఃௗ౨ੰഽؓ௺ᅊුࣉྛטҰđѩؓ܄ඳࠣఃܲჴa൙ބܤ໙ิఏුහbቔູ၂ᇕӱ۽ऎ֥ࠢුහ֤ކѩӮతഈຣ۱ऎႵোරᄥმ֥ሧᆀ֥ാӮູॖିđѩ֤ิఏದᆣಊ௺ᅊුऎႵࣜ࠶ഈ֥ॖྛྟbࠢුහିࢫസුහषᆦѩି་ႄੰഽᆭᇿၩđၹູੰഽॖି჻ၩၛڄག൬ٮູࠎԤսնਈᄥ൳ാ֥ሧᆀิఏුහbᆃ13ဢđჰۡࠢੰഽԉ֒ਔoഡҳܲpbčؽĎᆣಊࠢුහᆭᇶေႮ 1aᆣಊࠢුහಌكӮჴ॥ᇅ ႮႿି৯҂ܔࠇಌكࣜ࠶৯đࠢӮჴޓഒࡓᆣಊࠢුහbࠢӮჴၧಌഒܙބࢳࡹၰᆭࡎᆴ෮ླ֥ԉቀྐ༏b࣐ܵu৳Ϲ൙ුහܿᄵvֻ23่čၛ༯ࡥӫֻ23่Ďܿקđمჽႋᄝoൌ࠽ॖିᄪ֥ൈࡗଽpथקσࡱ൞ڎಒಪູࠢුහđྸ؟σࡱᄝФಒಪູࠢුහᆭభࣼղӮਔބࢳb 2aᆣಊࠢුහᇏթᄝ০ၭԊ ࠢੰഽބࠢӮჴᄝิఏුහഈ္ॖି৯҂bࠢුහσࡱᇏ֥ੰഽٮ๙ӈ൞ᄝބࢳซᇏथק֥đطൌ࠽ჰۡaሧᆀ۱ದಏ҂ҕࡆބࢳซbႮႿࠢੰഽᆭੰഽٮބුහषᆦႵൈۚղணӊح֥ٳᆭ၂ࠇ۷؟đࠢੰഽᄝුහᇏ෮ऎႵ֥০ၭ๙ӈбࠢᇏޅӮჴᆭ০ၭေնbՎຓđࠢੰഽ๙ӈׇڱුහषᆦđᆃၩሢੰഽбࠢӮჴႵ۷ն֥৯ࢤ൳၂۱ิ܂նਈੰഽٮ֥ބࢳླྀၰđѩཨԢః҂ି൬߭ၘೆЧσᇏ֥ሧࣁڄགbࠧ๙ݖුහିܔࠆ֤֤ۚ؟֥ணӊحđੰഽᆭሧ߭Бੱॖିߎ൞߶֮Ⴟބࢳླྀၰ෮ิ܂֥߭Бੱbೂݔॉ੮ാಀ֥ࠏ߶ӮЧđ߭Бੱॖି߶۷֮b 3aބࢳໃିّ႘ᆣಊࠢුහᆭࡎᆴ Ⴕུᆀᆷԛđބࢳໃିّ႘σࡱᆭࡎᆴbႵ֥σࡱࠆ֤ਔ؟Ⴟఃࡎᆴ֥ணӊđطႵ֥σࡱ෮ࠆணӊഒႿఃࡎᆴbೂݔ܄ඳФۡໃିᄝσࡱᄪ௹ඪڛمჽѼ߭၂۱ࡎᆴ҂ն֥σࡱđࠧФۡሱྐఃᄝمჽബࢨ؍߶഻ුđුහࣜ࠶ေФۡބࢳbაՎཌྷّđೂݔჰۡੰഽьၒֹބࢳਔ၂۱ࡎᆴޓն֥σࡱđն؟ඔࠢӮჴᆭࣜ࠶০ၭಏ҂ቀၛఃؓބࢳࡹၰิԛّؓၩbّؓބࢳᆭࠢӮჴေહ࿊ᄴԛࠢđေહਸ਼ௗੰഽؓࠢੰഽބ܄ඳФۡᆦӻᆭބࢳิԛّؓၩbቋުđ࣐ܵࠢුහބࢳေࠆ֤مჽሙđمჽಏౠཟႿ࣐ॹౢࠒσࡱđѩಪູ၂۱҂ᄸહဢ֥ބࢳሹ൞ݺႿ၂۱ਅݺ֥ബbགྷྛᇅ؇14ໃିٳࡎᆴնაࡎᆴཬ֥σࡱđၹط࠻ໃିࠆི֤ੱđၧໃିൌགྷ܄ᆞb1995୍đૅݓݓ߶يਔक़ਟؘሹᆭڎथđ๙ݖਔuದᆣಊුහڿ۪مvbᆃѓᆽሢથӉط࡛ྌ֥ᆻᄝؓ৳Ϲᆣಊمᆭ༯֥ದුහᆭൌุمބӱمࣉྛӞָྩᆞ֥৫م୭৯֤ၛປӮbھمֻؓ23่ൡႨႿᆣಊࠢුහቔਔหљܿקđᇶေട࿆ࠣ൛ᆣૼa 11 See Bateman Eichler, Hill Richards, Inc. v. Berner, 472 . 299(1985). 12 Deborah R. Hensler, Revisiting the Monster: New Myths and Realities of Class Action and Other Large Scale Litigation, 11 Duke J. Comp. & Int'l L. 205(2001) 13 Janet Cooper Alexander, Contingent Fees and Class Actions, 47 DePaul L. Rev. 347(1998). 14 John W. Avery, Securities Litigation Reform: The Long and Winding Road to the Private Securities Litigation Reform Act of 1999, 51 Bus. Law 345(1996) - 5 -
൮༜ჰۡᆭଁaཋᇅ൮༜ჰۡᆭҀӊaཋᇅЌૡބࢳླྀၰaཋᇅੰഽٮބුහषᆦᆭᆦڱaေཟࠢӮჴބࢳ่ॻaЉؠթᄝ০ၭԊᆭ൮༜ੰഽսሧ۬֩b čĎᆣಊࠢුහඔਈᆭࣜဒٳ༅ uڿ۪مv֥ଢ֥ᆭ၂൞ࡨഒᆣಊࠢුහ֥ඔਈbٳ༅uڿ۪مv๙ݖభު෮ิఏ֥ᆣಊࠢුහඔਈđૌؿགྷࠢුහ֥ඔਈൌ࠽ഈᄝᄹࡆbඔऌཁൕđᄝھم๙ݖᆭభ515୍नૄ୍ิఏࡱbط๙ݖᆭު֥భ6୍नૄ୍ิఏࡱbၹՎđᄝھم๙ݖᆭު6୍ࡗᆣಊࠢුහඔਈᄹӉਔ32%bෙಖૄ୍ิఏ֥ᆣಊࠢුහඔਈ҂၂đᆃུඔऌ҂ቀၛᆣૼھمؓૄ୍֥ᆣಊࠢුහඔਈӁളਔ႕ཙb ޓؓuڿ۪مv๙ݖభުᆭᆣಊࠢුහ֥ඔਈቔᆰࢤбࢠđၹູႵਆ۱ᄝھم๙ݖᆭభ҂թᄝ֥ၹ႕ཙھم๙ݖᆭު֥ᆣಊࠢුහඔਈb൮༵đ1996୍ࠧھم๙ݖᆭުֻ֥၂୍đᄝ৳Ϲمჽิఏ֥ᆣಊࠢුහૼཁࡨഒbھඔऌऎႵ༂֝ྟđၹູᆃ၂୍Ⴕཌྷ16֒؟֥ᆣಊࠢුහՖ৳Ϲمჽሇ၍֞ਔᇜمჽb1997୍֥౦ঃ္ҵ҂؟bၹطؓھم๙ݖభު֥ᆣಊࠢුහඔਈቔ۷ႵၩၬᆭбࢠႋЇওᄝᇜمჽิఏ֥σࡱbֻؽđ2001୍ᆭᆣಊࠢුහඔਈႵਔնਈᄹࡆđᆃᇶေ൞ᆣಊ൮ؿႄఏ֥ࠢුහಖᄹࡆᆭࢲݔbؓᆃུσࡱ֥ᆷ॥აԮᆣಊ௺ᅊࠢුහႵૼཁ҂bᆃུσࡱൌᇉഈ൞ᆷ॥ؿྛದໃିԉٳა൮ؿӱЧദႵܱ֥၂ུቓمط҂൞ྴࡌӧඍࠇᇗն၌b აuڿ۪مvܱ֥၂ུၹၧॖିؓᆣಊࠢුහඔਈӁള႕ཙb҆ٳ࿐ᆀಪູᄝᆣಊࠢුහᇏॆѐӮۿॖିྟ֥ᄹࡆ߶Ӂള۷؟֥௺ᅊྛູѩ֝ᇁ۷؟֥ුහbაؽൗࡀ୍ࣴսᄪ௹ཌྷбđھم๙ݖᆭު୍֥ࠫଽ܄षࢌၞᆭ܄ඳඔਈᄝᄹࡆđၹطුහଢѓ܄ඳၧᄝᄹࡆbೂݔੰഽ൙ༀ෮ႚႵቀܔ֥Ϸσି৯đᄵଢѓ܄ඳᆭᄹࡆၩሢᆣಊࠢුහၧ17߶ᄹࡆbՎຓđݖಀ֥࣮іૼૄ୍ิఏ֥ᆣಊࠢුහඔਈ൞൧ӆᆜุሑঃᆭݦඔđᄝбࢠھم๙ݖభު֥ᆣಊࠢුහඔਈൈႋॉ੮ᆃ၂ׄbቋުđሱՖھم๙ݖၛުđܱႿૄ୍ᆣಊࠢුහඔਈᆭሧਘ۷ಸၞࠆ֤đᆃ൞ၹູھم෮ܿק֥๙ᆩေ֤ᆣಊࠢුහऎႵ܄षྟb ܄षࢌၞᆭؿྛದඔਈᄝ1997୍ղ֞ਔቋۚᆴđՎުնᇁ߭گ֞ਔ1994-1995୍֥ඣbՖᆜุഈඪđᄝuڿ۪مv๙ݖᆭު֥6୍ଽđ܄षࢌၞᆭؿྛದඔਈनᄹӉਔ11%đط௹ФුᆭؿྛದඔਈᄹӉ24%bߐᆭđ܄षࢌၞᆭؿྛದ֥ᄹࡆѩ҂ିປಆඪૼᆣ18ಊࠢුහඔਈᆭᄹࡆbෛሢuڿ۪مv๙ݖᆭު௺ᅊࠃ֥ᄹࡆđᆣಊࠢුහၧᄝᄹࡆb֒ಖđႵ၂ུᆣऌᆦӻᆃᇕुمbቋ࣍đᆣಊ൧ӆഈႵ၂ུФ௷ܻ֥Ԙ໔đቋႵ֥൞νಖ൙ࡱbૅᆣࢌ߶ބྸ؟ંࡅіൕܱᇿၛ༯གྷའğෛሢؿྛದູਔژކٳ༅ഽؓః൬ၭ෮ቔ֥ყҩط૫ਢ֥൧ӆ৯֥ᄹࡆđҍༀБі௺ᅊၧᄝ҂؎ᄹࡆbᄝݖಀ୍֥ࠫđҍༀБі۷ᆞലૼႵਔൌᇉྟֹᄹӉbೂݔࣜૌၩ്֞ුහڄགࢠ֮đૌ֒ಖ჻ၩิ܂Ⴕ໙ี֥ҍༀБіbബ࠹ഽၧॖି۷჻ၩదඇႵ໙ี֥ҍༀБіđᆃ൞ၹູھم๙ݖၛުః૫ਢුහ֥ڄགၧႵ෮ࢆ֮bਸ਼ຓ၂۱ჰၹ൞৳Ϲቋۚمჽᄝ1994୍֥၂ཛҊᇏಪקđ҂ି၇ऌ10b-5ܿᄵၛླྀᇹ௺19ᅊູႮؓബ࠹ഽิఏದුහbಖطđ௺ᅊࠃᆭᄹࡆѩ҂൞ᆣಊࠢුහᄹࡆ֥ື၂ࢳb൙ൌഈđ௺ᅊࠃીႵᄹࡆطᆣಊࠢුහၧॖିᄹࡆbuڿ۪مvࡆնਔᆣಊුහڄགđᆃ൞ၹູᄝബభӱᇏФѼ߭ᆭුහᄝᄹࡆbაՎൈđھمᇀഒ҆ٳࡨഒਔჰۡੰഽ֥ܥקӮЧđჰၹᄝႿھم 15 Michael A. Perino, Did the Private Securities Litigation Reform Act Work? 2003 U. Ill. L. Rev. 930. 16 Joel Seligman, The Private Securities Reform Act of 1995, 38 Ariz. L. Rev. 717(1996). 17 Denise N. Martin et al., Recent Trends IV: What Explains Filings and Settlements in Shareholder Class Actions, 5 Stan. J. L. Bus. & Fin. 121(1999) 18 Michael A. Perino, Did the Private Securities Litigation Reform Act Work? 2003 U. Ill. L. Rev. 935. 19 Cent. Bank of Denver v. First Interstate Bank of Denver, 511 . 164(1994). - 6 -
ေᄝѼ߭ၰໃथ௹ࡗᇏᆸؿགྷӱbჰۡੰഽॖၛҐ౼֥Ҧᆭ၂൞ิఏ۷؟ط҂൞۷ഒ֥ᆣಊࠢුහѩᄝૄ၂۱ුහᇏೆ۷ഒ֥ሧࣁbೂݔิఏුහᆭӮЧഒႿቔ۷؟֥ബ20భטҰၛथקσࡱᆭࡎᆴ֥ӮЧđᄵᆃᇕҦ൞ކ֥bߐᆭđჰۡੰഽॖିᆺေࡥֆֹఃoሧӁቆކ؟ဢ߄pbᆃᇕሧӁቆކ؟ဢ߄ᄝھم๙ݖᆭభ൞၂۱ᇗေҦđطھمѩીႵڿэᆃᇕ౦ঃb҂ܵᄸહඪđᄝ؟۱مჽᆌؓؿྛದิఏ؟۱ුහିჰۡੰഽٳڄགđၹູ҂مჽᄝࢳࠇൡႨුහѓሙൈቓم҂၂bၹՎđ࣐ܵԛದၩਘđؓྟ֥a21ऎႵఒြࡅࣚപ֥ჰۡੰഽطđิఏ۷؟ුහᆭҦऎႵᇗնၩၬb ؽaᆣಊࠢුහᆭಒಪ č၂Ďᆣಊࠢුහᆭಒಪѓሙ 1aಒಪᆣಊුහࠢ ູਔಒಪᆣಊࠢᆭ୭৯ࠆ֤Ӯۿđჰۡੰഽླေᆣૼࠢژކֻ23ֻ่1ॻބֻ2ॻ෮ܿק֥ਆ۱่ࡱbֻ1ॻေğč1Ďקࠢದඔᇙ؟Ġč2ĎᇀഒႵ၂۱܋֥൙ൌ໙ีࠇمੰ໙ีĠč3ĎऎჰۡᆭුᄝࠢಆุӮჴᇏऎႵׅྟĠč4Ďऎჰۡି܄ᆞބԉٳֹսіࠢbֻ2ॻܿקđೂݔડቀਔֻ23ֻ่1ॻܿק֥భิ่ࡱѩژކ۱࿊ᄴྟົӻ่ࡱᆭ၂đࠢුහҌି֤ၛົӻbᆣಊࠢුහ၂ϮඋႿֻ2ॻֻ3ཛᆭ༯֥ුහđطھཛܿקđაࣇ႕ཙ۱љӮჴ֥مੰ໙ีࠇ൙ൌ໙ีཌྷбđࠢӮჴऎႵ֥܋مੰ໙ีࠇ൙ൌ໙ีऎႵᇶ֝ྟđطᄝ܄ᆞބႵིੱֹҊھᆚၰൈđࠢුහაॖၛ০Ⴈ֥ఃٚمൈཌྷбऎႵႪᄀྟb 2aಒಪᆣಊބࢳࠢ ֒൙ದࣜӈᄝمܲथק൞ڎಒಪᆣಊࠢᆭభࣼղӮਔބࢳbႵུσࡱᄝิԛࠢಒಪၰᆭభđമᇀᄝࠢුහิఏᆭభࣼղӮਔބࢳbᆃᇕބࢳླྀၰ๙ӈܿקđمܲॖၛಒಪοླྀၰ෮ࢸק֥ࠢđࠢಒಪ֥ଢࣇࣇᄝႿބࢳb֒σࡱᄝࠢಒಪᆭభࣼղӮਔބࢳđ֒൙ದсྶᄝิԛࠢಒಪၰѩണ౨ؓބࢳླྀၰ۳ჍԚ҄ሙൈđཟمჽิࢌ๙ᆩࠢӮჴ֥࠹߃đѩิ܂࿊ᄴԛ֥ࠏ߶bೂݔσࡱᄝࠢಒಪᆭުቔູුහࠢطղӮބࢳđᄵႋٳљؿෂࠢಒಪ๙ᆩބࠢބࢳ๙ᆩb ֻ23ֻ่1ॻބֻ2ॻဢൡႨႿಒಪᆣಊބࢳࠢđႵ২ຓb৳Ϲቋۚمჽᄝ၂۱σࡱᇏಪקđႮႿބࢳࠢஆԢਔബđֹمܲԩބࢳࠢಒಪ౨ൈླബҰđೂ22ݔؓھσࣉྛബ൞ڎ߶მഈֻ23ֻ่2ॻֻ3ཛֻ4ଢܿק֥ॖҠቔྟ໙ีbՎσၛުđمჽ఼טᆣಊބࢳࠢсྶऎႵଽऊ৯b۴ऌ၂ࡅഈුمჽ֥ၩđᆃ൞ᆷ෮ႵࠢӮჴᄝ൙ൌބమᄝمੰࣷ࠶ഈऎႵ၂۱܋ނྏđطॖၛࢸקࠢބޅሰࠢbᄝ၂۱ಆݓྟࠇടࠣࠫ۱ᇜ֥ބࢳࠢᇏđੰഽႋሙСᄝࠢಒಪ๐ᆣ߶ഈࢳđႵଧུॖၛൡႨႿ෮ႵࠢӮჴ֥܋ၹđၹطمੰ࿊ᄴ໙ี҂߶܋ၹᆭᇶ֝ྟࠣࠢුහᆭႪᄀྟ҂گթᄝbაුහࠢ၂ဢđੰഽсྶԩᄝൡႨ۲ᇜمੰൈ෮Ӂള֥ҵၳbمჽсྶथקҵၳࠇԊ൞ڎ܋ྟaᇶ֝ྟބႪᄀྟ҂گթᄝđѩҊקഡ৫ሰࠢ൞ڎ߶ཨԢԊbੰഽсྶᆣૼđᄝࠢӮჴิԛ֥ුᇏ҂թᄝൌ࠽Ԋđࠇ๙ݖഡ৫ሰࠢࠇၛग़ܴѓሙູࠎԤᇅק၂۱ٳ০ၭ֥࠹߃ॖၛх૧ࠇࡨԊbمჽсྶथקิԛුބཟࠢӮჴ۱ದิ܂ࣷ࠶ᆭӱ൞ڎಸၞ॥ᇅđѩᄝ҂ᇅᄯཌྷԊ֥০ၭ֥౦ঃ༯ॉ੮ࠢӮჴᆭࡗ֥ҵၳbੰഽߎсྶิࢌ၂ٺཟࠢӮჴ۱ದؿෂԉٳބࢳ๙ᆩ֥࠹߃đ23൞مჽᄝҊקބࢳࠢ൞ڎಸၞ॥ᇅ֥၂۱ᇗေၹb 20 See Robert Bone, Modeling Frivolous Suits, 145 U. Pa. L. Rev. 561-562(1997). 21 John C. Coffee, Jr., Understanding the Plaintiff's Attorney: The Implications of Economic Theory for Private Enforcement of Law Through Class and Derivative Actions, 86 Colum. L. Rev. 722-723(1986) 22 Amchem Products, Inc. v. Windsor, 521 . 591(1997). 23 Manual for Complex Litigation, Fourth« - 7 -
čؽĎᆣಊࠢුහಒಪᆭభ֥ؿགྷ مܲᄝԩࠢಒಪၰൈсྶथקđσࡱ࠺൞ڎቀၛथקֻ23่ᆭభิ่ࡱିڎ֤֞ડቀđೂݔ֤֞ਔડቀđᄵथקೂޅࢸקࠢb൮༵მ֥֞၂۱໙ี൞൞ڎླေࣉྛؿགྷbᄝაಒಪ֥ࠢޅ၂۱่ࡱཌྷܱ֥൙ൌႵᆚၰൈđࠇؓٚ֒൙ದಪູු҂ॖх૧ֹ߶ടࠣ۱љ໙ีൈđଖུؿགྷॖି൞сေ֥b၂ϮটඪđൡႨֻ23่ᆭѓሙေمܲബҰ֒൙ದൌุمഈ֥ුđၛٳ༅൞ڎژކֻ23ֻ่1ॻ෮ܿק֥܋ྟđׅྟaսі֥ԉٳྟֻࠣ23ֻ่2ॻᆭົӻ่ࡱb 1aᆣಊࠢුහభิ่ࡱᆭؿགྷ č1Ďದඔᇙ؟b؎קࠢದඔ൞ڎᇙ؟ၛᇀႿႋಒಪࠢđ๙ӈࢠູᆰܴb࿆൛ቔᆣaᆣದᆣaമᇀؓσ౦ᅋေ֥ކܙ࠹đ๙ӈቀၛಒ৫֥ࠢնᇁܿଆބކѩູࠢුහ൞ڎ్ൌॖྛb č2Ď܋ྟbಒק܋໙ี๙ӈေബҰ֒൙ದ֥ුđᅳԛ֒൙ದ௹ຬิࢌ֥ᆣऌোࠣथק֒൙ದླေֆط҂൞܋ᆣૼ֥ӱ؇bബ࠹߃๙ӈିླྀᇹಒקᆣऌ֥۱љၹა܋ၹᆭࡗ֥ܱ༢đֻ23่ѩ҂൞ᄝᆇॢߌ༯ൡႨbu৳Ϲ൙ුහܿᄵvֻ42่ᆭ༯֥ٳࢨ؍ބٳषബ൞ॖ܂০Ⴈ֥۽ऎđܿקمჽॖၛοࢨ؍ࠇՑٳཌྷܱ໙ีđ֤σࡱ۷ࡆऎႵॖҠቔྟbᄝᄎႨഈඍ۽ऎൈđمჽсྶҊקಒಪ໙ีࠢaٳࢨ؍ࠇٳषബ൞ڎ൞๙ສࠢಒಪ֥܄ᆞބॖྛ֥ࣥđ൞ڎᆺ൞ဃۂ۱љ໙ีᅝᇶֹ໊֝đѩ൞ڎ߶֝ᇁمჽؓิԛු֥֒൙ದӁളொb č3ĎׅྟbथקׅྟླေҊקऎჰۡᆭුބૄ၂۱ࠢӮჴᆭු൞ڎჷႿ၂൙ࡱđ൞ڎടࠣোර֥مੰᆚၰbمჽߎсྶಒಪđקࠢսіದᆭු҂൳҂ൡႨ24ႿࠢఃӮჴ֥ॆѐ֥ᇅჿbೂݔჰۡᆭු҂ऎႵׅྟđॖିླေࣉྛؿགྷĠطೂݔුճ໓ࠇགྷႵྐ༏ཁൕऎჰۡᆭු൞ห֥đᄵॖି҂ླေࣉྛؿགྷb č4Ďսіᆭԉٳྟbऎჰۡсྶᆣૼקුහࡼ܄ᆞބԉٳֹЌ֥ࠢ০ၭbऎჰۡ൮༵сྶᆣૼࠢੰഽႵሧ۬aႵࣜဒđᄝුහᇏିܔЌ֥ࠢ০ၭbᆃ္൞ֻ23ֻ่7ॻଁࠢੰഽᆭေ֥၂҆ٳbჰۡߎсྶᆣૼᆷקսіದაקࠢӮჴ০ၭཌྷԊ֥ൌᇉ০ၭđսіದ჻ၩ୭৯ࣉྛھුහbബ࠹߃ႵᇹႿಒק҂֥ුđط҂֥ුॖିླေ҂սіࠇڎಪࠢಒಪbೂݔࠢಒಪၰေಒಪුහࠢđࠇࠢಒಪၰ൞ᄥّ֥֞ؓބࢳࠢđᄵؓٚ֒൙ದႵᇹႿಒקු֥ٓຶބҵၳbᄝ৳ކေಒಪބࢳ֥ࠢσࡱᇏđمܲॖିླေ֒൙ದඪૼః৫ӆࠇࠢӮჴ০ၭ֥ҵၳb 2aᆣಊࠢුහົӻ่ࡱᆭؿགྷ ູਔٳ༅ᇶ֝ྟđمܲсྶಪק൞ڎթᄝ۱љ൙ൌđఃა܋໙ี֥ܱ༢ೂޅbࢤሢđمܲсྶബҰࠢුහაၛ༯ॖ܂০Ⴈ֥ః࿊ᄴᆭࡗ֥ܱ༢ğֆුහĠ܋ුහĠކѩුහĠࢺೆුහĠᄝ҂مჽิఏࢸק۷ູ֥۬ࠢුහb৳Ϲቋۚمჽ఼טđᄝടࠣཬح౨֥σࡱᇏđمჽႋॉ੮ࠢුහࠏᇅ෮ิ܂֥ුᇭႿمჽ֥ࠏ߶bॖିླေᄝࠢಒಪᆭభࣉྛؿགྷđၛླྀᇹمܲᄝුބ൙ൌ֥܋ၹᇏᅳԛ۱љ໙ีbടࠣුૄ၂۱ၹ֥ബ࠹߃ିܔϺᇹمܲಒಪ෮ླ۱љᆣૼ֥ྟᇉބӱ؇b ູਔٳ༅ႪᄀྟđمܲࡼླေՖ֒൙ದପࠆ֤Ⴕܱԩקࠢᆭු֥ఃॖ܂࿊ᄴ֥ٚمࠣః૫ਢ֥ॆѐbॖିླေࣉྛؿགྷđၛಒקమᄝࠢӮჴ۱ದᄝֆුහط҂൞ࠢුහᇏ෮ཚႵ֥০ၭb২ೂđॖିླေࣉྛؿགྷđၛಒק҆ٳӮჴ൞ڎॖି߶ࣼணӊ໙ีิఏֆුහbمܲсྶथקקᆣಊࠢ൞ڎऎႵॖҠቔྟbေᆭđمჽ๙ݖബҰੰഽิࢌ֥࿆൛ቔᆣaᆣದᆣՍaബ࠹߃ބمੰ࿊ᄴٳ༅đၛथקᆣಊࠢ൞ڎऎႵॖҠ 24 Douglas M. Towns, Merit-Based Class Action Certification: Old Wine in a New Bottle, 78 Va. L. Rev. 1001 (1992). - 8 -
ቔྟbॖିླေࣉྛؿགྷၛಒקđ۱љᆣૼᆭླေ൞ڎ߶ቅθࣼ܋໙ีཟ൙ൌטҰᆀቔ܄25ᆞӧඍđ൞ڎླࣉྛնਈ൙ൌטҰࣼିಒקࠢӮჴbčĎᆣಊࠢᆭࢸק ࢸקᆣಊࠢᇀܱᇗေđၹູᆃࡼथקğč1ĎႵಃࠆ֤ࣷ࠶֥ದĠč2Ď൳ቋᇔथჿඏ֥ದĠč3Ďᄝᆣಊࠢුහᇏ၇ऌֻ23ֻ่3ॻֻ2ཛႵಃࠆo֤ൌ࠽ॖྛᆭቋࡄ๙ᆩp֥ದbࠢקၬсྶሙಒaग़ܴބ৫ࠧॖၛಒקb২ೂđᆣಊࠢॖၛЇওᄝଖ၂หקൈࡗଽՖФۡԩܓઙਔหקᆣಊ֥ሱಖದބ܄ඳb ࣐ܵᄝࠢಒಪᆭభđӮჴ۱ದദٺ҂сಒקđӮჴሧ۬сྶॖၛಒקbႮႿࠢӮჴсྶ൬֞ൌ࠽ॖྛᆭቋࡄ๙ᆩѩႋႵࠏ߶࿊ᄴԛđႮႿࠢӮჴॖିิԛ۱ದݝ౨đᆣಊࠢුහေࢸקࠢđѩᄍྸؓ۱ದ൞ڎູࠢӮჴࣉྛಒಪbೂݔࠢӮჴॖၛ๙ݖग़ܴѓሙࡆၛಒקđᄵթᄝ၂۱ॖၛࢸק֥ࠢbࢸקࠢᆭଁႋх૧ႨᇶܴѓሙطႋҐ౼ग़ܴѓሙb مჽߎླေॉ੮ࠢקၬ൞ڎЇওᄝ൙ൌ໙ีބمੰ໙ีഈनཌྷ֥෮ႵӮჴb၂Ϯطđᄝֆ၂֥ӱᇏࢳथ෮ႵӮჴ֥ᆚၰ൞၂ᇕ܄ބֹིۚࢳथ໙ี֥ٚمbೂݔࢸקໃିЇওაࠢුཌྷোර֥౨ᇏधն؟ඔದđᄵࠢᆭקၬದ߈ၐbٓຶ۷ܼ֥קၬࠇ৫ࠢॖି۷ູކൡbೂݔࠢקၬЇওႵোරුႵ҂০ၭࠇ৫ӆ֥ದđഡ৫ႚႵ৫֥ࠢսіದބੰഽ֥ሰࠢࣼቀၛࢳथھ໙ีb ࠢקၬႋඪૼුࠇᆚၰׄđೂႮႿᆣಊ௺ᅊطᄯӮ֥ݝbཌྷܱൈࡗ္ႋବೆࠢקၬᆭᇏbཌྷܱൈࡗ๙ӈ൞ᆷoࠢ௹ࡗpđ২ೂקࠢӮჴᄥ൳෮ലӫᆭݝ֥௹ࡗbࠢקၬଁႋඪૼࠢսіದ൞ڎژކֻ23ֻ่1ॻᆭ܋ྟބׅྟေbࢸקࠢބࠢුᆭଁႋႵᇹႿಒקđაఃॖ܂০Ⴈ֥ٚمбđࠢුහᄝ܄ᆞބིۚੱֹҊ26ھᆚၰൈ൞ڎ۷ႪᄀbčඹĎᆣಊࠢුහᆭಒಪ๐ᆣ߶ ၇ऌֻ23ֻ่3ॻईྛ๐ᆣ߶൞ࠢಒಪҊקᆭ২ྛӱ֥၂҆ٳbაࠢಒಪႵܱ֥ᆚၰׄᆭྟᇉބٓຶथקਔمܲႋईྛޅᇕ๐ᆣ߶bؓࠢුහ෮၇ऌ֥൙ൌႵၳၰൈđईྛᆣऌྟ๐ᆣ߶൞сေ֥bᄝҊקಒಪࠢൈđ๙ݖླྀၰa࿆൛ቔᆣࠇᆣದᆣđॖၛ෪ཬࠇཨԢႵᆚၰ֥൙ൌb֒൙ದႋิࢌ၂ٺჿק൙ൌലૼѩಒקაֻ23่Ⴕܱ֥ᆚၰ൙ൌb֒ؓࠢಒಪҊקᆭمੰѓሙط҂൞ؓ൙ൌҋਘႵ҂ुمൈđمჽॖၛ၇ঠ֒൙ದؓ൙ൌ֥ჿקa࿆൛ቔᆣaᆣದᆣࠣཌྷܱ໓ࡱটಒק൙ൌbՎൈđ๐ᆣ߶ॖၛཋᇅᄝࠢಒಪᆭ่ࡱ൞ڎડቀഈbࠧ֒൙ದ৳ކิԛၰေಒಪބࢳࠢѩሙބࢳླྀၰđईྛ๐ᆣ߶္൞ކൡ֥bईྛ๐ᆣ߶ॖၛಒЌσࡱႵԉٳ࠺đหљ൞ᄝ҂ౢԣࠢಒಪѓሙ൞ڎડቀൈđࠇؓႿބࢳླྀၰॖିթᄝّؓၩൈ۷൞ೂՎb ູࢳथაࠢಒಪҊקႵܱ֥ᆚၰ൙ൌطईྛ֥ᆣऌ๐ᆣ߶đ҂ႋӮູࠢࠇ۱ದුᆭࡎᆴ֥ཬബ߶b֒൙ದႋิԛ൙ൌބܴׄၛಞمჽथקුᆭྟᇉđ൞ڎթᄝିၛࠢුහྙൔࡆၛബ֥܋໙ีđᆃུ܋໙ี൞ڎऎႵᇶ֝ྟđࠢුහ൞ڎႪႿࢳथᆃུ໙ี֥ఃٚمbمܲॖၛཋᇅᆣದದඔđေ౼ᆣၛᅋေྙൔࣉྛđေิࢌᆰࢤᆣऌ֥૫ലૼѩႨ٤தബӱᇏ֥ఃඌྟ൭؍b ᄝ๐ᆣ߶ᆭުđمჽႋֻؓ23่ॖၛൡႨ֥ૄ၂۱ѓሙ෮ട֥ࠣ൙ൌࣉྛಪקѩ༯၂مੰࢲંb၇ऌֻ23ֻ่6ॻᆭᇏࡗഈුܿᄵđໃࣉྛᆃᇕಪקॖି֝ᇁӜཧҊקࠇؿ߭ᇗബbֻ23ֻ่3ॻֻ1ཛֻ2ଢܿקđࠢಒಪଁсྶࢸקࠢӮჴđѩಒקࠢුࠇ൙ൌbھଢߎေ၇ऌֻ23ֻ่6ॻؿ҃ଁࠢੰഽᆭଁbಒಪᆣಊࠢුහᆭଁߎсྶ๙ 25 Manual for Complex Litigation, Fourth« 26 Manual for Complex Litigation, Fourth« - 9 -
27ᆩקࠢӮჴఃޅൈॖၛ࿊ᄴԛࠣೂޅ࿊ᄴԛbčĎᆣಊࠢුහಒಪҊקᆭᇏࡗഈුܿᄵ ֻ23ֻ่6ॻܿקđೂݔᄝଁؿ҃ᆭರఏ฿ิԛണ౨đഈුمჽॖၛᄍྸֹؓمჽࠢಒಪࠇڎಪଁഈුbഈු҂ᇏᆸֹمჽӱđԢ٤ֹمܲࠇഈුمჽؿ҃ᇏᆸුහb൞ڎᄍྸഈුᄝഈුمჽ֥ሱႮҊਈಃٓຶᆭଽb২مಪູ၂Ϯ҂ႋᄍྸഈුđԢ٤ૼཁթᄝ༯ਙ၂۱ࠇၛഈ֥౦ྙğč1ĎؓჰۡࠇФۡطđࠢಒಪଁၩሢුහ֥ࢲඏĠč2ĎࠢಒಪҊקᄝൌุمഈႵಌཊđࠇ൞যႨሱႮҊਈಃ֥ࢲݔĠč3Ďᇏࡗഈුି28ܔࢳथໃथᆭمੰ໙ีđطᆃؓЧσ൞ᇀܱᇗေ֥đؓఃσࡱၧ٤ӈᇗေbֻ23ֻ่6ॻაఃᇏࡗഈුܿק҂đၹູ҂ေֹمჽؓഈුمჽ൞ڎႋࢤ൳ᇏࡗഈුิԛࡹၰbᄝഈු౨ໃथ௹ࡗࠇᄝޅഈුمჽᄍྸ֥ഈු௹ࡗđֻ23ֻ่6ॻ္҂ऎႵሱᇏᆸුහӱི֥৯bေᇏᆸුහӱ֥֒൙ದႋ൮༵ཟԚബمჽิԛണ౨bᇏࡗഈුॖିಠѩӾුහđ҂сေֹڿэ၂ུ໙ีᆭࢲݔb۴ऌᄪུൈީ၂۱مჽҊथđ൞ڎᄍྸᇏᆸුහӱ౼थႿିڎᆣૼթᄝၛ༯౦ঃğಒಪࠢޓॖି߶ؿളհ༂đ29ѩᄝֹمჽ࿃ුහᆭӮЧॖିӑݖ֩րӮЧbᄝथק൞ڎᄍྸᇏᆸුහӱൈđࠢಒಪҊקؓൈི֥႕ཙၧ൞၂۱ॉ੮ၹbᇏᆸڎಪࠢᆭଁॖି߶ൈིᇏ؎đѩၹՎቅᆸֆσࡱ֥ิఏĠطေ൞ીႵؿ҃ᇏᆸđᄝڎಪࠢᆭުđหљ൞ᄝ۱ದ০ݝܱ༢ቀၛᆦӻఃఏුൈđ۱ದ߶ิఏֆුහb၂Ϯطđᄝᇏࡗഈුໃथ௹ࡗॉ੮൞ڎؿ҃ᇏᆸൈđمჽႋॉ੮ӱᆭӾॖିؓ֒൙ದᄯӮ֥ݝbೂݔഈුᆌ֥ؓ൞ࠢಒಪđֹمჽ๙ӈႋᇏᆸࠢුහ๙ᆩđၛх૧ၹഈුمჽӜཧҊקࠇᄝ๙ᆩؿෂᆭުࡆၛྩڿط30Ӂളࠁބնਈᇗྍ๙ᆩٮႨbčϖĎᆣಊ௺ᅊࠢුහᆭڎಪ 1aಒಪᆣಊࠢුහᆭׅٓ২ ಒಪᆣಊࠢුහᆭׅٓ২ॖၛᆣಊ௺ᅊσູ২b২ೂđଖ܄ඳؓఃᆣಊᆭଽᄝࡎᆴཟ܄ᇙቔਔ၂ՑྴࡌӧඍđՎު҂ࣲؓఃᆇൌࡎᆴቔਔbᄝྴࡌӧඍၛުđᆣಊࡎ۬ᦻശĠᄝᆇൌ౦ঃၛުđᆣಊࡎ۬ࠤख༯יbᄝྴࡌӧඍၛު۷ᆞྟྐ༏ၛభՖ܄ष൧ӆܓઙਔھ܄ඳᆣಊ֥ᇙ؟ཬሧᆀิఏਔුහbھσປಆژކֻ23่෮ܿק่֥ࡱbჰۡᄝԩഈປಆཌྷğૌ෮ܓᆣಊ֥൧ӆࡎ۬ၹ၂ՑྴࡌӧඍطФۚۚږ؇ཌྷč܋ྟĎbૄ၂ჰۡᄝֆුහᇏေᆣૼఃႵಃࠆ֤ணӊčׅྟބԉٳྟĎbܒӮ10b-5ܿᄵ֥෮Ⴕၹiiᇗնྟaܣၩaၹݔܱ༢ބݝ൞܋໙ีđѩᄝޅ۱љ໙ีᇏđ܋໙ีनऎႵᇶ֝ྟbቋުđႮႿཬሧᆀാح҂նđೂݔ఼ᇅః۱љఏුđॖି҂ቀၛ་ႄੰഽູఃսσࡱđࠢුහྙൔᆭႪᄀྟૼཁb 2aڎಪᆣಊࠢුහᆭ่ࡱٳ༅ č1ĎׅྟbೂݔऎჰۡЧദුđᄵఃໃିડቀׅྟေb২ೂđᄝ၂۱ࠢුහσᇏđֻؽ߭ബ৳ϹഈුمჽົӻਔֹمჽڎಪࠢᆭҊקđႮ൞ჰۡಌ31كሧ۬đᆃః҂ऎႵׅྟބսіᆭԉٳྟbཁಖđԛགྷਔ၂ུᆃᇕჰۡbಖطđ۷ູӈ֥౦ঃ൞đऎჰۡ൳ཋႿหႵॆѐđᆃॖି֤ఃაࠢӮჴ܋໙ีbֻ߭ബ৳ϹഈුمჽࣼᆷԛđᆺႵऎჰۡࠇ၂ཬ҆ٳࠢӮჴҌॖၛิԛ֥Ⴕᆚၰᆭॆѐ֥ԛགྷđॖି֤ࠢුහ෮ေ֥ׅྟ҂گթᄝb č2Ďԉٳྟbؓսіᆭԉٳྟิԛၳၰൈ๙ӈᆷ॥ࠢӮჴᆭࡗ֥০ၭթᄝԊbᄝᆣಊ௺ᅊσᇏđႵਆোࢠ௴ђ֥Ԋؓᆞ֒ӱ෮ေ֥ᇑӴႿେჰۡᄯӮਔຯཽbֻ၂đ 27 Manual for Complex Litigation, Fourth« 28 See Prado-Steiman ex rel. Prado v. Bush, 221 1266(11th. Cir. 2000). 29 See In re Sumitomo Copper Litig., 262 134(2d. Cir. 2001). 30 Manual for Complex Litigation, Fourth« 31 Baffa v. Donaldson, Lufkin & Jenrette Securities Corp., 222 52(2d. Cir. 2000) - 10 -
