Enforcing consumer and capital markets law in Lithuania

Abstract

Th is chapter describes public and private enforcement of consumer and capital market law in Lithuania. It is based on the analysis of two cases involving the diesel emissions scandal: Case 1 and Case 2. Th is chapter focuses on the public monitoring by governmental authorities of economic operators (traders) and liability for unfair competition. Also, it explains individual and collective mechanisms for private enforcement of consumer law in civil proceedings. In cases of large-scale infringements, the modern legal system shall ensure the same level of judicial defence which is guaranteed in individual cases. However, the model of individualistic civil proceedings which is based on individual and active involvement and participation of all parties is unable to deal with the challenges deriving from large-scale infringements. 1 A novelty in this area in Lithuania is the right to fi le a class action. A class action is particularly relevant for enforcement of individual and collective legal remedies. Furthermore, this report covers private enforcement of capital market law in case of bad faith actions in the sale and purchase contract of corporate ’ s shares. Th e chapter consists of four parts: Public Law ( Section I ), Private Enforcement of Consumer Law ( Section II ), General Procedural Law ( Section III ), Protection of Rights in the Capital Market ( Section IV ) and conclusions ( Section V ).