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Absent Class Member
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A person who is a member of the class but is not named
in the complaint and does not actively participate in the litigation.
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Adequacy
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Propriety of sufficiency of legal representation by class counsel.
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Affidavit
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A written statement sworn to be true before an authorized
individual such as a notary public.
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Attorney-Client Privilege
|
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The right of a person and duty of his attorney to keep their
communications confidential.
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Appeal
|
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A procedure where a party to a legal proceeding asks a
higher court to reverse or modify a lower court's decision.
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Bluesky Law
|
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State laws regulating sales of securities for purpose of
protecting the public from fraud.
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Burden of Proof
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The responsibility of a party to a litigation to persuade a
judge or jury that the evidence proves its side of the case.
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Cause of Action
|
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The reason a complaint may be filed with the court. The cause of
action is the specific grievance or violation that gives grounds
for a legal action.
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Certification
|
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A form used to affirm the truthfulness of a representation.
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Circumstantial Evidence
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Indicia that support a belief.
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Civil Action
|
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A court proceeding that is not a criminal case and seeks monetary damages.
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Claim
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A demand for resolution or remedy, or for something that
is rightly the claimant's.
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Class Counsel
|
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The attorney or attorney firms appointed by the court
to represent the interests of class members.
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Class Representative
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A class member appointed by the court to act as the
representative of the class (Lead Plaintiff).
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Complaint
|
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The document that begins a court action. In a civil case it
is filed with the court and outlines the grievance alleged
and the remedy sought.
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Contingent Fee
|
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A fee that is based upon a percentage of a recovery and is
payable only if there is a successful conclusion.
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Counter-Claim
|
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A claim filed against the plaintiff by the defendant in a civil case.
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Crossclaim
|
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A claim filed by one party against a co-party in a lawsuit,
such as one defendant against a co-defendant.
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Damages
|
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The money which is sought from a defendant by a
plaintiff or the amount awarded to the plaintiff
as a remedy for injury or wrongdoing.
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Default Judgment
|
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A judgment in a lawsuit against a defendant who fails to
offer a defense or to appear in court.
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Defendant
|
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A person who is charged with a wrongdoing.
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Deposition
|
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Pre-trial testimony given under oath in front of a court reporter,
which may be used as evidence in a trial.
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Directed Verdict
|
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A verdict handed down by a trial judge without
consideration of the jury, because the facts
presented and the applicable law left no question as to the verdict.
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Discovery
|
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A pre-trial process in which each party requests relevant
information and documents from the other.
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Docket
|
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A brief record of all important actions in court, from
the beginning to the end of a case.
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Fiduciary
|
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A person who stands in a special relationship of trust with
another person and must place the interests of the other person
above the fiduciary's own interest.
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Fraud
|
|
Making false statements or misrepresentations of material facts (or
failing to act or remaining silent when an obligation to speak
exists) in order to benefit by deceiving another.
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Hearing
|
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A court proceeding in which the court listens to or receives evidence.
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Impleader
|
|
Legal procedure in which a third party who may be liable for all or
part of the plaintiff's claims is brought into an action.
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Indicia
|
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Distinctive signs that support a belief.
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Injunction
|
|
Court document that prohibits or directs a party from performing a
particular action.
|
|
Insider Trading
|
|
Engaging in financial transactions based on material non-public information.
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Interrogatories
|
|
Written questions that must be answered under oath.
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|
Joint and Several Liability
|
|
The sharing of liability, both individually and collectively.
|
|
Jurisdiction
|
|
Sphere of authority empowered to rule on questions of law.
|
|
Jury Trial
|
|
A judicial examination of fact whose outcome is decided by a jury.
|
|
Leave of Court
|
|
Permission from the court to take an otherwise non-permissible action.
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Liability
|
|
The extent of responsibility for a loss.
|
|
Limited Liability
|
|
A business which is liable for losses and obligations, but whose
owners are not personally liable.
|
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Limited Partnership
|
|
A specific type of partnership involving at least one general partner
and one limited partner. Limited partners are generally not responsible
for debts or losses of the partners.
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Liquidated Damages
|
|
An amount of damages that is agreed upon by both parties in a contract.
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|
Litigants
|
|
Participants to a lawsuit (plaintiffs or defendants).
|
|
Litigation
|
|
The process of bringing a lawsuit before a court to resolve a
problem or seek remedy for a harm.
|
|
Long Arm Statutes
|
|
Laws that allow a state to extend its jurisdiction to individuals or
organizations not residing in that state.
|
|
Malpractice
|
|
A misconduct or unreasonable action by a professional that results in harm.
|
|
Margin
|
|
Borrowing money from a stockbroker to transact a securities transaction.
|
|
Market Manipulation
|
|
The act of influencing the price or pattern of trading of a security.
|
|
Material
|
|
That which a resonable person would consider important to a decision.
|
|
Mediation
|
|
A private, informal process of resolving disputes through use of an
impartial third party who suggests a compromise.
|
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Mens Rea
|
|
A "criminal intent" or "guilty mind".
|
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Merger
|
|
The joining and transformation of two items (contracts, companies,
debts, and obligations) into one.
|
|
Motion
|
|
A formal request to a court to take a specific action.
