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Full-Text Articles in Business Law, Public Responsibility, and Ethics
Leniency Inflation, Cartel Damages, And Criminalization, Catarina Marvao, Giancarlo Spagnolo
Leniency Inflation, Cartel Damages, And Criminalization, Catarina Marvao, Giancarlo Spagnolo
Articles
We revisit the pros and cons of introducing cartel criminalization in the EU. We document the recent EU “leniency inflation”, whereby leniency has been increasingly awarded to many (or all) cartel members, which softens the “courthouse race” effect. Coupled with the insufficient protection of leniency applicants from damages (2014 Damages Directive), it may have led to a decrease in leniency applications and cartel convictions. Given the current level of fines, criminalization may have to be introduced. We then explore US criminal sanctions (1990–2015) to highlight potential areas of concern for EU policymakers, of which recidivism appears to be a significant …
Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff
Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff
All Faculty Scholarship
Top law firms are notoriously competitive, fighting for prime clients and matters. But some of the most elite firms are also deeply cooperative, willingly sharing key details about their finances and strategy with their rivals. More surprisingly, they pay handsomely to do so. Nearly half of the AmLaw 100 and 200 belong to mutual insurance organizations that require member firms to provide capital; partner time; and important information about their governance, balance sheets, risk management, strategic plans, and malpractice liability. To answer why these firms do so when there are commercial insurers willing to provide coverage with fewer burdens, we …
Confronting The Circularity Problem In Private Securities Litigation, Jill E. Fisch
Confronting The Circularity Problem In Private Securities Litigation, Jill E. Fisch
All Faculty Scholarship
Many critics argue that private securities litigation fails effectively either to deter corporate misconduct or to compensate defrauded investors. In particular, commentators reason that damages reflect socially inefficient transfer payments—the so-called circularity problem. Fox and Mitchell address the circularity problem by identifying new reasons why private litigation is an effective deterrent, focusing on the role of disclosure in improving corporate governance. The corporate governance rationale for securities regulation is more powerful than the authors recognize. By collecting and using corporate information in their trading decisions, informed investors play a critical role in enhancing market efficiency. This efficiency, in turn, allows …