છᆀބઙᆀᆭࡗթᄝԊğࠢӮჴലӫఃܓઙൈط҂൞ఃԛ൲ൈᆣಊࡎ۬ФۚbႮႿૄ၂ࠢӮჴࠫެሹ൞ࡼਸ਼၂ࠢӮჴቔູఃࢌၞᆚၰᆣಊᆭؓ൭đູਔᄹࡆఃЧദᆭணӊحđԊࡼ҂ॖх૧đطૄ၂ࠢӮჴႵ৯ቔູఃؓ൭֥ࠢӮჴᆭணӊحቋཬ߄bᆃᇕԊॖିऍնđѩෛሢࠢ௹ࡗᆭӉطࡆखĠᄝࠞ؊౦ঃ༯đॖି߶ԛགྷऎჰۡലӫఃࠢӮჴ۴Чࣼಃࠆ֤ணӊđޅمჽՎൈ߶ؓսіᆭԉٳྟӁള߈ၐbᄝ҆ٳσࡱᇏđછᆀބઙᆀᆭԊၘӁളਔቅθࠢಒಪᆭིݔđഉໃࠆ֤ႋႵ֥ᇿၩbֻؽđ֒҆ٳࠢӮჴಯӻႵܢٺൈॖିթᄝoޙԊpđؓՎႵ҂ुمbᆃུӮჴॖିམࡨഒఃࠢӮჴ෮ࠆ֤ᆭணӊحđၹູؓ܄ඳࣉྛሔӊ߶ࢆ֮ఃӻႵ֥ܢٺᆭࡎᆴb֞ଢభູᆸđޙԊഉໃؓࠢಒಪᄯӮն֥ᅰθb č3Ďᇶ֝ྟbᄝᆣಊ௺ᅊσᇏđჰۡᇶေ၇ঠ௺ᅊ൧ӆંđၹطФۡॖၛิԛ҂թᄝ௺ᅊb၂۱Ϸم൞ᆣૼᆚၰ൧ӆིੱbਸ਼၂۱Ϸم൞ᆣૼᆣಊࡎ۬ሼཟა௺ᅊ൧ӆં҂ژđࠧᄝྴࡌӧඍൈࡎ۬ໃഈശđࠇᄝᆇൌ౦ঃၛުࡎ۬ၧໃ༯ࢆbᆣಊࡎ۬ሼཟა௺ᅊ൧ӆં҂ژॖି֝ᇁჰۡم၇ঠھંࠇணӊحູਬbႮႿ҂թᄝ௺ᅊđေᆣૼૄ၂ჰۡᆭྐঠܱ༢๙ӈቀၛڎಪࠢුහb č4ĎႪᄀྟbथקࠢුහ൞ڎऎႵႪᄀྟđ๙ӈᆺေथקקࠢුහᆭബ൞ڎऎႵॖҠቔྟbطॖҠቔྟ౼थႿਆ۱эਈğࠢӮჴඔਈࠇࢌၞਈބྶֆປӮ֥گᄖྟٳ༅bෛሢࠢܿଆ֥ঔնđمჽҊथॖିശᇀݺࠫϤຣđࠧ൞২ྛטҰၧॖିӁളၛक़ڛ֥Ҡቔྟ໙ีb২ೂđࡌഡ࠹ෘૄ၂ࠢӮჴᆭணӊحླေ15ٳᇒđѩᄝࠢ௹ࡗႵਆతຣгࢌၞđ၂ࡅૄᇛ۽ቔ5฿ૄ฿۽ቔ8ཬൈ֥مჽླေ2403୍ҌିປӮb ႮႿಪ്֞ࠢුහӱॖିླေࠫత୍ҌିປӮđჰۡ๙ӈေႨਆᇕٚمটࡥ߄໙ีğϜᄳ໙ีބணӊ໙ีٳषബđѩႨ࠹ٚمট࠹ෘணӊحbֻ၂۱ٚمॖି߶ᄥّ֞ؓđႮ൞ᄳ໙ีބணӊ໙ีႵࢌҭđطٳषബ߶֝ᇁ၂۱தബಪק֥൙ൌႮਸ਼၂தബটگബđᆃິّਔuཉمvྩᆞσֻ7่bหљ൞ᄝᆣಊ௺ᅊσᇏđႮႿݝ൙ൌ൞10b-5ܿᄵ֥ܒӮေđᄳಪקπݣݝಪקbᄍྸֻؽ۱தബҊקݝணӊحđॖି߶ԛགྷணӊحູਬ֥ҊקđᆃཁಖթᄝԊbՎຓđԢ٤ҐႨ۷Ⴕིੱֹ࠹ෘணӊح֥ٚمđڎᄵٳषബѩ҂ିࢳथمჽሧჷ҂ቀ֥໙ีb ᄝଖུσࡱᇏđೂݝၘಪקᆺླҊקჰۡॖၛࠆ֤֥ކൡணӊൈđႨ࠹ٚمট࠹ෘணӊح൞ॖၛ֥bಖطđࠧႨ࠹ٚمđߎ൞ླေֆᆣૼݝ൙ൌđᇀഒ൞ᄝݝ൙ൌ൞ුၹ֥ܒӮေൈླေֆᆣૼbၹՎđჰۡླေᄝ҂ᇹႿ࠹ٚم֥౦ঃ༯ᆣૼ҂32൞ਬணӊσࡱđᄝෛުᆭணӊح࠹ෘᇏႨ࠹ٚمၧ҂߶σࡱऎႵॖҠቔྟb3aڎಪᆣಊࠢුහᆭऎุ౦ྙ č1Ďࠢ௹ࡗݖӉbᄝ10b-5ܿᄵσࡱᇏđ௺ᅊ൧ӆંࠎЧഈ౼սਔᇗնྟٳ༅đᆃჰЧႋᄝ۱љטҰ֥ࠎԤഈটಒק൞ڎթᄝྐঠܱ༢bೂݔྴࡌӧඍ൞ᇗն֥đड़ק߶႕ཙ൧ӆࡎ۬đॖၛק၇ঠ൧ӆࡎ۬ᆇൌྟ֥ჰۡ၇ঠਔھྴࡌӧඍbಖطđᇗေ֥൞ေಪ്֞ႮՎӁള֥܋ྟᆺթᄝႿൈܓઙਔھᆣಊ֥ჰۡᆭᇏbྴࡌӧඍ൞ڎᇗն֥౼थႿఃᄝሧᆀॖၛࠆ֤֥ಆ҆ྐ༏ᇏ֥ቔႨđطಆ҆ྐ༏ෛሢൈࡗ֥э߄طэ߄đᇗնྟٳ༅ၧೂՎb܄ᇙ܄ඳؿ҃൬ၭБۡaᅺषྍ໔ؿ҃߶ѩཟૅᆣࢌ߶ิࢌі۬đᆃུ൞ٳ༅ഽБۡᆭྐ༏টჷbሹุࣜ࠶ྐ༏ࠇଖ၂ྛြࠇ֥҆భࣟၧ႕ཙ܄ඳᆣಊᆭࡎᆴbႮႿॖၛࠆ֤ᆭಆ҆ྐ༏ࣜӈ߶ؿളэ߄đ๙ӈ҂նॖିၛ܋ᆣऌ֥ٚൔᆣૼᇗնྟbྴࡌӧඍؿളൈऎႵᇗնྟđෛሢ൧ӆࢤ൳ਔྸ؟ྍ֥ྐ༏đఃᇗնྟॖି߶ཨാb č2Ď؟۱ྴࡌӧඍࠇ۷ᆞྟbෛሢࠢ௹ࡗӉđσࡱॖିگᄖ߄đၹູॖିթᄝ؟۱ྴࡌӧඍࠇ۷ᆞྟbᆃॖି֤ᇗնྟބྐঠܱ༢ᆭٳ༅گᄖ߄đߎॖିࠢӮჴᆭࡗӁളԊbૄ၂ჰۡམᆣૼᄝఃܓઙط҂൞ԛ൲ᆣಊൈࡎ۬Фۚđᆃဢॖ 32 Kermit Roosevelt III, Defeating Class Certification in Securities Fraud Actions, 22 Rev. Litig. 405. - 11 -
ఃࠆ֤ᆭணӊحቋն߄bႮႿࠢӮჴཌྷઙછᆣಊđᄝᆣૼࡎ۬Фۚൈ֥০ၭఞݺཌྷّbૄ၂Ӯჴམ఼טྴࡌӧඍؿളᄝఃܓઙᆣಊᆭభđ۷ᆞྟၧؿളᄝఃԛ൲ᆣಊᆭ33భđڎקఃӮჴ֥ඪمbᆃᇕԊؓޅࠢսіದᆭԉٳྟܒӮਔຯཽbႮႿթᄝ؟۱ྴࡌӧඍđᄝᆣૼၹݔܱ༢ބ࠹ෘணӊحൈđӱ߶э֤٤ӈஔնބگᄖb č3Ď٤ׅྟࠇ٤܄षྟྴࡌӧඍbᄝଖུσࡱᇏđྴࡌӧඍაᆣಊଽᄝࡎᆴѩᆰ34ࢤܱ༢đࠇྴࡌӧඍ൞ཟ۱љሧᆀቔԛط҂ູ܄ᇙᆩ༑bᆃ֤ჰۡم၇ঠ௺ᅊ൧ӆંটᆣૼᇗնྟaྐঠܱ༢ࠇݝ൙ൌb҂ି၇ঠ௺ᅊ൧ӆં֥ჰۡᄝေಒಪࠢൈ૫ਢࠞնbၛ܋ᆣऌ֥ٚൔᆣૼᆃུေߎႵ၂ུఃٚمđଧஃᆺႵ၂۱ၹݔܱ༢ླေ۱љٳ༅đᆃቀၛᇶ֝ྟ҂گթᄝࠇബ҂ऎႵॖҠቔྟb č4Ďሧᆀᆭࡗթᄝҵၳbᆣಊ௺ᅊࠢුහᆭׅٓ২ࡌഡթᄝྸ؟ԩཌྷ֥ཬሧᆀđᆇൌ౦ঃ൞նࠏܒሧᆀႚႵնਈᆣಊѩఃӻႵб২ᄝ҂؎ഈശbႵ֥࿐ᆀಪູđᄝ၂۱նᆚၰᇏૄ၂ሧᆀാحޓཬದඔᇙ؟ѩॖି҂჻ၩิఏֆුහൈđᄍྸఃิఏࠢුහ൞ކൡ֥bᆃᄝݖಀ൞ؓᆣಊ௺ᅊσ֥ሙಒඪૼbؽൗࡀ୍սđࠏܒሧᆀӻႵ܄ඳؿྛᄝຓ֥ܢٺࣇູ%bಖطđ֞1997୍đھб২ၘശᇀ%bགྷᄝđྸ؟ᆣಊ௺ᅊσ၇ঠնࠏܒሧᆀđఃӻႵնਈᆚၰܢٺѩႵิఏ۱ದුᆭሧჷބ৯bࠏܒሧᆀ֥ԛགྷ҂ࣇݝਔࠢුහ֥ᆟҦࠎԤđߎߊਔׅٓ২ᇏჰۡᆭࡗ෮ऎႵ֥၂ᇁྟbࠏܒሧᆀ၂Ϯб۱ದሧေ၂ུđطӱ؇҂၂ॖିߊਔ10b-5ܿᄵܒӮေ֥܋ྟbᇗնྟٳ༅౼थႿჰ֥ۡӱ؇đކྐঠܱ༢ᆭܙđuᆣಊمvൈིܿקᆭൡႨၧೂՎbჰۡࠢᇏԛགྷਔࠏܒሧᆀࡼቅθᆃུ໙ีᆭࢳथѩݝ܋໙ีᆭᇶ֝ྟb ਸ਼၂োऎႵૼཁหᆘ֥ሧᆀ൞છॢᆀđఃછԛ༐ຬᆣಊࡎ۬༯יbછॢᆀॖି݂ೆཧ൲ࠢđമᇀॖၛ݂ೆܓઙࠢđၹູఃູਔҀॢժ߶ܓઙᆣಊbಖطđೂݔಪູછॢᆀ၇ঠ൧ӆࡎ۬ᆭᆇൌྟđॖିႵׄఠ఼Ġછॢᆀࢌၞᆣಊᆞ൞ၹູఃཌྷྐ൧ӆۚܙਔఃᆇൌࡎᆴbطđ۷ऎႵၩၬ֥൞đᆩ֡ྴࡌӧඍۚਔᆣಊࡎ֥۬ࢌၞഅ۷Ⴕॖିᆳྛఃॢđᆃ֤ၹݔܱ༢ᆭᆣૼࠫެ҂ॖିbቋުđછॢᆀ҂ॖି߶൳֞ݝbϜછॢᆀବೆࠢ߶ٞθჰۡᆣૼᇗնྟaྐঠܱ༢ࠇݝ൙ൌđѩຯཽᇶ֝ྟb č5Ď҂ऎႵॖҠቔྟbෛሢᆣಊ௺ᅊσ֥൙ൌაׅٓ২֥ҵၳᄹնđఃၧ҂ॖି๙ݖ܋ᆣऌ֥ٚൔᆣૼුऎႵ܋ေbՖֻ23ֻ่2ॻֻ3ཛᆭܿקটुđ۱љ໙ี۷Ⴕॖି߶ᅝऌᇶֹ໊֝bಖطđؓႿႪᄀྟ่ࡱطđᆃߎఃمੰၩၬbֻ23ֻ่2ॻֻ3ཛေקࠢսіದᆣૼđᄝ܄ᆞބႵིੱֹࢳथھᆚၰൈđࠢුහႪႿఃॖ০Ⴈ֥ٚمbطھܿᄵૼಒᆷൕمჽႋॉ੮ᄝܵࠢුහൈॖିმ֥֞bᆃུޓഒმ֞đჰၹᄝႿᆣಊ௺ᅊࠢුහࣜӈᄝബᆭభࣼղӮਔބࢳbಖطđσࡱᄝФಒಪູࠢුහᆭުॖି߶ղӮބࢳᆃ၂൙ൌѩ҂ၩሢđᄝബၰ൞ڎಒಪھࠢුහൈ҂ႋॉ੮ബھσ෮૫ਢ֥đԢ٤ิࢌمჽಒಪ֥൞ބࢳࠢb ၹՎđொׅٓ২ॖି߶Ӂളᇗնၩၬbࠧᆃུ൙ൌ҂ቀၛಞمჽಪק܋໙ี҂ऎႵᇶ֝ྟđؓ၂۱նࠢුහૄ၂Ӯჴቔ၂ࡥေٳ༅֥ൌ࠽ڵքޓᇗđᆃቀၛബ༢֥ሧჷሚࣄᇡbֻࣴ߭ബ৳Ϲഈුمჽࣼіൕđෛሢࠢܿଆᆭঔնđුහ߶Ӯູمჽ෮ႚႵ֥ሧჷ֥၂۱ऍնڵքđѩॖିӑݖمჽܵି৯ࠇႵི॥ᇅି৯đᆃ၂ׄ҂ႋޭ൪bؓႿหնࠢđေൌ࠽ബॖି߶ࠢಒಪӮູ၂ላՃ൙bᄝ၂۱σࡱᇏđمჽܙ࠹ؓ۱ದணӊح֥ൌ࠽ബॖିླေ100؟୍bՎൈđࠢුහ҂ᄜႪႿఃࢳथϷ 33 See David J. Ross, Do Conflicts Between Class Members Vitiate Class Action Securities Fraud Suits?, 70 St. John's L. Rev. 209(1996). 34 See West v. Prudential Sec., Inc., 282 935(7th. Cir. 2002). 35New York Stock Exchange, 2001 Fact Book 61-62, available at - 12 -
36مđطᆃᇕσࡱэӮਔ৳Ϲቋۚمჽ෮ඪ֥oࠢුහܯpb č6Ď٤ׅ൮༜ჰۡ ๙ݖᆣૼऎჰۡ҂ऎႵׅྟটڎಪࠢđ๙ӈᆺ൞ᄠൈྟ഻০đၹູࠢॖିᄝᅳ֞ਸ਼၂սіದުॖၛᄜՑఏුb҂ܵᄸહဢđᆃ၂ׄᆴ֤ॉ੮đၹູׅྟॆѐ൞ؓڱoᆯြჰۡp֥၂۱ࢠݺϷمbܓઙᆣಊ֥ଢ֥ᆺ൞ູਔఏු֥ჰۡѩ҂၇ঠ൧ӆࡎ۬ᆭᆇൌྟđ37ၹՎᆌؓః֥ॆѐ҂ൡႨఃࠢӮჴđᆃࣼ൞ሧ۬ք൮༜ჰۡᆭ٤ׅྟb aᆣಊࠢුහᆭ൮༜ჰۡ č၂Ďଁࠢුහ൮༜ჰۡᆭ၂Ϯܿᄵ مܲсྶູࠢࠇሰࠢଁ၂۱ࠇၛഈ֥սіದࠇ൮༜ჰۡbمჽေ൮༜ჰۡਔࢳЧσ֥ᆚၰׄbᆃѩ҂сಖေ๙ӈ൞٤ህြದൖ֥൮༜ჰۡऎႵمੰࣜဒࠇህြᆩ്đѩ҂ေႵหק֥࢝ტӱ؇ࠇ٤ӈb൮༜ჰۡႋીႵ০ၭԊđႋିᄝුහಆݖӱᇏԉٳսіࠢbمܲႋಒЌ൮༜ჰۡࢳఃᄳđࠧЌᆣ০ၭԊđսіࠢ০ၭ୭৯ුහࠣࢤ൳ؿགྷטҰb ೂݔ൮༜ჰۡᆭ۱ದ౨ቔਔൌᇉྟྩڿđॖିႵсေ۷ߐࠢුහᆭ൮༜ჰۡbೂݔ൮༜ჰۡՖ൙ਔაࠢ০ၭ҂ژᆭྛູࠇ҂ᄜࣉྛھුහđ۷ߐ൮༜ჰۡၧ൞ކൡ֥bՎൈđمჽ๙ӈ۳Ⴭࠢੰഽቀܔ֥ൈࡗđၛಞఃᆘᅱژކֻ23ֻ่1ॻ่ࡱ֥ྍ൮༜ჰۡbمჽॖၛᄍྸྍ൮༜ჰۡࢺೆුහđࠇᄝࠢුහಒಪᆭଁᇏࡥֆֹᆷקھದູ൮༜ჰۡb Ԣਔླေ۷ߐࠢුහ൮༜ჰۡຓđࠢӮჴᆭᆞൔࢺೆޓഒbࠢӮჴّؓࠢބࢳѩഈුൈࣼ҂сေࢺೆුහbಖطđᆣಊࠢුහӮჴॖၛ๙ݖఃੰഽԛ๖đمܲॖၛҐ౼ކൡ֥॥ᇅծീࡆၛཋᇅbᄝuڿ۪مvᆭభđمჽ๙ӈଁֻ၂۱ิࢌුሑ֥ჰۡࠣఃੰഽູ൮༜ჰۡބ൮༜ੰഽbႮႿ൮༜ੰഽ๙ӈࠆ֤ਔնحੰഽٮđھܿᄵ֝ᇁੰഽࣩཌྷཟمჽิఏුහđѩӁളਔᇕ҂ਅުݔb ֻ၂đູਔ࣐ॹఏුđੰഽࡼؓුහࡎᆴᆭטҰ֞ਔิࢌුሑၛުbᆃࣜӈ֝ᇁੰഽิఏࡎᆴුහđ۳෮ႵФۡđЇও۴Ч҂ႋӵքᄳ֥ФۡᄹࡆਔؿགྷӮЧbᄝྸ؟σࡱᇏđ҂ંఃු൞ڎႵࡎᆴđჰۡੰഽनିࠆၭb ֻؽđھܿᄵੰഽႵ৯ಀ࿙ᅳమᄝჰۡط҂൞֩ր҂ડၩ֥ሧᆀᇶᅳഈbၹՎđੰഽ၇ঠᄝྸ؟܄ඳႚႵའᆘྟܢௐ֥ᆯြჰۡbႮႿૌᄝුහᇏ֥০ၭ٤ӈཬđᆃུჰۡ৯ුහϥຂੰഽᆭ॥ᇅѩࠢࠆ֤۷؟ணӊb࣮іૼđሧᆀᄝᆣಊ௺ᅊුහᇏૄാ1ૅჭᆺିࠆ֤7-14ૅٳணӊb ֻđھܿᄵ֝ᇁمჽᄝଁ൮༜ੰഽൈໃିབྷ༥ٳ༅ੰഽᆭሧ۬bࢲݔ֝ᇁሧ҂ቀ38֥ੰഽ॥ᇅਔնਈᆣಊ௺ᅊුහbᆃ߶֤ჰۡ෮ࠆணӊ۷ഒbၹՎđଁֻ၂۱ఏු֥ჰۡࠣఃੰഽູ൮༜ჰۡࠣ൮༜ੰഽ֥ܿᄵؓჰۡބФۡन҂০طᆺؓੰഽႵ০bླေݓ߶ؓᆣಊ௺ᅊࠢුහᇏᆃ၂ᇁଁಌཊࣉྛྩҀbuڿ۪مv൞39ݓ߶ູྩҀᆃ၂ಌཊطቔ֥୭৯bčؽĎuದᆣಊුහڿ۪مvᆭ൮༜ჰ่ۡॻ uڿ۪مvѩໃܿקمჽᄝൌീ൮༜ჰ่ۡॻൈႋ൯֥ӱđԢਔࣜ࠶০ၭބֻ23่ԉٳྟބׅྟ่ࡱᆭຓđၧໃܿק࿊ᄴ൮༜ჰ֥ۡѓሙbمჽᆺݺ၇ऌᆻᄝཨԢੰഽ౺ුහᆭ৫مଢ֥টࢳ൮༜ჰ่ۡॻbھم่ܿקđჰۡᄝఏුൈྶປӮ၂ུԚ֥҄ӱေb൮༜ჰ่ۡॻܿקđေսі෮ิఏᆭᆣಊ֥ࠢჰۡᄝิࢌුሑൈđߎေิࢌ၂ٺ 36 Galloway v. Am. Brands, Inc., 81 . 580 (. 1978) 37 Kermit Roosevelt III, Defeating Class Certification in Securities Fraud Actions, 22 Rev. -418(2003). 38 Jill E. Fisch, Complex Litigation at the Millennium: Aggregation, Auctions, and Other Developments in the Selection of Lead Counsel under the PSLRA, 64 L. & Contemp. Probs. 53(2001) 39 Manual for Complex Litigation, Fourth« - 13 -
࿆൛ᆣૼğč1Ďಒಪჰۡໃᄝੰഽᆷ֝༯ܓઙھᆚၰᆣಊĠč2Ďіૼჰۡ჻ၩսіࠢԉ֒սіದĠč3Ďඪૼჰۡᄝཌྷܱ௹ࡗଽؓᆚၰᆣಊᆭ෮ႵࢌၞĠč4Ďඪૼჰۡᄝݖಀ3୍ᇏԉ֒ࠇ൫ԉ֒սіದᆭ෮ႵఃුහĠč5Ďಒಪჰۡ෮ࠆணӊحࡼၛఃܢௐٺحູཋđԢ٤مჽਸ਼ྛؿ҃ଁbھمߎܿקđᄝݖಀ3୍ᇏքݖ5۱ၛഈᆣಊࠢුහᆭ൮༜ჰ֥ۡޅದ҂ିᄜՑք൮༜ჰۡbᄝࠏܒሧᆀေԉ֒൮༜ჰۡൈ൞ڎބޅൈॖيھܿקđದૌ֥ुمѩ҂၂ᇁb uڿ۪مvߎᆷൕჰۡᄝఏුᆭު҂ࣲႋؿෂབྷ༥๙ᆩđၛۡᆩమᄝӮჴၘิఏਔᆣಊࠢුහbಖطđھمหљܿקđЧم෮ေ֥๙ᆩ൞ᄝu৳Ϲ൙ුහܿᄵv෮ေ֥๙ᆩᆭຓbჰۡсྶᄝఏුᆭರު20฿ଽᄝ၂ࡅؿྛਈޓն֥ಆݓྟഅြ़ഈ֨ᄛ๙ᆩࠇཌܼѬഈѬෂ๙ᆩb๙ᆩߎсྶඪૼđޅקࠢӮჴनॖၛᄝ๙ᆩؿෂᆭರު60฿ଽิԛԉ֒൮༜ჰۡᆭၰbݺࠫࡅمჽಪູ60฿๙ᆩေ൞఼ᇅྟ֥đ҂ႋॉ੮ໃࠣൈิࢌᆭ൮༜ჰۡଁၰb ֒၂۱ၛഈჰۡิఏුൌᇉഈཌྷ֥؟۱σࡱൈđuڿ۪مvᆺေֻ၂۱ఏු֥ჰۡؿෂᄪ௹๙ᆩbಖطđھܿקི֥ݔᆭ၂൞ླྀᇹ҆ٳੰഽ࿃॥ᇅᆣಊࠢුහđࢲݔაھم֥৫مଢѓཌྷິМb၂ࡅمჽಪູđᄝཌྷܱσࡱᇏđੰഽ၂ՑႻ၂Ցؿෂ๙ᆩđଢ֥ᆺ൞ᄝႿࠆ֤ቋնඔਈᆭग़đෛުھੰഽ൙ༀ෮ࡼग़ᆭුቆӮ၂۱oࠢpđၛьି۴40ऌ൮༜ჰ่ۡॻଁఃग़ູ൮༜ჰۡbૅᆣࢌ߶ၧؿԛਔࣞۡđ๙ᆩܿקູھمေࢳथᆭුහযႨ໙ีิ܂ਔࠏ߶bؓੰഽࡹၰؿෂ֥ᄪ௹๙ᆩࣉྛബҰൈđمჽႋؓޅᄡဘੰഽ൙ༀ෮ᆭႪׄࠇᆦӻק൮༜ჰ֥ۡეӻငܻbᆃུٚمႵᇹႿࡨഒੰഽҐ౼ᆃᇕҦ֥ࠏ߶bՎຓđمܲႋ୭৯ಒЌაࠢӮჴ֥ᄪ௹ࢌੀႋܝৣఃԉ֒൮༜ჰۡđѩ҂ႋӁള༂֝ఃಪູေแཿಃ০ണБіbಖطđᄝྸ؟σࡱᇏđჰۡᄝఏුൈࣼൈؿෂ๙ᆩđଢ֥൞൯ھمܿק֥20฿௹ཋbႮႿ๙ᆩؿෂᆭభླေࠆ֤مჽሙđ۴ऌགྷྛܿקđمჽေᄝ20฿௹ཋ֞௹ᆭభປӮബҰ۽ቔb uڿ۪مvܿקđمჽႋᄝ๙ᆩؿෂᆭರఏ90฿ଽଁ൮༜ჰۡbᄝଖུ౦ঃ༯đೂФۡॖି߶Ӂൈđمჽႋ࣐ॹଁ൮༜ჰۡbಖطđ֒ิԛކѩ؟۱ුහၰൈđᆃུൈࡗཋᇅनေෛᆭؿളэ߄bՎൈđھمᆷൕمჽᄝࢳथކѩුහၰᆭުđᆺေൌ࠽ഈႵॖିႋ࣐ॹଁ൮༜ჰۡb൙ൌഈđھمၧᆷൕمჽᄝଁ൮༜ჰۡᆭభđษંѩࢳथކѩුහၰbھمࣉ၂҄קቋିԉٳսі֥ࠢದ൞ᄝ෮࿙֥ࣷ࠶ᇏႚႵቋնࣜ࠶০ၭѩડቀਔֻ23่ေ֥ჰۡࠇჰۡࠢđھקॖၛФيbֻ23่ᆭ༯֥ᆣૼ൞Ԛ҄טҰđଢ֥൞Ұૼ൞ڎႵі૫ᆣऌᆣૼჰۡડቀਔԉٳྟބׅྟေbೂݔᆣૼჰۡ҂ି܄ᆞֹބԉٳֹЌࠢ০ၭđࠇ൳ཋႿ߶ݝఃսіି৯֥หႵॆѐđᄵॖၛيקbᄝն؟ඔσࡱᇏđ࣐ܵمקᄪ௹๙ᆩؿෂުđఃሧᆀॖିิԛࣩᆚྟၰđิఏුහ֥ჰۡ๙ӈ߶ေمჽଁఃູ൮༜ჰۡb uڿ۪مvѩ҂ေمჽࣼଁ൮༜ჰۡईྛ๐ᆣ߶bمჽቔथקൈҐ౼ਔ۲ᇕٚمđೂေၰದ߭ճمჽሙС֥૫໙जᇏ֥໙ีđᄝູଁ൮༜ჰۡطईྛ֥๐ᆣ߶ഈؓީ࿊ದࠣఃੰഽࣉྛ૫൫đࠇᆺബҰ֒൙ದิࢌ֥ണ౨b࣐ܵ҆ٳҊၘϜؿགྷ֒Ӯਔଁ൮༜ჰۡᆭ၂҆ٳđھمϜؿགྷ۬ཋᇅᄝ൮༜ჰۡսіᆭԉٳྟഈbקჰۡࠢᆭӮჴࣇᄝႵކᆣऌіૼקቋԉٳჰۡ҂ିԉٳսіࠢൈđҌିؓ൮༜ჰۡսіᆭԉٳྟิԛၳၰbಌكކᆣऌൈđّؓק൮༜ჰۡᆭࠢӮჴಃေࣉྛؿགྷb ೂݔၰದ൞၂۱ሧᆀࠇࠏܒđمჽ֥ༀࡥֆૼਔbᄝಒಪჰۡऎႵቋնࣜ࠶০ၭൈđمჽႋॉ੮၂༢ਙၹđೂᄝࠢ௹ࡗઙࣉࠇછԛܢௐ֥ඔਈđ෮ܓᆭ࣪ܢௐඔđ෮ᆭ࣪ሧࣁඔࠣჰۡ෮ᄥ൳֥նᇁാحbمჽಪູᆃུၹ൞ႵႨ֥đၹູૌ൞ཌྷؓग़ܴ 40 ႮႿuದᆣಊුහڿ۪مvܿקႮ൮༜ჰۡ࿊ᄴ൮༜ੰഽđၹՎੰഽႵਔಒЌఃᆘᅱᆭჰۡФଁູ൮༜ჰۡᆭ৯đᆃဢੰഽॖၛࠆ֤൮༜ੰഽᆭᆯ໊b - 14 -
֥ᆷѓطླᇹႿቋᇔᆭணӊحbᄝܙཌྷࣩᆚ֥൮༜ჰۡ౨ᆭࡎᆴൈđ၂۱Ϸم൞ေ൮༜ჰۡണ౨ದ৳ކิࢌ၂ٺണ౨đᄝھണ౨ᇏᄎႨ۲ٚ֒൙ದनၩᆭٚمট࠹ෘఃࣜ࠶০ၭѩؓఃᄝුහᇏ֥০ၭնཬቔ၂бࢠbمჽᄎႨᆃᇕٚمॖၛܙཌྷࣩᆚ֥֒൙ದ౨ᆭࡎᆴđѩླٮඳمሧჷটؓቔູ࠹ෘࠎԤ֥ඔऌࣉྛෆࠢࠇᇗࡹb ֒၂۱ࠢေଁఃູ൮༜ჰۡൈ߶Ӂളگᄖ֥໙ีb࣐ܵuڿ۪مvܿק၂۱ၛഈࠢӮჴॖၛФଁູ൮༜ჰۡđمჽؓ၂۱ࠢ൞ڎބޅൈႵሧ۬ԉ֒ቋԉٳჰۡႵ҂ुمbمჽေࢳथ֥໙ี൞đ൞ڎॖၛކѩܱ৳֥ሧᆀၛડቀھمᆭࣜ࠶০ၭေbݺࠫ۱مჽಪູކѩු൞ކൡ֥đѩᄝ҆ٳҊथᇏᄍྸࠢԉ֒൮༜ჰۡđႮ൞ࠢӮჴิԛّؓđࠇື၂ّ֥ؓၩ൞၂۱ཌྷࣩᆚ֥ࠢิԛ֥bఃمჽಪູކѩඔ҂ཌྷܱ֥ሧᆀ߶ھم൮༜ჰ่ۡॻ৫مଢ֥ઋॢbᄍྸଁູࠢ൮༜ჰ֥ۡمჽေקࠢᆣૼఃႵି৯॥ᇅුහބੰഽbࠢܿଆնཬၧ൞၂۱थקྟၹbૅᆣࢌ߶ಪູॖၛᄍྸ3-5۱ჰۡቆӮ֥ࠢbაՎཌྷܱ֥ఃၹЇওğč1ĎࠢӮჴᆭ༵భࣜဒĠč2ĎࠢᆭࢲܒĠč3Ďࠢଽ҆ބაੰഽᆭࡗ֥ࢌੀࠏᇅĠč3ĎࠢቆӮٚൔĠč5Ďࠢࡓුහᆭି৯Ġč6Ďࠢ၂ఏ۽ቔᆭି৯Ġč7ĎࠢӮჴුහభᆭܱ༢bمჽߎஷ֞ݖଁ܋൮༜ჰۡᆭၰbھၰิԛਔোර໙ีđೂק܋൮༜ჰۡᆭඔਈđଁ၂۱ࠢԉ֒܋൮༜ჰۡ൞ڎ߶ቅθః॥ᇅුහބࡓੰഽᆭି৯đᆃུ໙ีഉ҂ᇗb ק൮༜ჰۡߎсྶิ܂Ԛ҄ᆣऌđᆣૼఃژކֻ23่ᆭԉٳྟބׅྟေbֻ߭ബ৳Ϲഈුمჽ၇ऌuڿ۪مvᄝ၂۱σࡱᇏေჰۡડቀֻ23่ᆭԉٳྟބׅྟ่ࡱđߎေקჰۡᆣૼః჻ၩԉ֒൮༜ჰۡđႵି৯࿊ᄴކൡ֥ࠢੰഽѩაఃదרކ֥ௗႨླྀၰb൮༜ჰۡ࿊ᄴᆭੰഽ൙ༀ෮֥౦ঃࠣսھුහᆭି৯ࠣੰഽٮӁളٚൔФಪູ൞൮༜ჰۡ൞ڎႵି৯սіࠢᆭᆣऌb ၹՎđೂݔാቋնᆭၰದಌكمੰࣜဒࠇ҂ܔđೂ࿊ᄴ၂ࡅૼཁսіି৯֥ੰഽ൙ༀ෮ԉ֒൮༜ੰഽđࠇაః࿊ᄴ֥ੰഽซղӮ၂ཛૼཁ҂ކ֥ੰഽٮླྀၰđᄵم41ჽॖିಪູھၰದمડቀԉٳྟ่ࡱbčĎࠏܒሧᆀაᆣಊࠢුහᆭ൮༜ჰۡ ᄝૅݓݓ߶๙ݖuڿ۪مvᆭభđྸ؟࿐ᆀބંࡅಪູն؟ඔದᆣಊ௺ᅊුහݝ42ਔ܄ඳࠣఃܢתb࣐ܵුහࣜӈಌكࡎᆴđ܄ඳ๙ӈބࢳࢲσၛх૧ऍحӮЧđೂؿགྷӮЧbႮႿᆃུුහն҆ٳ۴ऌđၹطބࢳمؿߨఃႵၭ֥سᇅིݔطᆺ߶ᄹࡆԔሧӮЧbطđࠧᄝႵࡎᆴ֥σࡱᇏđᆣಊ௺ᅊࠢුහᆭჰۡؓః෮൳ᆭ௺ᅊࠫެ֤҂֞ணӊđᇶေ൳ၭದ൞ჰۡੰഽđఃၛૅݓ܄ඳ০ၭູսࡎطؿਔޘҍb 1a൮༜ჰ่ۡॻᆭ৫مМࣟٳ༅ uڿ۪مvᆭࢲܒބൎіૼđݓ߶৫مᆻᄝղ֞ၛ༯ਆ۱ཌྷܱ৳֥ଢѓğč1ĎܝৣࠏܒሧᆀӮູ൮༜ჰۡĠč2Ďࡨഒੰഽؓᆣಊ௺ᅊුහ֥॥ᇅb uڿ۪مvᆭ่໓ѩໃૼಒܿקمჽႋႪ༵ಞࠏܒሧᆀԉ֒൮༜ჰۡđ৫مൎіૼᆃ൞ݓ߶֥ଢ֥bݓ߶ᄝҕॉਔ၂مੰં໓ᅣުथקႪ༵ಞࠏܒሧᆀԉ֒൮༜ჰۡbھ໓ᅣᆭނྏܴׄ൞đაᄝᆣಊ௺ᅊුහᇏࣜӈᆺିࠆ֤ཬحணӊ֥۱ದሧᆀཌྷбđࠏܒሧᆀᄝޅᆣಊ௺ᅊσᇏॖିാҙᇗbႮႿॖିࠆ֤նحணӊđࠏܒሧᆀႵਔࡓఃੰഽ֥۷ն৯đѩିಒЌੰഽᆭྛູିࠢࠆ֤ቋࡄ০ၭb ໓ᅣᆭቔᆀಪູᆃᇕࡓିջট۱ݺԩbֻ၂đჰۡࠢିࠆ֤۷ູႵ০֥ބࢳ่ॻđၹູࠏܒሧᆀ߶ቅᆸੰഽղӮၛఃग़০ၭູսࡎطఃࠆၭᆭބࢳ่ॻbֻؽđࡎᆴුහ߶ࡨഒđၹູԉ֒ჰۡᆭࠏܒሧᆀؓႿ۴ऌුහ۳ܢௐ܄षࢌၞ܄ඳջট֥ӮЧ۷ 41 Manual for Complex Litigation, Fourth« 42 See, ., Tim Oliver Brandi, The Strike Suit: A Common Problem of the Derivative Suit and the Shareholder Class Action, 98 Dickinson L. Rev. 355(1994) - 15 -
