Thailand’s Class Action Act will be in effect December 8th

FRT Admin
Site administrator
October 7, 2015

thailand class actionBack in April, Thailand passed the Class Action Act, which will be put in effect on December 8, 2015. Prior to this act, Section 53 of the Act to Establish the Labour and Labour Proceeding was similar to the class action because it was the only method that allowed the claims of multiple plaintiffs to be consolidated. The scope of Section 53 was limited to labor cases, with no structure for attorney fees. Lawyers would also say that this practice was inconvenient and impractical if the number of plaintiffs was too high.

The new mechanism of Thailand’s class actions will be similar to that of the U.S. in which injured nonparties must identify themselves and file claims to become part of the class. Damaged parties will also have an option to opt-out and pursue private litigation. For lawyer fees, the class will receive the full amount awarded with a certain percentage taken out of the settlement for the litigators. It will be interesting to see how securities litigation plays a role in the global legal landscape.

Read more about Thailand’s Class Action Act here.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.