증권집단소송에서의 피해액 추정 = Estimating Aggregate Damages in Securities Fraud Class Action Litigation

다국어 초록 (Multilingual Abstract)

It is necessary to have the following two components to estimate aggregate damages in securities fraud class action: per-share inflation and total number of damaged shares. For the purpose of calculating accurate number of damaged shares, it is required to observe individual class member’s daily trading information: when and how many shares were bought/sold in each day of the class period. Unfortunately, this information is not observable in publicly available data. For this reason, plaintiffs’experts in the United States have relied upon certain methods of estimating the number of damaged shares: so-called“ plaintiff-style damages”analysis. This article purports to introduce various trading models used in that type of analysis, and to describe what kind of limitation should be placed upon in interpreting results obtained by running those models.
In recent court decisions in the United States, the use of trading models, especially, proportional trading model (PTM) has been rejected as a scientific method to estimate aggregate damages in securities fraud class actions. Citing that the model(s) does not satisfy the so-called“ Daubert Standards,”the courts suggested of using actual claims data to obtain reliable estimates of the aggregate damages. While those rulings are theoretically sound and undisputable, the use of trading models should be valid in helping predict settlement amounts because the actual claims data are not available till later stage of the litigation. In that regard, studies of factors affecting settlements in securities fraud class actions are of another interest.

국문 초록 (Abstract)

증권집단소송제는 시행된 지 5년여가 지났지만 소송요건의 제약상 한국에서는 아직 활성화가 많이 되지 않은 상태이다. 그러나 상장기업의 분식회계, 허위공시, 주가조작, 부실 감사, 내부정보거래 등 불법행위에 기인한 피해사례가 늘어나면서 다수의 소액투자자 입장에서는 증권집단소송제를 통해 피해액을 보상받고자 하는 유인이 커지고 있다. 이 제도의 활용이 늘어남에 따라 소송비용을 줄이고 쌍방 당사자가 신속한 합의에 이를 수 있도록 하기 위한 필요성도 아울러 늘어난다고 볼 수 있는데, 그런 측면에서 협상의 근거로 사용할 수 있는 적절한 피해액 추정치의 확보는 중요한 선결요건이다.
본고에서는 증권거래안(the Securities Exchange Act of 1934)이 입법된 1934년 이래로 증권사기와 관련된 집단소송(securities fraud class action)이 확고하게 자리잡은 미국의 경우, 어떠한 방법으로 피해액을 산정하는지, 그러한 방법은 어떠한 제약을 갖고 있는지 등을 소개하고자 한다. 이 제도가 유명무실해지지 않고 상장기업의 부당행위로 손실을 입은 투자자들의 피해를 효율적으로 구제할 수 있는 실질적인 방안으로 자리잡는 데 기여함을 주목적으로 한다.

참고문헌 (Reference)

1 Fischel, Daniel R., "The Use of Trading Models to Estimate Aggregate Damages in Securities Fraud Litigation: An Update" 10 : 1-29, 2006

2 Fischel, Daniel R., "The Use of Trading Models to Estimate Aggregate Damages in Securities Fraud Litigation: A Proposal for Change" Legal Center for the Public Interest 131-144, 1994

3 Scudder, Michael Y., "The Implications of Market-Based Damages Caps in Securities Class Actions" 92 : 435-475, 1997

4 Beaver, William H., "Stock Trading Behavior and Damage Estimation in Securities Cases" Cornerstone Research 1997

5 Cornerstone Research, "Securities Class Action Settlements" 2009 Review and Analysis 2009

6 Cornerstone Research, "Securities Class Action Filings 2009" A Year in Review 2009

7 Cone, Kenneth R., "How Accurate Are Estimates of Aggregate Damages in Securities Fraud Cases?" 49 : 505-526, 1994

8 Furbush, Dean, "Estimating the Number of Damaged Shares in Securities Fraud Litigation: An Introduction to Stock Trading Models" 49 : 527-543, 1994

9 Koslow, Jon, "Estimating Aggregate Damages in Class Action Litigation Under Rule 10b-5 for Purposes of Settlement" 59 : 811-842, 1991

10 Mayer, Marcia K., "Best Fit Estimation of Damaged Volume in Shareholder Class Actions: The Multi Sector, Multi Trader Model of Investor Behavior" National Economic Research Associates 2000

11 Finnerty, John, "An Improved Two-Trader Model for Measuring Damages in Securities Fraud Class Actions" 8 : 2132-263, 2003

12 McCann, Craig J., "Accelerated Trading Models Used in Securities Class Action Lawsuits" 8 : 1-47, 1999

13 Bassin, William M., "A Two Trader Population Share Retention Model for Estimating Damages in Shareholder Class Action Litigations" 6 : 49-83, 2000

14 Barclay, Michael, "A Comparison of Trading Models Used for Calculating Aggregate Damages in Securities Litigation" 64 : 105-136, 2001