ູૹۋbֻđଁࠏܒሧᆀູ൮༜ჰۡ߶ࡨഒղӮބࢳ֥ࠢුහᆭඔਈbؓσࡱࣉྛബ߶ᄹࡆ۷؟২đᆃ߶۳܄ඳೂޅ൯ّ௺ᅊمੰջট۷ն֥ಒקྟđѩିູمჽᄝѼ߭ࡎᆴුහൈิ܂۷؟֥ಃ৯bሧᆀࡼՖᆃᇕ۷ն֥ಒקྟᇏࠆ֤ݺԩđၹູ܄ඳᆭم43ੰӮЧ߶ࢆ֮đᆃဢࣼႵ۷؟০ၭॖၛٳ۳ܢתbݓ߶֥ࢲં൞đ၂֊ཨԢਔଖུӱഈ֥ᅰθđࠏܒሧᆀ߶Ⴕԉ֒൮༜ჰ֥ۡ৯đѩିϺᇹݓ߶ղ֞ၛഈଢѓb uڿ۪مvᆭ၂༢ਙܿק՜ࣉਔمჽଁࠏܒሧᆀູ൮༜ჰۡbޅದ҂֤ᄝ3୍ଽք5۱ၛഈᆣಊࠢුහᆭ൮༜ჰۡࠇఃսದđԢ٤مჽಪູᆃژކھمଢ֥bطđԢކӮЧຓđࠢսіದᆭࢂৣႋაఃᄝුහᇏ֥ࣜ࠶০ၭٺحཌྷ֒bᆃུᆻᄝཋᇅႨᆯြჰۡbဢđ൮༜ჰۡᆭၰದनႋิࢌ၂ٺ࿆൛ᆣૼđᆣૼఃໃᄝੰഽ֥ᆷ֝༯ܓઙᆣಊđᆃࣉ၂҄іૼھمᆭଢ֥൞ࡨഒੰഽؓᆣಊࠢුහ֥႕ཙbႮႿࠏܒሧᆀႚႵնਈሧđطمੰקᄝුහᇏႚႵቋնࣜ࠶০ၭ֥ದູ൮༜ჰۡđᆃၧіૼݓ߶ᆻᄝ44ϺᇹࠏܒሧᆀӮູ൮༜ჰۡb45ѩ٤෮Ⴕݓ߶Ӯჴᆦӻuڿ۪مvᆭ൮༜ჰ่ۡॻbᆀّؓႮᇶေႵਆ۱bֻ၂đࠏܒሧᆀ॥ᇅᆣಊ௺ᅊුහ߶ࡨഒཬح֥۱ದሧᆀ෮ࠆணӊحđၹູࠏܒሧᆀაФۡ܄ඳႵࣅૡܱ༢đࡼ߶҂ܤཬحሧᆀّ֥ؓطၩѼ߭ුහࠇ༯ބࢳbֻؽđ൮༜ჰ่ۡॻടࠣࠢුහМު֥ᆟҦ໙ีğᄍྸཬحാކѩູ၂۱ࠢđၛಞࠢුහࣁحॖିղ֞ቀၛ་ႄੰഽսھσ֥ӱ؇bቔູؓᆀ֥߭ႋđݓ߶ᆭ؟ඔӮჴᆷԛđ၂Ϯ౦ঃ༯קႚႵቋնࣜ࠶০ၭᆭၰದູ൮༜ჰۡđೂݔਸ਼၂ჰۡᆣૼקჰۡ҂ିԉٳսіࠢࠇ൳ཋႿหႵॆѐđᄵॖၛيקb 2aؓࠏܒሧᆀԉ֒൮༜ჰۡᆭᆷ॥ ؓࠏܒሧᆀԉ֒൮༜ჰۡᆭӈᆷ॥൞đࠏܒሧᆀ࠻҂ژކuڿ۪مv෮ૼಒܿק֥ׅྟေđႻ҂ژކԉٳྟေbׅྟေࠢսіದᆭුაఃӮჴᆭුᄝمੰ၇ऌഈཌྷđ҂൳҂ൡႨႿఃࠢӮჴᆭหႵॆѐ֥ཋᇅbԉٳྟေࠢսіದ෮࿊ᄴ֥ࠢੰഽႵቀܔି৯ࣉྛුහđѩࠢӮჴᆭࡗཌྷԊ֥০ၭb č1Ďࠏܒሧᆀޓbّؓᆀಪູđࠏܒሧᆀ൞֥ሧᆀđႮఃսіႮཬሧᆀቆӮ֥ࠢ൞҂ކൡ֥bࠏܒሧᆀᄝሧथҦൈႨᅱܢඪૼaࣁವڛༀ܄ඳิ܂֥ྛြБۡࠇ܄ඳБۡđࠇა܄ඳܵҪ֥ซ߅টࠆ౼ྐ༏đط۱ದሧᆀ๙ӈᆺି၇ঠ൧ӆྐ༏bّؓᆀಪູđࠏܒሧᆀ۷Ⴕॖିᆩ֡܄ඳໃট൬ၭᆭమᄝ໙ีđၹطა۱ದሧᆀ҂၂ဢđࠏܒሧᆀѩ҂၇ঠ൧ӆࡎ۬b ᄝuڿ۪مvᆭభđمჽ๙ӈऋधၛ༯ܴׄğࠏܒሧᆀᆭఃمડቀ൮༜ჰۡေbمჽಪູđႮႿჰۡॖၛᄎႨ௺ᅊ൧ӆંটᆣૼྐঠܱ༢֥թᄝđၛӱ؇҂টᆣૼమᄝ൮༜ჰۡᆭࡗթᄝҵၳ൞҂ཌྷܱ֥b۴ऌ௺ᅊ൧ӆંđᆣಊࡎ۬߶ޓॹؓ܄षྐ༏đЇও௺ᅊྟ֥ྐ༏ቔԛّႋđᄝܓઙࠇԛ൲ᆣಊൈđק෮Ⴕჰۡ၇ঠᆃུࡎ۬buڿ۪مvѩໃڿэھܿᄵbمჽᄝ၂۱σࡱᇏമᇀಪູđႮႿ৫مൎіૼݓ߶ொݺࠏܒሧᆀđ46ჰۡ҂ିၛ෮ႵࠏܒሧᆀऎႵ֥หູׄႮؓఃԉ֒൮༜ჰۡิԛၳၰbč2ĎࠏܒሧᆀؓఃӮჴڵႵ৫֥ྐກၬༀbჰۡߎॖିؓଁଖུࠏܒሧᆀԉ֒൮༜ჰۡิԛၳၰđലӫఃؓ൳ၭದ෮ڵ֥৫ྐກၬༀః҂ିԉٳսіେӮჴ০ၭbࠏܒሧᆀؓପུ٤σࡱ֒൙ದ෮ڵ֥ྐກၬༀॖିఃᇔᆸුහđࠇᄝුහӮЧ߶ӑݖఃቔູࠢսіದЧദ෮ିࠆ֤֥ணӊൈބࢳࢲσbಖطđቔູࠢսіದđࠏܒሧᆀؓࠢၧڵႵྐກၬༀđᆃေఃᄝಆุӮჴ෮ࠆணӊحնႿුහӮЧൈ࿃ුහb 43 Elliott J. Weiss and John S. Beckerman, Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions, 104 Yale L. J. 2053(1995). 44 See Private Securities Litigation Reform Act of 1995, HR Conf Rep No 104-369, 104th Cong, 1st Sess 31, 33 (1995), reprinted in 1995 U. S. C. C. A. N. 730. 45 See Jill E. Fisch, Class Action Reform: Lessons from Securities Litigation, 39 Ariz. L. Rev. 533(1997). 46 Gluck v Cellstar Corporation, 976 F Supp 542(N. D. Tex. 1997) - 16 -
ޓഒႵمჽࢤ൳ၛ༯ܴׄğࠏܒሧᆀؓః൳ၭದ෮ڵᆭ৫ྐກၬༀఃԉ֒൮༜ჰۡ҂ކൡb၂ࡅمჽಪູđ҂ܵ൞ڎթᄝ৫֥ྐກၬༀđೂݔӮЧӑݖఃॖିࠆ֤ᆭணӊحđսіದ߶Ⴕᇔᆸුහᆭ৯bطđ࣌ᆸੰഽׇڱුහषᆦᆭ֣֡ܿᄵᄝն؟ඔمთၘႵ෮ӿđമᇀᄝଖུمთੰഽॖၛׇڱಆ҆ුහषᆦbग़ޓഒؓුහषᆦڵᄳđၹՎුහषᆦᆭᄹࡆѩ҂߶௧ग़ิభބࢳࠇࢲඏුහb č3Ďࠏܒሧᆀაཬحሧᆭࡗ֥০ၭԊbؓࠏܒሧᆀԉ֒ࠢսіದᆭԉٳྟ໙ีิԛၳၰ֥Ⴎ൞đࠏܒሧᆀᄝФۡ܄ඳᇏႚႵ֥ࣜ࠶০ၭॖିაఃࠢӮჴ০ၭ47ӁളԊbა۱ದሧᆀбđࠏܒሧᆀ۷Ⴕॖି࿃ӻႵ҆ٳܢௐbభܢתႵࠆ֤ቋնணӊ֥৯đطགྷܢת༐ຬணӊࡎᆴބಯӻႵ֥ܢௐࡎᆴनቋն߄b ሱՖuڿ۪مv๙ݖၛުđԩ൮༜ჰۡ০ၭԊ֥ਆ۱مჽҊࢲંఞݺཌྷّbᄝ၂۱σࡱᇏđمჽऋधਔھၳၰđิԛ֥Ⴎ൞ğݓ߶ொݺࠏܒሧᆀ֥ၩႪ༵ႿࠢුහᆟҦ໙ีѩھၳၰ҂Ӯ৫bطđمჽߎಪູࠏܒሧᆀؓႿ؟ഒணӊ൞ކൡ֥؎бჰ48ۡੰഽ֥؎۷ູॖौđၹູުᆀॖି༐ຬ৫ࠧࠆ֤ᆭணӊቋն߄bᄝਸ਼၂σࡱᇏđ০ၭԊಏࠏܒሧᆀሧ۬ք൮༜ჰۡbФمჽଁູ܋൮༜ჰ֥ۡࠏܒሧᆀؓစളࣁವ۽ऎӵཧഅ֥ሧղ3ၡૅჭbࠏܒሧᆀᄝࣁವစള۽ऎഈ෮ࠆᆭணӊ҂֞700ຣૅჭbمჽಪູࠏܒሧᆀمक़ڛ০ၭԊطսіሧᆀđၹູුහ߶ݝӵཧഅ֥ࣜ࠶০ၭbЧσᇏ֥Фۡ൞ӵཧഅط҂൞ؿྛದđՖمჽ֥ᇏॖၛ֤ԛၛ༯ࢲંğೂݔࠏܒሧᆀᄝФۡ܄ඳᇏಯႚႵᇗնሧđႮఃԉ֒൮༜ჰۡᄵ҂ॖି49ԉٳսіၘࡼФۡ܄ඳܢௐಆ҆ԛ൲ປиᆭܢתቆӮ֥ࠢb࣐ܵགྷܢתބభܢתᆭࡗթᄝҵၳđն؟ඔمჽᄝuڿ۪مv๙ݖᆭުऋधਔھܴׄbمჽಪູႵݺࠫ۱ᆟҦഈ֥Ⴎᆦӻᆃᇕቓمbֻ၂đمჽಪູணӊ໙ี൞ຓຶ໙ีđၹູුሑᇏ֥ᆷ॥൞ޅුහᇏ֥ނྏ໙ีطணӊᆺ൞ֻؽ໊֥໙ีbֻؽđمჽಪູჰۡᆭࡗթᄝ০ၭԊऎႵࠏྟğ࿃ӻႵܢௐᆭჰۡѩ҂сಖᆺေࠆ֤ࢠഒணӊbֻđمჽᇿၩ֞ᆣಊ௺ᅊσᇏ֥ணӊ০ၭӑݖਔؓ܄ඳᄯӮ֥ݝbֻඹđمჽࣜӈᇿၩ֞đೂݔॉ੮ھԊ߶֝ᇁࠢුහၛົӻđᇶေჰၹᄝႿᆃॖିࠢսіದمડቀֻ23ֻ่501ॻֻ4ཛᆭԉٳྟေb ඹaᆣಊࠢුහᆭ൮༜ੰഽ č၂Ďଁ൮༜ੰഽᆭ၂Ϯܿᄵ ֻ23ֻ่3ॻֻ1ཛֻ2ଢބֻ23ֻ่7ॻܿקđඳمࠏܱᄝࠢಒಪथקބଁᇏႋູࠢބሰࠢଁੰഽbაః൙ුහ҂၂ဢđྸ؟ࠢුහѩग़ॖၛ࿊ᄴੰഽđซௗႨ่ࡱބࡓੰഽ֥іགྷbᆃུ۽ቔઋ֞ਔಒಪ֥ࠢمܲദഈbمܲсྶಒЌࠢੰഽିܔ܄ᆞބԉٳֹսіࠢ০ၭbೂݔࠢಒಪथקЇওഡ৫ሰࠢđၛّ႘ࠢӮჴᆭࡗ51֥҂০ၭđૄ၂۱ሰࠢсྶႵ҂֥ੰഽսіః০ၭb1aଁѓሙ ֻ23ֻ่7ॻܿקਔଁࠢੰഽᆭѓሙބӱbᄝૄ၂۱σࡱᇏđمܲсྶ࿘໙ੰഽᄝטҰބؿགྷ۱σൈ෮ປӮ֥۽ቔĠੰഽԩࠢුහaఃگᄖුහ֥ࣜဒބЧσᆭුোĠੰഽؓॖൡႨᆭمੰ֥ਔࢳĠੰഽսіࠢӵ୶Ⴈ֥ሧჷĠაੰഽ܄ᆞބԉٳսіࠢᆭି৯Ⴕܱ֥ޅఃၹbቋު၂ཛॖିЇওླྀטି৯đၛླྀטടࠣ၂ුහѓ֥ᆭఃᇜࠢුහa৳Ϲࠢුහބֆුහbေଁູࠢੰഽ֥ದсྶᅳԛఃҕა֥ཌྷ 47 See Janet Cooper Alexander, Rethinking Damages in Securities Class Actions, 48 Stan. L. Rev. 1487(1996). 48 See Gluck v Cellstar Corp, 976 F Supp 548 (N. D. Tex. 1997). 49 In re Cendant Corp Litigation, 182 FRD 144-49 (D. NJ. 1998) 50 R. Chris Heck, Conflict and Aggregation: Appointing Institutional Investors as Sole Lead Plaintiffs Under the PSLRA, 66 U. Chi. L. Rev. 1208-1214(1999). 51 Fed. R. Civ. P. 23(g)(1)(A) committee note - 17 -
ܱුහbمܲಒЌੰഽ҂აࠢ০ၭཌྷԊᆃ၂ׄޓᇗေb ᄝྸ؟σࡱᇏđิఏුහ֥ੰഽ൞ଁູࠢੰഽ֥ື၂࿊ᄴbՎൈđم֥ܲༀ൞၇ऌֻ23ֻ่7ॻֻ1ཛֻ3ଢथקണ౨ದ൞ڎିܔԉٳսіࠢb֒Ⴕ၂۱ၛࠢුහФิఏѩФކѩࠇࠢᇏđႵ၂۱ၛഈੰഽ࿙ଁൈđمܲсྶ࿊ᄴࠢੰഽboଁp၂ՍᄝՎԩ൞ᆷo࿊ᄴpѩoᆷקpଖ۱ੰഽູࠢੰഽbೂݔႵ؟۱ണ౨ದđمჽ֥ༀ൞࿊ᄴቋႵି৯սіࠢ০ၭ֥ੰഽbᄝܙమᄝࠢੰഽൈđޅ၂۱ၹࡼ҂ऎႵथקྟbԢਔၛഈਙई֥ၹຓđཌྷܱၹߎॖିЇওğ൞ڎടࠣఃمჽᇏ֥ྛුහĠބऎ֒൙ದᆭࡗޅགྷթ֥ੰഽ-ग़ܱ༢Ġაଁണ౨၂ఏิࢌ֥ੰഽٮބුහषᆦνஆb 2a࿊ᄴੰഽᆭٚم ᄝཌྷࣩᆚ֥ണ౨ದᆭࡗࣉྛ࿊ᄴႵݺࠫ۱ٚمb֞ଢభູᆸđቋӈ֥൞෮໌oದᆷקمpğੰഽૌၩජቔູ൮༜ࠢੰഽđمჽᄝബҰުಪູФ࿊ᄴᆭੰഽିܔԉٳսі52ࠢ০ၭđၹطሙھ࿊ᄴbੰഽૌॖିၩᆷקଖ၂หקੰഽູ൮༜ࠢੰഽđቔູࢌߐૌၩٳք۽ቔѩٳཚੰഽٮbູਔٝᆸੰഽݖ؟ބ҂сေ֥ੰഽٮđمჽႋଁੰഽ53ิࢌᄝੰഽٮࠇුහषᆦٚ૫෮ղӮ֥ޅླྀၰđၛࢤ൳مჽബҰbᄝoᆷקمpᇏđمܲՖمᄝ൮༜ࠢੰഽഈղӮླྀၰཌྷࣩᆚၛࠆଁ֥ੰഽᇏࣉྛ࿊ᄴbᄝബҰਔֻ23ֻ่7ॻֻ1ཛֻ3ଢ෮ਙई֥၂༢ਙၹࠣఃၹުđمܲࣼିथקଧ၂۱ੰഽቋିսіࠢ০ၭb ֻ۱ٚمࠧo܄षᅱѓمpđཌྷؓࢠྍđေണ౨ଁູࠢੰഽ֥ದิࢌࣩᆚྟԛࡎbҊथᆭੰഽٮ൞࿊ᄴੰഽေॉ੮֥ᇭ؟ၹᆭ၂bֻ23ֻ่7ॻֻ1ཛֻ3ଢֻ3؍ބֻ2ཛֻ3ଢૼಒᄍྸمჽᄝଁੰഽൈॉ੮ੰഽٮνஆb҆ٳمܲࡹၰੰഽٮࢲܒ൞бࢠ҂ԛࡎᆭࠎԤđၛьᄝؿགྷӱ҂ࢨ؍ಒק҂֥ੰഽٮб২b ᄝّກঘථބᆣಊࠢුහᇏđمܲၘႨ܄षᅱѓྙൔ࿊ᄴੰഽđѩิభູ࠹ෘੰഽٮಒ৫၂۱бੱࠇ܄ൔb࣮іૼᄝ༯ਙ౦ঃ༯đ܄षᅱѓॖି۷ູކൡğమᄝணӊحཌྷؓࢠնĠ഻ුࠏ߶ཌྷؓॖၛყҩĠσࡱิఏᆭభ֥טҰ۽ቔႮᆟکࠏܱࠇఃದປӮđၹطੰഽᆭࠎԤྟ۽ቔັ҂ቀ֡Ġᅱѓӱ҂߶აمקଢѓࠇᆟҦଢѓӁളᆰࢤԊbᅱѓߎᆺ൞54࿊ᄴੰഽބಒקॖିᆭੰഽٮඣ֥൫ဒྟٚمbᄳбࢠౢ༉ބணӊحбࢠݺყҩ֥σࡱॖିหљൡކႿ൙భಒקੰഽٮbࠧ҂թᄝمჽଁᆭࣩࡎđمჽॖିॉ੮ေੰഽิࢌੰഽٮࡹၰđၛླྀᇹٳ༅ଧ၂ٺണ౨ቋିսіࠢbᄝمܲໃଁטҰѩิఏЧσුහᆭੰഽቔູࠢੰഽ֥ޅσࡱᇏđഈඍੰഽႵಃࠆ֤ࠎႿఃၘປӮᆭ۽ቔ֥Ҁӊb ଁੰഽᆭଁॖၛབྷ༥ܿקمܲ༐ຬᄝҊथੰഽٮൈႨ֥҆ٳѓሙbࠧᄝေمܲႿσࡱࢲඏൈؓੰഽٮࣉྛטҰބབྷ༥֥൙ުബҰᆭمთđଁੰഽᆭଁၧॖၛ൙༵ବೆ߶႕ཙੰഽٮ֥ܿקđѩࡼھܿקቔູଁӱ֥၂҆ٳb২ೂđمჽॖၛӳౢᄝ࠹ෘੰഽٮൈః൞Ⴈб২൬ٮمaᆷѓ൬ٮمߎ൞ਆᆀ֥ࢲކbمჽߎॖၛቔ၂ུܿקđၛࡨഒᇗگ۽ቔa҂сေ֥ൈࡗބ҂сေ֥षᆦđᇭೂࣼ౼ᆣൈॖԛ༜֥ੰഽඔղӮླྀၰđࠇࣼᄍྸषཧ֥ٮႨᇕোղӮ၂ᇁbᄝ࠹ෘੰഽٮൈೂႨб২൬ٮمđᆃུབྷ༥ཋᇅࣼ҂ᇗေđၹູੰഽٮ൞ၛࠢணӊحᆭކб২টಒק֥đط҂ܵႵ؟ഒੰഽิ܂ਔڛༀbಖطđࠧҐႨб২൬ٮمđ္ေॉ੮॥ᇅුහषᆦđၹູᆃུٮႨ๙ӈ൞ᄝ࠹ෘੰഽٮᆭభՖࠢணӊحᇏ२Ԣ֥b ೂݔીႵണ౨ದିܔԉٳսіࠢđمܲॖၛऋधಒಪࠢbಖطđೂݔࠢડቀਔಒಪ่ࡱđࣇၛੰഽିܔԉٳսіࠢطऋधಒಪ൞ޓӮ໙ี֥b၂۱Ϸم൞ԛކ֥ൈ 52 See Third Circuit Task Force Report on Selection of Class Counsel, 74 Temp. L. (2001). 53 See Fed. R. Civ. P. 23(h) committee note 54 See Laural L. Hooper & Marie Leary, Auctioning the Role of Class Counsel in Class Action Cases: A Descriptive Study, Federal Judicial Center at 29(2001). - 18 -
ࡗၛಞఃੰഽটิԛണ౨b čؽĎuದᆣಊුහڿ۪مvؓ൮༜ੰഽ֥ܿק ൮༜ੰഽᆭ࿊ᄴ٤ӈᇗေđၹູ൮༜ੰഽႵֹི॥ᇅਔࠢුහᆭࣉᅚđ۳ੰഽٳ۽ቔѩᄍྸ൮༜ੰഽࠆ֤ն؟ඔੰഽٮb࿊ᄴ൮༜ੰഽቋӈ֥ٚم൞oଁֻ၂۱ิࢌුሑ֥ੰഽູ൮༜ੰഽpđᆃᇕٚم֝ᇁੰഽࣩཌྷཟمჽิఏුහbູਔಒЌ൞ֻ၂۱ิࢌුሑ֥ੰഽđੰഽྶაమᄝჰۡЌӻਅݺܱ༢ࠇᆘᅱჰۡbھٚمႵྸ؟ಌཊbֻ၂đੰഽᄝิࢌුሑభ৯ॉ੮σࡱࡎᆴđၹູ၂נׄӾ߶ఃാಀФଁູ൮༜ੰഽᆭࠏ߶bֻؽđمಒЌֻ၂۱ཟمჽิࢌුሑ֥ੰഽିູࠢิ܂ۚᇉਈ֥مੰڛༀb Վຓđھܿᄵॖି֝ᇁཌྷࣩᆚ֥ੰഽ൙ༀ෮ᆭࡗӁളԊbູਔх૧Ԋđֻ၂۱ิࢌුሑ֥ੰഽ൙ༀ෮Ⴕൈაఃੰഽ൙ༀ෮܋ࡹ৫၂ᇕුහࠏᇅđၛಞުᆀᆦӻఃք൮༜ੰഽbՎൈđ൮༜ੰഽᆭ࿊ᄴٚمູoದᆷקمpbၹՎđೂݔ࿊ᄴ൮༜ੰഽᆭӱࢌႮੰഽ॥ᇅđֻ၂۱ิࢌුሑ֥ੰഽ൙ༀ෮߶ࠆ֤აఃٳքුහ֥ఃੰഽ൙ༀ෮֥ᆦӻb၂Ϯটඪđཌྷࣩᆚ֥ੰഽ൙ༀ෮ᆭࡗซղӮ֥νஆ߶ႄఏਔದૌؓੰഽაࠢᆭࡗ֥০55ၭ൞ڎթᄝԊіൕܱᇿbuڿ۪مvؓ൮༜ੰഽᆭଁቔਔܿקb۴ऌھمđᄝᆣಊࠢුහσᇏđଁ൮༜ੰഽсྶҐႨo൱ಃჰۡمpbھمקٚمܿקđቋԉٳჰۡႋᄝمჽ֥ሙ༯࿊ᄴބௗႨսіࠢᆭੰഽbᄝथק൞ڎሙ൮༜ჰۡ࿊ᄴᆭ൮༜ੰഽൈđمჽᇶေॉ੮ၛ༯ၹğ൮༜ჰۡ࿊ᄴੰഽᆭӱđੰഽٮࢲܒᆭࡹၰđੰഽ൙ༀ෮൞ڎႵԉቀ֥ሧჷđੰഽ൙ༀ෮ࠣੰഽ෮ႚႵ֥ᆣಊࠢුහࣜဒb ູਔЌࠢ০ၭđᄝଖུ౦ঃ༯ଁ၂۱ၛഈ֥ੰഽ൙ༀቔູ൮༜ੰഽ൞ކൡ֥bمჽᄝႵ֥σࡱᇏሙଁ၂ၛഈੰഽቔູ܋൮༜ੰഽbᄝυ֥ුහᇏٳཚሧჷބࣜဒౠཟႿᆦӻଁ؟۱ੰഽbଁ၂۱ၛഈੰഽ֥҂০ၹႵğॖିؿളᇗگڛༀđಌكླྀטđᄹࡆුහൈࡗބٮႨࠣuڿ۪مvหљܱᇿ֥ੰഽ॥ᇅුහ໙ีbᄝ၂۱σࡱᇏđمჽေᄝଁ؟۱ੰഽᆭభđ൮༜ჰۡсྶᆣૼఃႵି৯ַᇅੰഽᆭཋᇅa՞ؠࠇ॥ᇅđѩؓԉ֒൮༜ੰഽᆭࠫࡅੰഽ൙ༀ෮ࣉྛႵིࡓbؓ൮༜ੰഽቆᆮࢲܒࣉྛബҰॖၛಪקੰഽ൙ༀ෮ᆭࡗ൞ڎթᄝԊđ൮༜ჰۡԩුහᆭ৫ྟބି৯൞ڎ߶൳֞ݝbᄝଁ؟ࡅੰഽ56൙ༀ෮҂ކൡൈđمჽߎॖၛܝৣ൮༜ੰഽсေൈ࿙ఃੰഽ൙ༀ෮֥ླྀᇹbčĎؓᆣಊࠢුහ൮༜ੰഽ܄षᅱѓᆭ҂ुم ࡆ০ڞୄᇜК҆ܵ৳Ϲֹمჽᄝ၂۱ᆣಊࠢුහᇏ൮ՑᄎႨ܄षᅱѓٚم࿊ᄴ൮༜ੰഽbمჽ٤ӈքྏཌྷࣩᆚၛࠆ֤൮༜ੰഽᆯ໊֥ੰഽॖି߶ކଔđၹطथקಞ჻57ၩԉ֒൮༜ੰഽᆭੰഽ൙ༀ෮ѓb1aᄡӮ܄षᅱѓᆭႮ ᆦӻႨ܄षᅱѓم࿊ᄴ൮༜ੰഽ֥ቋӈႮ൞đھٚمگᇅਔمੰڛༀ൧ӆࡎ۬đၹطູࠢمੰڛༀิ܂ਔቋႵࣩᆚ৯֥ࡎ۬bྸ؟مჽಪູđა၇ᆯಃथקੰഽٮᆭԮٚمཌྷбđ܄षᅱѓمᄝथקمੰڛༀ൧ӆࡎ۬ഈေ۷ູႪᄀbᆃ൞ᄡӮ܄षᅱѓمቋႵඪڛ৯֥Ⴎđၹູھٚم൞Ⴎ൧ӆ৯ਈটथקੰഽٮ֥؟ഒb ܄षᅱѓمၧ֤࿊ᄴੰഽऎႵ܄षྟbఘࣂູᆸđჰۡੰഽڛༀ൧ӆႮഒඔࠫࡅੰഽ൙ༀ෮؎b܄षᅱѓمିյᆃᇕ؎đၹູఃູྍ֥ҕࡆᆀิ܂ਔࣩᆚࠏ߶bႵᇙ؟ҕაᆀູᆣಊࠢුහิ܂مੰڛༀӱ܄षđᆃߎॖିิۚمੰڛༀᆭሹุᇉਈb ܄षᅱѓߎॖၛಞࠢᇗྍࠆ֤҆ٳڄགၮࡎbՖᆣಊࠢුහᇏࠆ֤֥ੰഽٮЇও҂҆ٳğੰഽٮ֥ൈࡗބ෮ቔ୭৯֥Бԏބڄགၮࡎiiੰഽ൙ༀ෮ၹϧුطمࠆ֤ੰ 55 See John C. Coffee, Jr., The Regulation of Entrepreneurial Litigation: Balancing Fairness and Efficiency in Large Class Actions, 54 U. Chi. L. Rev. 877(1987). 56 Manual for Complex Litigation, Fourth« 57 In re Oracle Sec. Litig., 131 . 688(. Cal. 1990). - 19 -
ഽٮѩ൬߭ఃׇڱ֥ුහषᆦطႋࠆ֤֥БԏbႮႿჰۡੰഽൌྛڄག൬ٮđૄ၂഻ුσࡱ58֥ੰഽٮႋᆦڱϧුσᆭ҆ٳੰഽٮބුහषᆦbൡႨ܄षᅱѓمᆭσࡱหᆘбࢠoׅpđᆃၩሢჰ഻ۡු֥ॖିࢠնđၹՎჰۡੰഽႋՖᆃᇕσࡱᇏഒ൬၂ུڄགၮࡎbಖطđೂݔીႵᅱѓ၂ো܄षࣩᆚӱđޓՖჰۡੰഽ൭ᇏ൬߭҆ٳڄགၮࡎb๙ݖᅱѓᄝჰۡੰഽᆭࡗࣉྛࣩᆚ߶ࡨഒᆃུڄགၮࡎb 59طđᄝڄགࢆ֮ൈೂݔ҂ࡨഒੰഽٮđჰۡੰഽॖି߶ձᆟکטҰ֥૧ٮьӚbՎൈđᄝࠢුහᆭభࠇᆭᇏđᆟکטҰनູුහิ܂ਔྐ༏bᆃᇕձьӚི֥ݔ൞ҍڶႮᆟکݓ९ሇ၍֞ਔੰഽ൭ᇏđၹູႮବඥದิ܂ሧࣁ֥טҰປӮਔੰഽႋӵք֥۽ቔboׅpσࡱൡႨ܄षᅱѓمႵᇹႿࡨഒବඥದཟթᄝնਈᆟکטҰ֥܄܋σࡱิ܂Ҁ์ၛሧᇹჰۡੰഽbಖطđႮႿ܄षᅱѓمི֥ݔ൞ҍڶႮੰഽሇ၍֞ࠢӮჴ൭ᇏđᆟکטҰ۽ቔࡼ֝ᇁҍڶሇ၍֞ܢת൭ᇏb҂ܵᄸહඪđૅᆣࢌ߶ބఃᆟکࠏܒטҰଢ֥ᄝႿЌܢתđᆃᇕሇ၍රެбሇ၍۳൮༜ੰഽ۷ູކb ܄षᅱѓ֥ਸ਼ຓ၂۱ݺԩ൞ॖၛࡨഒսӮЧb൙༵थקੰഽٮູࠢაੰഽᆭࡗ֥০ၭཟ၂ᇁิ܂ਔ৯đၹطॖၛࡨഒսӮЧbᄝ൮༜ჰۡໃᇿၩࠇ҂჻ၩ୭৯ࡓੰഽྛູൈđھٚمၧିϺᇹࠢb൙༵ಒקੰഽٮࢲܒđหљ൞־ᄹ֥ੰഽٮࢲܒ߶ࠢࠆ֤ቋնணӊ֥০ၭބੰഽࠆ֤ቋ؟֥ੰഽٮ֥০ၭ۷ູ၂ᇁb൙༵थק၂ᇕିܔؓ൮༜ੰഽྛູิ܂৯֥ੰഽٮࢲܒࡼ҂ླေ൮༜ჰۡᆭૡ్ࡓbದૌؓՎႵ҂ुمđّؓ60܄षᅱѓ֥ದಪູᆃ߶ᄹࡆսӮЧđၹູఃߊਔࠢაੰഽᆭࡗ֥ܱ༢b2aّؓ܄षᅱѓᆭႮ ّؓ܄षᅱѓֻ֥၂۱ᇶေႮ൞đھٚمѩໃᆇᆞگᇅمੰڛༀ൧ӆbᆀಪູग़ᄝ࿊ᄴمੰڛༀൈѩ٤ᆺॉ੮ࡎ۬b࿊ᄴੰഽᆭӱѩ٤ေϨ٠ࠫ۱҂֥ੰഽđಖުᄝሸކॉ੮ࡎ۬ބᇉਈ֥ࠎԤഈ࿊ᄴ၂ቋކൡ֥ੰഽbग़ᄝ࿊ᄴੰഽൈႮ၂༢ਙ҂ಒקၹथקđೂࡩaႶၱࠇੰഽၩ჻b ֻ၂۱ّؓႮсಖႄԛֻ֥ؽ۱ّؓႮ൞đࡎ۬ބੰഽڛༀᇉਈᆭࡗႵཌྷܱ༢bၹՎđᄝ܄षᅱѓᇏሧ۬҂ཌྷژ֥ੰഽေࡎቋ֮ѩିսσࡱbૄ၂۱ದᆩ֡ѩ٤ሹ൞߶ܓઙቋьၒ֥ת༆đၹູቋьၒ๙ӈၩሢᇉਈቋҵbᆃරެ൞ّؓ܄षᅱѓᆭቋႵඪڛ৯൞ቋّѼ֥ႮbၹՎđᄝေࡎ۷֥ۚੰഽॖିࠆ֤۷֥ۚ࣪ބࢳࣁحൈđჰۡࠢ߶ಆุ၂ᇁֹ࿊ᄴေࡎ۷֥ۚੰഽb აՎཌྷّܱ֥ؓႮ൞مܲѩ҂ିޓݺֹٳੰഽڛༀᇉਈᆭҵၳđႮ൞مܲѩ҂ҕაੰഽ࿊ᄴӱđၹطم؎ڛༀᇉਈᆭ֮ۚbԢՎᆭຓđቔູuڿ۪مvקჰ֥ۡࠏܒሧᆀၘࡹ৫ਔ၂สگᄖ֥مੰڛༀ࿊ᄴӱđၹط۷ି࿊ᄴቋႵࡎᆴ֥ੰഽb ਸ਼၂۱ّؓႮ൞܄षᅱѓ߶uڿ۪مv֥ଢѓઋॢđႮ൞ఃߊਔჰۡੰഽაჰۡࠢᆭࡗ֥ܱ༢bھم۳Ⴭࠏܒሧᆀԉ֒ऎჰۡᆭקಃ৯ѩႮః࿊ᄴੰഽđࠡՎჰۡࡆ఼ؓࠢੰഽᆭࡓѩࡨഒսӮЧbၹՎđೂݔمܲ๙ݖ܄षᅱѓট࿊ᄴੰഽđః࿊ᄴॖି߶֝ᇁऎჰۡࡓੰഽᆭ৯ࡨഒb Ⴕّུؓᆀքྏđ܄षᅱѓ߶ؓੰഽࢸิఏුහ֥৯Ӂളڵ૫႕ཙb࣐ܵᇶေૂุࣜӈࠢුහđჰۡੰഽ౺ᆭුහ֥ಒିൌགྷᇗေ֥ഠ߶ଢѓb০Ⴈჰۡࠢੰഽᆭఒြࡅࣚപॖၛູหקഠ߶р؊ิ܂ࣷ࠶đหљ൞ູପུാཬႵၛक़ڛุ֥ࠢྛູ໙ี֥ݝิ܂ࣷ࠶bೂݔᄎႨ܄षᅱѓمđᄵ࣮ѩؿགྷమᄝࠢුහ֥ੰഽॖି֤҂֞σࡱѩ֤҂֞ႋႵ֥Ҁӊđᆃॖି߶ؓഠ߶Ⴕၭ֥۽ቔջট҂০႕ཙb 58 See Janet Cooper Alexander, Symposium: Contingency Fee Financing of Litigation in America, Contingent Fees and Class Actions, 47 DePaul L. Rev. 347, 350(1998). 59 Howard M. Erichson, Coattail Class Actions: Reflecting on Microsoft, Tobacco, and the Mixing of Public and Private Lawyering in Mass Litigation, 34 . Davis L. Rev. 41-46(2000). 60 Jill E. Fisch, Lawyers on the Auction Block: Evaluating the Selection of Class Counsel by Auction, 102 Colum. L. Rev. 650(2002). - 20 -
