Shanghai Financial Court receives more than 6,600 cases in first year
More than 6,600 lawsuits involving over 110 billion yuan ($15.59 billion) have been received by the Shanghai Financial Court, the first in the country to exclusively handle financial cases, since its establishment a year ago.
The main types of lawsuits received include liability disputes over false security statements, contract disputes over financial loans, financial lease contract disputes and corporate bond transaction disputes, the court said at a media briefing on Wednesday.
"The courts have properly handled a large number of major, complicated and new types of lawsuits, which may have a significance in guiding the application of laws for other similar cases in the future," the president of the court said.
In January, the court pioneered the establishment of demonstration cases to solve securities disputes. Such cases will serve as examples as they usually include factual and legal issues found in similar disputes, the court said.
By referring to such cases, investors seeking legal help in similar disputes can get access to a simplified litigation procedure or apply for pre-litigation mediation to avoid lengthy procedures and receive timely protection and compensation.
In late July, the court formed a team of judges to deal with possible lawsuits related to China's science-technology innovation board which opened at the Shanghai Stock Exchange, as well as provide timely and effective judicial solutions for both domestic and foreign businesses in a fair manner.