Law Commons^™

Ending Exemption 5 Expansion: Toward A Narrower Interpretation Of Foia’S Exemption For Inter- And Intra-Agency Memorandums, Ryan W. Miller

Fordham Law Review

The Freedom of Information Act (FOIA) creates a judicially enforceable right to access almost any record that a federal agency creates or obtains. Its crafters aimed to strike a careful balance in promoting disclosure of government records to increase transparency while still protecting the confidentiality of certain information. Although any person can request an agency record, FOIA’s nine exemptions allow agencies to withhold records if certain conditions are met. 5 U.S.C. § 552(b)(5) permits agencies to withhold “inter-agency or intra-agency memorandums or letters” that would normally be privileged in civil discovery. Through this exemption, Congress sought to prevent FOIA from …

Exhuming Nondelegation . . . Intelligibly, Zachary R.S. Zajdel

Fordham Journal of Corporate & Financial Law

Whether by avalanche or a thousand cuts, the intelligible principle test may be awaiting its untimely demise at the behest of a reinvigorated nondelegation movement. Perhaps looking to speed up the decomposition, the Fifth Circuit in Jarkesy v. Securities and Exchange Commission struck down the SEC’s discretion to pursue enforcement actions with its own Administrative Law Judges or in federal court as unconstitutionally delegated legislative power. This Note posits that Jarkesy was rightly decided but rife with uncompelling reasoning. Establishing this requires a detour into the meaning of the Necessary and Proper Clause, the significance of the separation of powers, …

From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke

Fordham Journal of Corporate & Financial Law

The Tether controversy and Terra crash have placed stablecoins in the regulatory spotlight. Stablecoins are often portrayed as posing systemic risks to financial markets, with some pundits labelling them “the villain of the finance world.” Global regulatory bodies, namely the International Monetary Fund (IMF) and the Bank of International Settlement (BIS), and political leaders, including the Biden Administration, have all called for stablecoin regulation. These officials allege that stablecoins’ structure, combined with their exponential growth, pose a unique risk to global markets. Before the May 2022 Terra crash, government reports superficially treated stablecoins by exclusively focusing on asset-backed coins. Post …

Renewing Faith In Antitrust: Unveiling The Hidden Network Behind Pharmaceutical Product Hopping, Victoria Field

Fordham Journal of Corporate & Financial Law

Patents grant time-limited market exclusivity to drug manufacturers, meaning that other companies are prohibited from copying and selling the patented pharmaceutical. This allows manufacturers to lawfully charge monopoly prices. Generic competition starts at the expiration of the patent. To maintain coveted monopoly power, manufacturers often release an alternative formulation of the drug with a fresh patent that enjoys continued market exclusivity. Manufacturers who can convert their consumer base to the new formulation can continue charging peak prices. This process, called “product hopping,” has been the target of significant antitrust inquiry, with mixed results.

A product hop may be the result …

Blacking Out Congressional Insider Trading: Overlaying A Corporate Mechanism Upon Members Of Congress And Their Staff To Curtail Illegal Profiting, Nicholas Gervasi

Fordham Journal of Corporate & Financial Law

Congressional insider trading involves members of Congress or their staff trading on material, nonpublic information attained while executing their official responsibilities. This type of private profit-making, while in a government role, casts doubt on the efficacy and impartiality of lawmakers to regulate companies they hold shares of. Egregious acts of illegal profiting from insider trading based on information entrusted to the government escape prosecution and liability due to fundamental gaps in the common law and the Congress specific statutes lack enforcement. Recent calls on Congress by the public and multiple bipartisan proposed bills in both chambers have begun to address …

Disaggregating Legislative Intent, Jesse M. Cross

Fordham Law Review

In statutory interpretation, theorists have long argued that the U.S. Congress is a “they,” not an “it.” Under this view, Congress is plural and nonhierarchical, and so it is incapable of forming a single, institutional intent. Textualists contend that this vision of Congress means interpreters must move away from concerns about intent altogether, and that they instead should speak in the register of textualism and its associated constitutional values, such as notice and congressional incentivization. However, even if legislators’ intentions never coalesce into an institutional intent, a disaggregated-intent theory of legislation remains possible. Under this theory, statutes are understood as …

Delaware’S Dominance, Wyoming’S Dare: New Challenge, Same Outcome?, Pierluigi Matera

Fordham Journal of Corporate & Financial Law

Despite increasing criticism, Delaware’s dominance in corporate law has not experienced a significant decline: as of today, 67.8 percent of Fortune 500 companies are still incorporated in its jurisdiction. Nevada is known as Delaware’s most important competitor, with an aggressive strategy that has overridden the efforts of any other jurisdiction. Yet, its success has been limited to a specific market segment: small firms with low institutional shareholding and high insider ownership.