܄षᅱѓᆴ֤ܱᇿ֥ਸ਼၂۱໙ี൞đೂݔభ௹ੰഽٮࢠ֮đᄵੰഽ߶Ⴕิభބࢳ֥৯đၛಒЌࠆ֤ቀܔ֥߭Бbೂݔੰഽေࡎ֮đࠆ֤֥ੰഽٮ҂ቀၛҀӊఃᄝුහᇏ෮ݻٮ֥ൈࡗაࣚ৯đᆃ߶֝ᇁఃࢤ൳ൈࡗࢠᄪࣁحࢠ֮ᆭބࢳࡹၰb ܄षᅱѓ֥ॖྛྟၧӮ໙ีbႵದಪູѓದഒđمگᇅمੰڛༀ൧ӆbՎຓđߎႵದಪູൈႨᇉਈބࡎ۬ਆ۱ѓሙđᆃၛླྀטѩॖି֝ᇁིੱb ܄षᅱѓ֥ቋު၂۱ّؓၩ൞đ࠻ಖمჽႵၬༀᄝࠢුහҊࠇބࢳުؓੰഽٮࣉ61ྛബҰđ൙భ܄षᅱѓ൞ᇗگ۽ቔѩ߶শٮඳمሧჷb aᆣಊࠢුහᆭބࢳ č၂Ďᆣಊࠢුහᆭބࢳ৯ 1aჰۡੰഽᆭބࢳ৯ ᄝᆣಊࠢුහᇏđჰۡੰഽູ൳֞௺ᅊᆭग़࿙ணӊđѩॖିࠆ֤ऍحੰഽٮbႮႿಌഒؓჰۡੰഽᆭࡓđࠢหљ҂ၞࠆ֤ቋնணӊđᆃၩሢܢתᄝఃॖၛࠆ֤֥ணӊ62حഈᆺି֤֞၂ཬ҆ٳbჰۡੰഽҐႨб২ڄག൬ٮᇅđᆃఃႵਔ୭৯۽ቔၛູग़ࠆ֤ބࢳᆭ৯bॖ༔֥൞đڄག൬ٮ෮Էᄯᆭ০ၭ၂ᇁѩ٤ປૅğڄག൬ٮၧੰഽ০ၭބग़০ၭӁളਔԊbႮႿჰۡੰഽᆺିࠆ֤ணӊح֥၂҆ٳđੰഽॖିᄝࠢුහᇏೆ҂ቀbჰۡੰഽҐ౼൳؟۱ුහط҂ᄝޅ၂۱ුහᇏೆݖ؟ሧჷ֥Ҧ߶ေݺ֤؟bࠧႵԉቀ֥ᆣऌᆣૼթᄝ௺ᅊđࡼնਈሧჷೆھหקσࡱ߶ჰۡੰഽӵքޓնڄགđၹູఃॖିၛ൬߭ሧbቋުđႮႿᄝബభၘႵնਈೆđჰۡੰഽॖିหљݝஃӵքϧුڄགđၹطᄝႮԉٳ֥σࡱഈղӮ֥ބࢳࣁحၧޓഒbႮႿၘׇڱුහषᆦđੰഽॖି҂჻ၩવബൈ၂෮ࠆ֥ڄགbބࢳିູੰഽջট၂קඔਈᆭੰഽٮđطബᆭު෮ି63ࠆ֤֥۷؟ੰഽٮ္ၹബൈϧුڄགطնյᅼ२b2aФۡބࢳᆭ৯ ೂݔѼ߭ුහၰФمჽѼ߭đФۡ๙ӈಪູބࢳбුහေьၒb۴ऌૅݓمੰܿᄵđ഻ුᆭФۡಃေؓٚ֒൙ದᆦڱੰഽٮࠣුහषᆦbᄝᆣಊࠢුහᇏđੰഽٮࠣුහ64षᆦॖିඔحऍնbၹՎđࠧᄝᆣऌѩ҂ԉٳᆭσࡱᇏđФۡၧႵބࢳ৯bᄝᆣಊࠢුහᇏđቋӈ֥ᆚၰ൞Фۡྴࡌӧඍൈ֥ྏሑđطື၂ႵᇹႿಒקھ65ྏሑ֥໓ࡱᄝ܄ඳᅧᆭᇏbေิࢌൈࡗӉղඔᄅമᇀඔ୍aა܄ඳۚࠩܵದჴ൞ڎᆩ౦Ⴕܱ֥෮Ⴕ໓ࡱ൞၂ཛऍն֥۽ቔbᄝิࢌ໓ࡱުđФۡॖିေ૫ਢીປીਔ֥౼ᆣđၹູჰۡੰഽ൫๙ݖᆣটᆣૼ܄ඳۚܵᆭ࠺ၫ൞ڎა໓ࡱཌྷژbളӁ൳႕ཙᆭӮЧॖି߶ੰഽٮषᆦཌྷྙ១bԢ܄ඳۚܵᆭൈࡗӮЧຓđࠢුහᆭթᄝॖିಠ܄ඳა܂ࠊഅބܤग़֥ܱ༢đުᆀᄝაФᆷ॥ູௌሰ֥܄ඳࢌၞൈ߶ӻࣈര؇bၹՎđ৳Ϲቋۚمჽಪ്֞đᆣಊ௺ᅊුහջটਔնਈؿགྷᆭຯཽđѩಠਔᆞӈ֥അြࠃbᆃུӮЧ֤ФۡౠཟႿބࢳb ࠧᄝჰۡႮ҂ԉٳ֥σࡱᇏđணӊѓሙࣉ၂఼҄߄ਔФۡᆭބࢳౠཟbணӊၛ൳ݝᆀᆦڱࡎ۬აᆣಊ֥ᆇൌࡎ۬ᆭҵট࠹ෘbؓႿࢌၞࠃᄁ֥ᆣಊطđ௺ᅊ൧ӆσࡱᇏ֥ணӊحॖି٤ӈऍնbࠧ܄ඳ഻ු༐ຬޓնđФۡߎ൞ॖିಪູބࢳ൞၂۱Ⴕ་ႄ৯֥࿊ᄴb 61 James L. Tuxbury, A Case for Competitive Bidding for Lead Counsel in Securities Class Actions, 2003 Colum. Bus. L. Rew. 296-306. 62 See Willard T. Carleton et al., Securities Class Action Lawsuits: A Descriptive Study, 38 Ariz. L. Rev. 491 (1996). 63 . Pritchard, Markets as Monitors: A Proposal to Replace Class Actions with Exchanges as Securities Fraud Enforcers, 85 Va. L. Rev. 948-952(1999). 64 See Joseph A. Grundfest, Why Disimply?, 108 Harv. L. Rev. 727(1995). 65 See Sherrie R. Savett, The Merits Matter Most and Observations on a Changing Landscape Under the Private Securities Litigation Reform Act of 1995, 39 Ariz. L. Rev. 525 (1997). - 21 -
66ФۡᆭބࢳౠཟჰۡੰഽႵ৯ิఏႮ۷҂ԉٳ֥σࡱbᄳѓሙᆭ҂ಒק֤ބࢳ۷Ⴕсေbຓܴ҆ҳᆀॖି҂ᆩ֡܄ඳᆣಊࡎ۬༯י൞ఏၹႿؓ܄ඳభࣟ෮ቔ֥ྴࡌӧඍii௺ᅊđߎ൞ڄགޓնᆭഅြथקiiᄎగ҂ࡄbႮႿمٳᆃਆᇕ౦ঃđჰۡੰഽᄝथק൞ڎఏුൈᆺି၇ঠႵཋ֥ॖၛ܄षࠆ֤֥ग़ܴѓሙbၹՎđᆣಊࡎ۬նږ؇༯կޓॖି߶֝ᇁුහb؎൞ڎܣၩᆭѓሙiiФۡᄝྴࡌӧඍൈ൞ڎᆩ౦đ൞مჽٳ௺ᅊა٤௺ᅊᆭѓሙđᇙ෮ᇛᆩđھѓሙࠞ҂ಒקbܣၩбൿޭ۷ູ67۬đࠧᄝંഈđޓඪܣၩ۬؟ഒđطᄝൌᇏࠫެ҂ॖି؎ః۬؟ഒbܣၩྴࡌӧඍބാϧᆭഅြथק߶֝ᇁᄳđၹՎႵсေބࢳb ܄ඳ൙۷Ⴕބࢳ৯bჰۡੰഽ๙ӈఏු܄ඳ൙ࠣ܄ඳЧദbᄝ૫ਢॖି၂۱٤ӈڶႵᆭሱಖದӁ֥σࡱൈđ܄ඳ൙҂჻ၩمჽബھσ൞ॖၛࢳ֥b൙ᄳЌག߶ᆦڱބࢳࣁ֥၂҆ٳđط܄ඳᆦڱഺჅ҆ٳbྍ֥൙ᄳЌֆ࠻ӵЌ܄ඳ֥ڄགđၧӵЌ܄ඳ൙֥ڄགb൙ᄳЌག၂Ϯ߶ᆦڱބࢳࣁđၹູऋधᆦڱॖିЌགದ૫ਢᆦڱಆ҆थࣁح֥ᄳbಖطđᄝಪקФЌགದܣၩՖ൙҂مྛູൈđ҂ି఼ᇅЌགದᆦڱथࣁحđࠧܣၩ௺ᅊथᄝն؟ඔ൙ᄳЌֆӵЌٓຶᆭຓbᄝն؟ඔᇜᇏđܣၩՖ൙҂مྛູၧॖିၛࠆ֤܄ඳ֥Ҁӊbૅᆣࢌ߶ၧಪູđؓܣၩິّᆣಊمഈ࣌ᆸ௺ᅊܿק֥܄ඳۚܵ෮ᄥ൳֥ാ۳ჍҀӊ֥ቓمིđၹູఃິّਔ܄܋ᆟҦbၹՎđᄝᆣಊ௺ᅊथᇏФಪקႋӵքᄳᆭ܄ඳ൙ၛࡼః۱ದᄳሇࡑ۳܄ඳbႮႿބࢳ٤ӈ௴ђđᆃх૧ਔ܄ඳ൙ФಪקູܣၩՖ൙҂مྛູbᄝՎಪק֥౦ঃ༯đ൙ᄳЌགದ߶ᆦڱ68ބࢳࣁbࢲݔđ൙๙ӈॖၛ҂ᆦڱ၂ٳఫbčؽĎمჽᄝബҰބࢳࡹၰᇏֹ໊֥ ҂ંࠢФಒಪູބࢳࠢđߎ൞ුහࠢෛުղӮބࢳđمܲсྶथקބࢳ่ॻ൞ڎ܄ᆞaކބԉٳbֻ23ֻ่4ॻֻ1ཛֻ1ଢ఼ᇅေمჽؓᄝࠢුaᆚၰׄࠇॆѐഈ෮ղӮ֥ބࢳࣉྛബҰb مჽᄝބࢳࡹၰബҰᇏֹ໊֥൞ᇀܱᇗေ֥đᆺཋႿሙބࢳࡹၰđऋधሙࠇႵ่ࡱሙbمܲ҂ିڿཿླྀၰbಖطđمܲႵ่ࡱሙᆭലૼaऋधሙᆭჰၹࠇᄝބࢳࡹၰ่ॻษંᇏ֥Ќၩđॖି߶֝ᇁ֒൙ದڿཿླྀၰbೂݔمܲᄝԚ҄ሙࢨ؍ิԛࡹၰđᄝބࢳླྀၰ๙ᆩؿෂ۳ࠢӮჴᆭభđ֒൙ದၧॖିၩྩڿbࠧބࢳࡹၰ๙ᆩၘؿෂđمܲᄝ܄ᆞྟ๐ᆣ߶ഈؓބࢳ෮іղ֥ܱᇿॖି՜֒൙ದᇗྍซđၛх૧مܲ؎ಖऋधބࢳࡹၰbೂݔ܄ᆞྟ๐ᆣ߶֝ᇁնਈྩڿđѩؓࠢᆭ҆ٳӮჴӁളਔ҂০႕ཙđॖିླေਸ਼ྛ๙ᆩѩิ܂๐ബࠏ߶b ູਔथקބࢳࡹၰ൞ڎ܄ᆞaކބሙಒđمჽсྶബҰ๙ݖބࢳط҂൞࿃ුහđࠢ০ၭ൞ڎି֤֞۷ݺ֥ЌbඳمബҰсྶ۬ބӞָbബҰༀေޓۚđၹູղӮބࢳᆭުුහ֥ؓॆྟ๙ӈ҂گթᄝbބࢳ֒൙ದࣜӈ৳ކӧඍބࢳ෮ջট֥০ၭطؓఃಌཊ҂ิ܂ޅൌᇉྟ֥ྐ༏bೂݔّؓᆀԛགྷđॖିીႵੰഽࠇුහ֒൙ದ߶ّؓބࢳࠇ൫ᅳԛఃಌཊbࠧႵّؓᆀđఃॖିᆺ൞ေཚ൳҂Ⴟ֥ࠢրმđط҂൞ູࠢ০ၭѐbಌഒൌᇉྟّؓॖିၩሢބࢳژކ܄ᆞaކބԉٳေbਸ਼၂ٚ૫đ္ॖିіૼࠢӮჴಌكࠒࠞྟđࠇіૼੰഽӮۿֹაॖିّ֥ؓᆀղӮਔ҂ิّؓၩ֥ླྀၰb҂ܵބࢳླྀၰ൞ڎթᄝّؓᆀđمჽсྶ৫ٳ༅ބࢳ่ॻb ֒൙ದބࢳ֥ၹॖିቅθمܲࡎބࢳࡹၰ่ॻđܙࠢ৫ӆđࢳซྟᇉbၹູ๙ӈग़ႵЌఃሱദ০ၭ֥৯aᆩ്ބሧჷđمܲсྶԉ֒၂۱ӻ߈ၐ؇֥ग़ 66 Avery Katz, The Effect of Frivolous Lawsuits on the Settlement of Litigation, 10 Int'l Rev. L. & (1990) 67 See . Pritchard, O'Melveny & Myers v. FDIC: Imputation of Fraud and Optimal Monitoring, 4 Sup. Ct. Econ. Rev. 179 (1995) 68 . Pritchard, Markets as Monitors: A Proposal to Replace Class Actions with Exchanges as Securities Fraud Enforcers, 85 Va. L. Rev. 952-959(1999). - 22 -
࢘ѩ۬ബҰࠢಒಪေaބࢳࡹၰ่ॻބൌീӱb مܲᄝബҰބࢳࡹၰൈႋิٝၛ༯ّگԛགྷ֥যႨࠢුහྛູğč1ĎࣉoྛّཟஅછpđࠧФۡՖཌྷࣩᆚ֥ࠢੰഽᇏࣉྛ࿊ᄴđѩა჻ၩࢤ൳ቋ֮ࠢணӊح֥ੰഽղӮླྀၰđቔູࢌߐđ๙ӈ۳ჍնਈੰഽٮĠč2Ď۳ჍࠢӮჴྴߘ֥٤ࣁఫ০ၭđೂܓઙФۡ۷؟Ӂ֥ᅼ२ಊđطၛགྷࣁྙൔ۳ჍնਈੰഽٮĠč3Ďൌീ֥۬ሧ่۬ࡱࠇݖႿَ෫֥ಃ০ᇶᅦӱđ֤ྸ؟Ӯჴ҂ॖି߶ᇶᅦ০ၭđหљ൞ᄝބࢳླྀၰܿקದണਵ֥ࠎࣁࡼْߎ69۳ФۡൈĠč4Ď۳Ⴭֹ໊োර֥ࠢӮჴ҂րმđ২ೂđّؓᆀᆭބࢳࣁحჹჹۚႿఃӮჴĠč5Ď٢ఙໃؓࠢބࢳቔԛ܊ང֥֒൙ದ֥ුĠč6Ďၛۚܙࠢࠆ֤֥٤ࣁఫࣷ࠶ࡎᆴູࠎԤ࠹ෘੰഽٮđࠇၛФۡၘ߃ѭ֥ࠎࣁط҂൞ၛࠢӮჴൌ࠽ണਵѩٳؿ֥ࠎࣁູࠎԤ࠹ෘੰഽٮb 1aಒಪູුහࠢෛުղӮބࢳ෮Ӂള֥໙ี ֒ᆣಊࠢФಒಪູුහࠢൈđ൞ڎ࿊ᄴԛ֥थקॖିᄪၘቔԛbބࢳ൞ᄝေԛൈࡗၘݖᆭުղӮ֥bԢ٤ࠢӮჴཚႵྍ֥ေԛࠏ߶đڎᄵֻ23ֻ่4ॻֻ3ཛᄍྸمჽऋधሙބࢳbֻؽՑ࿊ᄴԛࠏ߶ିླྀᇹمჽࡓđၛՖࢲܒഈಒЌބࢳᆭ܄ᆞbֻ23ֻ่4ॻֻ3ཛᆺ႕ཙቋԚ࿊ᄴԛൈࡗၘݖ֥σࡱbھܿᄵڮჍمჽܼ֥ٗሱႮҊਈಃđၛथקᄝބࢳሙᆭభޅൈaޅ౦ঃ༯ิ܂ֻؽՑ࿊ᄴԛࠏ߶b 2aࠢಒಪაބࢳൈࣉྛ෮Ӂള֥໙ี ֒൙ದࣜӈᄝಒಪࠢᆭభࣼղӮਔބࢳbބࢳࠢđࠧࠢಒಪᆭື၂ଢ֥൞ބࢳđିܔ۳ࠢӮჴջটᇗն০ၭđၧିФۡቋᇔࢳथ؟۱ුහbೂݔބࢳໃࠆሙđބࢳࠢᄝᄍྸФۡބࢳ֥ൈߎᄍྸФۡЌؓࠢᆷ॥ᆭൡ֒ྟބٓຶิԛၳၰ֥ಃ০Ġᄝᆣಊࠢුහᇏđೂݔ࿊ᄴԛ֥ࠢӮჴ؟đФۡߎॖၛӜ߭ބࢳbුහᄪ௹ղӮބࢳ۳70ჰФۡջটਔಒקྟѩննࢆ֮ਔුහषᆦbಒಪଢ֥ࣇູބࢳᆭࠢđหљ൞ᄝσࡱᄪ௹đႵൈ߶֤Ⴕၩၬ֥ඳمگബ۷ູѩ۷ູᇗေbمჽಪູđა๙ݖؓॆӱಒಪࠢᆭުղӮ֥ބࢳཌྷбđ၇ऌֻ23ֻ่4ॻ71ሙބࢳࠢླေࣉྛ۷֥۬ඳمബҰbؓ൭ᆭࡗුහ఼֥߄ିದૌಪູބࢳซ൞܄ᆞ֥bაՎཌྷّđೂݔσࡱ൞ቔູބࢳࠢิఏࠇᄝಒಪູބࢳࠢൈޓഒࠇࠫެીႵࣉྛؿགྷđေܙ֒൙ದුᆭႪਜđေथקࠢᆭކൡקၬđေॉ੮ࠢࡼೂޅՖބࢳࡹၰᇏࠆ֤ൌ࠽০ၭॖି߶۷bمჽႋؓބࢳิԛၐ໙ѩູބࢳّؓᆀิ܂ԉቀ֥ࠏ߶ѩԉٳ๐౼ఃၩb ބࢳࠢࣜӈԛགྷ֥໙ีႵğč1Ďࠢੰഽބჰۡ۱ದੰഽᆭࡗ֥Ԋbሙࠢބࢳቋᇶေ֥൞ࡼཟჰۡ۱ದิ܂ࣷ࠶֥ᄳՖఃੰഽԩሇ၍ᇀࠢੰഽԩbބࢳࡼႵིᇔࢲФ݂ೆ֥ࠢఃໃथ۱ದුහބࠢුහbᄝ֒൙ದซቋᇔބࢳᆭభđсྶॉ੮֞҂০ၭѩቔ܄ᆞԩbေॉ੮ซބࢳᆭੰഽ൞ڎ܄ᆞֹսі෮ႵࠢӮჴ০ၭbೂݔ֒൙ದໃॉ੮ሰࠢ໙ีđمჽॖၛथקಒಪሰࠢđଁսіሰ֥ࠢੰഽѩေ֒൙ದ߭֞ซምభbč2Ď෬ணӱᆭܵbمჽႋथקФ࿊ᄴܵ෬ணӱ֥ದႋ০ݝܱ༢đѩၹ72սіჰۡ۱ದطӁള֥ԊbčĎബҰބࢳࡹၰᆭѓሙ ֻ23ֻ่4ॻֻ1ཛֻ3ଢေބࢳсྶ܄ᆞaކބԉٳb܄ᆞေбࢠٳ༅ࠢӮჴᆭࡗ֥րმࠣࠢӮჴაႚႵোරු֥٤Ӯჴᆭࡗ֥րმbކ౼थႿࠢුაࠢބ 69 See Deborah R. Hensler et al., Class Action Dilemmas: Pursuing Public Goals for Private Gain 427–30(2000). 70 See Alan Hirsch & Diane Sheehey, Awarding Attorneys’ Fees and Managing Fee Litigation, Federal Judicial Center at 99–101(1994). 71 See John C. Coffee, Jr., Class Action Accountability: Reconciling Exit, Voice, and Loyalty in Representative Litigation, 100 Colum. L. Rev. 370(2000). 72 Manual for Complex Litigation, Fourth« - 23 -
ࢳᆭбࢠٳ༅ࢲݔbԉٳྟေᄝࠢුහ෮ࠆࣷ࠶აࠢӮჴᄝીႵႨࠢුහӱൈ෮ିࠆ֤֥ࣷ࠶ᆭࡗࣉྛбࢠb ൡႨഈඍѓሙബҰބࢳࡹၰൈေॉ੮၂༢ਙၹbथקൡႨଧ၂۱ၹa۳Ⴭ؟ഒॉ੮౼थႿ၂༢ਙ౦ঃğč1Ďࠢුaᆚၰׄᄝൌุمഈ֥ࡎᆴĠč2Ďࠢ൞ڎऎႵ఼ᇅྟࠇॖၛ࿊ᄴԛĠč3Ďු֥گᄖྟđ࠻Їওቀၛᆦӻֆුහ֥ුđೂ۱ದݝணӊđႻЇওᆺႵᄝࠢුහᇏҌऎႵॖྛྟ֥ුđೂཬحാணӊbടࠣཬحු֥ࠢුහॖି൞ิ܂ࣷ࠶֥ື၂ࠏ߶đ҂ॖିԛགྷބࢳ่ॻ߶།വࠢӮჴ۱ದ০ၭ֥ڄགb აބࢳബҰႵܱ֥၂༢ਙၹೂ༯෮ਙğč1Ďॉ੮֞ࠢބࠢӮჴ۱ದුaᆚၰׄުđބࢳࡹၰაബᄝᄳބணӊ໙ีഈ֥ॖିࢲݔཌྷб෮ऎႵ֥Ⴊ൝Ġč2Ďബॖିٮ֥ൈࡗބٮႨĠč3Ďࠢුaᆚၰׄ๙ݖബ֤ၛົӻ֥ॖିྟĠč4ĎՖҊֆුහ෮ࠆ֤֥ྐ༏ބࣜဒa॓࿐ᆩ്֥ؿᅚބაσࡱࡎᆴബᆭॖିࢲݔႵܱ֥ఃၹটޙਈđቔູσࡱࠎԤ֥ൌุ໙ี֥ӮඃྟĠč5ĎࠢӮჴࠇࠢսіದđمܲaᇍνمܲࠇหљᇶ൙ܲҕაބࢳซ֥ӱ؇Ġč6ĎࠢӮჴᇏิԛّؓၩ֥ದඔބඪڛ৯Ġč7Ďაᆳྛॖିᆭथཌྷбđ֒൙ದᄝᆦڱa൬౼ބᆳྛބࢳൈ෮ႚႵ֥ሧჷބླေӵք֥ᄳĠč8ĎބࢳؓႿఃໃथුහᆭ႕ཙĠč9ĎఃࠢބሰࠢᆭোරුࠣఃॖିࢲݔĠč10ĎᄝࠢࠇሰࠢӮჴ۱ದ๙ݖބࢳ෮ࠆ֤֥ࢲݔაิԛোරු֥ఃჰۡ෮ࠆ֤ࠇॖିࠆ֤֥ࢲݔᆭࡗ෮ࣉྛ֥бࢠĠč11ĎࠢࠇሰࠢӮჴ൞ڎႵಃေՖބࢳࠢᇏԛđೂݔႵđྛھԛಃ֥ದඔĠč12ĎੰഽٮܿקᆭކྟđЇওੰഽᆭࡗٳཚੰഽٮ֥ླྀၰބ႕ཙսіჰۡ۱ದࠇّؓᆀ֥ੰഽࠆ౼ੰഽٮ֥ޅླྀၰ่ॻᆭކྟĠč13Ďԩބࢳᆭ༯֥۱ದුӱ֥܄ᆞྟބކྟĠč14Ďఃمჽ൞ڎऋधሙোරࠢ෮ิԛ֥ൌᇉഈোරᆭބࢳĠč15Ďބࢳ่ॻЧദ൞ڎૼཁ҂܄b ᄝॉ੮ᆃུၹൈđمჽႋബҰğč1Ďఃمჽ൞ڎऋधሙཌྷࣩᆚ֥ࠢࠇࢌҭࠢᆭোරބࢳĠč2Ďऎჰۡ൞ڎູື၂ࢤ൳གྷࣁࣷ࠶֥ࠢӮჴđࠇࢤ൳֥ࣷ࠶൞ڎაఃٺحࠞ҂ཌྷӫĠč3Ď۴ऌԚ҄ؿགྷđЇওֆුහᆭބࢳࠇथđބࢳࣁح൞ڎჹჹ֮ႿࠢӮჴ෮ᄥ൳ᆭݝĠč4Ďބࢳ൞ڎᄝුහᄪ௹ղӮطໃࣉྛൌᇉྟؿགྷđ൞ڎ༯ਔᇗն҂ಒקྟĠč5Ď٤ࣁఫࣷ࠶đೂᅼ२ಊࠇ߭२đ൞ڎ҂ॖିऎႵ؟ഒ൧ӆࡎᆴĠč6ĎႮႿ֥۬ሧ่۬ࡱđބࢳ൞ڎิ܂ਔྴߘ০ၭĠč7Ď҆ٳФۡ൞ڎႵཋᇅᆦڱணӊ֥৯đೂఃॖၛေ݂ߎഺჅࠎࣁĠč8Ďބࢳ൞ڎໃടࠣුሑᇏᇶေුࠇࣷ࠶োĠč9ĎࠢᆭหקӮჴაఃӮჴ෮ཚ൳֥րმ൞ڎႵᇗնҵၳĠč10Ď࿊ᄴԛᆀࠇّؓᆀაᆌؓ၂ФۡิԛোරුᆭࠢӮჴđ൞ڎࠆ֤ਔ۷ݺ֥ބࢳ่ࡱĠč11Ďੰഽٮބࠢൌ࠽ணӊࠇॖିணӊཌྷб൞ڎۚđᆃ൞ڎіૼࠞႵॖିթᄝކଔĠč12Ď൞ڎႵᆣऌཁൕđФۡᄝمჽໃҕა֥౦ঃ༯Ֆྸ؟ჰۡੰഽᇏ࿊ᄴਔ၂ซದĠč13Ď൞ڎႵնਈࠢӮჴؓބࢳิԛਔႵૼཁඪڛ৯ّ֥ؓၩb ބࢳغ߶Їও၂۱ა෮ಒಪᆭࠢႵ෮҂֥ࠢbബҰބࢳ่ॻࠇّؓၩॖିؿགྷླေᇗྍࢸקࠢđࠇླေഡ৫ሰࠢၛࢳथӮჴᆭࡗ֥Ԋb֒൙ದ๙ӈࡹၰঔնࠢࠇᄹࡆුđၛᄝໃটුහᇏ۳ބࢳФۡ۷ն֥Ќbمჽᄝԩঔնࠢקၬᆭ౨ൈႋေ֒൙ದቔབྷ༥ࢳđ൞ޅྍ൙ൌࠇჰ༵֥հ༂ᆦӻ۷ڿჰקၬbೂݔᆣಊࠢФঔնđсྶཟྍᄹࡆ֥Ӯჴؿෂ๙ᆩđၛۡᆩఃཚႵ࿊ᄴԛಃĠೂݔၹࠢ෪ཬطФஆԢ֥ದၛ73భ൬֞ݖః൞Ӯჴ֥๙ᆩໃ࿊ᄴԛđᄵ၇ऌֻ23ֻ่4ॻૌႵಃ൬֞๙ᆩbčඹĎބࢳࡹၰᆭബҰӱ 1aࠆ౼ྐ༏ ࠢੰഽބఃބࢳ֒൙ದႵᄳඪૼބࢳࡹၰ൞܄ᆞaކބԉٳ֥bᄝ੫ྛఃᄳൈđੰഽсྶཟمჽิࢌ෮ေ֥໓ࡱđೂބࢳ่ॻbֻ23ֻ่5ॻֻ2ཛߎေิࢌ၂ 73 Manual for Complex Litigation, Fourth« - 24 -
ٺലૼđᆷԛაބࢳႵܱ֥ޅླྀၰđЇওරެ৫֥ॖିԛછࠢ০ၭ֥෮Ⴕླྀၰބ74ࢳb৫֥ՖඋླྀၰࠇࢳॖିЇও֥൙ཛႵᄝࠢބࢳᆭຓࢳथ֥ුđФۡᄝෛުੰഽٮണ౨ᇏ֥৫ӆđੰഽᆭࡗܱႿੰഽٮ֥ٳđؓੰഽࡼটิఏཌྷܱුහ֥ି৯ࣉྛཋᇅ֩bაބࢳࡹၰႵܱ֥ླྀၰࠇࢳॖିაބࢳ၂֡ղӮđໃّ႘ᄝބࢳᆭᆞൔ໓ࡱᇏđമᇀໃྙӮ૫໓ሳbֻ23ֻ่4ॻֻ2ཛᆻᄝ൞఼ᇅᅳԛ႕ཙࠢӮჴ০ၭ֥ޅླྀၰࠇࢳb২ೂđՖඋླྀၰॖିཁൕބࢳ҂ކđၹູླྀၰॖିߎႵބࢳࣁႋᆦڱ۳ࠢđಏᆦڱ۳ਔФ࿊ק֥ჰۡࠇఃੰഽb مჽᄝബҰཌྷܱླྀၰބࢳ֥ലૼުႋथק൞ڎေऎุླྀၰđ൞ڎေิࢌླྀၰڬЧࠇᅋЧbေ֒൙ದิࢌླྀၰಆ໓ॖିࠢӮჴႵࠏ߶ؓՎࡆၛંđѩ՜ࣉඳمബҰbمܲॖο҄ᇧҐ౼ྛđ൮༵ေิࢌॖି႕ཙބࢳᆭླྀၰᅋЧđೂݔᅋЧ҂ିิ܂گബ෮ླԉٳྐ༏đᄵॖၛေิࢌླྀၰಆ໓bᆷൕླྀၰᆭᅋЧࠇڬЧॖି߶ӁളЌૡ໙ีđၹູླྀၰॖିЇওླေЌط҂ି܄ष֥ྐ༏b২ೂđФۡၛၩؓ࿊ᄴԛᆀᆭඔਈބࡎᆴീࡆཋᇅቔ่ູࡱطაჰۡੰഽղӮ֥࿊ᄴԛླྀၰॖିླေቔЌૡԩbᆩ֡ଖ၂࿊ᄴԛᆀ֥ऎุඔਈ߶ݝބࢳđࡼܝৣֻٚႺࠢӮჴ࿊ᄴԛb௴ђቓم൞ᄝ൬֞Վোྐ༏ൈቔЌૡԩbؓႿᄳЌགದބФۡᆭࡗ֥ླྀၰđླေᄝਔࢳླྀၰ่ॻᆭླေބ܄षᆃᇕ่ॻॖିӁള֥႕ཙᆭࡗࣉྛޙbିႨটҀӊࠢӮჴᆭЌགࣁحॖିაބࢳ֥ކྟႵܱđՎোླྀၰႵൈѩ҂ିิ܂ԉቀ֥ྐ༏bਸ਼၂ٚ૫đ҂൳ཋᇅֹࠆ౼Վোླྀၰᆭ༥ࢫॖି߶ቅθᆚၰٓຶᆭࢳथb مܲॖᆷൕੰഽิ܂ܙބࢳࡹၰсླ֥۷؟ྐ༏b২ೂđᄝුහᄪ௹ࣼิԛਔބࢳࡹၰൈđॖၛॉ੮ေੰഽิ܂ିཁൕބࢳࡎᆴᆭಆ૫طབྷ༥֥ྐ༏bᆃུྐ༏Їওğബൈ഻ුᆭॖିྟĠࠢಒಪᆭॖିྟĠཌྷࣩᆚ֥ුහࠇࢌҭුහ౦ঃĠჰۡᆭணӊحބුᆭࡎᆴĠࣁఫބ٤ࣁఫணӊᆭಆ҆ࡎᆴĠੰഽٮĠුහषᆦĠФۡᆦڱି৯֩b 2a܄ᆞྟᆭԚ҄ബҰ ੰഽิࢌބࢳࡹၰ่ॻުđႮمܲؓః܄ᆞྟቔԚ҄ബҰbᄝ҆ٳσࡱᇏđԚ҄ബҰॖᄝၘᆩྐ༏֥ࠎԤഈࣉྛđೂႵсေᄵၛσ౦ᅋေaၰࠇ֒൙ದӧඍቔູҀԉbೂݔࠢಒಪაބࢳሙൈࣉྛđᄵࠢಒಪ๐ᆣ߶ބ܄ᆞྟᆭԚ҄ബҰ๙ӈކؽູ၂bمܲؓקࠢ൞ڎژކֻ23ֻ่1ॻᆭ่ࡱࠣᇀഒژކֻ23ֻ่2ॻᇏଖ၂ཛ่ࡱႋቔԚ҄؎bೂݔླေഡ৫ሰࠢđمܲྶࡆၛࢸקѩଁੰഽսіሰࠢbمܲႋؓބࢳ่ॻᆭ܄ᆞྟaކྟބԉٳྟቔԚ҄؎ѩᆷൕ֒൙ದሙСࠢಒಪ๙ᆩaބࢳࡹၰ๙ᆩࠣቋᇔ܄ᆞྟ๐ᆣ߶bಖطđᄝބࢳࠢᇏđቔູബരईծᆭ၂đمܲ҂ࣇေ๐౼টሱੰഽ֥ၩđߎေ๐౼টሱऎჰۡaః֒൙ದބսіࠢӮჴ۱ದໃҕაބࢳซᆭੰഽ֥ၩb ҂ં൞ᄝσࡱᄪ௹Фಒಪູࠢđߎ൞ࠢಒಪაބࢳሙൈࣉྛđمܲॖၛଁህࡅࠇหљᇶ൙ܲബҰބࢳࡹၰ่ॻđ൬ࠢބࢳؓେࠢӮჴᆭ႕ཙ෮ླྐ༏đѩླྀᇹمܲथקބࢳ൞ڎડቀਔ܄ᆞaކބԉٳᆃ၂ሙ่ࡱbೂݔބࢳ҂ൡֹ֒Ⴊրࠢսіದࠇࠢଖ၂҆ٳದđҀӊ҂ቀࠇؓӮჴᄯӮਔݝđླေഡ৫ሰࠢࠇੰഽٮ؟đᄵໃିડቀሙ่ࡱbࢤሢđ֒൙ದႋႵ߫گซ֥ࠏ߶đၛཨԢمჽሙᆭᅰθb 3a܄ᆞྟ๐ᆣ߶ᆭ๙ᆩ ၂֊مܲಪູॖၛಒಪࠢԚ҄ബҰᆭࢲݔ൞đބࢳ൞܄ᆞaކބԉٳ֥đ၇ऌֻ23ֻ่4ॻईྛᆞൔ๐ᆣ߶֥๙ᆩࣼ߶ؿෂ۳ࠢӮჴbູਔࢫസٮႨđࠢಒಪ๙ᆩა܄ᆞྟ๐ᆣ߶๙ᆩႵൈކؽູ၂b܄ᆞྟ๐ᆣ߶๙ᆩႋۡᆩࠢđ๐ᆣ߶ࡼູࠢӮჴิ܂၂۱ؿіఃܱႿބࢳࡹၰुم֥ࠏ߶đѩ๐౼ᄡӮࠇّؓބࢳ่ॻᆭܴׄބᆣऌb܄ᆞྟ๐ᆣ߶๙ᆩႋۡුّؓᆀđᄝ๐ᆣ߶ᆭభ֥ଖ၂ऎุರ௹ཟمჽ࠺ܲิࢌ૫ّؓၩđೂႵၩԛ༜๐ᆣ߶ᄵ၂ѩۡᆩb࣐ܵႵՎࠎЧჰᄵđໃิࢌ૫ّؓၩ֥ದᄝࠆ֤مჽྸॖൈ 74 Fed. R. Civ. P. 23(e)(2) committee note. - 25 -
ॖၛᄝ๐ᆣ߶ഈิԛّؓၩb 4a܄ᆞྟ๐ᆣ߶ ᄝ܄ᆞྟ๐ᆣ߶ഈđބࢳᆦӻᆀсྶᆣૼބࢳࡹၰ൞܄ᆞaކބԉٳ֥b֒൙ದॖၛ౨ԛᆣದaህࡅѩิࢌ࿆൛ቔᆣࠇᆣದᆣՍbّؓᆀބࠢӮჴၧॖၛԛ༜ѩቔᆣbّؓؓᆀӧඍܴ֥ׄൈࡗࣉྛཋᇅ൞ކൡ֥đႮ൞ؓཌྷّܴؓׄ҂ᄜ๐౼b 5aಪקބࢲં ࠧᄝ܄ᆞྟ๐ᆣ߶ᆭభࠇᆭൈໃԛགྷࠇޓഒԛགྷّؓၩđم္ܲсྶಒЌႵԉቀ֥࠺ቔູބࢳ֥ࠎԤbֻ23่ބمჽൌनေऎุಪקބࢳ൞ڎડቀࠇໃିડቀمקေb࠺ބಪקсྶཟگബمჽཁൕđمܲၘቓਔсေ֥טҰđѩᄝथקބࢳ൞ڎ܄ᆞaކ75ބԉٳൈॉ੮ਔ҂০ၭބཌྷܱၹbčĎఃҕაᆀᄝބࢳബҰᇏֹ໊֥ 1aࠢੰഽᄝބࢳബҰᇏֹ໊֥ սіࠢᆭੰഽڵᄳࡼބࢳۡᆩࠢսіದѩቋᇔۡᆩࠢӮჴbࠧᄝࠢսіದҐ౼ੰഽಪູݝେࠢӮჴ০ၭ֥৫ӆൈđੰഽၧႵᄳՖᆜุഈЌࠢ০ၭbࠢੰഽсྶބࠢսіದษંཟࠢิԛ֥ބࢳ่ॻbಖطđࢤ൳ࠇऋधࠢսіದᆭิၰѩ҂ିࠂ૧ੰഽ֥ၬༀđၹູఃсྶၛࠢᆜุ০ၭྛ൙bဢđࠢੰഽႋิྜمჽᇿၩၛ༯൙ൌğࠢսіದಪॖބࢳđੰഽՖᆜ۱ࠢԛؿಪູمჽ҂ႋሙބࢳb ࠢੰഽсྶᄝބࢳ๙ᆩაބࢳ๐ᆣ߶௹ࡗ߭ճটሱࠢӮჴ֥ิ໙bੰഽॖၛഡ৫ຩᅟၛؿ҃Ⴕܱބࢳ֥ྐ༏đЇওླྀၰಆ໓đѩؓࣜӈФ໙֥֞໙ีิ܂ࣜمჽሙ֥߭ճbੰഽߎॖၛഡ৫૧ٮ߅ၛิ܂ྐ༏đѩູࠢӮჴิ܂ࠏ߶აοᅶ൙༵ሙСݺ֥۲ᇕ໙ีճσ߭ճ֥ᆯჴࢌੀbԢਔሱ༢ᆭຓđ๙ᆩॖၛۡᆩӮჴཟࠢੰഽิ໙đѩิ܂࠷ྐֹᆶaԮᆇݼaሰႯࡱֹᆶࠇ߅ݼbᄝն؟ඔࠢӮჴᇾᄝ၂ֹൈđࠢੰഽބࠢսіದॖၛ߶Ӯჴѩཟఃࢳބࢳࡹၰ่ॻࠣఃުݔb ੰഽ൞مჽܱႿބࢳྐ༏֥ᇶေটჷbمܲႋಒЌੰഽ੫ྛఃԉٳ෮Ⴕླྀၰބࢳ֥ၬༀđЇওაఃੰഽࠇࠢӮჴղӮ֥ՖඋླྀၰđѩቔݺሙСࢳބࢳ൞ೂޅղӮ֥ࠣః܄ᆞྟაކྟ֥Ⴎbੰഽߎсྶॖି߶ؓࠢӮჴӁള҂০႕ཙࠇॖି֝ᇁࠢӮჴཚႵ҂܄րმ֥ླྀၰ่ॻbੰഽ๙ӈႋაمܲഅਈၛಒ৫၂۱ކൡ֥ബҰӱbੰഽႋิࢌބࢳ໓ࡱၛູࠣಒקईྛ๐ᆣ߶ರ௹aඪૼཟࠢӮჴؿෂ๙ᆩބܿקิԛၳၰᆭӱ֥مჽଁҤσbߎॖିေੰഽิࢌലૼၛඪૼၛ༯൙ཛğؿགྷ౦ঃaބࢳซҕაದദٺaܱႿੰഽٮ֥νஆაࢳࠣބࢳژކࠢቋࡄ০ၭ֥ჰၹbႋေੰഽބࢳᆺႵࠢսіದཚႵ֥ࢂৣࠇః০ၭb ᄝॉ੮൞ڎቋᇔሙބࢳࡹၰᆭ๐ᆣ߶ഈđੰഽсྶ၇ऌ࠺ᆣૼބࢳႋჍၛሙᆭႮbᆣૼᆭྟᇉބٓຶ౼थႿऎุσ౦đೂࠢӮჴ۱ದ০ݝܱ༢ᆭնཬđࠢଽ҆҂ᄡӮބࢳᆭದඔđཟࠢӮჴิ܂֥ࣷ࠶൞ڎູ၂োđֆσࡱ൞ڎൈղӮބࢳࠣჰۡބੰഽᆭࡗ֥ٳҵၳb 2aࠢսіದᄝބࢳബҰᇏֹ໊֥ مჽႋ۬ബҰࠢսіದؓބࢳࡹၰ෮ิԛّ֥ؓၩđᆃّུؓၩॖି൞ࣅᅦ֥ੰഽ-ग़ܱ༢֥ᆘᅸbބࢳ๐ᆣ߶๙ᆩॖၛඪૼࠢੰഽބࠢսіದᄝଧུބࢳ่ॻഈႵٳఆb࣐ܵࠢսіದऋधބࢳࡹၰॖି߶֝ᇁࠢੰഽ҂ཟمჽิࢌބࢳླྀၰđࠢսіದ҂ିֆڎथބࢳđหљ൞ᄝބࢳླྀၰၘิࢌمჽѩࠆ֤ఃሙൈbೂݔمܲಪקࠢսіದࡼః۱ದ০ၭᇂႿࠢ০ၭᆭഈѩቅଶؓࠢಆุӮჴႵ০֥ބࢳđمܲႋҐ౼сေծീđೂཟࠢؿෂބࢳࡹၰ๙ᆩࠇ౼ཨࠢսіದᆭሧ۬ࠇൈҐ౼ᆃਆཛծീb֒ࠢսіದᄡӮބࢳࡹၰطࠢੰഽಪູ҂ԉٳࠇ҂܄ᆞđႋᄍྸսіದࡼބࢳླྀၰิࢌمჽ 75 Manual for Complex Litigation, Fourth« - 26 -
