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Full-Text Articles in Law

The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman Jan 2023

The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman

Faculty Publications

For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders based on widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to be completed.

In this Article, we propose to end the problem of discretionary judicial valuation by tracing …


Small Business Relief In The Time Of Covid-19: Deservingness Judgments Lead The Ppp To Failure, Blair Hendricks Sep 2022

Small Business Relief In The Time Of Covid-19: Deservingness Judgments Lead The Ppp To Failure, Blair Hendricks

Journal of Civil Rights and Economic Development

(Excerpt)

In 2020, going to the grocery store or getting a bite to eat looked a little different than usual: normal outings in 2020 required masks and temperature checks, among other safety precautions. As if patronizing businesses was not difficult enough, operating a business in 2020 could have been downright tragic. In December 2020, Steven Klein, the owner of Vision Lanes Bowling Alley, posted a tribute on his Facebook page to his beloved business. The following is an excerpt from that post:

This is NOT a political post. My sources are telling me an extension is going to be announced. …


Funding Faith: The Paycheck Protection Program's Establishment Clause Violation, Brenna Jean O'Connor Aug 2022

Funding Faith: The Paycheck Protection Program's Establishment Clause Violation, Brenna Jean O'Connor

St. John's Law Review

(Excerpt)

In the early months of 2020, COVID-19 had a swift and profound impact on public health, the economy, state and local governments, and businesses across the United States. In response, on March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to protect the American people from the worsening public health crisis and mitigate the resulting economic downturn. Additionally, within the CARES Act, Congress established the Paycheck Protection Program (“PPP”), which expanded the Small Business Administration’s (“SBA”) authority to guarantee forgivable loans to eligible small businesses. Among other prerequisites, the PPP …


Changes To Material Adverse Effect Clauses Following Major Events: Evidence From Covid-19, Vincent Scala Jul 2022

Changes To Material Adverse Effect Clauses Following Major Events: Evidence From Covid-19, Vincent Scala

St. John's Law Review

(Excerpt)

In November 2019, LVMH Moët Hennessey Louis Vuitton, the world’s leading luxury goods company, announced plans to acquire Tiffany & Company, the prominent American jeweler. The transaction was reported to be worth more than $16 billion, which would have been the largest deal ever in the luxury goods industry. Following the announcement, LVMH’s chief executive officer stated that Tiffany would “thrive for centuries to come.” Nearly ten months later, the acquisition was in shambles as the parties squared off in a legal battle in the Delaware Court of Chancery. The companies were driven to litigation over anxieties about the …


Shareholder Wealth Maximization: A Schelling Point, Martin Edwards Oct 2021

Shareholder Wealth Maximization: A Schelling Point, Martin Edwards

St. John's Law Review

(Excerpt)

Imagine a reality television game show where two contestants begin the game in two different places in New York City. The object of the game is for the two contestants to find each other, but they do not know anything about each other and they have no way of communicating. If they succeed, both contestants win a prize. If they fail, they get nothing. With no ability to explicitly bargain over the meeting, the parties have to make an educated guess about what the other person is most likely to do. Most people, confronted with this sort of tacit …


Business And Commercial Litigation In Federal Courts (4th Ed.) Edited By Robert L. Haig, James M. Wicks Nov 2018

Business And Commercial Litigation In Federal Courts (4th Ed.) Edited By Robert L. Haig, James M. Wicks

St. John's Law Review

(Excerpt)

Four years ago, I reviewed Business and Commercial Litigation in Federal Courts (3d ed.), concluding then that notwithstanding the dwindling “brick-and-mortar,” traditional law libraries, this multi-volume treatise is a worthy tool in the arsenal of the business litigator. Well, now nineteen years after its inception, the treatise, Business and Commercial Litigation in Federal Courts (4th ed.) (“BCL”), is in its Fourth Edition, having added twenty-five new chapters leading to three more volumes. Is it still worth the shelf space? Unquestionably, this landmark treatise remains an essential guide for commercial litigators and in-house counsel alike. The addition of the new …


An Antitrust Approach To Corporate Free Exercise Claims, Ronald J. Colombo Sep 2018

An Antitrust Approach To Corporate Free Exercise Claims, Ronald J. Colombo

St. John's Law Review

(Excerpt)

This Article suggests that antitrust law’s concept of market power could similarly be employed in balancing the free exercise rights of a corporation or any for-profit business venture against the rights of individuals. When a business enterprise seeks a religious liberty exemption from a rights-granting law, a major factor in assessing its claim should be the degree to which it wields market power in the relevant market. If the business is a monopolist, and, a fortiori, wielding tremendous market power, its claim for a free exercise exemption should probably fail. If, conversely, the business is but a minor marketplace …


Vicarious Charity: Social Responsibility And Catholic Social Teaching, Paula Dalley Sep 2018

Vicarious Charity: Social Responsibility And Catholic Social Teaching, Paula Dalley

Journal of Catholic Legal Studies

(Excerpt)

This Article begins with a brief introduction to the CSR debate. Part II describes the legal role of various human actors in the corporation, and Part III describes the legal restrictions on those actors’ socially responsible, but unauthorized, decisions. Part IV describes in some detail the relevant social teaching of the Catholic Church and explains that it does not apply to corporations or other corporate actors. Part V then describes the appropriate application of Catholic social doctrine to economic actors.


