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Full-Text Articles in Law
The Price Of Pay To Play In Securities Class Actions, Adam C. Pritchard, Stephen J. Choi, Drew T. Johnson-Skinner
The Price Of Pay To Play In Securities Class Actions, Adam C. Pritchard, Stephen J. Choi, Drew T. Johnson-Skinner
Articles
We study the effect of campaign contributions to lead plaintiffs—“pay to play”—on the level of attorney fees in securities class actions. We find that state pension funds generally pay lower attorney fees when they serve as lead plaintiffs in securities class actions than do individual investors serving in that capacity, and larger funds negotiate for lower fees. This differential disappears, however, when we control for campaign contributions made to offcials with infuence over state pension funds. This effect is most pronounced when we focus on state pension funds that receive the largest campaign contributions and that associate repeatedly as lead …
Do Institutions Matter? The Impact Of The Lead Plaintiff Provision Of The Private Securities Litigation Reform Act, Adam C. Pritchard, Stephen J. Choi, Jill E. Fisch
Do Institutions Matter? The Impact Of The Lead Plaintiff Provision Of The Private Securities Litigation Reform Act, Adam C. Pritchard, Stephen J. Choi, Jill E. Fisch
Articles
When Congress enacted the Private Securities Litigation Reform Act in 1995 ("PSLRA"), the Act's "lead plaintiff' provision was the centerpiece of its efforts to increase investor control over securities fraud class actions. The lead plaintiff provision alters the balance of power between investors and class counsel by creating a presumption that the investor with the largest financial stake in the case will serve as lead plaintiff. The lead plaintiff then chooses class counsel and, at least in theory, negotiates the terms of counsel's compensation. Congress's stated purpose in enacting the lead plaintiff provision was to encourage institutional investors-pension funds, mutual …
Dormant Commerce Clause Claims Under 42 U.S.C. § 1983: Protecting The Right To Be Free Of Protectionist State Action, Gregory A. Kalscheur
Dormant Commerce Clause Claims Under 42 U.S.C. § 1983: Protecting The Right To Be Free Of Protectionist State Action, Gregory A. Kalscheur
Michigan Law Review
This Note will attempt to show that some commerce clause violations should give rise to cognizable section 1983 claims. Two fundamental questions will be addressed: Is the commerce clause the source of any "rights, privileges, or immunities secured by the Constitution?" and if so, Does section 1983 protect whatever "rights, privileges, or immunities" grow out of the commerce clause? Part I will describe the present status of authority on this issue and argue that none of the conflicting opinions have adequately addressed the fundamental questions involved. Part II will demonstrate that the commerce clause does indeed protect a "right[], privilege[ …
Damages - Expenses Of Litigation - Counsel Fees In A Previous Suit, Gerald M. Lively
Damages - Expenses Of Litigation - Counsel Fees In A Previous Suit, Gerald M. Lively
Michigan Law Review
Plaintiffs brought this appeal from a judgment dismissing an action to recover the attorney's fees and other expenses of the prosecution of a prior suit with defendant. In the former action plaintiffs had secured a decree requiring defendant to convey to them certain property which the defendant had withheld fraudulently and maliciously. In the present action defendant successfully had moved to dismiss on the grounds that attorney's fees as between original litigants were not recoverable and further that this claim was res judicata due to the prior suit. Held, one justice dissenting as defendant's intentional and wilful misconduct necessitated …
Bills And Notes - Effect On Negotiability Of Provision For Confession Of Judgment, Michigan Law Review
Bills And Notes - Effect On Negotiability Of Provision For Confession Of Judgment, Michigan Law Review
Michigan Law Review
A note was made providing for eighteen monthly payments, and on default of any payment, the whole amount to become due; a clause was inserted in the note authorizing confession of judgment on the note in favor of the holder "at any time hereafter . . . for such amount as may appear to be unpaid thereon, together with costs and attorney's fees." Held, the provision for confession of judgment did not destroy the negotiability of the note, since it authorized confession of judgment only after default in one of the installments due. United States v. Nagorney, (D. …
The Measure Of Recovery In Actions For The Infringement Of Copyright, Julian Caplan
The Measure Of Recovery In Actions For The Infringement Of Copyright, Julian Caplan
Michigan Law Review
Since the present federal copyright statute was enacted in 1909, and especially quite recently, there have been repeated attempts at drastic modification of the law. Certain groups contend that the present statutory provisions are not of sufficient protection to the copyright proprietor, whereas other groups contend that the extent of the protection is entirely unwarranted. One of the chief phases of controversy has involved the measure of recovery in suits for infringement. The issue is of fundamental importance, since the measure of damages determines to a large extent how effective the other provisions of the statute will be. Whether, under …
Effect Of Tax Exemption And Tax Refunding Provisions On The Negotiability Of Corporate Bonds
Effect Of Tax Exemption And Tax Refunding Provisions On The Negotiability Of Corporate Bonds
Michigan Law Review
The Connecticut court in a series of recent cases has cast considerable doubt on the negotiability of bonds containing provisions for payment without deduction for taxes and for refunding of personal property taxes paid by the holder on account of the instrument. In Mechanic's Bank v. Johnson it held a promissory note containing a promise to pay taxes assessed against the instrument non-negotiable on the ground that the amount was uncertain. In Mazurkiewicz v. Dowholonek it held unconstitutional an act, passed after the earlier decision, establishing the negotiability of such instruments already in circulation, on the ground that it impaired …
Invalid Contracts For Contingent Fees, James H. Brewster
Invalid Contracts For Contingent Fees, James H. Brewster
Articles
It is not unusual that agreements between attorneys and clients providing for contingent fees contain a stipulation to the effect that no settlement of the controversy concerning which there is a bargain for fees shall be made by the client without the attorney's consent. In the recent case of Davy et at. v. Fidelity and Casualty Ins. Co., 85 N. E. 504, the Supreme Court of Ohio condemns such an agreement as champertous and, by the citation of many Ohio decisions, "demonstrates that this court has always maintained a consistent and unambiguous attitude in regard to contracts of the kind …