Stoneridge and Its Impact on European Capital Market and Consumer Law – Is There a Sanction for Aiding and Abetting a False or Misleading Financial Statement in European Capital Market Law? –

Abstract

The recent decision Stoneridge Investment Partners, LLC v. Scientific Atlanta, Inc. of the U.S. Supreme Court was even before it was published exposed to a severe debate about the future of the regulation of security fraud under Sec. 10 (b) Securities Exchange Act. Especially outside of the United States it was feared that a broad interpretation of the U.S. Supreme Court would lead to a de facto worldwide application of Sec. 10 (b) Securities Exchange Act which would have had a severe impact especially on transatlantic business relations. Whereas the case and the decision was so far mainly discussed from an American perspective the following case note will examine the very same question under European capital market law and its impact on the discussion in Europe on the introduction of a European style class action.