Embezzlement - The Next Generation, Joseph A. Divito, Esq., Kevin M. Kearney, Esq. Nov 2017

Embezzlement - The Next Generation, Joseph A. Divito, Esq., Kevin M. Kearney, Esq.

The Catholic Lawyer

No abstract provided.


Emerging From Daimler's Shadow: Registration Statutes As A Means To General Jurisdiction Over Foreign Corporations, Nicholas D'Angelo Oct 2017

Emerging From Daimler's Shadow: Registration Statutes As A Means To General Jurisdiction Over Foreign Corporations, Nicholas D'Angelo

St. John's Law Review

(Excerpt)

This Note argues for the increased exercise of general jurisdiction based on registration statutes. Carefully drafted state statutes, explicitly stating that corporations registering to do business in a state thereby consent to general jurisdiction, not only solve the consequences of Daimler, but also fully comport with traditional values of fairness.

Part I outlines the jurisprudential history related to general jurisdiction. Section A begins with the concept of territoriality introduced in Pennoyer and the minimum contacts analysis in International Shoe, then discusses the modern doctrine in Perkins, Helicopteros, and Goodyear, culminating with Daimler. Section …


Partnerships Or Joint Ventures As Vehicles To Achieve Charitable Objectives, Bruce R. Hopkins Oct 2017

Partnerships Or Joint Ventures As Vehicles To Achieve Charitable Objectives, Bruce R. Hopkins

The Catholic Lawyer

No abstract provided.


Partnerships Or Joint Ventures As Vehicles To Achieve Charitable Objectives, James J. Mcgovern Oct 2017

Partnerships Or Joint Ventures As Vehicles To Achieve Charitable Objectives, James J. Mcgovern

The Catholic Lawyer

No abstract provided.


Effective Compliance With Antidiscrimination Law: Corporate Personhood, Purpose And Social Responsibility, Cheryl L. Wade Jan 2017

Effective Compliance With Antidiscrimination Law: Corporate Personhood, Purpose And Social Responsibility, Cheryl L. Wade

Faculty Publications

I begin the essay with an examination of the overlap between corporate governance and corporate social responsibility. After doing so, I explore the notions of corporate personhood and purpose in order to suggest ways to make compliance programs less cosmetic and defensive and more meaningful and effective. I conclude that the decision making that is inherent in corporate governance is an important factor in the corporate social responsibility equation. There is a gap that separates the fulfillment of fiduciary duties (including the installation and upkeep of a compliance program) and best practices. Companies and their managers can win litigation, or …


Private Solutions To Global Crises, Gregory R. Day Oct 2016

Private Solutions To Global Crises, Gregory R. Day

St. John's Law Review

(Excerpt)

The contribution of this Article is both theoretical and practical. Considering that MNCs rarely suffer liability abroad, this Article identifies an emerging, understudied type of international agreement able to hold MNCs responsible for torts in the developing world. On a theoretical level, the research herein identifies situations in which arbitral decisions are superior to judicial rulings. This Article also advances the private dispute resolution literature, which has developed slowly due to arbitration’s private and confidential nature. The works that do discuss arbitration overwhelmingly assume that the process favors corporations, rarely mentioning arbitration’s socially desirable qualities. Thus, this Article offers …


Recent Decision: Lawyers' Right To Incorporate Jul 2016

Recent Decision: Lawyers' Right To Incorporate

The Catholic Lawyer

No abstract provided.


Justice; Mater Et Magistra; Civil Rights; Zoning; Sociological Jurisprudence; Mr. Justice Brennan; Business Ethics Jul 2016

Justice; Mater Et Magistra; Civil Rights; Zoning; Sociological Jurisprudence; Mr. Justice Brennan; Business Ethics

The Catholic Lawyer

No abstract provided.


