미국 증권집단소송 사건 원고 측 변호사의 역할 — 익명의 정보원을 통한 정보 수집 —

On September 28, 2020, the Ministry of Justice announced the bill for the Class Action Act. This bill intends to abolish and absorb the Securities-related Class Action Act. It also introduces the so-called Korean pre-litigation discovery. However, in light of the US securities class litigation practice, whether the introduction of the pre-litigation discovery is desirable in the field of Korean securities class action is questionable. The Private Securities Litigation Reform Act was enacted in 1995 to prevent the abuse of the securities class action in the United States. It stayed discovery pending a motion to dismiss among others. Because discovery is stayed pending a motion to dismiss, plaintiff's lawyers use information obtained from confidential witnesses. In other words, the plaintiff's lawyers first investigate (potential) defendant's illegal activities. I argue that if Korean plaintiff's lawyers are provided enough incentives and a personal information rule allowing certain informant investigations, then Korean plaintiff's lawyers will secure evidence even without the pre-litigation discovery.