The essential characteristic of representative action lies in the"out of many,one",in which the action is car-ried out by limited or specific representative plaintiffs,but the judgment binds the group as a whole,which is an exception to the principle of relativity of res judicata.The subject matter of representative action is"group right"that transcend individual rights,including diffuse right,collective right,and homologous individual rights.With group right as the medium,the repre-sentative action judgment binds all the group right holders.A judgment in an aciton by representatives with uncertain numbers is effective for all the registered right holders,and res judicata(binding effect)expansion occurs to the non-registering right holders.A judgment in a special representative action for security is effective for all the investors who have not opted out,pre-cludes the latter from filing individual actions,and res judicata(binding effect)entends to those who have opted out.Of course,the opt-out investors retain the flexibility to propose new attacks and defenses in individual actions.
Representative ActionsGroup RightRes JudicataPre-determinative EffectOpt Out
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