Behind major U.S. case against shareholder suits, a tale of two professors

[riky]

Behind major U.S. case against shareholder suits, a tale of two professors

<p><a href="http://news.yahoo.com/behind-major-u-case-against-shareholder-suits-tale-162733112.html"><img src="http://l.yimg.com/bt/api/res/1.2/r3vSg5p0e7p9bRwrHKNmsw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-05-23T215459Z_1_CBREA4M1OVS00_RTROPTP_2_USA-COURT-SECURITIES.JPG" width="130" height="86" alt="The exterior of the U.S. Supreme Court is seen in Washington" align="left" title="The exterior of the U.S. Supreme Court is seen in Washington" border="0" /></a>For two months last summer, Stanford Law School professor Joseph Grundfest locked himself away in his home office in California's Portola Valley. Grundfest's house overlooks the Santa Cruz Mountains, but his attention was fixed on the piles of paper - mostly U.S. Supreme Court opinions and Congressional reports from the 1930s - stacked on his desk and the surrounding floor. Grundfest researched and wrote for weeks with monastic obsessiveness, speaking to hardly anyone but his research assistants and his wife, who made sure he was eating. His aim was nothing less than to destroy securities fraud class action lawsuits by shareholders, which have been the bane of many businesses in the U.S. since the Supreme Court endorsed the cases 26 years ago.</p><br clear="all"/>

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