Scholars suggest several explanations for both the rise and the staying power of Delaware. These explanations are essentially subsumed under the credible commitment theory and the network theory. According …

The Wholesale Problem With Congress: The Dangerous Decline Of Expertise In The Legislative Process, Rachel E. Barkow

Fordham Law Review

It is no surprise to anyone that Congress has become a hyperpartisan battleground where little effort is expended to promote policies that work for Americans. While Congress has always viewed policy issues through the lens of party politics, the role of nonpartisan expertise in the legislative process is at an all-time low. The disrespect for experts is growing across society, but the decline in their use is particularly troubling in Congress because it exacerbates deficiencies that are inherent to the legislative process. Congress passes laws of general applicability and does not sit in judgment of specific applications of the law. …

Something Old, Something New: Forecasting Willing Buyer/Willing Seller’S Impact On Songwriter Royalties, Daniel Abowd

Fordham Intellectual Property, Media and Entertainment Law Journal

Mechanical royalties payable to songwriters for digital reproductions of their works on services such as Spotify and Apple Music are determined through a convoluted quasi-trial in front of an administrative body called the Copyright Royalty Board (“CRB”). The CRB is itself governed by statutory rate standards that constrain the types of evidence and analyses it may consider when setting royalty rates.

In 2018, Congress passed a much-heralded, consensus piece of music legislation called the Music Modernization Act (“MMA”). The MMA attacked a broad swath of issues across the music industry, including, most visibly, establishing a blanket license for digital mechanical …

Should They Stay Or Should They Go? African Cultural Goods In France’S Public Domain, Between Inalienability, Transfers, And Circulations, Clara Cassan

Fordham Intellectual Property, Media and Entertainment Law Journal

France’s colonialism over Subsharan Africa until the 1960s has had persistant psychological and material consequences. Amongst them is the lingering presence of a significant amount of African objects in French museum collections. In the last five years, Subsaharan African countries have reiterated their desire to receive parts of these collections. Through their “restitution requests,” they identify themselves as the objects’ legitimate owners and claim to have been robbed of their cultural property during colonialism.

The exact conditions under which each Subsaharan artifact arrived on French grounds—whether through theft, donations, sales, or looting—remain unsettled. Even where thefts can be proven, they …

Designing Dupes: A Legislative Proposal For Holding Online Marketplaces Contributorily Liable For Counterfeit Goods, Gina Boone

Fordham Intellectual Property, Media and Entertainment Law Journal

With a simple click on your favorite online marketplace, any consumer can unknowingly buy counterfeit goods. Counterfeits are no longer limited to fake luxury bags on the streets of Chinatown. These dupes can be roller skates, children’s toys, and even car tires. However, counterfeit products’ impact reaches far beyond just consumer health and safety. Counterfeiting negatively affects small businesses, imposes financial burdens, and causes reputational damage. Online marketplaces are aware of the increase of counterfeit products on their websites. Yet, they continue to facilitate its growth because it is unlikely the online platforms will be held liable for the sale …

Are Securities Laws Effective Against Climate Change? A Proposal For Targeted Climate Related Disclosure And Ghg Reduction, Nate Chumley

Fordham Journal of Corporate & Financial Law

The New York Attorney General filed a lawsuit against Exxon Mobil on October 24, 2018, claiming the company committed securities fraud in order to prop up the value of the company by publicly disclosing a higher proxy cost—or projected future cost—of climate change regulation than the internal cost used. Following this lawsuit, a federal class action was filed utilizing the same legal theory on the same facts. These lawsuits should be viewed as part of the larger history of lawsuits against large fossil fuel companies for climate change-related harms. Public nuisance theory largely captured a set of lawsuits against these …

Global Investor Protection: Securities Law Enforcement Around The World, Matthew Diller, Martin Gelter, Eugenio J. Cardenas, Merritt B. Fox, Geoffrey Jarvis, Pierre-Henri Conac, Todd Cosenza, Jill Fisch, Yuliya Guseva, Elad Roisman, Sean Griffith

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Dinosaur In The Living Room: A Proposal To Enable Academic Access To Fossils Discovered On Private Land, Sara K. Mazurek

Fordham Intellectual Property, Media and Entertainment Law Journal

The United States has been a major source of scientifically significant paleontological discoveries over the course of its history. In addition to invaluable primary source material for the study of evolution and climate change, American paleontology has additionally been invoked as symbols of American power since the founding of the country. Even though fossils are prominent national heritage, the United States today only uniformly regulates their excavation and use on federal public lands through the Paleontological Resources Preservation Act. When fossils are discovered on private land, landowners and those with whom they contract often sell them to private collectors, which …

