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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 413

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