증권관련집단소송법상의 분식회계 책임 = Securities Class Action on Window Dressing Accounting

다국어 초록 (Multilingual Abstract)

Class action is the action that is brought by one or more plaintiffs together with the counsel without explicit consents from other absent plaintiffs, even though those absent plaintiffs are bound by the judgement. Securities class action bills proposed so far in Korea include false statement, window dressing accounting, insider trading, and stock price manipulation as targets.
The class action systems that those bills contain differ from the current multi-party litigation systems such as Consolidation and Representative Litigation in the following aspects; while the victims of the fraudulent behavior have to express their intention for participation in the current system, they do not have to do so in the new system; more active judicial control over the litigation process, such as the replacement of the lead plaintiff and the judicial initiative in making the distribution plan of the damages or settlement awards is required in the new system.
In the absence of securities class action, only a few actions are brought before the civil court against the securities fraud. What was effective in deterring the securities fraud were the administrative penalty by the Financial Supervisory Board(FSB) and the ensuing criminal penalty. Even though the civil action piggybacks on the case detected by the FSB, it may help deter the securities fraud by intensifying the disadvantage borne by the injurer. Unfortunately, however, diffused nature of the losses prevents victims from bringing civil action. The introduction of the American style securities class action may help to alleviate the problem.
Litigiousness, however, is not good in itself. Unless the amount of damages is proportional to the social cost generated by the securities fraud in question, the civil action system is in fact turned into that of an compulsory insurance. The current proposals contains such danger.

목차 (Table of Contents)

• Ⅰ. 서
• Ⅱ. 분식회계관련 규정
• Ⅲ. 분식회계에 대한 증권집단소송법의 내용 검토
• Ⅳ. 증권집단소송법상의 문제점 및 개선방안
• Ⅴ. 결 어
• 참 고 문 헌
• 【ABSTRACT】

참고문헌 (Reference)

1 "집단소송제도의 도입과 상장회사의 대응" (36) : 1997

2 "증권집단소송모의재판" 2004

3 "증권관련집단소송제의 전제조건으로서의 손해배상책임제도의 정비방안" 2004

4 "증권관련집단소송제도입의 문제점과 과제" 2001

5 "증권관련집단소송제도에 관한 법경제학적 연구" 2003

6 "증권관련집단소송법 제정안에 대한 검토" 20 (20): 2002

7 "미국증권법 강의" 삼일인포마인 2004

8 "미국의 집단소송제도" 법무부 법무심의관실 2002

9 "미국 증권집단소송에서의 면책범위" 20 (20): 2002

10 "Who is Bespeaking to Whom? Plaintiff Sophistication, Market Information, and Forward Looking-Statements" 45 (45): 1995

11 "Securities Regulation" 1998