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Privileged Litigants: Shareholder Rights, Information Disclosure and Corporate Legal Professional Privilege

机译:特权诉讼人:股东权利,信息披露和公司法律专业特权

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摘要

A major impediment to the success of litigation against a corporate defendant is the difficulty of obtaining sufficient information about a company's internal matters to formulate and prove a case. Sealy identified that shareholder claimants were "singularly disadvantaged" by a procedural system which only granted shareholders access to the documentation they needed to formulate their case some time after that case had to be pleaded. As a result, "everything that (the shareholder) needs to know in order to mount his case is accessible only to the defendants". While this is an obstacle faced by shareholders and outsiders alike, the peculiar characteristics of intra-corporate litigation create additional disadvantages for shareholders. In derivative litigation shareholders must establish early on, and prior to disclosure, at least a prima facie case that they are entitled to bring the action on the company's behalf. If they are unsuccessful, the action fails. To make matters worse, their attempts to overcome the standing rules of the derivative action can be met with considerable judicial antipathy.
机译:对公司被告提起诉讼的一个主要障碍是难以获得有关公司内部事务的充分信息以制定和证明案件。希利(Sealy)认为,股东诉讼请求人在程序系统中处于“绝对不利地位”,该程序仅允许股东在提出该案后的某个时间访问他们提出案件所需的文件。结果,“(股东)提起诉讼所需要知道的一切,只有被告才能访问”。尽管这是股东和外部人士都面临的障碍,但公司内部诉讼的独特特征给股东带来了更多不利条件。在派生诉讼中,股东必须在披露之前及披露之前至少确定一个表面上的案例,证明他们有权代表公司提起诉讼。如果不成功,则操作将失败。更糟的是,他们为克服派生诉讼的现行规则而进行的尝试可能遭到相当大的司法上的同情。

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