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10 Va. L. & Bus. Rev. 413 (2015-2016)
The Persistent Problem of Multi-Forum Shareholder Litigation: A Proposed Statutory Response to Reshuffle the Deck

handle is hein.journals/valbr10 and id is 431 raw text is: 













VIRGINIA LAW & BUSINESS REVIEW


VOLUME   10              SPRING 2016               NUMBER   3


   THE   PERSISTENT PROBLEM OF MULTI-FORUM
     SHAREHOLDER LITIGATION: A PROPOSED
STATUTORY RESPONSE TO RESHUFFLE THE DECK

                       Elizabeth Cosenzat

INTRODUCTION                        ...................................................... 414

I. THE NATURE OF THE PROBLEM          ............................... ...... 418

II. How WE GOT HERE           ....................................... ....... 420
   A. The Evolution of Personal Jurisdiction Jurisprudence in the Supreme
       Court..........................             ................... 421
    B. The Decline of the Internal Affairs Doctrine ........... ......... 422
    C. Congress Fans the Flames of Multi-Forum Shareholder Litigation with
       the Passage of the PSLRA, SLUSA, and CAFA     ...   ...............424
   D. The Limitations of Common Law Principles: Forum Non Conveniens
       and the First-Filed Rule....................          ..........428
    E. The Inconsistent Enforcement of Exclusive Forum Provisions ....... 429

III. EXISTING MECHANISMS FOR COORDINATING MULTI-FORUM
    LITIGATION        ............................................... ....... 433
    A. Federal Mechanisms        ................................... 433
       1. Venue Transfer.   ..............................    ....... 433
       2. The Multidistrict Dtgation System....   .................... 433
    B. State Law Mechanisms        ................................. 435
       1. Forum Non Conveniens     ....................................... 435
       2. The First-Fied Rule ................................... 437
    C. Coordination Between the Federal and State Courts....  ........440
       1. Colorado River Abstention. ............................ 440


t  Associate Professor of Law and Ethics, Gabelli School of Business, Fordham University;
   J.D., Harvard Law School. The author is very grateful to Christopher J. Miritello and
   Timothy Fleming for their contributions to this Article.

Copyright © 2016 Virginia Law & Business Review Association


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