Lawmakers As Job Buyers, Edward W. De Barbieri

Fordham Law Review

In 2013, Washington State authorized the largest state tax incentive for private industry in U.S. history. It is not remarkable for a state legislature to use tax benefits to retain a major employer—in this case, the global aerospace manufacturer Boeing. Laws across all states and thousands of cities routinely incentivize companies such as Amazon to relocate or remain in particular areas. Notably, however, Washington did not recover any of the subsidies it authorized despite Boeing’s significant post-incentive workforce reductions. This story leads to several important questions: (1) How effective are state and local legislatures at influencing business-location decisions?; (2) Do …

The Efficacy Of New York's Qualified Prohibition On Ndas And Reforms That Can Protect Sexual Harassment Survivors, Bina Nayee

Fordham Law Review Online

The numerous sexual harassment scandals that were uncovered following the Harvey Weinstein exposé have at least one very positive byproduct: new state legislation aimed to protect and combat sexual misconduct in the workplace. New York is leading the charge by creating a legislative framework that protects a broader spectrum of workers against sexual harassment in the workplace. The State’s 2019 fiscal year budget substantiates the commitment to empower survivors and protect those who may be future targets of sexual harassment in their workplaces. As part of this framework, the State’s human rights laws now extend to and protect independent contractors, …

The Workers' Constitution, Luke Norris

Fordham Law Review

This Article argues that the National Labor Relations Act of 1935, Social Security Act of 1935, and Fair Labor Standards Act of 1938 should be understood as a “workers’ constitution.” The Article tells the history of how a connected wave of social movements responded to the insecurity that wage earners faced after the Industrial Revolution and Great Depression by working with government officials to bring about federal collective bargaining rights, wage and hour legislation, and social security legislation. It argues that the statutes are tied together as a set of “small c” constitutional commitments in both their histories and theory. …

Learned Hand On Statutory Interpretation: Theory And Practice, Thomas W. Merrill

Fordham Law Review

It is a great honor to take part in the celebration of the Second Circuit’s 125th anniversary and in particular to present the Hands Lecture. The Second Circuit in the 1930s and 1940s came to be called the “Hand Court,” and during those years it established its reputation as the most admired of the U.S. circuit courts of appeals. It was called the Hand Court because two of its judges, who often formed the majority on three-judge panels, bore the surname Hand. Learned Hand is today regarded as a great common law judge, and significant attention has been given, most …

What Would We Do Without Them: Whistleblowers In The Era Of Sarbanes-Oxley And Dodd-Frank, Sean Griffith, Jane A. Norberg, Ian Engoron, Alice Brightsky, Tracey Mcneil, Jennifer M. Pacella, Judith Weinstock, Jason Zuckerman

Fordham Journal of Corporate & Financial Law

No abstract provided.

Redefining 'Employee' In The Gig Economy: Shielding Workers From The Uber Model, Ben Z. Steinberger

Fordham Journal of Corporate & Financial Law

Increasingly, companies in the gig-economy utilize independent contractors, rather than traditional employees, as a means to cut costs and decrease employment related liability. These companies rely on independent contractors for work and retain control over work typically performed by employees. But there are significant legal distinctions between employees and independent contractors; namely employees are protected in ways that independent contractors are not. Traditionally, employees are defined as workers over whom an employer exerts or retains the right to control the manner and means of the work. While the traditional test to determine whether an individual is an employee is set …

Can The President Control The Department Of Justice?, Bruce A. Green

Faculty Scholarship

No abstract provided.

Proxy Access And Optimal Standardization In Corporate Governance: An Empirical Analysis, Reilly S. Steel

Fordham Journal of Corporate & Financial Law

According to the conventional wisdom, “one size does not fit all” in corporate governance. Firms are heterogeneous with respect to their governance needs, implying that the optimal corporate governance structure must also vary from firm to firm. This one-size-does-not-fit-all axiom has featured prominently in arguments against numerous corporate law regulatory initiatives, including the SEC’s failed Rule 14a-11—an attempt to impose mandatory, uniform “proxy access” on all public companies—which the D.C. Circuit struck down for inadequate cost–benefit analysis.

