Europe concerned over US-style litigation

ZURICH – The spread of US-type commercial litigation has emerged as the biggest risk worrying European companies, according to Gabe Varges, the senior executive legal officer at Zurich Financial Services, Switzerland.

Speaking at the 2006 Corporate Compliance Institute hosted by the Practising Law Institute in New York, Varges said fears are growing that class action lawsuits might cost European institutions millions of dollars.

The wider reach of compliance rules have made cross-border compliance a reality, and firms outside the US were worried that litigation risks resulting from legal and compliance issues in the US might spread to Europe.

Already, some foreign issuers in the US have felt the impact of

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