ቔԚ҄ሙđطمჽॖၛؿ҃ईྛ๐ᆣ߶֥ଁb࣐ܵمჽ๙ӈ҂߶ሙੰഽໃิԛࡹၰᆭބࢳđაࠢսіದ၂ဢđࠢੰഽಃڎथࠢුහބࢳb 3aّؓᆀᄝބࢳബҰᇏֹ໊֥ ᄝمჽബҰބࢳࡹၰ่ॻൈđّؓᆀॖၛԉ֒၂۱ႵႨ֥࢘bಖطđّؓᆀᆭ০ၭބࠏაఃੰഽބ֒൙ದႵޓն҂bّؓᆀؓބࢳ൞ڎ܄ᆞaԉٳބކॖၛิ܂ᇗေྐ༏bᄝᅳԛބࢳࡹၰླေബҰࠣླေڿࣉᆭԩൈđّؓᆀၧିԉ֒၂۱Ⴕၭ֥࢘b২ೂđᄝ၂۱σࡱᇏđႮႿ၂۱ቆᆮّ֥ؓđބࢳླྀၰՖቋԚᆭੰഽࠆ֤ணӊࠎࣁᇏն҆ٳэӮᇶ76ေႮࠢӮჴࠆၭbಖطđଖّུؓၩॖିѩ҂ކൡđѩᆺ߶۳ّؓᆀࠣఃੰഽջট০ၭbࠧࡎᆴ٤ӈഒّ֥ؓၩ္ॖି߶۳ࠢބࢳᆭൌീջটυٮႨބᇗնӾbႮႿᄝബҰބሙࠢބࢳൈᇗᇗđࠧ၂۱ીႵ؟նඪڛ৯ّ֥ؓၩᆭ႕ཙၧॖିնႿఃࡎᆴbّ֥ؓࠏॖି൞ԛႿ০ط҂൞ູਔࠢބࢳႵᇗնڿࣉbمܲ૫ਢ֥็ᅞ൞ေٳᆴ֤ӫᄡّ֥ؓၩބູ҂֒ଢ֥طิԛّ֥ؓၩbӮۿֹބࢳቔਔႵ০Ⴟ֥ࠢྩڿّ֥ؓᆀ၇ऌੰഽٮሇ၍ᆦڱمࠇo܋ࠎࣁpંႵಃࠆ֤ੰഽٮbؓބࢳቔਔ҂ᇗေࠇልྟྩڿط۳Ⴭੰഽٮ߶ॺඖѩܝৣযႨّؓӱbu৳Ϲ൙ුහܿᄵvֻ11่ൡႨႿّؓᆀࠣఃੰഽѩႋᄝཌྷܱσࡱᇏ֤֞ൡႨb ໃ࿊ᄴԛ֥ޅࠢӮჴॖၛّؓؓࠢႵჿඏ৯֥ބࢳbބࢳᆭޅ֒൙ದၧॖၛّؓđ২ೂđބࢳടࠣᆭ܄ඳܢתb ّؓᆀႵൈҐ౼۱ದྛđಪູః҂ႋЇওᄝࠢקၬᆭᇏࠇႵಃࠆ֤҂ႿఃӮჴᆭބࢳ่ॻbԢ٤Ⴕྸ؟ࠢӮჴิԛਔোරၩđّؓᆀ۱ದޓഒିؓބࢳᆭᆜุކྟิ܂؟ഒྐ༏bᆺႵᆣૼّؓᆀᆭ৫ӆაఃӮჴᄝ൙ൌࠇمੰഈႵ෮҂ൈđҌିሙ۱ದ่ॻбൡႨႿఃࠢӮჴᆭ่ॻ۷ູႵ০֥ބࢳbೂݔေ҂րმّ႘ਔّؓᆀაఃӮჴᆭ৫ӆಒൌႵ෮҂đمჽႋॉ੮ᆃᇕ҂൞ڎླေഡ৫ሰࠢđࠇ൞ڎཁൕࠢקၬࠇބࢳ่ॻႵ҂ቀᆭԩbބࢳླྀၰᆭޅྩר๙ӈေႵ০Ⴟّؓᆀđ္ေႵ০ႿࠢࠇሰࠢఃӮჴbᄝၘࠆಒಪ֥ࠢᇏđّؓؓᆀ۱ದ۳Ⴭ҂րმсྶၛၛ༯ಪקູࠎԤğّؓᆀऎႵࠢᆭ܋หᆘđ္Ⴕ҂֥หׄđߎ҂ቀၛေഡ৫ሰࠢb ิԛّؓၩ֥Ⴎ္ॖၛ൞ࠢӮჴऎႵ܋໙ีđࠇ۱ದ০ၭބࠢ০ၭ߶൳֞႕ཙbᆺေّؓᆀႵ၂҆ٳྛູ൞սіࠢྛ൙đّؓᆀؓࠢӵքᆭၬༀაᆷקࠢսіႋӵքᆭၬༀোරbູਔٝᆸّؓᆀ০Ⴈّؓࠆ౼۱ದݺԩđೂݔّؓᆀࢤ൳֥ӊڱࠇః০ၭေбაఃႵোර౦ঃ֥ఃࠢӮჴ۷ູႵ০đمჽؓఃّؓၩᆭӜ߭ႋࣉྛബҰѩॉ੮ऋधሙb ҆ٳّؓᆀ෮ఏ֥ᇗေቔႨ֤Ⴕсေࣉྛ۷؟ؿགྷđࠆ౼ႮࠢੰഽބࠢսіದႚႵ֥ྐ༏đѩڮჍّؓᆀҕა܄ᆞྟ๐ᆣ߶֥ಃ৯bބࢳླྀၰᆭ֒൙ದ๙ӈႋॖၛࠆ౼ᄝࠢුහࢨ؍ࣉྛؿགྷ෮ࠆ֤ᆭሧਘđၛ՜ࣉࠢӮჴܙσࡱࡎᆴbّؓᆀॖିေࢺೆුහࠣؓބࢳ൞ڎԉٳࣉྛؿགྷbؿགྷႋᄝቋཬٓຶၛଽѩၛႵсေ่ູࡱđၹູؿགྷࡼӾބࢳđӁള҂ಒקྟđമᇀॖିᇶေ൞ູਔᆣૼّؓᆀႵಃࠆ֤ੰഽٮbمჽႋࡓّؓᆀᄝބࢳᆭު෮ࣉྛ֥ؿགྷđѩࡼఃཋᇅᄝิ܂ބࢳࡹၰ൞ڎ܄ᆞ֥ྐ༏ഈbمჽ҂ႋᄍྸؓބࢳซݖӱࣉྛؿགྷđԢ٤ႵԚ҄ᆣऌіૼթᄝކଔࠇః҂֒ྛູbᄝބࢳ่ॻ܄҃ၛުิ܂࿊ᄴԛࠏ߶đ҂ં൞ֻ၂Ցߎ൞ֻؽՑđॖିࡨഒཟّؓᆀิ܂ӱྟᆦӻ֥сေྟđࠇ၇ঠّؓᆀটࢣൕބࢳࡹၰᆭ҂ቀ֥сေྟbؿགྷބࢳ҂ऎႵ་ႄ৯֥ࠢӮჴॖၛ๙ݖԛࠢটЌሱദ০ၭb ؓࠢႵჿඏ৯֥ބࢳᆭّؓၩ֥Ӝ߭ླေࠆ֤مჽሙbೂݔّؓၩФӜ߭֝ᇁਔࠢބࢳ่ॻᆭྩڿđӜ߭߶Ф֒Ӯࠢބࢳᆭ၂҆ٳࢤ൳ബҰbೂݔّؓᆀ٢ఙّؓđ 76 Deborah R. Hensler et al., Class Action Dilemmas: Pursuing Public Goals for Private Gain 461–62 (2000) - 27 -
مܲႋቔטҰѩ࿘໙֒൙ದބّؓᆀ൞ڎႵაھӜ߭ཌྷ৵ᆭ০ၭൻෂࠇᄍ୶ൻෂ۳ّؓᆀࠇఃੰഽb࣐ܵ๙ӈ҂ିေّؓᆀ࿃ࡔӻఃၩđඳمטҰࠣऋधሙ෮໌Ֆඋླྀၰࠇଏൕࢳ߶ቅᆸّؓᆭ҂֒০Ⴈb ࠢӮჴླࢺೆࣼॖၛԛ༜ބࢳ๐ᆣ߶ѩิԛّؓၩbᄝईྛ܄ᆞྟ๐ᆣ߶௹ࡗđّؓᆀ҂ླࢺೆුහѩॖၛࣼఃّؓ൙ཛิԛഈුb၂֊ّؓᆀഈුđӱᆭ॥ᇅࣼႮഈු77مჽᅧbčੂĎބࢳࠎࣁᆭܵ ࠢބࢳླྀၰޓഒ߶Фሱᆳྛđᄝބࢳࠎࣁܵൈ߶Ӂള۲ᇕ໙ีbႵൈބࢳࠎࣁ߶၇ऌଖ၂หקѓሙᄝ۲ࠢӮჴᆭࡗࣉྛनٳࠇοᅶݝᆭӱ؇ࣉྛٳbՎൈđࠢӮჴॖିթᄝమᄝԊđၹູᄹࡆ၂۱ჰ֥ۡ০ၭ߶ࡨഒਸ਼၂۱ჰۡᆭ০ၭbೂݔބࢳܿקૄ၂ކ۬ჰۡॖၛࠆ֤ଖ၂ܥקணӊحđބࢳФۡᄝ҂ކ۬ᆭჰۡቋն߄ࠇࡨഒః౨ഈཚႵ০ၭb ࠢӮჴ๙ӈсྶิࢌಃ০ᇶᅦіđิ܂Ⴕܱ༥ࢫބఃྐ༏đၛьႿބࢳࠎࣁᆭܵbᄝնࠢුහᇏđі۬ࠣཌྷܱᆷൕॖି߶٢ᄝၹหຩഈđѩഡ৫ሰྐདࠇ૧ٮ߅ট߭ճሦ࿘bߎॖିေჰۡ၇ऌuૅݓمׅvֻ28ᅣֻ1746ࢫ๙ݖิ܂१ࠇ૫ᆣՍ֥ྙൔؓಃ০ࡆၛᆣૼđطေჰۡ๙ݖؿௐaಒಪࠇࣜࡀದ࠺֩ᆣૼఃಃ০္൞ކൡ֥b ಃ০і֥แཿࠣಃ০֥ᆣૼႋᄝсေٓຶၛଽط҂ିَ෫bູਔܵބࢳࠎࣁđمჽ҂ႋေჰۡิ܂აബൈಒ৫ணӊᄳཌྷඔਈބဢऎุ֥ᆣऌb၂Ϯಪູđࡗࢤᆣऌބܙ࠹ࠧડቀਔေbؓႿପུିᆣૼ൞ࠢӮჴđ҂ିࠇ҂჻ၩิ܂༥ࢫ֥ದđӵಪఃಃ০൞ކൡ֥bᆃᇕӮჴ๙ӈࡼࢤ൳ॖିුᆭቋ֮حb֒൙ದ๙ӈ߶ᄝބࢳླྀၰᇏܿקࠢӮჴླေิࢌᆭᆣऌ֥ඔਈބྟᇉbೂݔФۡᆭ࠺ିູބࢳࠎࣁ֥ٳิ܂၂۱ડၩ֥aьၒ֥ބሙಒ֥ٚمđᄵ҂ླေჰۡҐ౼ྛb ࠢੰഽႋࡹ৫၂ᇕӱၛ࠺෮൬֥֞ಃ০іѩࡼཌྷܱଽಸᇅӮі۬đႵܱνஆႋࠆ֤مჽ֥ሙbೂݔࠢܿଆնđі۬๙ӈ࠷ෂ֞၂۱৫֥ႯདطࠎЧྐ༏߶ೆ࠹ෘࠏbمܲႵൈᄝࣇႵഒඔದิࢌਔಃ০іൈေࠢੰഽაࠢӮჴ৳༢b࠷ෂ۬ൔྐࡱି߭ճটሱࠢӮჴ֥၂ུӈ໙ีđѩିᆷ֝۷ᆞ၂ུᄝแཿಃ০іൈࣜӈؿള֥հ༂bᆃུӱႋӮູބࢳࠎࣁܵᆭ၂҆ٳđၛቋնཋ؇ֹࡨഒު࿃࣯ٴb ബ࠹౼थႿσࡱ֥ྟᇉbුࣁحޓഒ֥σࡱ๙ӈၛࣜಒಪᆭಃ০іູࠎԤটࣉྛബ࠹bුࣁحंᇏࠇෛࠏԎဢטҰіૼႵ၂҆ٳුࣁحंᇏ֥σࡱॖିေࣉྛ߅טҰബ࠹ࠇაః࠺ࣉྛࢌҭނဒbුࣁحն֥σࡱॖିླေൌֹബ࠹ၛҰః൞ڎሙಒࠇ൞ڎႵ௺ᅊb 1aಃ০ܵದࠇหљᇶ൙ܲ مܲ๙ӈଁ၂ಃ০ܵದࠇหљᇶ൙ܲđѩᄝሙބࢳླྀၰ֥ଁᇏܿקఃᆯᄳbᆯᄳॖିЇওЌܵބࢳࠎࣁđܵٳӱѩࡓ࣌ᆭൌീbܵದࠇหљᇶ൙ܲߎॖି൳ກബҰಃ০౨ѩथק൞ڎӵಪണБӾߏaಌഒ໓ࡱᆣૼࠇၹఃჰၹطӁളਔၐ໙֥ಃ০bബҰಃ০౨ᆭหקӱॖିᆺཋႿബҰ෮ิࢌᆭҋਘđࠇॖିईྛ၂۱ჰۡބఃႵ০ݝܱ༢ᆭ֒൙ದॖၛԛ༜ѩิ܂აཌྷܱྐ༏֥๐ᆣ߶bಃ০ണБӱॖିᄍྸؓڎಪಃ০थקഈුbഈුॖႮ০ݝᆭ۱ದࠇህࡅቆđࠇᄝଖུ౦ঃ༯đႮمჽটബҰbܵದႋק௹ཟمჽิࢌБۡbᆃུБۡႋЇওၛ༯ྐ༏ğၘቔᆭٳđ෮ࠆᆭ০༏đӵಪࠣڎಪᆭಃ০đٳӱᆭࣉᅚđྛᆟٮࠣषᆦᆭ౨ބടࠣܵᆭః൙ཛb 2aໃٳᆭࠎࣁ ބࢳႋܿקໃٳࠇದਵ౼ᆭࠎࣁ֥ԩᇂbᆃᇕԩᇂླࠆمჽሙđ֒൙ದॖିམϜࠎࣁْߎ۳ބࢳФۡđᆦڱ۳ఃࠢӮჴࠇगང۳Ջቆᆮࠇ٤႓০ቆᆮbᄝْߎࠇၛః 77 Manual for Complex Litigation, Fourth« - 28 -
ٚൔԩᇂࠎࣁభđمჽႋԛԉቀ֥ൈࡗၛಞണਵ҂ࠣൈ֥ದభটਵ౼đѩॖିॉ੮ؿ҃ଁေЌھࠎࣁၛСໃটണਵb مჽޙمഈ֥ಃ০ॖିႨႿࢳथᄝބࢳࠎࣁ֥ܵᇏ๙ӈ߶ԛགྷླྀၰ่ॻॖିໃട֥ࠣః໙ีbᆃུ໙ีЇওğč1Ď߾aඵວaೞാྛູି৯aໃӮ୍ิԛුބഅြఒြࠇఃቆᆮᆭࢳ෮Ӂള֥႕ཙĠč2ĎބࢳࠎࣁᆭሧĠč3Ďੰഽٮބුහषᆦᆭਢൈ۳ڱࠇ҆ٳ۳ڱĠč4Ďԩᇂ၌ാࠇᅳ߭ᆦௐᆭӱb مჽބੰഽႋิۚࣞđᄝބࢳղӮᆭުॖି߶ႵದၛཟࠢӮჴิ܂oກ൬ڛༀp֥ٚൔࠆ౼ބࢳࣁ֥၂҆ٳbᆃᇕࠃॖିऎႵ௺ᅊྟđ߶ЉؠࠢӮჴཚႵ֥ބࢳ০ၭđѩ78߶ؓمჽ॥ᇅࠢුහੰഽٮ֥ି৯Ӂള҂০႕ཙb ੂaᆣಊࠢුහᆭ๙ᆩ č၂Ďࠢුහ๙ᆩᆭсေྟ ᄝႇૅمੰᇅ؇ᇏđޓᄪࣼಒ৫๙ᆩ൞ᆞ֒ӱᆭ၂҆ٳb1938୍๙ݖ֥u৳Ϲ൙ුහܿᄵvֻ23఼่ט๙ᆩᆭᇗေྟѩေᄝoᆇൌpࠢුහФѼ߭ࠇղӮຈླྀൈؿෂ๙ᆩbھေᄝ1966୍ؓ৳Ϲࠢුහܿᄵࣉྛྩרൈ֤ၛЌđѩေᄝֻ23ֻ่2ॻֻ3ཛᆭࠢුහ֤ၛಒಪൈࠣࠢුහބࢳൈཟࠢӮჴؿෂ๙ᆩbᄝ๙ᆩᆭᇗေྟࠆ֤ਔ௴ђಪൈđܱႿuཉمvྩᆞσֻ่ބֻඹ่ᆭᆞ֒ӱ่ॻ֥ࢳၘϜ๙ᆩิശ֞ਔཉمҪ૫đಪק๙ᆩ൞ᆞ֒ӱ҂ॖٳ۩֥ቆӮ҆ٳbᄝ၂۱ࠢුහσᇏđمჽ఼טਔ๙ᆩ֥ᇗေྟbمჽಪູཟֻ23ֻ่2ॻֻ3ཛᆭࠢӮჴؿෂ๙ᆩ൞ֻ23ֻ่3ॻֻ2ཛᆭ٤ሱႮҊਈ79ಃေbሱՖھσၛުđ๙ᆩᆭ఼ᇅྟᇉ֤ၛ࿃b Ⴕུંᆀಪູđ๙ᆩؓཬح؟ඔࠢුහӮჴطીႵ؟ഒགྷൌࡎᆴbՖགྷൌ֥࢘؇ुđᆀಪູ۱ದᄝුහᇏ֥০ၭཬၛᇁႿؿෂ๙ᆩݸၩၬbႮႿ০ၭཬđࠢӮჴ҂߶࿊ᄴԛѩิఏ۱ದුහbᄝྸ؟ཬح؟ඔσࡱᇏđ࿊ᄴԛੱޓ֮ࣼቀၛᆣૼᆃ၂ׄbᆀߎᇿၩ֞đՖࣜ࠶ٳ༅֥࢘؇টुđؿෂ๙ᆩၧ҂ᆴ֤ӫ֡bૌಪູؿෂ๙ᆩᆭυӮЧቀၛቅθิఏුහđᇀഒၧ߶ࡨഒࠢॖၛࠆ֤ᆭ࣪ணӊحطم۳Ӯჴջটཌྷႋ০ၭbؿෂ๙ᆩᆭӮЧؓႵᇗն০ၭ֥֒൙ದط൞сေ֥đն؟ඔཬح؟ඔσࡱᆭჰۡ҂ॖି߶ᇗ൪๙ᆩ෮ิ܂֥ྐ༏bቋުđᆀߎಪູᆞ֒ӱѩ҂ေمჽቔԛؿෂ๙ᆩᆭࢲંbૌಪູ۱љ๙ᆩᆺႵᄝ֒൙ದႵᇗն০ၭ҂๙ᆩ߶ೞാھ০ၭൈҌႵсေbᄝཬح؟ඔσࡱᇏđӮູුහӱ֥֒൙ದၩၬ҂bၹՎđٳ༅ࢲં൞đᆞ֒ӱѩ҂ေᄝބࢳᆭభཟཬحჰۡؿෂ۱љ๙ᆩbሹᆭđᆀ֥ܴׄ൞ཬحჰۡᆺླေ൬֞ݣ80Ⴕ၂ᅦᆦௐ֥ྐݦ๙ᆩbཁಖđᆃུંׄႵఃॖ౼ᆭԩbᄝն؟ඔཬح؟ඔුහᇏđၛࣁఫޙਈᆭ۱ದಃ০ັ҂ቀ֡đطࠢӮჴ๙ӈؓᆃུಃ০ၧ҂ܱྏb֒๙ᆩӮЧݖႿυቅθิఏුහൈđᆞ֒ӱಏေކمႵི֥ුᆭཨсྶϴႵ๙ᆩđᆃරެ൞؛֥bಞුහᄝ҂๙ᆩࠢӮჴ֥౦ঃ༯࿃ࣉྛරެ۷ݺđႮ൞๙ᆩᆭބࢳ۳ࠢӮჴջটਔ০ၭđᆃሹб۴ЧીႵބࢳေݺbᆃᇕઆࠠݖႿ఼טࢲݔط҂൞ٚمđ҂ቀၛڎקᆞ֒ӱᆭࠎЧေb၂ٚ૫đҀӊ൳ݝᆀaࣜ࠶ིੱބഡҳܲۿି൞ᇗေѩᆴ֤ӫ֥֡ଢѓđߎ҂൞ཉمေbਸ਼၂ٚ૫đཉمᆞ֒ӱ่ॻބمჽ২ၘૼಒđ҂ିၛᆃུᇗေंႿՖඋֹ໊ᆭଢѓ།വᆞ֒ӱေbՎຓđߎсྶॉ੮ුහᆭຓ֥၂ུଢ֥bॉ੮֞࿐ᆀ෮ิԛᆭoුහࡎᆴpđหљ൞ቍބҕაࡎᆴđࣼିुԛ҂ေؿෂ๙ᆩႵᇗಌཊbՖЧᇉഈඪđ҂ؿෂ๙ᆩ൞ؓුᇭႿمੰࣷ࠶ᆭڎקđᆃૼཁ߶ႄఏؓದ֥ቍ֥ܱᇿbࠢӮჴ߶مࣷᇹ 78 Manual for Complex Litigation, Fourth« 79 Eisen v. Carlisle & Jacquelin, 417 . 156 (1974) 80 Jonathan R. Macey & Geoffrey P. Miller, The Plaintiffs' Attorney's Role in Class Action and Derivative Litigation: Economic Analysis and Recommendations for Reform, 58 U. Chi. L. Rev. 27-33 (1991). - 29 -
Ⴟمჽѩؓఃಃ০ᆭҊؿಃbဢđ҂ؿෂ๙ᆩѩ҂ӵಪࠢӮჴ൞ුහᇏ֥၂ჴ߶81֝ᇁڎקӮჴႵಃീࡆ႕ཙࠇಞمჽᄝුහᇏॉ੮ః჻ຬbčؽĎ၇ऌֻ23่ܿקႋؿෂᆭ๙ᆩ ᄝၛ༯ᇕ౦ঃ༯ေཟࠢӮჴؿෂ๙ᆩğč1ĎᄝᆣಊࠢಒಪൈĠč2Ďᄝ֒൙ದิԛؓࠢႵჿඏ৯֥ބࢳࠇሱ჻ӜුൈĠč3Ď֒ੰഽࠇ֒൙ದิԛੰഽٮ౨ൈbֻ23ֻ่8ॻֻ1ཛေمჽᄝੰഽࠇ֒൙ದิԛ۳ڱੰഽٮၰൈđᆷൕఃၛoކ֥ٚൔpཟࠢӮჴؿෂ๙ᆩbᄝಒಪࠢුහѩԚ҄ሙಆุӮჴᆭބࢳൈđمܲ๙ӈࡼࠢಒಪ๙ᆩაބࢳ๙ᆩކؽູ၂đѩϜണ౨ੰഽٮ֥๙ᆩ္ବೆఃᇏbФಒಪູࠢුහѩؿෂਔ๙ᆩ֥σࡱđᄝުটղӮਔބࢳൈႋေਸ਼ྛؿෂ৫֥ބࢳ๙ᆩb ֻ23ֻ่3ॻֻ2ཛֻ2ଢབྷ༥ܿקਔ๙ᆩᇏсྶЇݣ֥ྐ༏đᇭೂුහ֥ྟᇉđࠢᆭקၬđුaᆚၰׄބॆѐbھܿᄵေ๙ᆩၛࡥֆၞ֥ეཿӮđѩࡥေطౢ༉ֹඪૼᇶေ่ॻbՎຓđᄝླေЌࠢӮჴൈࠇູਔුහᆭ܄ᆞࣉྛൈđمჽॖၛေؿෂ๙ᆩb࣐ܵ๙ӈ൞ఃᇏ၂۱֒൙ದሙСބؿෂ๙ᆩđ၂Ϯ൞ၛمჽ֥ၬؿෂb ܄ۡ๙ᆩႋഡ࠹ӮିܔႄఏࠢӮჴ֥ᇿၩ৯bᄝྸ؟σࡱᇏđႨ၂်ᆼؓေׄࣉྛۀওѩϜ۷བྷ༥֥ࢳᇅӮ၂۱৫֥໓ࡱ൞Ⴕၭ֥bѓีࠣщஆ۬ൔႋି་ႄᆀᇿၩ๙ᆩ֥ᇶေหᆘbᄝྐٿຓ૫ཿഈࡥ؋طႻିิ܂նਈྐ༏֥ଽಸࡥࢺିܔఏ֞ဢ֥ቔႨb໙ճൔିϺᇹᆀࠆ౼ྐ༏ѩᆷ֝ఃᄇگᄖ֥ࠢಒಪ๙ᆩbੰഽႋϜྐ༏щஆ֤ڶႵઆࠠđᆃିϺᇹࠢӮჴቔԛᇗေथקđೂ൞ڎ࿊ᄴԛaّؓބࢳࠇิԛ౨bੰഽႋაمჽษંࠢӮჴ൞ڎॖିླေ٤ႇ໓๙ᆩđࠇၛ٤Ⴏ࠷֥ٚൔؿෂbࠢӮჴֆ๙ӈູथקೂޅ࠷ෂ๙ᆩิ܂ਔቋࡄྐ༏b 1aࠢಒಪ๙ᆩ č1Ď๙ᆩؓའބٚൔbᆣಊࠢӮჴႵಃ࿊ᄴԛࠢුහbֻ23ֻ่3ॻֻ2ཛֻ2ଢေđؓႿᆣಊࠢුහđࣜݖކ୭৯ࣼିಒקࠢӮჴദٺൈđсྶؿෂ۱љ๙ᆩbؓႿ҂ିಒקദٺ֥ದđсྶ۴ऌσ౦ؿෂൌ࠽ॖྛ֥ቋࡄ๙ᆩb֒ᆩ֡ࠢӮჴ֥ྠބֹᆶൈđ๙ӈ߶࿊ᄴႯ࠷๙ᆩb Ϝ๙ᆩ٢ᄝॖିФࠢӮჴ٠໙֞ѩି৽ࢤ۷ູབྷ༥֥ࠢಒಪྐ༏֥ህຩᅟഈ൞۱љ๙ᆩ֥၂۱ႵၭҀԉbຩഈ๙ᆩॖିӮЧ֮৷đѩෛሢᄀটᄀ؟֥ದ၇ঠၹหຩࠆ֤ྐ༏طэ֤۷ູႵၭbຩഈ๙ᆩ֥ਸ਼၂۱Ⴊ൝൞đॖၛޓٚьֹᄹࡆު࿃ྐ༏đॖၛਙईුහݖӱᇏॖିؿള֥э߄ѩၛՎ๙ᆩࠢӮჴbဢđေӮჴՖຩᅟഈࠆ֤۷؟֥ྐ༏ିູఃࠆ౼ࠢބࢳ֥෮Ⴕྐ༏ิ܂၂۱ԉٳ֥ࣥbྸ؟مჽࡼຩᅟቔູࠢಒಪაބࢳ๙ᆩ࠹߃֥၂҆ٳb ೂݔࣜݖކ୭৯҂ିಒקࠢӮჴ۱ದദٺđࠇቔູః๙ᆩ֥ҀԉđᄝᄖᆽaБᆼࠇྛြྟ௹़ഈ֨ᄛ๙ᆩॖି൞сေ֥bᄝࣁವބمੰো௹़ࠇؿྛਈޓն֥Бᆼࣁವϱ֨ᄛ๙ᆩđॖିႵ၂ק֥ቔႨđྸ؟௴๙Ϥྠॖିु҂֞bಖطđᆃᇕ๙ᆩᄝଖུσࡱᇏđೂᆣಊ௺ᅊුහᇏ൞ႵႨ֥b၇ऌσ౦ಪקଖ၂๙ᆩ൞ڎކႮمܲሱႮҊקbೂݔުটؓࠢුහथᆭቅᆸིݔิԛਔၳၰđ๙ᆩᆭԉٳྟॖି߶Ӯູ၂۱ᆚၰׄb č2Ď๙ᆩൈࡗb๙ӈ౦ঃ༯đᄝࠢಒಪଁؿ҃ᆭުႋ৫ࠧཟࠢӮჴؿෂ๙ᆩbಖطđᄝ֒൙ದॹေղӮބࢳൈđ๙ᆩ֥ކӾॖି߶ᄹࡆބࢳ৯đѩх૧ࠢಒಪაބࢳٳљؿෂ๙ᆩbཁಖđᄝᆃུσࡱᇏđࡼࠢಒಪ๙ᆩᇀղӮބࢳᆭު൞၂۱௴ђ֥82ቓمbೂݔࠢಒಪଁྩڿުঔնਔࠢקၬđླေཟྍᄹ֥ࠢӮჴؿෂ๙ᆩbೂݔࠢ 81 Frank I. Michelman, The Supreme Court and Litigation Access Fees: The Right to Protect One's Rights, 1973 Duke . 1153-1175. 82 Thomas E. Willging, et al., Empirical Study of Class Actions in Four Federal District Courts: Final Report to the Advisory Committee on Civil Rules, Federal Judicial Center at 62(1996). - 30 -
ಒಪଁྩڿުஆԢਔଖུࠢӮჴđေॉ੮൞ڎླေཟ൳֞႕ཙ֥۱ದؿෂ๙ᆩđၹູૌॖି၇ঠࠢුහЌః০ၭbೂݔᇗگ๙ᆩބࣜӈؿ҃ଁ႕ཙࠢӮჴ০ၭđଁ֒൙ದႨၹหຩđหљ൞ህູЧσഡ৫֥ຩᅟđ൞ᄝॹэ߄֥ྙ൝༯ิ܂Ⴕིྐ༏֥၂۱หљ֮৷֥ٚمb č3Ď๙ᆩଽಸbೂݔࠢಒಪაղӮބࢳൈࡗཌྷđ๙ӈᆺླေ၂۱๙ᆩbֻ23ֻ่3ॻֻ2ཛֻ2ଢܿקđࠢಒಪ๙ᆩႋۡᆩࠢӮჴၛ༯൙ཛğුහ֥ྟᇉĠࠢࠣሰࠢᆭקၬĠၘಒಪᆭ֥ࠢුaᆚၰׄބॆѐĠమᄝࠢӮჴေஆԢࠇ࿊ᄴԛ֥ࠢಃ৯ĠࠢӮჴ๙ݖੰഽԛ๖֥ಃ৯Ġࠢथ֥ჿඏ৯bᄝֻ23ֻ่2ॻֻ3ཛᆭࠢᇏđ๙ᆩсྶඪૼࠢӮჴޅൈࠣᄸဢՖࠢᇏ࿊ᄴԛb сྶԉٳิ܂Чσྐ༏đၛьࠢӮჴିܔࣼҕა໙ีቔԛ၂۱ᆩ౦थקb๙ᆩႋЇওğࡥေඪૼ֒൙ದᆭ৫ӆĠಒקཌྷؓ֒൙ದaࠢսіದބੰഽĠඪૼ࿙ᆭࣷ࠶ĠࢳӮູӮჴބ࿊ᄴԛ֥ڄགა০ၭđѩ఼טمჽߎໃҊුb ๙ᆩᇏࣜӈڸႵ၂ᅦࡥֆطౢ༉֥࿊ᄴԛі۬bೂݔࠢಒಪაބࢳູ၂۱๙ᆩđႋऎุඪૼࠢࠇሰࠢӮჴ֥০ၭࠇ࠹ෘᆃᇕ০ၭ֥܄ൔđࠢӮჴཚႵ֥࿊ᄴࠣࣼ൞ڎᄝࠢᇏቔԛ၂۱ᆩ౦थקൈ෮ކླေ֥၂్ྐ༏bᄝࠢಒಪაބࢳູ၂۱๙ᆩൈđ࿊ᄴԛі۬ႋљႿಃ০ေіࠇԛ๖๙ᆩb č4Ď๙ᆩٮbᄝᆣಊࠢᇏđေಒಪࠢᆭ֒൙ದсྶ൮༵ӵքሙСބؿෂࠢಒಪ๙ᆩ֥ٮႨđЇওಒקࠢӮჴ֥ٮႨbಖطđࠢսіದЧದᆺླӵքაఃٺحཌྷ֥֒๙ᆩٮႨbࠢੰഽॖၛׇڱᆃུٮႨđѩॖၛࠆ֤ணӊቔູӊߎ่ࡱbࠢੰഽႋЌؿෂ๙ᆩ֥ሙಒطປᆜ֥࠺bᄝܙٮႨൈđᄝथުؓ๙ᆩ֥ԉٳྟิԛၳၰൈđᆃུ࠺ࡼؿߨቔႨb ᄝᆣಊࠢුහᇏđथקᄸဢࠣཟජؿෂ๙ᆩॖି߶Ӂളᆚၰb๙ᆩٚൔބٓຶടࠣٮႨ໙ีބؓ֒൙ದބࠢӮჴ൞ڎ܄ᆞ໙ีđѩॖିؓ၂ٚ֒൙ದࠇਸ਼၂ٚӁളݝb২ೂđࣜࡀದࠇࣁವࠏܒॖିӻႵྸ؟ࠢӮჴ֥ܢௐđࣇࣇཟᆃུࠢӮჴᆭսದؿෂ๙ᆩѩ҂ሹିડቀཟࠢӮჴؿෂԉٳ๙ᆩᆭေbಖطđࠢսіದՎൈ๙ӈିაФᆷקᆭࣜࡀದࠇࣁವࠏܒቔԛνஆđေުᆀࡼ๙ᆩؿෂ۳ࠢӮჴđࠇᇀഒཟఃิ܂ᄛႵ൳ၭ෮Ⴕದྠބֹᆶ֥ֆbೂݔФᆷקದ҂჻ၩ҂൞ුහ֒൙ದđمჽॖၛؿԛԮௐေఃิࢌࠢսіದॖၛщᇅӮႯ࠷ֆ֥࠺bೂݔσࡱቋᇔၛ഻ࠢුطᇔࢲđսіದᆦڱ֥ᆃུٮႨॖିႵಃՖၛ༯ࣥࠆ֤ӊߎğࠢࠆ֤֥ಆ҆ணӊࠎࣁĠܢௐႮࣜࡀದӻႵ֥ᆣಊӻႵದ෮ࠆ֤֥ணӊ҆ٳb ۱љ๙ᆩ๙ӈ۷ູކൡbೂݔ๙ݖކ୭৯҂ିࠆ֤Ӯჴ֥ྠބֹᆶđمჽсྶᄝੰഽ֥ླྀᇹ༯၇ऌσ౦টथקહ൞ൌ࠽ॖྛ֥ቋࡄ๙ᆩbॖ܂࿊ᄴ֥ؿෂ๙ᆩٚمႵğ܄ۡ๙ᆩĠຩഈ๙ᆩĠᄝࠢӮჴॖିࣜӈԛགྷֹ֥ٚᅦ์๙ᆩb ֒ࠢӮჴაܢתႵЇݣࠇᇗןܱ༢ൈđჰۡॖၛࡹၰ০ႨФۡ܄ඳᆭ২ྛႯࡱটؿෂ๙ᆩbФۡॖၛิԛၳၰđ০ႨఃႯࡱটؿෂࠢಒಪ๙ᆩॖି߶ؓఃᄯӮݝđമᇀॖିЉؠఃᄝuཉمvֻ1ྩᆞσᆭ༯֥ಃ৯bᄝᆃᇕႯ࠷ٚൔ෮౼֤ਔིੱބջট֥ڵքᆭࡗղӮޙ൞ޓᇗေ֥bᄝေФۡ০ႨఃႯࡱটؿෂࠢಒಪ๙ᆩᆭభđمჽႋေࠢੰ83ഽᆣૼಌഒॖྛ֥ఃٚمb2aބࢳ๙ᆩ ֻ23ֻ่4ॻֻ1ཛֻ2ଢေđᄝᆣಊࠢᇏđمჽႋิ܂ᆷ֝ၛཟ෮Ⴕ൳ބࢳࡹၰჿඏ֥ࠢӮჴؿෂކ֥๙ᆩb č1Ď๙ᆩ่ࡱbֻ23ֻ่4ཛܿקđᆺႵᄝބࢳؓࠢႵჿඏ৯ൈҌླေؿෂ๙ᆩbೂݔᄝࠢಒಪభ۱ದුၘބࢳđࠧࠢුФѼ߭ࠇӜ߭đ္҂ླေ๙ᆩbᄝקࠢ 83 Manual for Complex Litigation, Fourth« - 31 -
ഉໃФಒಪൈđห൹౦ঃॖି߶مჽീࡆཋᇅၛٝᆸࠢුහӱᆭযႨbمჽߎॖି၇ऌֻ23ֻ่4ॻֻ2ཛေཟקࠢᆭେӮჴؿෂ๙ᆩbಖطđᆃᇕ๙ᆩေ൞҂ӈ֥bمჽႋᄝ๙ᆩٮႨބުݔაᄝଖ၂หקσࡱᇏ෮ิ܂֥Ќླေᆭࡗࣉྛޙb č2Ď๙ᆩؓའބٚൔbֻ23ֻ่4ॻֻ1ཛֻ2ଢေၛކ֥ٚൔཟ൳ބࢳࡹၰჿඏ֥෮ႵӮჴؿෂ๙ᆩbࠧࠢӮჴᄝ൬֞ࠢಒಪ๙ᆩުၘ࿊ᄴԛđ֒൙ದၧॖିཟఃؿෂ๙ᆩđၛิ܂၂۱࿊ᄴࡆೆѩҕაބࢳࡹၰ֥ࠏ߶b ၂Ϯطđބࢳ๙ᆩႋၛაࠢಒಪ๙ᆩཌྷ֥ٚൔؿෂbᄝֻ23ֻ่2ॻֻ3ཛᆭࠢᇏđაࠢಒಪ๙ᆩ၂ဢđᆺေॖିࣼႋؿෂ۱љ๙ᆩbೂݔ۱љ๙ᆩ҂ॖିđᄵᄝၹหຩഈؿ҃๙ᆩđᄝБᅣᄖᆽഈ֨ᄛࡥ؋aႄದᇿၩ֥๙ᆩࠣؿ҃܄ۡॖି൞Ⴕูི֥սٚمđࠇ۷൞Ҁԉٚمb č3Ď๙ᆩൈࡗbᄝԚ҄ሙֻ23ֻ่4ॻᆭބࢳଁᇏđمჽ߶ູބࢳࡹၰ๙ᆩಒקൈࡗbଁࠣ๙ᆩႋಒקބࢳ๐ᆣ߶֥ൈࡗބֹׄđѩབྷ༥ܿק࿊ᄴԛaิԛၳၰѩԛ༜ބࢳ๐ᆣ߶֥ӱބൈࡗіbೂݔᄝԚ҄ሙࢨ؍ࣼؿགྷਔބࢳ่ॻᆭ໙ีđཟࠢؿෂ֥๙ᆩ๙ӈ߶Ӿ֞Ⴕࠏ߶ࢳथᆃུ໙ีᆭުb č4Ď๙ᆩଽಸb๙ᆩႋᄛૼބࢳࡹၰ่ॻđѩඪૼೂࠆሙࡼჿඏ෮ႵࠢӮჴbೂݔࠢಒಪଢ֥ࣇູބࢳđႋھ൙ൌbࠧၘิԛਔބࢳđ๙ᆩ္ေࡥඍჰটුaࣷ࠶ބॆѐđၛࠢӮჴିࣼ൞ڎ࿊ᄴԛቔԛ၂۱ᆩ౦थקb ๙ᆩႋЇওğࠢބሰࠢᆭࢸקĠౢԣֹඪૼࠢӮჴᆭ࿊ᄴಃࠣҐ౼ྛ֥ࢩᆸൈࡗĠඪૼބࢳࡹၰᆭᇶေ่ॻĠཟࠢսіದิ܂֥ห൹০ၭĠิ܂Ⴕܱੰഽٮ֥ྐ༏ĠඪૼູബҰሙބࢳطईྛ֥๐ᆣ߶ൈࡗބֹׄĠඪૼّؓބࢳ֥ٚمࠇ࿊ᄴԛ֥ٚمĠࢳބࢳࠎࣁٳބٳؿ֥ӱđೂݔބࢳູ҂ো֥ࠢӮჴิ܂҂֥ࣷ࠶đౢԣֹඪૼᆃུҵၳĠೂݔބࢳᇏЇও٤ࣁఫ০ၭđࢳ࠹ෘ٤ࣁఫ০ၭࡎᆴ֥ࠎԤĠิ܂ିࠢӮჴ࠹ෘࠇᇀഒ൞ܙ࠹ః۱ದணӊح֥ྐ༏đЇওܙ࠹ࠢބሰࠢնཬ֥ྐ༏Ġၛྜଢ֥ሳุѓૼࠢੰഽᆭֹᆶބ߅ݼѩඪૼೂޅሦ࿘b ᄝᆣಊࠢᇏđ๙ᆩࠣၹหຩᅟႋЇও࿊ᄴԛі۬b๙ᆩྶౢԣֹඪૼࠢӮჴႚႵ֥࿊ᄴಃđ࿊ᄴԛބᇶᅦބࢳ০ၭᆭࡗ֥ҵၳbೂݔၘथקਔಃ০ᇶᅦӱᆭ༥ࢫ҂ॖିؓބࢳิԛᇗնၳၰđಃ০ᇶᅦі۬ॖၛЇওᄝބࢳ๙ᆩᇏbಖطđ๙ӈ֥౦ঃ൞đᄝބࢳሙᆭభđّؓၩaބࢳ่ॻaٳބٳؿބࢳࠎࣁ֥༥ࢫഉໃࢳथbՎൈđಃ০ᇶᅦіᄝބࢳሙުҌٳؿbمჽॖၛᆷൕࠢੰഽࠇఃսದაପུଢ֥҂൞ޓౢԣ֥ࠢӮჴࢌੀđၛϺᇹఃࣼࡆೆࠇԛࠢቔԛ၂۱ᆩ౦थקѩಒЌࢲݔژކఃၩbֻ23ֻ่4ॻֻ2ཛᄍྸمჽ࿆ۡ࿊ᄴԛིđၛЌࠢӮჴ০ၭѩ՜ࣉුහᆭ܄ᆞࣉྛb č5Ď๙ᆩٮb֒൙ದ၂Ϯ০Ⴈބࢳླྀၰটܿקބࢳ๙ᆩٮႨbᆃུٮႨ๙ӈၛФۡഡ84৫֥ࠎࣁটӵքđࠇႮФۡӵքѩႮఃਸ਼ྛᆦڱணӊࣁbčĎuದᆣಊුහڿ۪مvᆭ๙ᆩܿק 1aཟࠢӮჴؿෂ֥ᄪ௹๙ᆩ ᄝิࢌුሑᆭರఏ20฿ଽđჰۡсྶཟࠢӮჴؿෂ๙ᆩbuڿ۪مvܿקᆭoᄪ௹๙ᆩp৫Ⴟֻ23่ܿקᆭޅ๙ᆩđѩсྶۡᆩࠢӮჴၛ༯൙ཛğč1Ďၘิఏ֥ໃथුහa෮ᇶᅦ֥ුބקࠢ௹ࡗĠč2Ďᄝ๙ᆩ़ؿᆭರఏ60฿ଽđק֥ࠢޅӮჴॖၛཟمჽิԛၰđေଁູקࠢᆭ൮༜ჰۡbھمᆭᄪ௹๙ᆩေቋᇗေ֥႕ཙ൞ࡼཨԢၹކѩࠢಒಪ๙ᆩބࠢބࢳ๙ᆩطӁള֥໙ีbၹՎđקࠢӮჴ၂षࣼႵࠏ߶ҕࡆුහѩ҂߶ປಆФ֓ᄝބࢳซӱᆭຓbԢਔؓᆞ֒ӱିӁളᆞ૫႕ཙᆭຓđᄪ௹๙ᆩߎି۳ࠢӮჴջটුහࡎᆴb 2aބࢳ๙ᆩଽಸᆭऎุေ 84 Manual for Complex Litigation, Fourth« - 32 -