General Jurisdiction 2.0: The Updating And Uprooting Of The Corporate Presence Doctrine, Edward D. Cavanagh Jan 2016

General Jurisdiction 2.0: The Updating And Uprooting Of The Corporate Presence Doctrine, Edward D. Cavanagh

Faculty Publications

(Excerpt)

For well over a century, state courts have exercised personal jurisdiction over foreign corporations if they engage in commerce within the state “not occasionally or casually, but with a fair measure of permanence and continuity.” This assertion of judicial power, referred to as general jurisdiction and also as the corporate presence doctrine, permitted courts to entertain claims that had no nexus with the forum state against foreign companies “doing business” within that state. The United States Supreme Court, however, sent this line of cases “careening into the abyss” in Daimler AG v. Bauman, wherein the Court held that …


Gender Diversity On Corporate Boards: How Racial Politics Impedes Progress In The United States, Cheryl L. Wade Apr 2014

Gender Diversity On Corporate Boards: How Racial Politics Impedes Progress In The United States, Cheryl L. Wade

Faculty Publications

The excellent conference organized by Darren Rosenblum comparing global approaches to board diversity inspired me to think about how progress in this context has unfolded in the United States. Even though the issue of diversity on corporate boards has become a global issue, few U.S. boards have moved beyond mere tokenism when it comes to female directors. One reason for the lack of diversity among corporate directors is that board selection has been based on membership in a particular network. This essay, however, focuses on the persisting problem of discrimination—a more invidious explanation for the fact that very few corporate …


The Law And Economics Of Corporate Social Responsibility And Greenwashing, Miriam A. Cherry Jan 2014

The Law And Economics Of Corporate Social Responsibility And Greenwashing, Miriam A. Cherry

Faculty Publications

In this symposium article, I explore the link between corporate social responsibility (CSR) and the threat of greenwashing. In the first part of the article, I start with first principles, examining the origins of greenwashing, structuring its definitions, and identifying the economic incentives that lead firms into the practice. The second part of this article examines the legal structure that allows greenwashing to occur, and with it, explores the pervasiveness and extent of greenwashing. The third part of this article articulates the harms of greenwashing. Intuitively, greenwashing involves deception, falsity, and hypocrisy that reflexively seem problematic. Identifying the actual harm …


Toward A Critical Corporate Law Pedagogy And Scholarship, André Ddouglas Pond Cummings, Steven A. Ramirez, Cheryl L. Wade Jan 2014

Toward A Critical Corporate Law Pedagogy And Scholarship, André Ddouglas Pond Cummings, Steven A. Ramirez, Cheryl L. Wade

Faculty Publications

(Excerpt)

In recent years, the publicly held corporation has assumed a central position in both the economic and political spheres of American life. Economically, the public corporation has long acted as the key institution within American capitalism. Politically, the public corporation now can use its economic might to sway electoral outcomes as never before. Indeed, individuals who control public firms wield more economic power and political power today than ever before. These truths profoundly shape American society. The power, control, and role of the public corporation under law and regulation, therefore, hold more importance than ever before.

Even though corporate …


Rethinking The Corporation (And Race) In America: Can Law (And Professionalization) Fix "Minor" Problems Of Externalization, Internalization, And Governance?, Steven A. Ramirez Feb 2012

Rethinking The Corporation (And Race) In America: Can Law (And Professionalization) Fix "Minor" Problems Of Externalization, Internalization, And Governance?, Steven A. Ramirez

St. John's Law Review

No abstract provided.


How Predatory Mortgage Lending Changed African American Communities And Families, Cheryl L. Wade Jan 2012

How Predatory Mortgage Lending Changed African American Communities And Families, Cheryl L. Wade

Faculty Publications

(Excerpt)

This symposium focuses on efforts to reform the secondary mortgage market in the aftermath of the most potent economic downturn in U.S. history since The Great Depression. One question posed at the symposium in several forms was whether low-income Americans should be encouraged to own a home. Implicit in this question is the idea that low­-income homebuyers were responsible for the losses that investors in mortgage-backed securities incurred. This question is part of a familiar narrative: investors in mortgage-backed securities suffered, and the economy suffered, because low-income homebuyers defaulted. My essay, however, looks beyond the alleged irresponsibility of homebuyers …


Fiduciary Duty And The Public Interest, Cheryl L. Wade Jan 2011

Fiduciary Duty And The Public Interest, Cheryl L. Wade

Faculty Publications

(Excerpt)

Professor Tamar Frankel’s excellent book, Fiduciary Law, is a thorough and comprehensive look at the fiduciary-law forest. My contribution to the Symposium on The Role of Fiduciary Law and Trust in the Twenty-First Century is one leaf on one branch of one tree in the forest that Professor Frankel so expertly navigates. In this Essay, I explore the fiduciary relationship between corporate directors and officers and the shareholders they serve. I examine how the breach of fiduciary duties owed to shareholders has the power to dramatically impact non-shareholder groups.

