Germany
On November 1, 2005, Germany enacted the “Act on Model Case Proceedings in Disputes under Capital Markets Law (Capital Markets Model Case Act)” allowing sample proceedings to be brought before the courts in litigation arising from mass capital markets transactions. It does not apply to any other civil law proceeding. It is not like class actions in the United States – it only applies to parties who have already filed suit and does not allow a claim to be brought in the name of an unknown group of claimants. The effects of the new law will be monitored over the next five years. It contains a ‘sunset clause’, and it will automatically cease to have effect on November 1, 2010, unless the legislature decides to prolong the law, or extend it to other mass civil case proceedings.
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Famous quotes containing the word germany:
“It is the emotions to which one objects in Germany most of all.”
—Franz Grillparzer (1791–1872)
“We are fighting in the quarrel of civilization against barbarism, of liberty against tyranny. Germany has become a menace to the whole world. She is the most dangerous enemy of liberty now existing.”
—Theodore Roosevelt (1858–1919)
“If my theory of relativity is proven correct, Germany will claim me as a German and France will declare that I am a citizen of the world. Should my theory prove untrue, France will say that I am a German and Germany will declare that I am a Jew.”
—Albert Einstein (1879–1955)