۴ऌuڿ۪مvđิ܂۳ࠢᆭބࢳࡹၰࠇቋᇔބࢳсྶЇওၛ༯ଽಸğč1ĎၛሹحބૄܢࣁحູࠎԤඪૼބࢳླྀၰ෮ܿק֥ٳؿ۳ුහ֒൙ದ֥ࣁحĠč2Ďೂݔ۲ބࢳ֒൙ದࣼૄ၂ཛු഻ුൈ۳Ⴭჰ֥ۡૄܢनணӊࣁحղӮਔ၂ᇁၩđඪૼૄܢమᄝணӊح֥नඔĠೂݔ۲֒൙ದࣼૄ၂ཛු഻ුൈ۳Ⴭჰ֥ۡૄܢनணӊࣁحղ҂Ӯ၂ᇁၩđඪૼૄ၂ބࢳ֒൙ದᄝ҂ିղӮ၂ᇁၩ֥໙ีഈ֥ुمĠč3Ďೂݔޅބࢳ֒൙ದࠇఃੰഽཟمჽണ౨đေՖቔູބࢳླྀၰ၂҆ٳطࡹ৫֥ࠎࣁᇏ۳ڱੰഽٮࠇӮЧđඪૼଧུ֒൙ದࠇఃੰഽิԛണ౨đണ౨ੰഽٮބӮЧ֥ࣁحđЇওၛૄܢनඔູࠎԤ࠹ෘԛট֥ੰഽٮބӮЧၛࠣᆦӻੰഽٮބӮЧ֥ࡥေࢳĠč4Ď၂۱ࠇၛഈ֥ჰۡࠢੰഽսіದ֥ྠa߅ݼބֹᆶႋჍਙૼđطࠢӮჴႋॖၛކ৳༢ഈੰഽսіದđေః߭ճࣼބࢳ๙ᆩᇏ෮Їও֥ޅ൙ཛطิԛ֥໙ีĠč5Ďิ܂၂ٺࡥေඪૼđࢳ֒൙ದࡹၰބࢳ֥ჰၹb ཁಖđuڿ۪مvؓބࢳླྀၰᆭေჹჹۚႿֻ23ֻ่4ॻ֥ေbھمᆭေ҂ཋႿބࢳྙൔѩေซބࢳ֥֒൙ದษં၂ུ٤ӈᇗေ֥ၹbࠆ౼ᆃུྐ༏ཁಖ߶ࠢӮჴႵ۷ݺ֥ࠏ߶ࣼބࢳቔԛ၂۱ᆩ౦थקbಖطđᆃུྐ༏ॖି҂߶འھمఏҤದ௹ຬ֥ପဢႵႨࠇ߶ಆ૫ֹb২ೂđބࢳჰၹॖି߶ФඪӮ൞ູਔх૧થӉුහط҂൞ູਔ࣐ॹࠆ֤ੰഽٮࠣ࠻σࡱbܱႿσࡱॖିࢲݔᆭലૼđ֒൙ದޓॖିᄝࢌڱബൈࠢӮჴ෮ିࠆ֤ᆭணӊحഈၘղӮ၂ᇁၩbݸ҂అܯ֥൞đھணӊح߶აބࢳࣁحҵ҂؟b֒൙ದҠሺᆃུ൞ॖି֥đჰၹᄝႿᆃུ֥ྟᇉ߶֝ᇁ֒൙ದຒ౷Ⴕܱྐ༏ѩཋᇅࠢ85Ӯჴ෮ࠆᆭணӊbčඹĎࠢӮჴᆭ࿊ᄴԛಃ ᄝᆣಊࠢᇏđӮჴႋႵࠏ߶ࡼఃஆԢᄝුහᆭຓb࿊ᄴԛӱႋࡥֆđѩႋཟࠢӮჴิ܂ކ֥ൈࡗಞఃྛ࿊ᄴಃbمჽ๙ӈᄝႯ࠷ࠇ܄ष๙ᆩᆭު30-60฿ଽಒ৫၂۱ऎุൈࡗಞࠢӮჴ࿊ᄴԛbೂݔσࡱടࠣگᄖބࢳࠇᇗն۱ದුđࠢӮჴᄝቔԛ၂۱ᆩ౦࿊ᄴԛथקᆭభđॖିླေ۷؟֥ൈࡗཟੰഽࠇҍༀܤ໙ሦ࿘b๙ᆩᇏॖၛЇওູ༐ຬ࿊ᄴԛ֥קࠢӮჴሙС֥і۬Ġ๙ᆩႋౢ༉طࡥေֹࢳॖି֥࿊ᄴࠣఃުݔb๙ӈ౦ঃ༯đ࿊ᄴԛіႋཟمჽ࠺ܲิࢌđᄝնࠢුහᇏđمჽॖၛνஆ၂۱หקႯ࠷ֹᆶѩᆷק၂ႮੰഽௗႨѩཟمჽڵᄳ֥ܵದđႮఃӵքࢤ൳ّঌྐ༏֥ᄳđѩᇿૼ൬֞ྐ༏֥ൈࡗaࡼྐ༏ਙӮі۬ѩೆඔऌ९b مჽॖၛϜӾᆭ࿊ᄴԛ֒ӮႵིb႕ཙھथק֥ၹЇওӾჰၹđ൞ڎ൞ॖၛჰ֥ൿޭބ൞ڎ߶֝ᇁݝbಖطđᆺႵᄝݖാ҂൞ൌᇉ֥ࠇԛགྷਔᆞ֒ႮൈđҌॖၛູհݖࢩᆸರ௹ิ܂ࣷ࠶b࿊ᄴԛ௹ࢲඏൈࠢᆭֹ໊ႋ֤ၛಒקđၛಞ֒൙ದ۲ྛః൞bೂݔު௹ࠇః໙ีླေࣉ၂҄Ⴏ࠷๙ᆩࠇ܄ष๙ᆩđ௴ђӉቔԛ࿊ᄴ֥ൈࡗ൞ކൡ֥b ੰഽႋົӻབྷ༥࠺đၛ࠺ᄛޅದބޅൈၘ࿊ᄴԛbᆃུ࠺࠻൞ູਔ൯ֻ23ֻ่3ॻֻ3ཛđႻ൞ູਔٳބٳؿࠢුහ෮ࠆ֤֥ࠎࣁbೂݔࠢޓնđ๙ӈႨ࠹ෘࠏඔ86ऌ९đᆃ၂ׄᇀܱᇗေb aᆣಊࠢුහᆭੰഽٮაුහषᆦ č၂ĎҊקੰഽٮᆭ၂Ϯܿᄵ ੰഽٮണ౨ॖିቔູࠢބࢳᆭ၂҆ٳิԛࠇࠢුහӱࢲඏުਸ਼ྛิԛbمჽബҰބࢳൈႋബҰࠢੰഽٮ่ॻbᄝᇶေଢ֥൞ࠆ֤ணӊ֥ࠢුහᇏđބࢳซൈބࢳࠎࣁॖၛЇওࠢணӊحބੰഽٮb࣐ܵໃჍ࣌ᆸđൈซࠢࣷ࠶ބੰഽٮӁളਔమᄝԊb၂Ϯ࿊ᄴᄝੰഽٮղӮ၂ᇁᆭభؓࠢބࢳࣉྛ৫ซbھӱѩ҂ିປಆཨԢԊڄ 85 Darren Carter, Notice and the Protection of Class Members’ Interests, 69 S. Cal. L. Rev. 1147-1148(1996). 86 Manual for Complex Litigation, Fourth« - 33 -
གđೂݔٳࢨ؍ࣉྛซđੰഽсྶബരၛх૧ູਔࠆ౼۱ದݺԩطቔԛ႕ཙ֥ࠢಞ҄bೂݔٳљࣼބࢳࠎࣁაੰഽٮބුහषᆦղӮਔླྀၰđᄵсྶཟࠢbطđᆃਆгሧࣁႋुӮ൞ູਔࠢ০ၭطഡ৫֥ބࢳࠎࣁđѩႋؓቋۚੰഽٮቔཋᇅbಆ҆ࠎࣁॖၛႨটޙਈٳ۳ࠢބੰഽٮᆭ҆ٳ൞ڎކb࣐ܵمჽ҂ିᇗཿ֒൙ದླྀၰđمჽॖၛಪקٳ۳֥ࠢࠎࣁ҂ԉٳطٳ۳ੰഽ֥ࠎࣁ؟đߎॖၛᄍྸ֒൙ದᇗྍซླྀၰbمܲॖၛᄝ৫ܙੰഽٮ֥ࠎԤഈႵ่ࡱֹሙބࢳb ၛൌ࠽൱ჍࠢӮჴᆭ০ၭটҀӊੰഽ൞Ҋקੰഽٮ֥ࠎെbܱᇿ֥ࢊׄ൞ࠢӮჴ෮87ൌ࠽ࠆ֤ᆭࢲݔbھٚمၛࠢӮჴൌ࠽ࠆ֤ᆭႵྙ০ၭູభิbᄝбࢠੰഽ෮ണ౨ᆭੰഽٮބ൱Ⴭࠢᆭ০ၭൈđೂݔཟࠢӮჴٳؿᆭ০ၭ൞གྷࣁđᄵمჽᆭༀޓࡥֆbೂݔࠢӮჴࢤ൳֥൞٤ࣁఫ০ၭđᄵ۷ູگᄖbՎൈđمჽсྶथקᆃུ০ၭ֥ࡎᆴb٤ࣁఫ০ၭॖҐ౼၂༢ਙྙൔbᄝֻ23ֻ่2ॻֻ3ཛσࡱᇏđ٤ࣁఫ০ၭЇওᅼ२ಊaᅼ२ࠇᆣಊ֩bمჽϜᆃᇕ০ၭᆭܙაബҰቔູބࢳബҰᆭ၂҆ٳؓႿബҰੰഽٮണ౨٤ӈᇗေbೂݔބࢳཟࠢิ܂֥০ၭࣇࣇ൞ࠏྟ֥a҂ಒק֥đᄵၛႨૅჭܙ࠹ఃࡎᆴb مჽؓႿܿקࠢੰഽ٤ၛڄག൬ٮٚൔࠆ֤ੰഽٮᆭޅླྀၰႋࡆബҰbمჽႋऋधሙၛۚࠇ؎ֹܙ࠹ࠢӮჴ෮ࠆ০ၭູࠎԤ࠹ෘ֥ੰഽٮണ౨bေੰഽӵքބࢳൌࡎᆴѯڄག൞ކൡ֥đϷمႵၛൌᆦڱಆ҆ࠇ҆ٳੰഽٮđࠇӾੰഽٮᆭᆦڱѩၛൌ࠽ڱ۳ࠢӮჴൈ֥ൌࡎᆴູࠎԤ࠹ෘੰഽٮbᄝଖུ౦ঃ༯đمჽॖିؿགྷࠢ০88ၭ٤ӈऎႵࠏྟđၹՎمჽႨᆷѓ൬ٮمط҂൞б২൬ٮمটथקੰഽٮbᄝਸ਼၂ུσࡱᇏđمჽॖିնږ؇ࡨഒ֒൙ದؓࠢ෮ࠆ০ၭࡎᆴ֥ܙࡎđѩၛᆃᇕၘࡨഒᆭࡎᆴູࠎԤ࠹ෘੰഽٮbᄝടࠣಃ০ᇶᅦӱࠇٳ০ၭ෮ླൈࡗࢠӉ֥σࡱᇏđمჽ҂ႋၛѭ۳ࠢႨটડቀమᄝಃ০ေᆭሧࣁඔਈطႋၛൌ࠽൬֞ᆭ০ၭູࠎԤ࠹ෘੰഽٮb๙ӈ֥ቓ89م൞ӾܙੰഽٮđѩЌಆ҆ࠇ҆ٳੰഽٮđᆰ֞ٳӱಆ҆ປӮbčؽĎҊקੰഽٮ֥ਆᇕᇶေٚم ᆣಊࠢුහඋႿ܋ࠎࣁσࡱđࠧσࡱᄝބࢳࠇथൈࠆ֤ᆭணӊ൞ුහԷഡᆭࠎࣁđطھࠎࣁႮჰۡࠣఃੰഽ܋ٳཚb܋ࠎࣁσࡱႵਆᇕҊקੰഽ֥ٚمğб২൬ٮمބᆷѓ൬ٮمb 1aб২൬ٮم ՖൎഈुđੰഽٮՖ܋ࠎࣁᇏᆦڱѩο၂קб২࠹ෘđՎࠧб২൬ٮمbᄝӇ൫Ⴈᆷѓ൬ٮمުđधն؟ඔ৳Ϲഈුහمჽགྷᄝᄍྸࠇᆷֹ֝مჽᄝ܋ࠎࣁσᇏൡႨб২൬ٮمb ᄝൌᇏđᆷѓ൬ٮمၛൡႨđݻٮൈರđࢲݔ҂၂ᇁѩॖି൳֞ҠሺbՎຓđᆷѓ൬ٮمิ܂ਔුහᆭଽᄝ৯đѩੰഽೆ֥۽ቔൈࡗ؟bб২൬ٮمၧФᆷᄳູ؎ֹथקੰഽٮđหљ൞ᄝمჽሱൡႨଖ၂б২ൈb၇ऌб২൬ٮمҊקੰഽٮ๙ӈᄝࠎࣁ֥25%-30%ᆭࡗbݺࠫࡅمჽಒ৫ࠎሙб২đࡼଖ၂หקб২ࠇб২ٓຶቔູҕᅶđѩ۴ऌσ౦ഈטࠇ༯טb܋ࠎࣁσ۳Ⴭ25%֥ੰഽٮቋູׅbಖطđޅܥק֥ࠎሙб২൞؎֥đၹູః҂ିൡႨࠢුහ֥э߄bܥקࠎሙб২ࣜӈ֝ᇁ҂ିࠆ֤ணӊڄགཌྷؓ90ࢠཬ֥ࠢුහੰഽٮݖۚbၹطđᄝoऍσࡱpᇏđمჽࣜӈؿགྷбࠎሙб২֤֮؟֥б২൞ކൡ֥b၂ࡅمჽטҰؿགྷđᄝணӊحӑݖਔ1ၡૅჭ֥ࠢුහᇏđੰഽٮ෮ᅝб২ᄝ%%ᆭࡗbဢđႨ܄षᅱѓ࿊ᄴੰഽѩಒקੰഽٮ֥مܲؿགྷđႨՎٚمಒקᆭੰഽٮб২бഈඍБ 87 Fed. R. Civ. P. 23(h) committee note. 88 ࠧၛކٮᆭ۽ቔൈࡗӰၛॖൡႨᆭ൧ӆٮੱট࠹ෘੰഽٮ֥Ϸمb 89 Manual for Complex Litigation, Fourth« 90 Thomas E. Willging, et al., Empirical Study of Class Actions in Four Federal District Courts: Final Report to the Advisory Committee on Civil Rules, Federal Judicial Center at 60(1996). - 34 -
91֥֡20%-30%֥नඔေ֤֮؟bࠎሙб২ႋھॖၛնږ؇טᆜđᄝൡႨൈႋ൳֞ཋᇅđࠧᄝห൹σ౦іૼࠎሙб২۵ೆھσ֥ൈࡗࠇఃၹཌྷбཬࠇ؟ൈđႋࡆၛטᆜࠇၛᆷѓ൬ٮم౼طսᆭbֻ߭ബ৳ϹഈුمჽܱႿࠢੰഽ࿊ᄴᆭหљ۽ቔቆႿ2001୍ࡹၰمჽđх૧۬൯ࠎሙб২ѩ֤ԛਔၛ༯ࢲંğაथקࠢੰഽࠆ֤ކੰഽٮᆭޅఃٚمཌྷбđ۴ऌหק92σ౦ࣉྛטᆜᆭб২൬ٮمಯಖ۷ູႪᄀbᄝն܋ࠎࣁσᇏൡႨࠎሙб২ॖିӁളၩຓᆭҍbՎൈđ҆ٳمჽၘႨ߁ٮੱđෛሢࠎࣁܿଆᆭᄹնط༯טࠎሙб২đࠇႨᆷѓ൬ٮمb֒ࠎࣁܿଆၳެ࿙ӈᆭཬࠇൌ࠽֥܋০ၭޓಒקѩॖି൞ྴߘ֥ൈđॖିمൡႨࠎሙб২bหљ൞ᄝ܋০ၭ൞ၛᅼ२aᅼ२ಊa࿊ᄴಃࠇ࿆ۡྟࠇ࣌ྟࣷ࠶ൈđؓ܋ࠎࣁᆭࡎᆴၛܙđമᇀ܋ࠎࣁ൞ڎթᄝႵၐ໙đᆃ֝ᇁൡႨޅб২൬ٮمन҂ކൡbೂݔ҂թᄝሇಞᅼ२ಊᆭؽࠩ൧ӆđمჽॖၛಪູđᅼ२ಊᆭࡎᆴऎႵ༂֝ྟđѩ҂ቀၛӮູᆦӻੰഽٮ֥ࠎԤbၛ၂קб২ᆭᅼ२ಊቔູੰഽٮ֥၂҆ٳđॖିੰഽႵ৯ಒЌթᄝؽࠩ൧ӆđၛಞᅼ२ಊିэӮགྷࣁbቔູॖ܂࿊ᄴ֥ٚمᆭ၂đمჽॖၛӮჴൌ࠽ඁ߭ᆭᅼ२ಊ০ၭ֥၂קб২টҊथੰഽٮb֒܋০ၭνஆᄝໃটᆦڱൈđॉ੮ࡼੰഽٮᆭᆦڱაھໃটᆦڱ၂ఏࣉྛb ᄝᆣಊ௺ᅊσᇏđ҆ٳֹمܲၘҐႨ܄षᅱѓটϺᇹ࿊ᄴࠢੰഽѩิԛੰഽٮб২ࡹၰbఃದಪູđ܄षᅱѓაuڿ۪مv҂ژbՎຓđႵ၂ࡅ৳Ϲഈුمჽၘ܄षᅱѓ֥၂۱Ⴊ൝ࡨഒਔđၹູھمჽҊקđᄝσࡱषൈ෮ಒק֥ੰഽٮб২сྶᄝσࡱᇔࢲൈࣉྛگҰđگҰൈсྶॉ੮ҊथੰഽٮᆭԮၹb ܋ࠎࣁσᇏ֥ੰഽٮҊथᄝԚബمჽ֥ሱႮҊਈಃٓຶᆭଽđԚബمჽсྶॉ੮σࡱ֥หᆭԩb࿊ᄴଖ၂หקб২֥ჰၹႋབྷࡆඪૼđၛьഈුمჽگബbمჽႋؓཌྷܱၹࠣఃೂޅ႕ཙੰഽٮᆭб২ࣉྛඪૼbᄝҊथൈေॉ੮֥ၹ൞э߄֥đॖିЇওၛ༯၂۱ࠇၛഈၹğࠎࣁܿଆࠣൌ࠽൬֞ࣁఫ০ၭᆭӮჴඔਈĠᄝଁੰഽൈղӮ֥ܱႿੰഽٮࠇ࠹ෘੰഽٮб২ᆭޅࢳđູුහᇅקᆭޅყෘđࠇੰഽิၰࠇمჽܿק֥ః่ࡱĠޅླྀၰࠇࢳđЇওੰഽაఃग़ࠇఃੰഽᄝЧσᇏղӮ֥ՖඋླྀၰĠࠢӮჴؓࠢੰഽ෮ิԛ֥ބࢳ่ࡱࠇੰഽٮണ౨֥ޅൌᇉྟّؓၩĠੰഽᆭିაིੱĠσࡱ֥گᄖྟაӻ࿃ൈࡗĠ҂ିࠆ֤ணӊބᆦڱି৯֥ڄགĠੰഽᄝЧσᇏކٮᆭൈࡗđࠧੰഽٮҐ౼б২൬ٮمđ҆ٳمܲҐႨࣜྩᆞᆭᆷѓ൬ٮمটࢌҭނҰб২൬ٮم֥ކྟĠఃোරσࡱᆭੰഽٮb ᄝ܋ࠎࣁσᇏđб২൬ٮمႵൈޓഒॉ੮ੰഽ෮ٮᆭൈࡗbੰഽٮᆭൈࡗॖି൞ླေॉ੮֥ᇙ؟ၹᇏ֥၂۱b൙ൌഈđб২൬ٮم֥ଢ֥ᆭ၂൞ܝৣ࣐ᄪղӮބࢳѩ҂൞ေӲـڶႵིੱ֥ੰഽđၹՎಒЌႵି৯֥ੰഽ࿃჻ၩ൳ڄགնaσ౦گᄖ֥ුහࠣྍුහb၂Ϯটඪđቋ൳఼ט֥ၹ൞Է৫ᆭࠎࣁܿଆđၹູ܋ࠎࣁЧദࣼ൞Ӯۿ֥ѓሙđսіਔथקކੰഽٮᆭࠎԤb 2aᆷѓ൬ٮم مܲᄝ҆ٳ܋ࠎࣁσᇏҐ౼ᆷѓ൬ٮمࠇࢲކႨᆷѓ൬ٮمބб২൬ٮمbᇀഒᆷѓ൬ٮمᄝࢌҭނҰб২൬ٮم൞ႵႨ֥bҐႨᆷѓ൬ٮمđمܲေܙ࠹ੰഽᄝЧσᇏٮᆭൈࡗބٮੱđѩႨੰഽٮണ౨ದิ܂֥࿆൛ᆣૼބఃྐ༏b ֒ࠎࣁܿଆၳӈऍնൈđაб২൬ٮمཌྷбđᆷѓ൬ٮمॖି۷ކൡbᄝᆃུ၂ؽ֥ऍσࡱᇏđಒקੰഽٮб২đࠧҐႨ߁ٮੱđၧॖି൞؎֥đၹູಌكॖ܂бࢠ֥σࡱbაб২൬ٮم၂ဢđ၇ऌᆷѓ൬ٮم෮ಒקᆭੰഽٮႋᄝॉ੮หקσ౦֥౦ঃ༯ؓੰഽ෮ิ܂ڛༀ֥ކࡎᆴ۳Ⴭ܄ᆞҀӊb 91 See Laural L. Hooper & Marie Leary, Auctioning the Role of Class Counsel in Class Action Cases: A Descriptive Study, Federal Judicial Center at pt. VII(2001). 92 Third Circuit 2001 Task Force Report on Selection of Class Counsel, 74 Temp. L. Rev. 707(2001). - 35 -
ᆷѓ൬ٮمᄝٳؿູҀӊੰഽطഡ৫֥܋ࠎࣁൈၧॖି൞ކൡ֥ٚمđࠧᄝ၂۱ॴֹᆭކѩුහࠇնܿଆಃσᇏཟ൮༜ੰഽᆦڱੰഽٮൈॖၛႨᆷѓ൬ٮمb҆ٳσࡱॖିေᄝ҂֥ჰۡੰഽᆭࡗٳੰഽٮđೂФᆷקԉ֒ੰഽᆷ֝ჴ߶Ӯჴᆭੰഽބսіჰۡ۱ದ֥ੰഽႵಃࣼఃڛༀࠆ֤БԏbႮႿཟޅੰഽᆦڱҀӊ߶ࡨഒఃੰഽॖିࠆ֤ᆭҀӊđمჽᄝथק၂۱܄ٳٚσൈႋ୭৯ࢳथᆃུ҂ੰഽᆭࡗ֥Ԋb ҐႨᆷѓ൬ٮمႋၛੰഽ෮ٮᆭކൈࡗӰၛކٮੱটथקੰഽٮbٮᆭކൈࡗބކٮੱсྶႵԉٳ֥࠺ބఃކൡᆣऌቔູᆦӻĠၹՎđิԛੰഽٮണ౨֥ੰഽႋЌऎุބԉٳ֥۽ቔൈࡗ࠺bໃିൈ࠺ੰഽᆭ۽ቔॖିمჽࠆ֤ਔࡨഒੰഽٮ֥ԉٳႮbᄝܿଆหљն֥σࡱᇏđॖၛॉ੮ᄹࡆದ൭ၛബҰੰഽٮ౨đᅳԛᇗگa؟Ⴥࠇིݔ֥۽ቔđࠇ၇ऌu৳Ϲ൙ුහܿᄵvֻ54ֻ่4ॻֻ2ཛֻ4ଢଁหљᇶ൙ܲb ކ֥ٮੱ౼थႿ၂༢ਙၹđೂֹთđੰഽ֥ࣜဒaലუaᆳြ౦ঃaሧ۬ࠣ༝ܸྟ൬ٮbٮੱႋّ႘ੰഽᄝཌྷܱ൧ӆᇏ๙ӈᆭ൬ٮbᄝหљگᄖ֥ಆݓྟුහᇏđمჽႋॉ੮ູ෮Ⴕੰഽഡק၂۱ಆݓྟٮੱbu৳Ϲ൙ුහܿᄵvֻ54ֻ่4ॻֻ2ཛֻ4ଢᄍྸمჽᄝໃईྛٓຶܼ֥ٗᆣऌ๐ᆣ߶֥౦ঃ༯ഡ৫หљӱটࢳथੰഽٮ໙ีb ᆷѓ൬ٮمॖၛഈטࠇ༯טၛّ႘၂༢ਙၹđหљ൞Їওսіᆭᇉਈaູࠢᆚ֤ᆭ০ၭđ໙ีᆭگᄖྟބྍ႖ྟđ৯ᆦڱᆭڄགބᆦڱ֥Ӿbሙಒ࠹ෘေॉ੮௹ᆦڱ෮Ӂള֥ാđ္ྸߎЇও০༏bაགྷྛ০ੱбđൎ০ੱ๙ӈ۷ູሙಒđؓႿ௹ᆦڱ෮Ӂള֥ാႨགྷྛ০ੱࣉྛնᇁܙ࠹ၧ൞ᄍྸ֥bჰۡੰഽ൞ڎ߶ၹ௹ᆦڱڄགࡆնط93ႋᄍྸఃࠆ֤۷ۚੰഽٮ໙ีഉໃࠆ֤ࢳथbčĎؓمჽ၇ᆯಃҊथੰഽٮᆭ ۴ऌགྷྛ่໓đֻ23่Чദѩໃࡼथקੰഽٮቔູمჽ֥ၬༀb৳ϹمჽᄝҊथੰഽٮބුහषᆦൈ၇ऌ֥൞ಯᄝؿᅚ֥༵২bᄝᆣಊුහڿ۪భđمܲᆺିՖ၂۱ࡥֆჰᄵᇏࠆ֤ᆷ֝bھჰᄵေمܲथקཟࠢੰഽᆦڱᆭੰഽٮႋކđѩభิ่ࡱ൞ੰഽԷ৫ਔႵၭႿሧᆀ֥܋ࠎࣁbಖطđࠫެՖ1966୍ᇅקֻ23่ၛটđمܲބ࿐ࢸ၂ᆰoؓކpᆭݣၬᆚં҂ྨbཌྷؓႿੰഽᄝ၂۱ᆞӈᄎቔ֥൧ӆᇏ෮ିࠆ֤ᆭБԏđੰഽٮކĤཌྷؓႿੰഽၘປӮᆭ۽ቔࠇ٢ఙᆭ۽ቔđੰഽٮކĤཌྷؓࠢࠆ֤ᆭ০ၭđੰഽٮކĤཌྷؓႿੰഽᄝුහᇏӵք֥ڄགđੰഽٮކĤཌྷؓႿཟੰഽิ܂ކᆭሧ߭БၛܝৣఃഡҳܲսіФ௺ௌ֥ሧᆀิఏුහđੰഽٮކĤ طđمܲؓႋೂޅथקކ֥ੰഽٮၧ҂թᄝ၂ᇁुمb܋ࠎࣁم෮ಒק֥ીႵᆚၰ֥ѓሙ൞ğč1Ďمܲ҂ႋಞఃؓੰഽٮണ౨ᆭബҰဆэູoֻؽ۱ᇶေුහpĠč2ĎمܲсྶౢԣֹඪૼఃҊथᆭႮb࣐ܵഈුمჽᆺؓੰഽٮҊथᇏ֥যႨሱႮҊਈಃࣉྛگബđഈුمჽቋ࣍ၘيਔ၂༢ਙֹمჽҊथđཁಖഈුمჽಪ്֞ᄝ๐ബࠢӮჴؓੰഽٮҊथิԛᆭၳၰഈႵห൹ᄳđჰၹᄝႿੰഽٮ؟đᄵࠢӮჴᆭணӊ߶ࡨഒbՖགྷսࠢුහФᄎႨၛটđԚബمჽၘݖਆᇕٚمটथקੰഽٮ൞ڎކbඳمࠏܱؓᆃ94ਆᇕٚمनіൕാຬbمჽބંᆀनಪ്֞مჽ၇ᆯಃҊथࠢੰഽҀӊ࠻υႻᄝࡨഒսӮЧഈིੱbંᆀᆷԛđمܲᄝബҰੰഽٮണ౨ൈ࠻ಌكсေ֥ሧჷႻህြᆩ്bູਔੰഽٮކđمჽсྶᄝၛ༯൙ཛഈࠆ֤ሙಒྐ༏ğුහॖିᆭࢲݔđੰഽᆭሧđσࡱᆭބࢳࡎᆴđซᆭൎࠣ၇ऌᆷѓ൬ٮمܙੰഽڛༀࠇ၇ऌб২൬ٮمಒקڄག൬ٮб২ᆭఃၹbՎຓđଖུᇗေ֥ྐ༏ᄝੰഽປಆ॥ᇅᆭ༯boܙބࢳቋᇗေ֥ၹ൞ބࢳࠏ߶ᆭ95ൈࡗބᄝmซምഈn֥ބࢳࣁحbطمჽࠫެՖটીႵᅧႵܱᆃུၹᆭྐ༏bpࠢ 93 Manual for Complex Litigation, Fourth« 94 Lisa L. Casey, Reforming Securities Class Actions from the Bench: Judging Fiduciaries and Fiduciary Judging, 2003 B. Y. U. L. Rev. 1276-1277. 95 In re Oracle Sec. Litig., 131 . 688(. Cal. 1990). - 36 -
ੰഽ֒ಖ҂߶ሱ჻აمܲٳཚᆃུ൳֞ૡЌ֥ྐ༏b طđหљ൞ᄝුහᇔࢲުܙੰഽٮണ౨ൈđمܲ۷҂ି၇ঠ֒൙ದЧദิ܂Ⴕܱྐ༏bФۡ๙ӈၘၩؓႵܱੰഽٮണ౨ЌӻӦଏđѩၘၩᄝބࢳ໓ࡱᇏବೆཌྷ่ܱॻb҂ડ֥େࠢӮჴಌഒؓੰഽٮണ౨ิԛၳၰᆭྐ༏ބ৯đѩၧಌكቀܔ֥০ݝܱ༢ၛಞఃູࡨഒ෮ണ౨ᆭੰഽٮطቆᆮࠇௗ౨৫֥սದbେࠢӮჴᆭ҂ܱྏ൞ᇆ֥bၹՎđᄝσࡱᇔࢲബҰੰഽٮണ౨ൈđمჽ٢ఙਔؓॆᇅᆭေđطބࢳФۡޓഒิ܂હّؓၩbࠢӮჴၧޓഒ߶Ⴕહّႋࠇّؓ෮ണ౨ᆭੰഽٮbၧم๖ᆭႶሱ჻ิ܂ఃၩbหљ൞ᄝࠢӮჴّؓੰഽٮണ౨ൈđ෮ႵၹनႵ০Ⴟمჽሙđمܲॖି96߶ࢤ൳Ⴎၛభ൞ؓ൭֥֒൙ದ෮ิԛ֥ބࢳࡹၰbᄝුහᇔࢲൈđബҰੰഽٮണ౨֥مჽॖିߎ߶൳֞൙ު؎ᆭಠbၹູمܲބఃದ၂ဢđᄝ൙ުܙ൙భᆭॖିࢲݔႵđ҂ି၇ᆯಃ܄ᆞֹܙࠢੰഽٮണ౨ᆭކྟb֒ᆩ֡ਔࠢුහᆭࢲݔđ๙ӈ൞ᆷ֒൙ದซղӮᆭބࢳࣁحൈđمܲ߶ڿэఃؓބࢳᆭభ෮թᄝڄག֥ಪ്đหљ൞ࠢੰഽᄝුහषൈ෮૫ਢڄག֥ಪ്b২ೂđೂݔੰഽᄝمჽҊथѼ߭ුහၰᆭభࣼղӮਔބࢳđمჽॖିಪູੰഽႋࢤ൳бఃണ౨֥֮ੰഽٮđࠧބࢳ֝ᇁਔ၂۱ࣁحऍն֥܋ࠎࣁb၇ऌ൙ު؎đمჽॖିಪູھσᇏ֥ੰഽѩ٤૫ਢᇗ֥҂ିࠆ֤ணӊڄགbਸ਼၂ٚ૫đೂݔੰഽᄝФ఼ۡਛေѼ߭ුහၰّࠣؓࠢಒಪၰФمჽѼ߭ުაФۡղӮਔބࢳđࠧބࢳࣁحᆺᅝࠢ෮ᄥ൳ᆭാ֥၂ཬ҆ٳđمܲၧॖିౠཟႿ۳Ⴭۚحੰഽٮb၇ऌ൙ު؎đمჽॖିಪູੰഽᄝࠆ֤ھࢲݔൈၘቔਔޓն୭৯bֻؽ۱σࡱᆭੰഽᄝࠎࣁб২ഈമᇀᄝൌ࠽ࣁحഈॖିࠆ֤۷֥ۚੰഽٮđಖطđֻ၂۱σࡱᇏੰഽ෮ࠆ֤ᆭࢲݔཁಖؓࠢ۷ູႵၭbࣼمܲᄝුහᇔࢲൈബҰੰഽٮطđ൙ު؎ڿэਔؓσࡱڄག֥ಪ്đܥקӮЧੰഽᄝੰഽٮ֮ൈمᄝໃটิఏුහb ೂݔх૧ࠇࡨഒః႕ཙ֥ࠏᇅđ൙ު؎߶مܲ၇ᆯಃബҰੰഽٮ౨Ӂളದࠟ൭֥໙ีđѩ֝ᇁمჽ෮ቔᆭੰഽٮҊथაࠢބੰഽᄝුහषൈ෮ซղӮ֥ҀӊνஆႵޓն֥҂bمჽ۳ੰഽᆭҀӊ؟߶ݝେࠢӮჴđҀӊഒ߶ݝิԛ౨ᆭੰഽđѩࡨഒੰഽᄝໃটսіሧᆀࠢᆭ৯bථࡆৡمܲቋ࣍ؿіਔၛ༯ંğoᄝࠇಖ൙ࡱ֤֞ಒקၛުᄜটബҰڄག൬ٮླྀၰᆭުݔѩ࿆ӫః҂ކđႮ൞ੰഽࠆ֤ᆭБԏ؟طປӮᆭ۽ቔഒđᆃुఏটႵׄߙଂbᆃა࿆҃෮ܓᆭᇏࢂґௐིđႮ൞2ૅჭᆭ97ґௐࡎ۬ა100ຣૅჭࢂࣁᆭࡗࠞ҂ཌྷӫႵׄোරbp҆ٳ࿐ᆀಪູੰഽ൞ࣀࣀ࠹ࢠᆭఒြࡅ൳֞ࣀࣀ࠹ࢠᆭمჽ֥ჿඏđط҆ٳ࿐ᆀؓمჽር༥ബҰੰഽٮണ౨ᆭࠏิԛਔၐ໙b࣐ܵمჽ҂ൈіൕܱᇿ܄ᇙؓఃᄝᆣಊࠢුහᇏ෮ቔᆭੰഽٮҊथ֥ुمđ҆ٳᆀᇉၐمჽᄝჰۡੰഽ໙ีഈ֥ૹۋྟbϷປࠒσࡱᆭ৯ၧ߶՜҆ٳمܲࡥֆֹሙੰഽٮ౨bمჽ๙ӈᄝ൬֞ੰഽٮണ౨֥ൈ൬֞ሙބࢳᆭၰbೂݔمჽऋधሙࠢුහބࢳđᄵ၂۱گᄖބٮൈᆭσࡱಯᄝمܲರӱіഈb૫ਢሢᄀটᄀ؟֥σࡱđֹمჽ๙ӈޓഒႵ৯ധೆฐษᆚၰ൙ཛđ߶ၛ൳ದቍࣣᆭمܲᄝఃσࡱᇏ෮ሙᆭোර่ࡱটࢳथᆃུ൙ཛbቋުđᆞೂ҆ٳمܲၘฌੱӵಪ֥ପဢđمჽѩ҂ିՖҊथੰഽᆭҀӊഈࠆ֤હু౿bݸၐ໙đ၂໊مܲᄝંੰഽٮᆚၰൈіղਔྸ؟م֥ܲၩđಪູҊथੰഽٮ൞෮Ⴕॖၛམའ֥ුහোᇏቋഒ۳ഠ߶ջটݺԩᆭුහbᄝᆃུҊथཋᇅބொᆭ༯đૼಒႨࠎሙб২ၘӮູمჽҊथੰ98ഽٮᆭ๙ྛቓمࣼݸ҂అܯਔb 96 Susan P. Koniak & George M. Cohen, In Hell There Will Be Lawyers Without Clients or Law, 30 Hofstra L. Rev. 129(2001). 97 Gisbrecht v. Barnhart, 535 . 789, 811 (2002) 98 Lisa L. Casey, Reforming Securities Class Actions from the Bench: Judging Fiduciaries and Fiduciary Judging, 2003 B. Y. U. L. Rev. 1278-1280. - 37 -
