In a global economy, it's no surprise that international institutions are filing more class actions in the US. And the trend is expected to continue according to an ISS report Accountability goes global.

There was a time when overseas institutions regarded the litigious environment of the US as foreign and yes, distasteful. But that's no more.

The ISS report points out that from 1996 through to March 31, 2007, there have been 182 different instances of international institutional investors seeking to serve as lead plaintiffs in a US securities class action.

Filing investors hailed from 17 different countries. Germany, Canada, Israel, Austria and Italy were the most represented. German and Austrian institutional investors also filed the most lead plaintiff motions. The investors involved in these cases include public pension schemes, asset managers, mutual funds, union pension plans and hedge funds.

And the trend will grow, particularly with glacial pace of securities litigation in places like Germany. Also, the close links between firms in the US and Israel might help ensure the momentum continues. As would the deeper pockets of the institutions.