Legal-Economic insights in securities class actions


Class actions and securities class actions can raise a number of issues where legal and economic questions mix and overlap.


Project background and aims

Legal and economic issues can arise in class actions generally and in securities and competition law class actions in particular. Law and regulation adopt some concepts from economics while economic assumptions (such as the desirability of efficiency) can form a philosophical or public interest basis or justification for certain laws and regulations. In class actions this can include the resolution of issues of involved with competing class actions. In securities class actions this can involve the efficacy or otherwise of such actions in achieving efficient securities markets and in assessing whether loss to investors has nor has not been caused by conduct.


The analyses are based on traditional doctrinal analysis of the law and of economics to the extent adopted by law.


  • M Duffy, ‘Australian private securities class actions and public interest - assessing the ‘private attorney-general’ by reference to the rationales of public enforcement’ (2017) 32(2) Australian Journal of Corporate Law 162.
  • M Duffy, ‘Causation in Australian securities class actions: searching for an efficient but balanced approach’ (2019) 93(1) Australian Law Journal 833.
  • M Duffy, ‘The conundrum of competing class actions and the efficiency question’ (2019) 93(4) Australian Law Journal 270.