čඹĎڄག൬ٮ֥ݺԩაअཋ ࣐ܵսંಪູࠢӮჴބࠢսіದ҂߶Ⴕֹིࡓࠢੰഽđѩم๙ݖࠢੰഽᆭӵ୶টࢆ֮սӮЧđھંၧࡌഡଖུ൬ٮᇅ؇ॖၛቅᆸੰഽᆭࠏ߶ᇶၬྛູbڄག൬ٮ൞ॖၛࡨഒսӮЧ֥၂ᇕ൬ٮᇅ؇bᆺႵࠢᄝσࡱᇔࢲൈႵਔ൬ၭੰഽҌॖၛࠆ֤ੰഽٮđڄག൬ٮ๙ݖھٚمੰഽؓුහᆭࢲݔႵਔᆰࢤ০ၭđѩੰഽ০ၭაࠢ০ၭႿ၂ᇁb֒ಖđੰഽᄝҐ౼ڄག൬ٮൈᆩ֡၂֊ग़ϧුđުᆀྶؓః෮ิ܂֥ڛༀᆦڱٳ໓đၹط߶ေࠆ֤აӵքھڄགཌྷႋ֥ၮࡎb၂໊مܲᄻࣜࢳ֡ğo֒ಆ҆ੰഽٮ౼थႿσࡱ൞ڎ഻ුൈੰഽေࠆ֤ၮࡎbၮࡎ൞ؓσࡱϧුൈمࠆ֤ੰഽٮᆭҀ 99ӊbp࣐ܵڄག൬ٮࢲܒေ഻ුσࡱᆦڱၮࡎđڄག൬ٮνஆႵֹིࡼੰഽᆭҀӊაࠢුᆭଁᄎ৳༢ᄝ၂ఏđၹطग़ିࢆ֮ࡓӮЧb ڄག൬ٮ֥҆ٳ໙ีᆺႵࠢුහҌႵđః໙ีѩ٤ೂՎbڄག൬ٮ൞ڎކᄝޓնӱ؇ഈ౼थႿੰഽ෮ӵք֥ڄགbಖطđੰഽ๙ӈؓσࡱ൞ڎି഻ුᅧਔ۷؟ྐ༏b҂֥ग़ॖିؓුහڄགਔࢳ҂؟đၹطၛࣼս่ॻቔ၂ᆩ౦थקbطđੰഽູਔࣉྛුහсྶᄝభ௹ೆൈࡗބሧࣁbੰഽᆭభ௹ሧđೂఏුభ֥טҰaఏҤුሑaࣉྛؿགྷ֩đ߶႕ཙग़߭Бđѩॖၛקᆃུሧ߶ᄹࡆग़ڞ০b҂ܵᄸહဢđੰഽؓුහ߭БᆺႚႵ҆ٳ০ၭđᄝුහᇏ֥ሧ෮ࠆ০ၭѩ٤ಆ݂҆ੰഽཚႵbၹՎđڄག൬ٮ֤ੰഽႵ৯࿊ᄴބࢳط҂൞थbބࢳॖၛಒЌੰഽᇀഒࠆ֤҆ٳੰഽٮĠೂݔੰഽၩബھσѩϧුđᄵఃࡼ߶ാᄝЧσഈ֥ൈࡗᆭࠏ߶ӮЧࠣఃูग़ׇڱ֥ၘٮᆭුහषᆦb ჰۡੰഽॖିߎႵބࢳࠢුහᆭ۷ն৯bࠢුහ๙ӈᄝ൙ൌഈބمੰഈбᆺႵਆ۱֒൙ದ֥ුහေگᄖđᆃᇕුླေೆ۷؟֥ൈࡗബభषཧ߶۷նbॖၛקࠢੰഽ߶ӵք۷؟ڄགၛߐ౼۷ն߭БbಖطđࠢੰഽᄝંഈбႚႵᆣಊቆކ֥ׅࠢӮჴၧ۷ညذڄགbੰഽೆ֥ൈࡗބሧࣁᄀ؟ࣼ߶ᄀညذڄགđޓॖି֝ᇁݝࠢ০ၭbູਔࠆ֤ੰഽٮބුහषᆦđੰഽິّුࡎᆴቋն߄ᆭܿᄵطބࢳࠢු֥৯ޓնbᆃᇕԊᆭնཬߎ౼थႿమᄝුහषᆦ֥؟ഒࠣුහิఏᆭمთଽ֥مჽ෮Ⴈ֥Ҋקੰഽٮ֥ٚمb ࠫެॖၛड़קФۡ߶ิԛၛಆ҆మᄝணӊحᆭ၂҆ٳቔູބࢳࣁđՎൈੰഽაࠢᆭࡗ֥০ၭԊ߶э֤٤ӈઐِbႮႿູࠢࠆ֤۷ն߭Бླေೆ۷؟ൈࡗބࣚ৯đᆃ߶֝100ᇁੰഽ߭Бੱ༯ࢆđੰഽॖିิԛ၂۱ິّࡎᆴቋն߄ܿᄵ֥oьၒބࢳpbࠧ๙ݖුහ෮ࠆ֤֥ணӊحေ֤ۚ؟đੰഽሧ߭Бߎ൞ॖି֮Ⴟބࢳđหљ൞ᄝॉ੮ാᆭࠏ߶ӮЧൈ۷൞ೂՎbੰഽᆭڄགொݺ҂ႿࠢᆭڄགொݺđࠢӮჴၧ҂߶ࡓࠢੰഽđၹطੰഽѩ҂߶ၛቋႵ০ႿࠢӮჴ֥ٚൔࠇӱ؇টथקЧσᆭೆbᄝቋࠞ؊֥౦ঃ༯đࠢੰഽ߶აФۡކଔѩᄝුහᄪ௹ၩࢤ൳၂۱ьၒބࢳၛߐ౼۷؟ੰഽٮb ֒ಖđჰۡੰഽซղӮ֥ᆺႵਆٚ֒൙ದ֥ބࢳၧթᄝս໙ีbग़๙ӈၛࡎੰഽؓුහڄགᆭܙ࠹ࠇੰഽิԛ֥ބࢳࡹၰbग़ၧ҂ॖିᄝ҂ٮսࡎ֥౦ঃ༯ఃੰഽ൞ڎҐ౼ਔႵི֥ซҦࠇ൞ڎ૨bಖطđੰഽҐ౼ࠏ߶ᇶၬྛູ֥າགᄝࠢුහᇏ۷ູࣅ௧đၹູჰۡੰഽᄝބࢳซᇏ๙ӈ҂აޅoग़pഅਈbੰഽᄝුഈथק101ຈླྀࠣაФۡซބࢳൈಆᄝoπདpᇏҠቔđࠫެໃູग़ҕაࠇࡓิ܂ࠏ߶bᄝग़ࡓൈđੰഽॖିᄝซሱ֥࠭Ҁӊط҂൞ࠢ০ၭഈ۷ູછ৯b ऎႵڊՏၩ֥൞đuڿ۪مvॖି߶ࡆჰۡੰഽղӮьၒބࢳđჰၹᄝႿݓ߶ڿ۪ުህᇿႿᆣಊුහᆭჰۡੰഽ෮૫ਢ֥ڄགэնbੰഽᄝھمၛުิఏᆣಊࠢුහсྶ 99 Pennsylvania v. Del. Valley Citizens' Council, 483 . 711, 735-36(1987) 100 See Bruce L. Hay, Asymmetric Rewards: Why Class Actions (May) Settle for Too Little, 48 Hastings . 479 (1997). 101 See Geoffrey C. Hazard, Jr., The Settlement Black Box, 75 . L. Rev. 1257(1995). - 38 -
ೆ۷؟֥ൈࡗބሧࣁטҰුaఏҤුሑѩؿෂᄪ௹ුහ๙ᆩđФۡсಖิԛѼ߭ුහၰđՎൈුහିڎ࿃༯ಀ૫ਢ۷ն֥҂ಒקྟđطුහൈࡗ߶۷ӉbՎຓđࠧੰഽᄝิࢌුሑᆭభೆਔնਈሧჷఏҤਔ၂ٺޓݺ֥ුሑđੰഽؓః൞ڎ߶Фଁູ൮༜ੰഽၧ؟նϜb ᄝuڿ۪مvᆭުđჰۡੰഽӮჴؓᆣಊࠢුහڄགэն߶ႵޅّႋĤੰഽॖିᄝ࿊ᄴσࡱൈ߶۷ࣈരđѩᆺսପུࠆ֤ணӊᆭॖିྟޓն֥σࡱটཋᇅఃӵք֥ڄགđೂᆺսႵܼٗБ֡ބᆟکטҰ܄ඳໃӁ֥௺ᅊσbੰഽॖିၛַॆބࢳᆭႺࠈđᇀഒᄝ҆ٳσࡱᇏ߶ິّࡎᆴቋն߄ܿᄵѩࢆ֮ࠢӮჴ߭Бb္ྸੰഽ߶๙ݖิఏ۷؟ුහটٳڄགbੰഽ҂࿊ᄴᄝֆ၂σࡱᇏٮ۷؟ൈࡗބሧჷၛьࠢӮჴࠆၭط൞࿊ᄴิఏྸ؟ුහđૄ၂۱ුහᆺቔቋ֮ඔਈᆭሧđၛ௹ຬഒਈුහ߶഻ුѩӁളնਈੰഽٮbᆃᇕ102ྟ࿊ᄴࡨഒਔࠢੰഽᆭڄགໃି۳Ф௺ௌ֥ሧջটቋնணӊbčĎׇڱුහषᆦᆭ҂ၩ 1aׇّؓڱුහषᆦᆭႮ ۲ᇜܱႿੰഽׇڱුහषᆦᆭ֣֡ܿᄵّႋԛఃМުᆭᆟҦթᄝԊbֻ၂đׇڱුහषᆦടࠣԮഈؓᇹහྛູ֥ܱᇿbೂݔੰഽཟग़ิ܂ሧࣁѩ௹ຬՖුහ൬ၭᇏӊߎđᄵھࢌၞॖିၞֹФಪູ൞ࣜݖਔࡥֆເልᆭࠆ౼ුහ০ၭ֥ྛູbཟग़ิ܂ሧࣁބܓઙුහ০ၭᆭࡗᄝۿିഈႵোරྟđหљ൞ᄝग़ԩႿࣜ࠶ൈ௹Ⴕোරྟbᆃ൞ၹູԩႿൈ௹֥ग़๙ӈᆺିႨුහ൬ၭӊߎվॻb ੰഽׇڱුහषᆦႄؿֻ֥ؽ۱໙ี൞đದૌքྏੰഽ߶০Ⴈิ܂ሧࣁᆭӵ୶ট՜ग़ௗႨھੰഽbھ໙ี֥ൎ۴ჷ൞࣌ᆸሧᇹದුහbׇڱුහषᆦФुӮ൞ੰഽᄝቔ൧ӆ࿆Ԯᇏ֥҂ކൡྛູđაԮഈّؓੰഽᆘᅱग़၂ဢᄥ֞ྸ؟ದّ֥ؓbھ໙ีགྷᄝѩ҂ᇗđၹູᄝuཉمvֻ1ྩᆞσ֥Ќ༯đੰഽቔਔնਈ࿆Ԯࠃbಖطđࠧᄝࣂ฿đ҆ٳمჽؓੰഽׇڱුහषᆦᄝمੰڛༀ࿆Ԯᇏ֥႕ཙಯۋ҂νb২ೂđᄝ၂۱σࡱᇏđૡ༆༆бቋۚمჽؿԛਔၛ༯ࣞۡğᄍྸੰഽูग़ᆦڱളࠃٮo߶Ӂള҂ކൡ֥σࡱᆚؠᅞ103ѩсಖ֝ᇁದૌࣉ၂҄ጠ߮൙ඳمᇅ؇bpّؓੰഽׇڱුහषᆦ֥م൞đੰഽაఃग़ᆭࡗ֥ࢌၞႵӑᄀᆯြܱ༢ࢸཋ֥າགb֒ੰഽࢹఫ۳ग़ൈđթᄝੰഽᄎႨఃᅏಃದಃ৯طݝग़ᆭາགbھາགჷሱࢹվࢌၞЧദbೂݔੰഽ၇ऌᆯြܱ༢ؓग़ീࡆࢠն႕ཙđթᄝੰഽᄝվॻᇏࡆೆ҂܄ࠇЉཤྟ่ॻ֥າགbնࡅ௴ђಪູվॻ߶ؓੰഽაग़ᆭࡗ֥ܱ༢ᄯӮڵ૫႕ཙb֒ੰഽ൞ᅏಃದൈđఃؓσࡱᆭ႕ཙ߶ᄹࡆbᄝࠞ؊౦ঃ༯đᄝग़ໃିοੰഽၩᆽྛ൙ൈੰഽॖି߶ຯཽग़ေఃߎॻbᆃᇕྛູაग़ط҂൞ੰഽູුහսᆭଢѓקטѩቔᇗေᅞथקᆭࠎЧჰᄵ҂ژbೂݔग़ິჿđߎॖିӁള۷ᇗ֥໙ีbग़ໃିӊߎվॻൈđੰഽॖିၹՎط҂ಣྏູఃѐbဢđੰഽေӊߎվॻൈđग़ॖିၛཌྷྐѩ၇ঠੰഽᆭࡹၰބӴၩbᄝᆯြܱ༢ေੰഽਔࢳग़ᆭࣜ࠶ሑঃ֥༥ࢫൈđग़ॖି҂჻ၩაၧ൞ᅏಃದ104ᆭੰഽᆩ֡ᆃུ༥ࢫđಌكग़ྐ໙ี߶หљᇗbվॻ۳ग़֥ਸ਼၂۱మᄝາག൞đੰഽࠆ֤ӊߎᆭ০ၭॖି߶႕ཙఃؓЧσᆭ؎b২ೂđੰഽॖିؿགྷఃሱദಌكሧࣁѩ௹ຬվॻିॹ၂ׄӊߎbᆃॖିੰഽݖႿಣᇓބࢳЧσđࠇᄝఃഉໃቔݺԉٳሙСൈࣼิࢌمჽബbဢđੰഽᄝӊߎվॻഈ֥০ၭॖି֝ᇁఃؓग़ଢѓҐ౼ݖႿ༮ᅎ֥ुمbੰഽॖିࡼग़ଢѓ۬ཋᇅᄝࣁఫഈđطग़ॖିߎܱᇿః০ၭđೂ۱ದቍaሱݷࠇ༐ຬх૧ᇅᄯࠇࡆखग़۱ದܱ༢ࠇഅြܱ༢ഈ֥ؓॆb 102 Lisa L. Casey, Reforming Securities Class Actions from the Bench: Judging Fiduciaries and Fiduciary Judging, 2003 B. Y. U. L. Rev. 1269-1274. 103 Mississippi Bar v. Attorney ., 671 So. 2d 1293(Miss. 1995) 104 Geoffrey P. Miller, Payment of Expenses in Securities Class Actions: Ethical Dilemmas, Class Counsel, and Congressional Intent, 22 Rev. (2003). - 39 -
෮Ⴕᆃུၹაੰഽཟఃग़ؿ٢վॻཌྷԊbಖطđః၂ུၹၧіૼᆃᇕࢌၞѩ٤ሹ൞൳ߋ႒b 2aᄡӮׇڱුහषᆦᆭႮ ੰഽ๙ӈ࠻൞അದႻ൞ህြದൖbᄝଖུσࡱᇏđೂݔᄍྸࡼഅြܱ༢ބᆯြܱ༢ࢲކđᄵੰഽބग़ᆭԩन߶۷ݺbႮႿੰഽؓఃग़֥൙ༀਔࢳޓ؟đᄝഅြࢌၞᇏಸၞࠆ֤ྐbੰഽބग़ᆭࡗ֥അြܱ༢ၧႵᇹႿੰഽ০ၭაग़০ၭЌӻ၂ᇁbೂݔੰഽؓࢌၞѓ֥ۋྖ౿đුහࢲݔ࠻ॖၛቔࣁఫքЌႻॖၛቔᆯြքЌb طđੰഽॖିԩႿཟఃग़ׇڱሧࣁᆭቋࡄ໊ᇂbग़๙ӈoႚႵp၂۱ޓܙࡎᆭمੰුđ২ೂđग़ॖି൞۱ದഄݝσᇏ֥ჰۡđطФۡิԛᆞ૫ॆѐđؓग़൳֥֞ഄݝٓຶބӱ؇ิԛၳၰbՎൈđࠧھුႵࡎᆴđग़ॖିؿགྷఃޓࠇ҂ॖିၛఃቔᇉѓ֥طࠆ֤վॻđၹֻູٚվॻದ҂ॖିሙಒܙఃුbՎຓđࠧႵି৯ܙσࡱđྸ؟ֻٚվॻದđೂၿྛ҂ॖିၛුᆭໃটࡎᆴቔᇉطؿ٢վॻb֒ੰഽཟग़ؿ٢վॻൈᆃུ໙ีࣼ҂ପહᇗđၹູੰഽਔࢳग़ᆭුѩႵି৯ܙఃࡎᆴbൌ࠽ഈđੰഽॖି൞ग़ື၂ିࢹ֞ఫ֥ದb ದ֡ᇶၬၧᄡӮੰഽׇڱුහषᆦbුහ൞υ֥đ၂ϮᆺႵᄝ֒൙ದ֥൙౦э֤٤ӈᄦൈҌ߶ුᇭුහbၹՎđුහᇏ֥֒൙ದࣜӈ૫ਢࣜ࠶bग़ॖିၛᆦڱఃֹٜӁַվॻđచӚվॻࠇݙሰ֥࿐ٮbग़മᇀॖି૫ਢӁbੰഽაग़ᆭࡗ֥ܱ༢ࠎЧഈ൞၂ᇕᆯြܱ༢đѩ҂ஆԢႵ౦ӮٺbၹՎđᄝఃϺᇹটჷiiၿྛaࡅ๖aழႶࠇਣं҂گթᄝൈđቅᆸੰഽཟ૫ਢᇗᆭग़ิ܂ࣅࠤჱᇹරެ൞ݖႿৢb ࣌ᆸཟग़ؿ٢վॻᆭ۬ܿᄵၧॖିაၛ༯҂ॖڎಪ֥൙ൌ҂ژğੰഽൌ࠽ഈᄝն؟ඔսσࡱൈཟఃग़ิ܂ਔྐႨb২ೂđԢ٤ग़ิభ۳ڱௗ౨ٮđੰഽ๙ӈᄝᄅଌေఃग़ڱॻbࠧग़οൈڱॻđੰഽᄝ֒ᄅิ܂֥ڛༀൌ࠽ഈᄝڛༀರაڱॻರᆭࡗཟग़ิ܂ਔྐႨbطđग़ѩ٤ሹ൞οൈڱॻb֒ग़Ӿڱॻൈđੰഽ࣐ܵ҂჻ၩсಖ߶Ӯູग़֥ᅏಃದb֒ੰഽҐ౼ڄག൬ٮൈđᆃᇕ౦ঃࣼ۷ູૼཁbՎൈđᄝσࡱࢳथᆭభੰഽൌ࠽ഈࡼఃڛༀվ۳ਔग़đචٚૼϢđೂݔग़ࠆ֤ਔணӊᄵႋᆦڱڛༀٮbՖۿିഈٳ༅đᆃུ౦ঃ֤ᄝն؟ඔσࡱᇏੰഽაग़ᆭࡗཞᅏಃದ-ᅏༀದb ᄍྸੰഽཟఃग़ิ܂ሧࣁᆭቋު၂ཛႮ൞đᆃུࢌၞ෮ട֥ࠣᆟҦ໙ีൌ࠽ഈ௴ђթᄝbᄝཟఃग़ؿ٢վॻഈ෮ؿള֥ੰഽაग़ᆭࡗ֥Ԋ൞ᆯြܱ༢ᇏ҂ॖх૧֥໙ีb࣐ܵمੰބ֣֡नေੰഽӮູ၂۱ݺ֥սದބᇑӴ֥൳ກದđੰഽაग़ᆭࡗ҂ॖх૧ֹթᄝ০ၭԊbᆃུԊᄝҀӊੰഽ໙ีഈႭఃૼཁbೂݔҐႨοൈ࠹ٮđնࡅᆩ֡թᄝၛ༯າགğੰഽ߶۽ቔঘđቓ၂ུ҂сေ֥۽ቔࠇമᇀໃቓ۽ቔၧေ൬ٮbೂݔҐႨڄག൬ٮđᄵթᄝၛ༯າགğੰഽ߶࣐ॹބࢳھσၛᇀႿணӊحഒႿ۷୭৯ුහ෮ିࠆ֤ᆭணӊbੰഽაग़ᆭࡗ֥ࢹվܱ༢෮စള֥໙ีᄝޓնӱ؇ഈթᄝႿսܱ༢ᆭᇏbսܱ༢აੰഽބग़֥ࢹվܱ༢ᆭࡗ֥ҵљѩ٤భᆀթᄝԊބາགطުᆀીႵbਆᆀ֥љᄝႿੰഽაग़љ࿊ᄴᆺ֤ࢤ൳مੰս෮Ӂള֥໙ีđطᄝੰഽ൞ڎၧԉ֒ग़ᆭվ105ॻದ໙ีഈ؟ඔಒႵః࿊ᄴb ϖaૅݓᆣಊࠢුහؓݓ֥ఓൕ č၂ĎቋۚದمჽஆԢࠢුහᆭჰၹٳ༅ ऌ၂໊ҕაఏҤuܿקv֥ದൖࢳđஆԢࠢුහ൞ၹູᆣಊ൧ӆ၂֊ؿಃྛູđ൳ݝ֥ሧದݖႿஔնđಃྛູބಃྛູದສສ҂൞ֆ၂֥đሧದ္҂ॖିఏුປಆཌྷ֥ФۡĠૄ۱ሧದ൳֞ݝ֥౦ঃބൌ࠽ാޓཌྷĠߎၹູଢభݓીႵো 105 Geoffrey P. Miller, Payment of Expenses in Securities Class Actions: Ethical Dilemmas, Class Counsel, and Congressional Intent, 22 Rev. -65(2003). - 40 -
රૅݓ֥ᇏࢺࠏܒؓඔၛຣ࠹֥ሧದࠣఃാࣉྛ֨࠺ބ࠹ෘđࣇ၇ौದمჽປӮ܄106ۡaؓಃ০ದ֨࠺ၛࠣಃ০ದ࿊ᄴࡆೆුහބൡႨҊ֩۽ቔđ൞҂གྷൌ֥bႵ֥࿐ᆀᆷԛđھದൖսіمჽ෮۳֥Ⴎᆴ֤അb൮༵đᆞၹູᆣಊಃணӊσࡱඋႿಕุ࣯ٴđҌႵсေॉ੮ൡႨห൹ුහٚൔbఃՑđಃྛູದ҂൞ֆ၂֥đૌສສڵႵ৵ջᄳđᄝᆃᇕ౦ঃ༯đࠧሧದીႵఏුປಆཌྷ֥ФۡđمჽູਔҰૼ൙ൌđٳౢᄳđສສ္߶ሔࡆӵք৵ջᄳ֥ಃྛູದູුහ֒൙ದbঃ࣐ॖି၂Ցྟࢳथཌྷ֥࣯ٴ္൞ුහࣜ࠶֥ေbᄜՑđૄ۱ሧದ൳֞ݝ֥ാෙಖ҂đႮႿགྷᄝ෮ႵܢௐࢌၞनᄝଷᇏФ࠺ᄝσđᆺေᅧਔܢௐࢌၞ֥ൈࡗaඔਈaࡎ໊đᄝ༢ڄགหק֥౦ঃ༯đࣉ၂҄࠹ෘ۱ದാႋ҂ቓ֞bቋުđႮمჽֆؓඔၛຣ࠹֥ሧದࠣఃാࣉྛ֨࠺ބ࠹ෘ֥ಒ൞၂۱ஔն֥۽ቔđᄝܵ༪ܿᄵหק֥౦ঃ༯đೂ҂ҐႨಕุුහٚൔطҐႨֆුහࠇ܋ුහ֥ٚൔđෙಖхषਔ֨࠺֥ઐِđॖх҂ष֥൞նਈႵሢཌྷ൙ൌ໙ีބمੰ໙ี֥σࡱđمჽေؓૌٳљ৫σaቆӮކၰ๖ࣉྛബđఃൌ࠽۽ቔਈᆭބѩ҂֤ࣼб֨࠺ഒbॖđمჽ෮۳֥҂Ґࠢුහ֥ႮࠞఃֆЊđമᇀ107ॖၛඪ۴Чࣼ҂Ӯ৫b1aمੰჰၹٳ༅ Ֆمੰഈٳ༅đದඔ҂ಒק֥սіದුහაࠢුහ༻ࢤ؇նbᄝݓགྷྛ൙ුහمܿק֥෮ႵුහٚൔᇏđຸႵದඔ҂ಒק֥սіුහაૅݓ֥ࠢුහቋູཌྷ࣍bਆᆀෙႵཌྷරྟđҵљ္൞ૼཁ֥b ֻ၂đҕࡆුහ֥ٚൔ҂bᄝૅݓൔࠢුහᇏđჰۡ൞෮ႵФಃದđᆺေФಃದᄝࠢුහ๙ᆩު҂࿊ᄴԛđఃࣼ൞ჰۡᆭ၂đࠧၛཨࠞٚൔҕࡆුහbط၇ऌݓ൙ුහم֥ܿקđᄝದඔ҂ಒק֥սіದුහᇏđ္ေ๙ݖمჽ֥܄ۡބ֨࠺֥ٚൔჰۡಒק߄đીႵҕࡆمჽಃ০֨࠺֥đ൪ູ҂ҕࡆුහbၹՎჰۡ൞࿊ᄴࡆೆđࠧၛࠒࠞٚൔҕࡆුහđѩ҂൞෮Ⴕಃ০ದ߶࿊ᄴࡆೆb ֻؽđුහսіದ֥࿊ԛࠣಃ৯҂bૅݓ൞Ⴎمჽथקࠢුහ֥൮༜ჰۡބ൮༜ੰഽđսі෮ႵჰۡҕࡆුහbૌႵಃࣼᆜ۱֥ࠢಃၭაФۡซđᄝؓ෮ႵࠢӮჴؿෂ๙ᆩުđႵಃაФۡބࢳࠇԩٳჰ֥ۡಃၭđྶࠆ֤مჽሙbݓුහսіದބੰഽ൞ჰۡሱྛ࿊ԛđದمჽॖၛაҕࡆ֨࠺֥ჰۡࣉྛླྀഅၛ࿊ԛුහսіದđथקಃbᇀႿੰഽᄵႮුහսіದௗႨđದمჽ۷ીႵथקbطුහսіದބੰഽೂݔીႵఃಃ০ದ֥หљ൱ಃđ҂ିაФۡބࢳࠇԩٳఃჰ֥ۡಃၭb ֻđथࠇބࢳൡႨ֥ٓຶ҂bοᅶૅݓࠢුහܿᄵđఃथࠇބࢳൡႨႿ෮Ⴕಃ০ದbݓսіದුහ֥थᆺൡႨҕࡆුහ֥ದbໃҕࡆුහ֥ದᄝൈིଽิఏුහđمჽॖҊקൡႨھथđໃิఏුහ֥ಃ০ದಃൡႨbཁಖđໃҕࡆمჽ֨࠺ӱ֥෮Ⴕಃ০ದ҂֤߶ᄝൈིଽิఏුහbᇀႿބࢳᆺିჿඏၩބࢳ֥ಃ০ದb ֻඹđمჽ֥ಃཋ҂b۴ऌૅݓࠢුහܿᄵđᄝمჽಒಪࠢුහުđ෮Ⴕಃ০ದᆺေఃໃૼಒіൕ࿊ᄴԛđෙໃሱิఏුහđمჽ္ၹࠢුහطࠆ֤ؓ෮Ⴕಃ০ದ֥ಃ০ၬༀ֥ܵ༪ಃbݓ൙ුහܿקđದمჽѩ҂ၹսіದුහطࠆ֤ؓఃໃิఏුහ֥ಃ০ದ֥ಃ০ၬༀܵ༪ಃbᄝᆣಊ൧ӆಃ൙ணӊුහᇏđପུીႵᇶᅦ൙ුಃ֥ੀ๙ܢܢתđದمჽ҂ି఼ᇅྛܵ༪ಃĠؓ٤ੀ๙ܢܢתđᄵ۷ၛྛb ದඔ҂ಒק֥սіದුහაࠢුහ֥ᇗնљ൞ݓ൙ුහم෮ૼಒܿק֥đቋۚದمჽ֥ඳمࢳᆺି۴ऌགྷႵمੰࡆၛႄണطಃၩڿэࠇԷᇅمੰbၹՎđ๙ݖඳمࢳႄࣉૅݓ֥ࠢුහ؇ࠞնđ఼ྛູᆭđᄵႵᄀಃമᇀິمᆭཀb֒ಖđᆃ൞ 106 ࡉໂğuೂޅࢳsܱႿബᆣಊ൧ӆྴࡌӧඍ൙ணӊσࡱ֥ۄܿקtvđuದمჽБvđ2003୍1ᄅ22ರđֻ3ϱb 107 ࡴڃaӧڞႧğuંᆣಊ൙ಃணӊσࡱ֥ුහٚൔvđuᆟمંฆv2004୍ֻ3௹đֻ78်b - 41 -
ࣼ۬ᙡ൯ཉمಒ৫֥ಃ৯ॿࡏطđఃൌݓགྷࢨ؍ᆃٚ૫ၩ്ѩ҂൞ޓ఼đၹՎᆃ၂ᅰθѩ٤҂ॖჇᄀbቋۚದمჽᄝمੰીႵૼ໓ܿק֥౦ঃ༯ࣉྛඳمࢳമᇀopمੰ֥ܿקࣉྛඳمࢳ္҂൞ીႵ༵২buܿקvֻ7่ᄹࡆਔuᆣಊمvֻ63่ܿק֥൙ᄳᇶุᇏીႵ֥ᆣಊഈ൧ࡩದބൌ࠽॥ᇅದࣼ൞၂২b ቋۚದمჽಪູđҐႨૅݓ֥ࠢුහࢳथݓᆣಊ൧ӆಃ൙ணӊ࣯ٴđીႵم108ੰ၇ऌbھჰၹරެ҂ᆇൌb۴ऌቋۚದمჽሱ֥࠭ඪمđuܿקvoแҀਔݓمੰഈ֥ॢϢpbၹՎđᆺေቋۚದمჽ჻ၩđแҀӱഈ֥ॢϢၛࡹ৫۷ູႵ৯֥ࠢුහྙൔѩ٤൞હܴഈ֥bطࠧᄝݓ൙ුහمૼൕ൱ಃٓຶၛଽđuܿקvఏҤᆀၧໃ࿊ᄴದඔ҂ಒק֥սіದුහbुটđஆԢࠢුහਸ਼Ⴕၹb 2aࣜ࠶ჰၹٳ༅ Ֆࣜ࠶ഈٳ༅đݓᆣಊ൧ӆഉໃሼປԚԷࢨ؍đཌྷؓႿӮඃ൧ӆಯඋႿྍྖ൧ӆbݓᆣಊ൧ӆऎႵၛ༯หׄğն؟ඔሧᆀ൞۱ದሧᆀط٤ࠏܒሧᆀĠն؟ඔഈ൧܄ඳ൞ࣜݖڿᇅު֥ݓႵఒြط٤ದ܄ඳĠഈ൧܄ඳն؟ඔܢٺ൞ໃഈ൧֥٤ੀ๙ܢĠܢௐٳো၇ऌ൞෮Ⴕಃބഈ൧ֹط٤ಃ০Чദ֩bቋۚದمჽ၂໊ҕაݖuܿקvఏҤ֥مܲለ໓ᆷԛđૅݓ֥ࠢුහൡႨႿݓᆣಊ൧ӆಃ൙ணӊσࡱđᇀഒଢభթᄝਆնᅰθđࠧ109൧ӆ่ࡱ҂ऎСބمੰ่ࡱ҂ऎСbč1ĎܢЧܒӮಌཊbھمܲᆷԛđᄝၛݓႵሧӁູᇶ֥൧ӆ่ࡱ༯đҐႨႵᇅభิ༯֥ࠢුහٚൔࣉྛ൙ணӊđᄵޓॖି߶ഠ߶ᇶၬ൧ӆࣜ࠶֥ࠎԤؿളဨbᆃᇕքྏѩ٤ીႵ֡đّ႘ਔԮනົđູਔЌݓႵҍӁđୡ჻ᇅקਸ਼োܿᄵđၛᇀႿ།വ܄a܄ᆞބᆞၬbᆃᄝ2001୍֥ݓႵܢࡨӻᇏіགྷ֤ႭູૼཁbᄝݓႵఒြڿᇅഈ൧֥ݖӱᇏđݓႵܢ൞ၛ၂ჭ၂ܢ֥֮ӮЧ౼֤֥đطഠ߶܄ᇙܢ൞ၛၮࡎᇀϖП֥ۚӮЧܓઙ֥đᆃ൞oൎ֥҂܄pbགྷᄝႻࡼӮЧ၂ჭ၂ܢ֥ݓࡅܢοࠫჭമᇀࠫჭ၂ܢ֥൧ӆקࡎٚൔԛ൲đᆃఐ҂Ⴛᄹࡆਔoགྷൌ֥҂܄pગĤᆃਆն҂܄ग़ܴഈܒӮਔഠ߶܄ᇙܢӻႵᆀ০ၭ֥ݝbࡨӻϷم҂Ф൧ӆࢤ൳đቋުᆺ֤٬ᆸb ܄ඳ֥෮Ⴕᆀॖၛ๙ݖ࿊ᄴӴൌॖौ֥ܵದࠣࡓ॥ૌ֥ྛູটႵֹིٝᆸ௺ᅊ֥ؿളbܢתсྶӵքᆃဢ֥ᄳbᆃ۱ંड़קਔᆣಊ൙ಃුහᇏܢתӵքڄག֥ކྟbೂݔᄍྸ܄ඳ֥෮ႵᆀϜܵᆀ҂֒ྛູ֥ڄགሇࡑ۳ದđ෮Ⴕᆀࣼ҂߶Ⴕ৯ܦႛӴൌ֥ܵᆀѩࡓ॥ૌ֥ྛູbၹՎđՖંഈটඪđݓࡅቔູնܢתđໃ࿊ԛൡ֥֒ܵᆀđطᄝުᆀࣉྛྴࡌӧඍᆭުđીႵႮ҂ಞഈ൧܄ඳӵքᆰࢤணӊᄳđሱ࠭ӵքࡗࢤணӊᄳbՖൌ࠽౦ঃটुđݓᆟکߎၛӵքՎᄳb ھمܲߎᆷԛđ۴ऌࠢුහܿᄵđ٤ੀ๙ܢܢתࠧၛࢸקູФಃ֥ሧᆀbఃࢲݔ൞đၛഈ൧܄ඳሧӁሹਈؓࣇᅝٳᆭ၂ܢٺ֥ܢתӵք൙ணӊᄳđطᅝٳᆭؽܢٺ֥ܢתಃၭᄵФஆԢᄝຓđࠞၞႄؿྍ֥҂܄b ႋھඪđᆣಊ൙ಃσᇏ֥ᄳᇶุध҂ࣇཋႿؿྛದࠇഈ൧܄ඳbuܿקvֻ7่෮ܿק֥ྴࡌӧඍᆣಊ൙ணӊσࡱ֥ФۡЇওؿఏದa॥ܢܢת֩ൌ࠽॥ᇅದĠᆣಊӵཧഅĠᆣಊഈ൧ࡩದĠህြᇏࢺڛༀࠏܒbႮႿഈ൧܄ඳணӊުđቋᇔ߶ࡼݝ๙ݖ܄ඳሇࡑႿ܄ඳܢתbູх૧ܢתӮູoწնpđمੰႻܿקڵႵᄳ֥൙aࡓ൙ބࣜ֩ۚࠩܵದჴႋӵք৵ջᄳbՖંഈࢃđᆺႵࡼؿྛದ֥൙aࡓ൙aࣜ֩ؓྴࡌӧඍڵႵᄳ֥ದჴቔູቋᇔᄳӵքᆀđҌژކمഈජൌീິمྛູđජႋӵքᄳ֥ܿקbᆃဢ္ࣼ҂߶ႄؿྍ֥҂܄bՖൌ࠽౦ঃটुđೂݔഈ൧܄ඳႵணӊି৯đᄵቋᇔᄳӵքᆀॖି҂߶ӵքᄳđط܄ඳ҂ॖିఏුᆃུದಞఃӵքᄳđᆃႵঠႿஊളුහᇅ؇֥ࡹ৫đᆃ൞ݓمੰᇅ؇֥ᇗಌཊᆭ၂b 108 ݓܻaࡉໂщᇷğuᆣಊ൧ӆྴࡌӧඍ൙ணӊᇅ؇vđمੰԛϱഠ2003୍ϱđֻ205-209်b 109 ࡉໂğuҐႨุࠢුහ่ࡱഉ҂ऎСvđuᇏݓᆣಊБv2002୍10ᄅ29ರđֻ8ϱb - 42 -
č2Ďၛٳ൧ӆڄགބಃྛູbھمܲᆷԛđٳሧᆀ֥ാଧ҆ٳඋႿ൧ӆڄག෮֝ᇁđଧུႮಃ෮Ӂള൞٤ӈ֥b෮ၛđᄝྍྖ൧ӆഈđ҂ࡆٳֹҐႨӮඃ൧ӆ֥مੰᇅ؇đޓಸၞؿളຨݖᆞ֥౦ྙb ఃൌđᆺေᄍྸሧᆀؓᆣಊ௺ᅊྛູิఏணӊුහđمჽࣼ߶૫ਢೂޅٳሧᆀ֥ാ൞ಃᄯӮ֥ߎ൞൧ӆڄགᄯӮ֥ᆃ۱໙ีđၹՎ҂ቀၛܒӮّؓࠢුහ֥Ⴎbط110uܿקvၘૼಒđႋٳ൧ӆڄགބಃྛູb֒ಖٳ൧ӆڄགބಃྛູၧ߶ջট၂ུ໙ีbೂݔྴࡌӧඍྛູФࢣൈđնԩႿഈശൈ௹đҵࡎാ൞ڎߎေࡆഈഈᅨږ؇Ĥਸ਼ຓđ൧ӆഈ۱ܢіགྷ҂၂đࣜӈԛགྷᆷඔיط۱ܢಏ൝ഈᅨđႻھೂޅԩĤߎႵđೂݔሧᆀܓೆᆣಊުđᄝ൧ӆሹุཟݺ֥Мࣟ༯ࡎ۬၂ਫ਼ሼۚđᄝಃྛູൌീުࡎ۬טཟ༯đಯۚႿઙೆࡎbՎൈđሧᆀ֥႔০ࡨഒđ൞ڎ္ႋ൪ູാĤ č3Ďၛٳሧაࠏbھمܲᆷԛđሱಖದ࠻൞ಃྛູ֥൳ݝᆀđ္൞ಃྛູؿള֥ѯᇹনᆀđఃሧാᇏႵ؟ഒඋࠏӮٳ෮֝ᇁaႵ؟ഒ൞ၹФܕಃđ۷ၛٳb ᆃ္҂ቀၛܒӮّؓࠢුහ֥Ⴎđၹູᄝֆුහࠇ܋ුහᇏ္թᄝᆃ۱໙ีbఃൌđᄝᆣಊ൧ӆഈđሧބࠏ൞ൈթᄝ֥đઙܢௐЧദ൞ሧྛູb۲ᇕሧᆀ֥ᄎቔٚൔႵ෮҂đႵུದՖ൙Ӊ௹ሧđઙࣉܢௐၛࠆ౼ܢௐ֥ٳޣބܢࡎ֥ഈശջট֥০ၭĠႵུದᄵՖ൙؋௹ࠏđൈطઙࣉൈطછԛđၛࠆ౼ܢࡎ֥ࡎҵĠႵུದ࠻ቓӉ௹ሧđႻቓ؋௹ࠏđቓሧაቓࠏ൞с҂ॖഒ֥bીႵؓᆣಊ֥ሧܥಖ҂߶Ⴕᆣಊ൧ӆđطીႵࠏ္҂߶Ⴕᆣಊ൧ӆđၹູીႵَ֥ࠏđࣼ҂߶ྙӮܢௐ֥ކࡎ۬đ္҂߶Ⴕᆣಊ൧ӆഈࡎ۬ႄ֝ሧࣁَ֥ੀđՖطൌགྷሧჷᇂ֥Ⴊ߄bູਔᆣಊ൧ӆ֥ᆞӈᄎྛđႋھّ֥ؓ൞ິܿິم֥ࠏđЇওֆࠇކଔҠሺ൧ӆa҃ྴࡌྐ༏֩ྛູđ111ၛЌ൯ܿइ֥ሧᆀ֥০ၭđหљ൞ఃᇏ֥ᇏཬሧᆀ֥০ၭbၹՎđીႵсေؓሧ112ᆀઙછܢௐ֥ྛູࡆၛٳđᆺေ҂උႿິمິܿྛູࣼေࡆၛЌb3aᆟᇍჰၹٳ༅ Ֆᆟᇍഈٳ༅đགྷྛಃ৯ุᇅمჽၛӵքЌሧᆀ֥ᇗb൮༵đીႵԷᄯඳم২֥ಃ৯थקਔݓمჽିඳم֥ॢࡗႵཋbགྷᄝđնم༢္ᄝࡶࡶ་൬ႇૅم༢o࿖༵২pᆭࣚđᇿၩԷᄯ২đᆭაӮ໓مཌྷࢲކbݓିඨႋགྷൌ֥ླđᄍྸمჽᄝᆣಊ൙ಃ࣯ٴ֥ബൌᇏԷᄯ২đ၂ٚ૫ିمੰܿק҂ૼಒջট֥໙ี֤֞ཨࡨđਸ਼၂ٚ૫ߎႄࣉࠢුහ۷ູсေđၹູᄝ֥ࠢМࣟ༯ࣉྛුහӁള֥ܿᄵбᄝֆුහࠇ܋ුහ่ࡱ༯Ӂള֥ܿᄵॖၛࠆ֤۷ն֥ᆞ֒ྟb ఃՑđಌكᆇᆞ֥ඳم৫مჽၛָగቀֹႋؓ็ᅞbႿᆣಊ൙ුහ֥ކྟࠎԤ҂ࣇࡹ৫ᄝܼն൳ݝᆀࠆ֤Ҁӊđ۷ᇶေᄝႿఃऎႵܼ֥ٗ܄ඳᇍ֥ၩၬbمჽ๙ݖؓσࡱ֥ԩࢺೆᆣಊࡓܵđ၂ٚ૫đಞܢתބੰഽିՖ൙෬ணᇏ֤֞၂קҀࣷđՖطྙӮ၂ᇕࠗৣࠏᇅၛטӮతഈຣ֥ܢתބ൧ӆҕაᆀಀ۵ሶഈ൧܄ඳࠣఃܵҪ֥ྛູđטҰ൞ڎႵ௺ᅊaଽଞࢌၞࠇ൧ӆҠሺ֥թᄝđ࿙ᅳුහ֥ႮބᆣऌĠਸ਼၂ٚ૫đ๙ݖؓمੰ֥ࢳބࡹ৫২۳൧ӆഡ৫ྍ֥ܿᄵbᆞၹູمჽ֥ࢺೆႅݣሢ҂࿙ӈ֥ၩၬđ෮ၛᆣಊ൙ුහӱࣼэ֤ᇀܱᇗေđҐ҂ҐႨࠢුහ҂ᄜᆺ൞௴๙֥ුහ໙ีđط൞ܱ༢֞مჽࡼၛહဢ֥ٚൔࢺೆᆣಊࡓ֥ܵ໙ีbᄝીႵᆇᆞ֥ඳم৫aඳمಃຯഉໃࡹ৫֥౦ঃ༯đمჽ҂֤҂ԩᄝ၂ᇕᒹᒸ໊֥ᇂđ҂۳ܼն൳ݝᆀჍၛႵིࣷ࠶ႵິЧ 110 uܿקvֻ19่ܿקđФۡईᆣᆣૼാࠇᆀ҆ٳാ൞Ⴎᆣಊ൧ӆ༢ڄག֩ఃၹ෮֝ᇁ֥đمჽႋ֒ಪקྴࡌӧඍაݝࢲݔᆭࡗ҂թᄝၹݔܱ༢b 111 ڣ䁹ᇷğuᄝᆚંᇏؿᅚ֥ᇏݓᆣಊ൧ӆބ௹ࠊ൧ӆvđݱն࿐ԛϱഠ2002୍ϱđսభb 112 uܿקvֻ19่ܿקđФۡईᆣᆣૼჰۡඋႿذၩሧaҠሺᆣಊࡎ֥۬đمჽႋ֒ಪקྴࡌӧඍაݝࢲݔᆭࡗ҂թᄝၹݔܱ༢boذၩሧp൞ڎЇওoࠏpഉ҂ౢԣđଢభ္σ২ॖ܂ҕॉb - 43 -
