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:
“If Germany is to become a colonising power, all I say is, “God speed her!” She becomes our ally and partner in the execution of the great purposes of Providence for the advantage of mankind.”
—W.E. (William Ewart)
“It is the emotions to which one objects in Germany most of all.”
—Franz Grillparzer (1791–1872)
“How does Nature deify us with a few and cheap elements! Give me health and a day, and I will make the pomp of emperors ridiculous. The dawn is my Assyria; the sun-set and moon-rise my Paphos, and unimaginable realms of faerie; broad noon shall be my England of the senses and the understanding; the night shall be my Germany of mystic philosophy and dreams.”
—Ralph Waldo Emerson (1803–1882)