Professor Frankel accurately observes that “[f]iduciary duties are anchored …


Teaching Gender As A Core Value In Business Organizations Class, Cheryl L. Wade Jan 2011

Teaching Gender As A Core Value In Business Organizations Class, Cheryl L. Wade

Faculty Publications

(Excerpt)

I teach a business organizations course that is typically a large class with up to ninety students. At some point in the first week of each semester, I talk about public companies and the men who lead them. I point out to my students that while it is appropriate in most contexts to use gender-neutral language, it would be inaccurate to do so when talking about big business. Only fifteen percent of the board seats at Fortune 500 companies are held by women, and only sixteen percent of Fortune 500 corporate officers are women. I let my students know …


Beyond Profit: Rethinking Corporate Social Responsibility And Greenwashing After The Bp Oil Disaster, Miriam A. Cherry, Judd F. Sneirson Jan 2011

Beyond Profit: Rethinking Corporate Social Responsibility And Greenwashing After The Bp Oil Disaster, Miriam A. Cherry, Judd F. Sneirson

Faculty Publications

The explosion of the BP-leased Deepwater Horizon and subsequent oil spill stand as an indictment not just of our national energy priorities and environmental law enforcement; they equally represent a failure of Anglo-American corporate law and what passes for corporate social responsibility in business today. Using BP and the disaster as a compelling case study, this Article examines green marketing and corporate governance and identifies elements of each that encourage firms to engage only superficially in corporate social responsibility yet trumpet those efforts to eager consumers and investors. This Article then proposes reforms and protections designed to increase corporate social …


African-American Entrepreneurs: Integration, Education, And Exclusion, Cheryl L. Wade Jan 2010

African-American Entrepreneurs: Integration, Education, And Exclusion, Cheryl L. Wade

Faculty Publications

(Excerpt)

In this Article, I describe some of the subtle, obscure, and hidden challenges that African-American entrepreneurs face by providing the narratives of three African-American businesspeople. Two of the narratives are about African Americans who started businesses in the first half of the twentieth century. Theirs is a success story. Their businesses thrived. Yet, for a variety of reasons, the success these two entrepreneurs enjoyed would be unlikely today, even with the legislation and policy initiatives enacted in the latter half of the twentieth century and aimed at providing access to opportunities for people of color. The third narrative is …


Reply: Clawback To The Future, Miriam A. Cherry, Jarrod Wong Jan 2010

Reply: Clawback To The Future, Miriam A. Cherry, Jarrod Wong

Faculty Publications

(Excerpt)

In Clawbacks: Prospective Contract Measures in an Era of Excessive Executive Compensation and Ponzi Schemes (the “Article”), we undertook the task of proposing a doctrine of clawbacks that would not only furnish a framework for analyzing the term more systematically, but would also describe the ways the doctrine would relate to established rules of contract law. With his response, In the Shadow of the Omnipresent Claw: In Response to Professors Cherry & Wong (the “Response”), Michael Macchiarola has provided us with an opportunity to articulate these thoughts on the doctrine of clawbacks further, and for that opportunity and his …


Decentering The Firm: The Limited Liability Company And Low-Wage Immigrant Women Workers, Miriam A. Cherry Jan 2006

Decentering The Firm: The Limited Liability Company And Low-Wage Immigrant Women Workers, Miriam A. Cherry

Faculty Publications

(Excerpt)

Imagine the following scenario: a group of immigrant women clean houses and offices in the suburbs of a large northeastern city. These workers speak languages other than English. Therefore they depend on an intermediary, another immigrant who has been in the United States for a longer period of time, to solicit jobs, negotiate schedules, and communicate with customers. Although this “intermediary” does not actually perform any of the cleaning work, the intermediary’s “cut,” or share of the income generated, is substantial. The immigrant workers are typically paid a low wage, often averaging below the minimum wage set by the …


Did The Private Securities Litigation Reform Act Work?, Michael A. Perino Jan 2005

Did The Private Securities Litigation Reform Act Work?, Michael A. Perino

Faculty Publications

In 1995 Congress passed the Private Securities Litigation Reform Act (the PSLRA or the Act) to address abuses in securities fraud class actions. In the wake of Enron, WorldCom, Adelphia, and other high profile securities frauds, critics suggest that the law made it too easy to escape liability for securities fraud and thus created a climate in which frauds are more likely to occur. Others claim that the Act has largely failed because it did little to deter plaintiffs' lawyers from filing nonmeritorious cases. This article employs a database of the 1449 class actions filed from 1996 through 2001 to …


The Corporate Attorney-Client Privilege: A Study Of The Participants, Vincent C. Alexander Jan 1989

The Corporate Attorney-Client Privilege: A Study Of The Participants, Vincent C. Alexander

Faculty Publications

Empirical research on the practical effects of the attorney-client privilege in the corporate context has been almost nonexistent. This Article seeks to help fill the gap by synthesizing traditional doctrinal analysis with the results of a survey of individuals with first-hand information about the subject: corporate attorneys, corporate management, and federal judges and magistrates. The survey, which consisted of 182 interviews in New York City, produced a broad range of information about some of the assumptions underlying the corporate privilege, the forms and processes of corporate attorney-client communications and the adjudication of privilege claims.