113ദଁđॖࠒࠞࢺೆᆣಊࡓܵࡼЧၘༀَᇗ֥ඳم༢۷ࡆ҂ऽᇗڵbᄜՑđҐႨࠢුහॖିӁളᆟᇍڄགbೂݔҐႨࠢුහྙൔđᄵᆃᇕࠢॖି߶ဆэູ০ၭࠢđᆃࡼٳ֥۱ದሧᆀބᆟکᆭࡗԊ۷ࡆࡕೌbࡼնਈ൳֞௺ௌᆭܢתࠢᇏఏটቆӮ၂۱ࠢದૌӁളਔႬ੮đหљᄝݓഉໃӵಪ௴࿊ᇅ؇ᆭކمྟൈ۷൞ೂՎbቋۚದمჽູؓ൳֞௺ௌᆭሧᆀԷ৫ࠢ෮Ӂള֥ᆟᇍڄགіൕႬ੮b၂໊مܲіൕğomࠢn၂Ս൞ھمੰ۽ऎ֥սՍbᆃ߶Ϝ෮Ⴕټ୮֥ܢתቆᆮᄝ၂۱ࠢᇏbᆃᄝᆟᇍഈາགbpᆞೂ၂໊ંᆀ෮ğoཋᇅmࠢnᆭٓຶđ॥ᇅᆃུුහᆭഠ߶႕ཙđ114ٝᆸܢתࠗࣉᇶၬᆭઢၛх૧ᄝᆟᇍഈᄯӮຯཽbpčؽĎᆣಊ൙ணӊσࡱҐႨࠢුහᆭсေྟ ᆣಊ൙ಃුහ֥ᇶေࡎᆴႵğാแҀĠຯഞቔႨĠླྀᇹࡓܵᆣಊ൧ӆĠ՜ࣉᆣಊمੰؿᅚbطݓགྷࢨ؍ܝৣᆣಊ൙ಃුහऎႵၛ༯หљࡎᆴğࡆ఼܄ඳᇍĠᄹࡆ115ሧᆀྐྏĠົഠ߶໗קĠ՜ࣉؓຓष٢bᆣಊ൙ಃුහ൞сေ֥đֆුහބ܋ුහनႵअཋྟb 1aֆුහ֥अཋྟ ֆුහႵ০֥၂૫൞σࡱࡥֆ߄đьႿҰౢ൙ൌބࠣൈथbೂᇶေ၇ौֆුහࢳथᆣಊ൧ӆಃ൙ணӊ࣯ٴđᄵႵၛक़ڛ֥अཋྟb൮༵đුහིੱ֮༯bఃՑđු116හӮЧࡆնbᄜՑđ҂০ႿЌሧᆀބؓ൧ӆྛູ֥ܿٓb1172a܋ුහ֥अཋྟაֆුහཌྷбđᆣಊ൙ணӊσࡱൡႨ܋ුහऎႵၛ༯Ⴊׄğֻ၂đႵ০Ⴟࢆ֮ුහӮЧĠֻؽđႵ০Ⴟمჽטࢳބ՜֒൙ದބࢳĠֻđ܋ුහ۷ऎႵ܄ᆞྟĠֻඹđ܋ුහؓᆣಊ൧ӆ۷ऎܿٓቔႨbაࠢුහཌྷбđᆣಊ൙ணӊσࡱൡႨ܋ුහ္Ⴕ҂ഒअཋྟđᇶေႵğ č1Ď܋ුහ֥ܿଆၛঔն ᆣಊ൙ணӊσࡱ֥หᆘ൞ऍحഒਈđֆ۱ᇶุ֥ಃ০൳ݝ෮ႄఏ֥ാ҂ᇗđႮႿᇶุᇙ؟đၹطᆜุാޓᇗbᆃোಃ০࠻҂൳ཌྷؓದᇗ൪đ္ສສູಃ০ದЧദ෮ޭ൪bՎൈđֆ۱ಃ০ದᄎႨුහЌሱ֥࠭ॖିྟޓཬđၹູིၭࡎᆴбཬč෮൬ི֥֞ၭა෮ೆ֥ࣚ৯aҍ৯ᆭбĎbೂՎ၂ٚ૫ᄯӮਔᆃᇕັཬಃ০Ќ֥ఴಌđਸ਼၂ٚ૫ಏࡆݝᆀႵࠏॖӰđၛݝᇙ؟ັཬಃ০֥ٚمࠆ֤ऍն০ၭطᝌဪمຓbଢభđ҆ٳሧᆀᆌؓটࡅഈ൧܄ඳ֥ྴࡌӧඍྛູิఏਔணӊᆭුđᄝᇙ؟֥ႋิఏ֥ුහᇏđᆃᆺ118ᅝࠞഒඔbݓᆣಊ൧ӆ൞ၛᇏཬູᇶ֥൧ӆđ၂֊ؿളٕ൙ಃၭ֥ྛູđ൳ݝ֥ሧᆀ֥ඔਈࡼ٤ӈஔնbᆭࡗಌكၩන৳đၛၛ܋ුහ֥ྙൔิఏුහb܋ුහ၂Ϯ൞Ⴎੰഽսሧᆀิఏđೂݔ҂ੰഽࠇ҂ੰഽ൙ༀ෮ս၂ಃྛູބؓཌྷФۡิఏ܋ුහđႮႿടࠣ҂ੰഽࠇ҂ੰഽ൙ༀ෮ᆭࡗ֥০ၭٳđᄝൌᇏ္ၛࡼఃކѩູ۷ն֥܋ුහbჰۡބФۡनॖၛေمჽࡼ؟۱ුහކѩູ܋ුහđ၇ऌu൙ුහمvֻ53ֻ่1ॻ֥ܿקđ֒൙ದႵڎथಃđೂݔ֒൙ದ҂ၩđ҂ॖၛ 113 ࡴڃaӧڞႧğuંᆣಊ൙ಃணӊσࡱ֥ුහٚൔvđuᆟمંฆv2004୍ֻ3௹đֻ82်b 114 Walter Hutchens, Private Securities Litigation in China: Material Disclosure About China’s Legal System?, 24 U. Pa. J. Int’l Econ. L. 644-45 (2003). 115 ᇒᆽႧğuંᆣಊ൙ಃුහ֥ྟᇉაࡎᆴvđuধᇜഅ࿐ჽ࿐Бv2004୍ֻ1௹đֻ72-74်b 116 ݓܻaࡉໂщᇷğuᆣಊ൧ӆྴࡌӧඍ൙ணӊᇅ؇vđمੰԛϱഠ2003୍ϱđֻ210-211်b 117 ᇒᆽႧğuᆣಊ൙ಃුහభᇂӱა܋ුහvđuمੰ॓࿐v2003୍ֻ6௹đֻ78-79်b 118 ૅݓ෮ቔטҰཁൕđᄝ܄ۡ֨࠺ᇅ؇༯đᆺႵ15%֥ФݝᆀࡆೆđၹՎնۀᆺିࢳथ15%֥ݝ౦ঃĠطҐႨoണ౨ԛpᇅ؇đണ౨ԛ֥൳ݝᆀҵ҂؟္൞15%đࠧॖၛࢳथ85%֥ݝb۷ູᇗ֥൞đᄝ܄ۡ֨࠺ᇅ؇༯đჅ༯֥85%ສສ҂߶ఏුđႮՎ֝ᇁಃྛູದಯಖࠆ০پިbႵсေඪૼ֥൞đuܿקv৵܄ۡ֨࠺ᇅ؇္ໃҐବđၹູuܿקvေᄝఏුൈಒקದඔb - 44 -
ࡼ؟۱ුහކѩູ܋ුහbਸ਼ຓđႮႿᆣಊ൙ணӊσࡱ֥֒൙ದದඔᇙ؟đᆘૄ၂۱֒൙ದ֥ၩ൙ൌഈ൞҂ॖି֥b ࠧ֒൙ದေѩၩࡼ؟۱ුහކѩູ܋ුහđೂݔمჽಪູ҂ॖၛކѩđᄵمࡼఃކѩbᆣಊ൙ணӊσࡱ၂ϮඋႿದඔ҂ಒק֥սіದුහđೂݔჰۡေمჽؿԛ܄ۡđ๙ᆩಃ০ದᄝ၂ק௹ࡗଽཟمჽ֨࠺đمჽ҂၂קᆦӻbၹູ၇ऌu൙ුහمvֻ55่ބuၩvֻ63่֥ܿקđمჽoॖၛpؿԛ܄ۡđᆃၩሢ္ॖၛ҂ؿ܄ۡb൞ڎؿԛ܄ۡඋႿمჽ֥ሱႮҊਈಃđمჽ҂ؿ܄ۡ൞҂ິّمੰܿק֥b൙ൌഈđႮႿଢభم119ܲ۽ቔਈ֥ॉނѓሙ൞σࡱඔਈđمܲ߶࣐ਈҷٳσࡱط҂߶ކѩσࡱbՎຓđೂݔਆ۱ࠇᆀਆ۱ၛഈمჽؓཌྷФ֥ۡ၂ಃྛູႚႵކم֥ܵ༪ಃđေࡼఃކѩູ۷ն֥܋120ුහ္൞֥bč2Ď܋ුහمࢳथձьӚ໙ี ܱႿمჽҊ֥ঔᅦྟ໙ีđu൙ුහمvֻ55ֻ่4ॻބuၩvֻ64่ܿקđمჽቔԛ֥थaҊקđؓҕࡆ֨࠺֥ಆุಃ০ದؿളི৯Ġໃҕࡆ֨࠺֥ಃ০ದᄝුහൈི௹ࡗଽิఏුහ֥đൡႨھथaҊקbᆃ၂ܿקࢠԉٳֹॉ੮֞ਔໃཟمჽ֨࠺֥ಃ০ದ֥০ၭđऎႵ၂ק֥ކྟbᆃ၂ܿקႻಸၞӁള၂ק֥ڵ૫ིႋğࠧቅθਔ܋ුහ֥ྙӮđՖطᄝ၂קӱ؇ഈఃކྟэ֤ݸၩၬbᄝ܋ුහᇏđ֒൙ದದඔᇙ؟֥၂഻ٚුު෮ࠆ֤֥Ҁӊ൞၂ᇕ܄܋അđၹູᆺေ֒൙ದᄝුහൈི௹ࡗଽิఏුහॖၛࠆ֤Ҁӊđ၂۱ದࠆ֤Ҁӊ൞҂߶ஆԢఃದࠆ֤ဢ֥Ҁӊbᆃ֝ᇁଖུ֒൙ದ҂჻ູҕა܋ුහطڱԛӮЧđط֩֞܋ුහ഻ුᆭުđᄝුහൈི௹ࡗଽᄜิఏුහ૧ٮࠆ121౼Ҁӊb໙ีᄝႿđೂݔ෮ႵದҐ౼ᆃ၂ྛູٚൔčՖࣜ࠶࿐֥࢘؇ࢃđႮႿ෮Ⴕದ൞ྟ֥ࣜ࠶ದđࠧ৯۱ದ൬ၭቋն߄đᆃ၂ࡌഡႋھ൞၂۱ಒקၐ֥൙ൌbĎđପ122હ܋ුහࣼ۴ЧمྙӮđ္ࣼمิఏුහđࢲݔ൞ජ္م૧ٮձљದ֥ьӚbč3Ďսіದᇅ؇҂ൡކႿᆣಊ൙ணӊσࡱ ൮༵đුහսіದ֥Ӂളٚൔ҂ൡކႿᆣಊ൙ணӊσࡱb۴ऌuၩvֻ61่֥ܿקđ֒൙ದ၂ٚದඔᇙ؟ᄝఏුൈ҂ಒק֥đႮ֒൙ದ࿊սіದđ֒൙ದ࿊҂ԛ֥ॖၛႮمჽิԛದ࿊ა֒൙ದླྀഅđླྀഅ҂Ӯ֥đ္ॖၛႮمჽᄝఏු֥֒൙ದᇏᆷקսіದbၛഈᇕٚൔᄝჰۡದඔࢠഒൈऎႵॖྛྟđ໙ี൞ᄝჰۡᇙ؟ൈđޓམའᆃུჰۡି࿊ԛކൡ֥ුහսіದđمჽ္ޓ๙ݖაᇙ؟ჰۡླྀഅ֥ٚൔӁളුහսіದb ఃՑđුහսіದ֥ಃ৯ཬđ҂ൡކႿᆣಊ൙ணӊσࡱb۴ऌu൙ුහمvֻ55ֻ่3ॻ֥ܿקđսіದ֥ුහྛູؓః෮սі֥֒൙ದؿളི৯đսіದэ۷a٢ఙුහ౨ࠇᆀӵಪؓٚ֒൙ದ֥౨đࣉྛބࢳđсྶࣜФսі֥֒൙ದၩbᆞၹູೂՎđuܿקvֻ15่Ҍေđුහսіದႋࣜݖః෮սі֥ჰۡหљ൱ಃđսіჰۡҕࡆष๖ബđэ۷ࠇ٢ఙුහ౨aაФۡࣉྛބࢳࠇղӮטࢳླྀၰb໙ี֞ՎѩીႵޓݺֹࢳथđၹູᄝᆃဢ၂۱܋ුහᇏđුහսіದေཟمჽ־ࢌӮతഈຣٺหљ൱ಃກđطمჽေ၂၂ബҰᆃུหљ൱ಃກđᆃؓႿఏු֥ሧᆀaුහսіದބمჽࡼ൞၂۱ऍն֥ڵքđѩ߶ቅθ܋ුහ֥ྙӮb Ӊ௹ၛটđݓᆣಊ൙ணӊ֥ඳمൌ၂ᆰԩႿЌ൯ሑđᄝၛສ֥ඳمൌᇏđԛႿଖᇕॉ੮đದمჽສສࡼ܋ුහٳҷӮ۱σ൳ބബbࠧ۱љمჽᄻᄎႨսіದ 119 සდဝğu൫ંݓᆣಊࠢ൙ුහ֥ڿ۪აປvđuුහم࿐aඳمᇅ؇v2002୍ֻ7௹đֻ39်b 120 ۴ऌuܿקvֻ10ֻ่2ॻđمჽ൳ၛؿྛದࠇഈ൧܄ඳၛຓ֥ྴࡌӧඍྛູದູФۡิఏ֥ුහުđ֒൙ದ҂ണ౨ࠇჰۡ҂ၩሔࡆđمჽಪູಒႵсေሔࡆ֥đႋ֒๙ᆩؿྛದࠇഈ൧܄ඳቔູ܋Фۡҕࡆුහđ҂֤၍ෂσࡱbՎൈđਆ۱مჽؓཌྷФۡ၂ಃྛູႚႵކم֥ܵ༪ಃb 121 uܿקvҐႨದඔಒק֥սіದුහđط҂൞ದඔ҂ಒק֥սіದුහđᆃіૼགྷྛඳمࢳ҂ᄍྸձьӚbгᆀಪູđᆃ҂ژކu൙ුහمvބuၩv֥Ⴕܱܿקđ္҂ژކᆣಊ൙ணӊσࡱ֥หᆘb 122 ਾğuܱႿݓսіದුහᇅ؇֥ࣜ࠶࿐ٳ༅vđuمഅ࣮v1997୍ֻ1௹đֻ72-74်b - 45 -
ුහ൳ݖ၂ུσࡱđ္൞ေᄝුభࣼࡼದඔಒק༯টđၹط္ໃؿ҃ݖಃ০֨࠺܄123ۡbuܿקv࣌ᆸුහսіದսі҂ಒקඔਈᆭჰۡิఏ܋ුහđࣇᄍྸದඔಒקᆭ܋ුහѩေჰۡᄝബषᆭభૼಒ࿊ᄴࡆೆුහbᆃࣉ၂҄ঔնਔ܋ුහᆭअཋྟđၹູാഒ֥ሧᆀ۴Ч҂߶ࠒࠞᇶᅦሱ֥࠭ුѩࡆೆၘႵᆭ܋ුහbമᇀႵ၂ࡅمჽေ၂۱Ⴎ61ჰۡቆӮ֥܋ුහٳູૄ၂۱҂ӑݖ10ದ֥܋ුහđჰၹ҂ᄝႿေ124ᄝݝணӊ౨ऎႵোරྟđطᄝႿቔູ൳σࡱᆭ่ࡱb3aᆞಒಪ്ࠢුහ ၂Ϯಪູđࠢුහ֥ႪׄᇶေᄝႿၛ༯ࠫ۱ٚ૫ğჰۡॖၛ๙ݖ၂ුහӱࢳथఃᆚၰđၛх૧ᄝิࢌᆣऌaബభӱ֩ٚ૫֥ᇗگĠᆃ֤ଖ۱مܲॖၛඃ༑ཌྷܱ֥مੰބാ໙ีĠॖၛಒЌσࡱࢲݔؓࠢӮჴࠣФ֥ۡ၂ᇁྟĠิശਔ๙ݖ၂۱ුහӱࢳथᆜ۱໙ี֥ॖିྟđႮՎх૧ਔࣼোර໙ีᇗگුහ֥сေĠิۚਔσࡱಆ૫ބࢳ֥ॖିྟđູࡼটิԛಃ০౨֥֒൙ದิ܂ਔކࣷ࠶֥ॢࡗđൈႻູචٚࢫസਔӮЧđູФۡቋᇔࢳथᆚၰิ܂ਔॖିྟđః҂൳ીປીਔ֥ුහҿಡĠູمჽ॥ᇅුහٮႨิ܂ਔॖିྟĠؓႿପུѩ҂ᆩཫః൳֞ਔݝ֥ཬحሧದࠇପུࠧᆩཫః൳֞ݝطѩ҂჻ၩิ125ఏֆුහ֥ሧದطđࠢුහၐิ܂ਔࢠູॖྛ֥ුහଆൔbႵ֥مܲᆷԛđࠢුහ္թᄝྸ؟໙ีğٮႨބൈࡗ൞ऍն֥đഠ߶ҍڶބሧჷݻٮݖ؟bč1Ďࢲσੱ֮đૅݓࠢුහ၂୍ଽିࢲσ֥ࣇ8%đఃჅᇶေ൞ФѼ߭ුහ౨ࠇఏුđؽ୍ଽࢲσ֥ᆺႵ26%Ġč2Ďمܲିڎ࿊ԛᆇᆞսі෮ႵࠢӮჴ֥൮༜ჰۡࠇ൮༜ੰഽĠč3ĎऍحੰഽٮႨສສႺੰഽԛႿఃࠏ৳ކФۡੰഽაఃग़ބࢳĠč4Ď126ऍحணӊބնਈದ৯aሧჷࠣࣁఫ֥ೆສສ֤ФۡمᄎႏമᇀӁ֩bࠢුහෙಖݻٮਔ၂ק֥ഠ߶ӮЧđཌྷؓႿoཬح؟ඔpಕุ֥ಆุҕࡆᆀটඪđᆃུӮЧ൞сေ֥bᆞၹູೂՎđႵ֥࿐ᆀؿіਔၛ༯ંğᇙ؟ුහđ֥ۚۚٮႨđරެႵׄশٮđᆺႵᆃဢҌ۳ପུ௺ᅊᆀaቔࡌᆀ၂ׄᆇᆞ֥ຯഞbڎᄵđᇏݓܢ൧ޓᄝᆣ127ಊؿྛ܄ඳބሧᆀࡗࡹ৫ఏ၂ᇕྐbߎႵ֥࿐ᆀᆷԛđᆣಊ൙ಃුහᇶေ൞ੰഽ౺֥đੰഽ๙ݖුහࠆ֤ਔնਈ൬ၭđۚح֥ੰഽٮѩ҂ିڎקࣷ࠶ᇅ؇֥ކྟđੰ128ഽٮఞఞ൞ჰۡࠢුහ֥сေӮЧbࠢුහॖିӁള֥ުݔ൞đथ܄ඳᆦڱ֥ணӊح߶ۚ֞܄ඳمᄎႏമᇀӁb࣐ܵࠢුහթᄝᆃུުݔđପུՖభّؓࠢුහ֥ದૌđЇওඳمࢸaੰഽࢸބ܄ඳᇶܵૌđ࣍টಏಣਛႚࠢුහbၹູđೂݔնਈ֥మᄝჰۡିܔФ၂۱ࠢුහބࢳ෮ቅᆸđࠇೂݔФۡିܔࢹᇹࠢුහઙ֞oಆ౯ބpđପહࠢුහࣼэӮਔ၂۱ழႶط٤ֱದb๙ݖࠢුහބࢳၘэӮਔ၂۱ऎ་ႄ৯֥ഡᇂđᇀഒؓФۡaჰ֥ۡੰഽބઘ൮Ⴟσࡱᇏ֥مܲটඪ൞ᆃဢ֥b Ֆൎটुđᄝ1966୍֥৳Ϲࠢුහܿᄵϯ҃ު୍֥ࡗđࠢුහնਈႤགྷđႮႿࡼࠢුහ൪ູ൞ཟࣜ࠶ഈ֥൝֒൙ದิ܂ඳمᆞၬ֥ഡᇂđၹՎؓࠢුහթᄝሢޓ129֥ۚಣ౦b္ႵದิԛਔbؓՎđ৳Ϲቋۚمჽၛཋᇅࠢුහ֥؇ቔਔ߭ႋb 123 ස၂ྋğuᆣಊ൙ಃணӊҐႨࠢුහᇅ؇ᆭvđᄛܤۿᄈᇶщğu܄ඳمੰંv2002୍जđഈݚದԛϱഠ2002୍ϱđֻ197်b 124 uᆣಊ൙ුහྍ໙ีğ܋ුහჰۡದඔ൳ཋvđ2003୍6ᄅ1ರഈຩđ 125 ഈݚ൧ֻ၂ᇏࠩದمჽज़ีቆğuᆣಊ࣯ٴࠢුහᇅ؇࣮vđᄛᇫՖࣰᇶщğuഈᆣ࣮vč2003୍مᇅህࠠĎđگ֊ն࿐ԛϱഠ2003୍ϱđֻ81-82်b 126 ݓܻaࡉໂщᇷğuᆣಊ൧ӆྴࡌӧඍ൙ணӊᇅ؇vđمੰԛϱഠ2003୍ϱđֻ206-207်b 127 [ૅ]ӧᆽğuᆣಊุࠢුහᄝૅݓ֥ႋႨvđᄛݒڃᇶщğuᆣಊمੰંvሹֻ2௹đمੰԛϱഠ2002୍ϱđֻ293-294်b 128 ӧࢱğuᆣಊ௺ᅊಃݝணӊ࣮vđКࣘն࿐ԛϱഠ2002୍ϱđֻ31်b 129 Linda Silberman, The Vicissitudes of the American Class Action-With a Comparative Eye, 7 Tul. J. Int’l & Comp. L., 201(1999). - 46 -
֞ਔ70୍սଌđᄝ৳ϹمჽႨࠢුහ֥ඔਈၘࣜնູࡨഒđѩᆃ၂൝ӻ࿃֞ਔ80୍սbಖطđᄝݖಀ୍֥ࡗđࠢුහႻႵਔૼཁ֥گ්đطᄝޓ؟֥σࡱᇏđః༵భ130֥ᆀૌགྷᄝэӮਔቋࡔק֥ᆦӻᆀbՖᆜุഈुđ࣐ܵࠢුහႵಌཊđᆣಊࠢුහၧႵྸ؟҂ቀđѩӁളਔᇭ؟ᆚၰđ؟ඔ࿐ᆀaمܲaੰഽaᆟکܲჴބݓ߶ၰჴӻड़ק؇bᆞၹູೂՎđݓ߶Ⴟ1995୍๙ݖuದᆣಊුහڿ۪مvؓᆣಊࠢුහࡆၛڿࣉط҂൞٬Ԣbᇀࣂߎᄝݓ߶ബၰu֥ࠢුහ܄مvၧᆺ൞՜ࣉࠢුහ۷ູ܄ᆞط҂൞٬Ԣb čĎࡹ৫ݓᆣಊࠢුහᆭऎุܒམ ૌಪູđᆣಊ൙ුහྙൔ֥ປॖၛٳ҄ࣉྛbֻ၂҄đႄೆದඔ҂ಒק֥սіದුහbֻؽ҄đؓ܋ුහࡆၛڿᄯđᆭཟࠢුහဆࣉbֻ҄đր่ࡱӮඃൈđྩڿ൙ුහمࠣཌྷܱمੰđಆ૫ႄೆૅݓൔࠢුහb 1aႄೆದඔ҂ಒק֥սіದුහ uܿקvֻ14่ૼಒေ܋ුහ֥ჰۡದඔႋᄝष๖ബభಒקđᆃࣼஆԢਔದඔ҂ಒק֥սіದුහbቋۚದمჽಪູđᄝીႵ൙ුහభᇂӱބ֒൙ದුහ౨ၩ჻҂ૼ֥౦ঃ༯đದمჽؓದඔ҂ಒק֥ಃ০ದؿԛ܄ۡa๙ᆩ֨࠺ҕࡆුහđ҂ࣇაo҂ۡ҂pුහჰᄵཌྷᙣđط֤ුහᇛ௹Ӊđದمჽၛࣉྛബđሧದކمಃၭ131ၛࠣൈႵི֤֞Ќbದඔ҂ಒק֥սіದුහ൞ݓགྷྛu൙ුහمvֻ55่ૼ໓ܿק֥ුහᇅ؇bೂݔඪದمჽᄝᆣಊ൙ಃුහᇏؿ҃܄ۡa๙ᆩಃ০ದ֨࠺ҕࡆුහ֥ྛູິМਔo҂ۡ҂pჰᄵđᄵದඔ҂ಒק֥սіದුහЧദິّਔo҂ۡ҂pbཁಖđቋۚದمჽ֥Ⴎ҂Ӯ৫bᇀႿؿԛ܄ۡ߶ුහᇛ௹Ӊ۷ીႵඪૼ৯đၹູ܄ۡ௹ࣇູ۱ᄅbुটđൌᇉႮޓॖି൞ቋۚದمჽѩ҂ܝৣᆣಊ൙ಃුහđၧ҂མ۳مჽ༢ᄹࡆؿ҃܄ۡaࣉྛ֨࠺֩ઐِ൙b Ⴕ֥࿐ᆀᆷԛđᆣಊ൙ಃ࣯ٴ֥ૹۋྟمჽബൈၹݓଽຓྍ໔ૂุ֥ܱᇿطӵ൳ऍն֥ഠ߶৯Ġمੰܿקჰᄵෙູمჽoࠒࠞࣉ౼pิ܂ਔܼն֥ྟॢࡗđԩ҂֒ൈ္ఃാಀਔoषຂpᄳ֥ႮĠࣜဒ֥ಌكᄵ۲ᇕॖିஷ֥֞ᄝམཞᇏࡆП٢նbࢳਔᆣಊ൙ಃ࣯ٴ֥ห൹ྟ္ࣼૼϢਔູહݓمჽؓᆣಊ൙ಃணӊσࡱ֥؇߶ࣜՖoѼ߭ఏුp֞oᄠ҂൳p֞oႵ่ࡱ൳pگᄖݖӱbᄝᆃᇕМࣟ༯đေمჽઔഈҐႨຯ৯ऍն֥ࠢුහႵׄ૨ູఃbᇀႿஆԢದඔ҂ಒק֥սіದුහཁ132ಖࣼඋႿݖّࠗ႘ਔbቋۚದمჽଢభᆺ൞Ⴕ่ࡱ൳ᆣಊ൙ಃුහđѩഡᇂਔభ133ᇂӱđᆃіૼቋۚದمჽ҂༐ຬࡼᇙ؟؛ࠢᇏᄝሱ֥࠭ദഈѩ୭৯෪ཬᆣಊ൙ුහ֥႕ཙٓຶb֒ಖđඳمࠏܱቔູ၂۱҆đሱಖႵሱ֥࠭҆০ၭđೂݔᆃᇕ҆০134ၭӑᄀਔݓࡅഡ৫ᆃ၂֥҆ଢ֥đࣼޓඪᆃᇕ০ၭ൞ކ֥bೂݔቋۚದمჽିक़ڛଢభѩҐ౼ܝৣᆣಊ൙ಃුහ֥৫ӆđᄵᄝགྷႵ൙ුහمॿࡏଽđႄೆದඔ҂ಒק֥սіದුහ൞ቋࡄ࿊ᄴbದඔ҂ಒק֥սіದුහ֥၂۱ቋնหׄ൞๙ݖದمჽ֥܄ۡބ֨࠺ӱটቋᇔಒקჰ֥ۡඔଢđᆃ൞ᄎႨݓࡅ܄ಃ৯টܝৣܼնሧᆀࠒࠞົሱ֥࠭ಃ০đᆃဢܼնሧᆀ๙ݖුහ౻֡ົሱ֥࠭ಃ০֥ӮЧ 130 [ૅ]ൎֺ໓·්Чaઑ۬ೋห·ᇷğuૅݓ൙ුහ֥ᆇፂğՖൎa໓߄aൌༀ֥൪࢘vđғဎૹaྷ߱ၲđمੰԛϱഠ2002୍ϱđֻ196်b 131 ݓܻğuᄝ܄҃ቋۚದمჽsܱႿബᆣಊ൧ӆၹྴࡌӧඍႄؿ֥൙ணӊσࡱ֥ۄܿקtྍ໔ؿ҃߶ഈ֥ࢃ߅vđᄛݓܻaࡉໂщᇷğuᆣಊ൧ӆྴࡌӧඍ൙ணӊᇅ؇vđمੰԛϱഠ2003୍ϱđֻ273-274်b 132 ࡴڃaӧڞႧğuંᆣಊ൙ಃணӊσࡱ֥ුහٚൔvđuᆟمંฆv2004୍ֻ3௹đֻ81-82်b 133 ҕᇒᆽႧğuᆣಊ൙ಃුහభᇂӱ࣮vđuКࣘ۽ြն࿐࿐Бvčഠ॓ϱĎ2004୍ֻ1௹đֻ65-67်b 134 ݒڃᇶщğuྴࡌӧඍᆣಊಃணӊvđمੰԛϱഠ2003୍ϱđֻ510်b - 47 -
ࣼննࢆ֮ਔbൈđೂݔಃ০ದીႵҕࡆ֨࠺đᄝුහൈིଽႻิఏුහ֥đᆺླေࣜ൳ුದمჽҊקࣼॖၛൡႨದඔ҂ಒק֥սіದුහ֥थbᆃູࣼીႵᄝ܄ۡ௹ଽࠣൈ֨࠺ሱ࠭ಃ০֥ಃ০ದൌགྷಃ০ิ܂ਔޓն֥ь০bᆃᇕٚم֥ႪׄᄝႿ҂ླေڿэགྷᄝ֥৫مđطݓ֥ඳمࠏܱၘࣜႵਔ၂ק֥০Ⴈದඔ҂ಒק֥սіದුහটԩಕุ࣯ٴ֥ࣜဒđିܔࢠݺֹ০Ⴈᆃ၂ුහྙൔটࢳथ࣯ٴbᆃᇕුහྙൔ္൞ᄝݓ൙ුහمุ֥༢ᇏቋൡႨႿࢳथಕุྟ࣯ٴ֥၂ᇕٚൔb 2aڿᄯ܋ුහđᆭཟࠢුහဆࣉ ࣐ܵದඔ҂ಒק֥սіದුහႵႪ൝đၧႵ၂༢ਙअཋྟbطቋູܱ֥၂ׄ൞đದඔ҂ಒק֥սіದුහಯླሧᆀ࿊ᄴࡆೆbཬሧᆀॖିၹ۲ᇕჰၹໃ࿊ᄴࡆೆࠇໃิఏුහđᄵФۡ௺ᅊ൬ၭಯॖିնႿӮЧđᆃ҂ቀၛسᆸᆣಊ൧ӆഈ֥҂مྛູbෛሢuᆣಊمvႵܱ൙ணӊᇅ؇֥ປđෛሢمჽࣜဒ֥ࠒࠣಪ്֥ധ߄đႵсေཟሧᆀิ܂۷ູь০֥ුහ౻֡bၹՎđૌࡹၰՖၛ༯ࠫ۱ٚ૫ࣉྛປđᆭཟࠢුහဆࣉb ൮༵đࡹၰᄝൌീ܋ුහᇏؓ҂หקಕุࣉྛ܄֥ۡൈđ๙ݖඳمࢳൡ֒טᆜ൙ුහم֥Ⴕܱܿקđڿэଢభ֥ૼൕҕࡆaଏൕԛ֥ܿקđطൡႨૼൕԛaଏൕҕࡆ֥ቓمđѩܿקथࠇބࢳؓಆุӮჴऎႵჿඏ৯b ఃՑđࡹၰᄝඳمࢳᇏؓුහսіದ֥Ӂളٚൔቔೂ༯ܿקğුහսіದॖၛႮ֒൙ದሱࡩѩࣜمჽಪॖࠇႮمჽᆷקbൈđᄍྸ܋ුහ֒൙ದҐႨၛ༯ٚمิԛၳၰğሱྛണ౨ҕࡆුහࠇກੰഽҕࡆුහĠೂݔ܋ුහ֒൙ದႵ҂֥ၩđॖၛࡼ၂۱܋ුහ߃ٳູۄ۱܋ුහĠ܋ුහ֒൙ದႵಃ౨مჽࡼఃஆԢᄝ܋ුහᆭຓb ᄜՑđࡹၰڮჍුහսіದԉٳ֥ಃ৯đԢބࢳაӜුླࠆ֤مჽၩᆭຓđුහսіದॖၛྛ၂్сေ֥ුහಃ৯b ቋުđႋૼಒᄍྸҐႨڄག൬ٮսѩᄍྸੰഽׇڱුහषᆦb 3aྩڿ൙ුහمࠣཌྷܱمੰđಆ૫ႄೆࠢුහ ೂݔݓᄝໃটିཨԢႄೆࠢුහ֥ᅰθđᄵಆ૫ႄೆࠢුහѩ٤ીႵॖିbݓಆ૫ႄೆਔႇૅم༢܄ඳᇍࠏᇅ֥նمЏࣼ൞၂২bݓඋႿնم༢ݓࡅđ༵ުႄೆਔຓ҆ബ࠹a൙߶ބ৫൙ᇅ؇b֒ಖđಆ૫ႄೆࠢුහ؇նđ൞၂ཛ༢۽ӱb࠻Ⴕંഈ֥ᆚၰđႻႵൌᇏ֥b࠻ടࠣ۱ದಃ০ა܄܋০ၭ֥ޙ໙ีđႻടࠣაԮුහં֥ླྀט໙ีđߎടࠣཌྷܱࠏᇅ֥ส໙ีb࠻Ⴕᆟᇍഈ֥ᅰθđႻႵࣜ࠶ഈ֥ᅰθđߎႵمੰഈ֥ᅰθđമᇀනམഈ֥ᅰθbطࠢුහ္Ⴕಌཊđၹູ০Ⴈੰഽࠆ֤ੰഽٮ֥৯টູሧᆀิ܂ணӊѩᆳྛمੰ߶ջটᇗ֥սӮЧ໙ีބ০ၭԊ֩໙ีđؓՎၧႋႵౢྜ֥ಪ്bᄝಆ૫ႄೆࠢුහൈႋཌྷ֒ࣈരѩࣉྛᇛૡ֥ᇅ؇ഡ࠹bູՎđૌࡹ৫ೂ༯ğ ֻ၂đႋૼಒᆣಊࠢුහ֥ಒಪ่ࡱbᆣಊࠢුහႋऎСၛ༯ੂ۱่ࡱğč1Ďקࠢದඔᇙ؟Ġč2ĎᇀഒႵ၂۱܋֥൙ൌ໙ีࠇمੰ໙ีĠč3ĎऎჰۡᆭුᄝࠢಆุӮჴᇏऎႵׅྟĠč4ĎऎჰۡࡼԉٳֹսіࠢĠč5Ďაࣇ႕ཙ۱љӮჴ֥مੰ໙ีࠇ൙ൌ໙ีཌྷбđࠢӮჴऎႵ֥܋مੰ໙ีࠇ൙ൌ໙ีऎႵᇶ֝ྟĠč6Ďᄝ܄ᆞބႵིੱֹҊھᆚၰൈđაॖၛ০Ⴈ֥ఃٚمཌྷбđࠢුහऎႵႪᄀྟbمੰॖၛܿקđمჽॖၛᄝ၂ק่ࡱ༯ಒಪބࢳࠢaሰࠢࠇᆚၰׄࠢđѩॖၛေمჽ๙ݖ๐ᆣ߶ٚൔ࣐ᄪࢸקࠢbՎຓđႮႿಒಪࠢؓ۲ٚ֒൙ದ০ၭኲܱđمੰॖၛᄍྸ֒൙ದؓࠢಒಪҊקഈුb ֻؽđႋؓଁ൮༜ჰۡࡆၛऎุܿٓb൮༜ჰۡႋႮمჽଁđمჽႋಒЌ൮༜ჰۡીႵ০ၭԊđିᄝුහಆݖӱᇏԉٳսіᆣಊࠢbູਔٝᆸԛགྷᆯြჰۡđႋေ൮༜ჰۡႮఃք൮༜ჰ֥ۡσࡱđ࣌ᆸޅದᄝ3୍௹ࡗଽք൮༜ჰ֥ۡՑඔӑݖ5Ցđ࣌ᆸ൮༜ჰۡࠆ֤ӑݖఃཌྷႋٺح֥ணӊbູਔ൮༜ჰۡႵ৯ࡓ൮༜ੰഽđم- 48 -
ੰႋקऎႵቋնࣜ࠶০ၭ֥ჰູۡ൮༜ჰۡđѩჰᄵഈ࣌ᆸ൮༜ჰۡႮ؟۱ሧᆀമᇀᇙ؟ሧᆀԉb ֻđႋಒ৫ଁ൮༜ੰഽ֥ѓሙބٚمb൮༜ੰഽႋҐo൱ಃჰۡمpđࠧჰᄵഈႋႮ൮༜ჰۡ࿊ᄴ൮༜ੰഽđႋࠆ֤مჽሙbمჽᄝሙ൮༜ੰഽൈсྶ࿘໙ੰഽᄝטҰބؿགྷ۱σൈ෮ປӮ֥۽ቔĠੰഽԩࠢුහaఃگᄖුහ֥ࣜဒބЧσᆭුোĠੰഽؓॖൡႨᆭمੰ֥ਔࢳĠੰഽսіࠢӵ୶Ⴈ֥ሧჷĠაੰഽ܄ᆞބԉٳսіࠢᆭି৯Ⴕܱ֥ޅఃၹbೂݔمჽ҂ၩ൮༜ჰۡ࿊ᄴᆭ൮༜ੰഽđႋ۳Ⴭ൮༜ჰۡᄜՑ࿊ᄴ֥ࠏ߶đೂݔمჽಯ҂ၩđᄵॖၛႮمჽҐႨഈඍѓሙᆷקb ֻඹđႋࡹ৫ބࢳܿᄵbधն؟ඔࠢුහቋᇔၛބࢳྙൔࢲσđބࢳ္ಸၞሩളр؊bބࢳႋؓ෮Ⴕໃ࿊ᄴԛ֥ࠢӮჴऎႵჿඏ৯đѩႋࠆ֤مჽሙbمჽᆺཋႿሙބࢳđऋधሙࠇႵ่ࡱሙđط҂ିڿཿླྀၰbمჽႋಒЌބࢳ܄ᆞaކބԉٳđѩູՎईྛ๐ᆣ߶bᄝ๐ᆣ߶ഈđمჽႋᄍྸࠢੰഽaࠢսіದބّؓᆀԉٳؿі۲ሱၩđѩหљิٝযႨࠢුහ֥ྛູb ֻđႋಒ৫๙ᆩܿᄵbᆣಊࠢුහᄝၛ༯ඹᇕ౦ঃ༯ႋؿෂ๙ᆩğჰۡսі෮ႵࠢӮჴิఏුහൈĠࠢಒಪൈĠࠢބࢳൈĠണ౨ੰഽٮൈbمੰႋؓ๙ᆩؓའa๙ᆩٚൔa๙ᆩൈࡗa๙ᆩଽಸބ๙ᆩٮႨ֩໙ีࡆၛܿקb২ೂđჰᄵഈႋؿෂ۱љ๙ᆩđطֻ၂۱ఏු֥ჰۡႋӵքᄪ௹๙ᆩٮႨb ֻੂđႋؓੰഽٮބුහषᆦࡆၛܿٓbૼಒӵಪڄག൬ٮކمđᄍྸੰഽׇڱුහषᆦđఃӊߎၛσࡱ഻ු่ູࡱđੰഽٮބුහषᆦႋࠆ֤مჽሙbمჽႋಒЌੰഽٮބුහषᆦކđѩჰᄵഈႨб২൬ٮمb - 49 -