|
|
Mutual Fund
|
|
A company which uses its shareholders' money to buy and sell stocks.
|
|
Negligence
|
|
The failure to act in a manner considered reasonable or prudent
under the circumstances.
|
|
Net Settlement Fund
|
|
The remainder in a settlement fund after the payment of applicable
court approved fees and expenses.
|
|
Notary Public
|
|
An individual who is authorized to attest to legal documents,
administer oaths, and certify the authenticity of signatures.
|
|
Notice Of Settlement
|
|
A legal document that outlines the nature of the case, and describes
the manner in which the net settlement fund will be distributed.
|
|
Objection
|
|
Stating, for the record in a legal proceeding that a statement
made or the evidence presented is improper to a party in the proceeding.
|
|
On the Merits
|
|
Decision or judgment that is based on facts.
|
|
Order
|
|
Written instruction or direction issued by a judge.
|
|
Ordinary Course of Business
|
|
The usual transactions, customs and practices of a business.
|
|
Parol Evidence Rule
|
|
A rule that limits the ability to introduce testimony regarding the
meaning of a written document.
|
|
Partnership
|
|
A type of business organization involving two or more people who
carry on, as co-owners, a business for profit. Partners are personally
responsible for the debts of the business.
|
|
Party
|
|
A person or entity who is the plaintiff or defendant in a lawsuit.
|
|
Perjury
|
|
Making a deliberately false statement while under oath.
|
|
Piercing Corporate Veil
|
|
Not permitting individuals to avoid liability for the actions holding
them responsible for the actions of the corporation which they control.
|
|
Plaintiff
|
|
The complaining party in a civil law suit.
|
|
Plan of Allocation
|
|
The plan used to determine the compensatory damages, sustained by each
individual claimant as well as the whole Class.
|
|
Pleadings
|
|
Documents which set forth the claims and defenses asserted in a lawsuit.
|
|
Power of Attorney
|
|
A document that gives one person the right to act for another.
|
|
Precedent
|
|
Court decision that influences the outcome of a later decision.
|
|
Preliminary Hearing
|
|
The presentation of evidence and testimony to a court that does not
result in a final decision in the proceeding.
|
|
Preliminary Injunction
|
|
The lowest level of proof required in a civil case, where one side's
case is considered to be more provable than the other's based uponn
the evidence presented.
|
|
Prima Facie
|
|
Latin for "On its face," or "at first view."
|
|
Prospectus
|
|
A document which describes a company, its practices, and its finances
and is available for distribution to prospective purchasers of securities.
|
|
Proxy
|
|
A document which gives a person or organization the power to
represent or serve in the place of another.
|
|
Recklessness
|
|
A conscious and willful disregard for what is prudent and safe
based on the circumstances.
|
|
Reliance
|
|
Basing decisions and actions on the representations of another.
|
|
Respondent
|
|
A person or party who responds to a complaint.
|
|
Retainer
|
|
An advance fee paid to an attorney for professional services.
|
|
Scienter
|
|
Acting or failing to act with a level of knowledge
so as to make a person civilly responsible for their actions or inactions.
|
|
Security
|
|
A document such as a stock or bond, that is ordinarily traded on a
recognized exchange.
|
|
Service of Process
|
|
The delivery of notice of court proceedings to the defendant.
|
|
Settlement
|
|
The resolution of a dispute before a final decision of a judge or jury.
|
|
Standing
|
|
The legal right to bring a case into the judicial system.
|
|
Statue of Limitations
|
|
The maximum amount of time that can pass during which a matter
can be brought before a court.
|
|
Stipulation
|
|
An agreement made between parties before the court.
|
|
Subpoena
|
|
A court order to appear in court or to produce evidence.
|
|
Summary Judgment
|
|
A court decision made prior to trial based upon a claim
made by a party that even if the factual assertions of the
opposing party are found true a meritorious result cannot
be obtained by the opposing party.
|
|
Summons
|
|
A notice delivered by an authorized person of the court
informing a person of their involvement in a lawsuit.
|
|
Testimony
|
|
Statements made under oath and memorialized by a court reporter.
|
|
Trial
|
|
The adversarial process of resolving disputes in a court of law.
|
|
Third
|
|
A person or entity who is not the plaintiff or defendant in a lawsuit.
|
|
U. S. Attorney
|
|
An attorney working for the United States, who is
responsible for prosecuting federal crimes.
|
|
Underwriter
|
|
In the securities context, the underwriter is a financial
institution that buys the issuer's securities and then
resells them to investors.
|
|
Unjust Enrichment
|
|
An instance in which one party has gained a windfall at the expense of
another party.
|
|
Vacate
|
|
A decision by a higher court to overrule a decision of a lower court.
|
|
Venue
|
|
The appropriate jurisdiction for a trial.
|
|
Verdict
|
|
The decision reached by a judge or jury in a trial.
|
|
Vicarious Liability
|
|
Responsibility for the acts of a subordinate in the workplace.
|
|
Voir Dire
|
|
The process by which attorneys and/or judges examine potential
jurors to see if they are competent to sit on a jury.
|
|
Waiver
|
|
The voluntary giving up of a known right.
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