증권관련집단소송 사건 중 집단소송허가절차에 관한 한국과 미국 법리 비교연구

The U. S. Supreme Court has decided four judgments in the past 10 years on the issues of the securities class action certification. Securities class action cases under Section 10(b) and Rule 10b-5 are actively filed in the United States. Under Basic Inc. v. Levinson, the plaintiffs are no longer required to prove individual reliance. This rule allowed the U.S. investor class to be more easily certified in a Rule 10b-5 securities class action. In Korea, the Securities-related Class Action Act was enacted. Although securities-related class actions were not actively filed, there were some cases where the Supreme Court of Korea interpreted the rule on class action certification. Under the rule interpreted by the Supreme Court of Korea, the requirements to be certified as a class are different from that of the United States. In the United States, plaintiffs in a securities fraud class action frequently submit event studies at the class certification stage. However, Korean plaintiffs are not required to submit an event study at the class certification stage in a typical stock price drop class action. This is because, as the article discusses, the substantive securities law and the class certification rule differs from that of the United States.