This Article presents an alternative theory as to the role of standardization in corporate governance—in which investors prefer standardized terms—and empirical …

“I Am Undocumented And A New Yorker”: Affirmative City Citizenship And New York City’S Idnyc Program, Amy C. Torres

Fordham Law Review

The power to confer legal citizenship status is possessed solely by the federal government. Yet the courts and legal theorists have demonstrated that citizenship encompasses factors beyond legal status, including rights, inclusion, and political participation. As a result, even legal citizens can face barriers to citizenship, broadly understood, due to factors including their race, class, gender, or disability. Given this multidimensionality, the city, as the place where residents carry out the tasks of their daily lives, is a critical space for promoting elements of citizenship. This Note argues that recent city municipal identification-card programs have created a new form of …

Restoring Bankruptcy’S Fresh Start, Jonathan S. Hermann

Fordham Law Review

The discharge injunction, which allows former debtors to be free from any efforts to collect former debt, is a primary feature of bankruptcy law in the United States. When creditors have systemically violated debtors’ discharge injunctions, some debtors have attempted to challenge those creditors through a class action lawsuit in bankruptcy court. However, the pervasiveness of class-waiving arbitration clauses likely prevents those debtors from disputing discharge injunction violations outside of binding, individual arbitration. This Note first discusses areas of disagreement regarding how former debtors may enforce their discharge injunctions. Then, it examines the types of disputes that allow debtors to …

The Flsa Permission Slip: Determining Whether Flsa Settlements And Voluntary Dismissals Require Approval, Alex Lau

Fordham Law Review

The Fair Labor Standards Act of 1938 (FLSA) seeks to protect the poorest, most vulnerable workers by requiring that they be paid a minimum wage and compensated for their overtime labor. When employers do not pay their workers minimum wage or overtime compensation and thereby violate the FLSA, workers have the power to sue their employers for remuneration. Like many other types of cases, most FLSA cases settle before going to trial. Unlike those other types of cases, however, most courts have held that settlements of FLSA cases must be approved to be enforceable. Even though Federal Rule of Civil …

Affirming Firm Sanctions: The Authority To Sanction Law Firms Under 28 U.S.C. § 1927, Vincent J. Margiotta

Fordham Law Review

A circuit split exists as to whether 28 U.S.C. § 1927 allows for an award of sanctions against nonattorneys or nonrepresentatives. Five federal courts of appeals—the Second, Third, Eighth, Eleventh, and the District of Columbia Circuits—hold that, to further the purpose of 28 U.S.C. § 1927, courts have the authority to sanction a law firm for the conduct of its attorneys, in addition to the authority to sanction individual officers of the court. The Sixth, Seventh, and Ninth Circuits disagree, concluding that the statute allows federal courts to sanction only individuals—“attorney[s] or other person[s] admitted to conduct cases in any …

Confronting The Ghost: Legal Strategies To Oust Medical Ghostwriters, Deanna Minasi

Fordham Law Review

Articles published in medical journals contribute significantly to public health by disseminating medical information to physicians, thereby influencing prescribing practices. However, the information guiding treatment decisions becomes distorted by selective publishing and medical ghostwriting, which negatively affects overall patient care. Although there is general consensus in the medical community that these practices of publication bias represent a moral failing, the issue is rarely framed as a wrong that necessitates legal consequences. This Note takes the stance that medical ghostwriting constitutes an act prohibited under the Racketeer Influenced and Corrupt Organizations Act (RICO) and argues that physicians fraudulently named as authors …

Bathroom Laws As Status Crimes, Stephen Rushin, Jenny Carroll

Fordham Law Review

A growing number of American jurisdictions have considered laws that prohibit trans individuals from using bathroom facilities consistent with their gender identities. Several scholars have criticized these so-called “bathroom laws” as a form of discrimination in violation of federal law. Few scholars, though, have considered the criminal justice implications of these proposals. By analyzing dozens of proposed bathroom laws, this Article explores how many laws do more than stigmatize the trans community—they effectively criminalize it. Some of these proposed laws would establish new categories of criminal offenses for trans individuals who use bathrooms consistent with their gender identity. Others would …

Constraining Monitors, Veronica Root

Fordham Law Review

Part I of this Article explains the failure of recent attempts by courts and legislators to constrain monitor behavior. Part II then argues that one reason for the lack of monitorship regulation lies in the reluctance of bar associations to oversee quasi-legal behavior. It then explains why reputation appears to be the primary factor reigning in monitor behavior today. Part III discusses implications of this Article’s findings. Specifically, it discusses concerns regarding the disclosure of information, the boundaries of the relationship between a monitor and other parties, and the ways a monitor’s identity might be utilized as a sanctioning mechanism. …

The Doxing Dilemma: Seeking A Remedy For The Malicious Publication Of Personal Information, Julia M. Macallister

Fordham Law Review

In recent years, malevolent actors have seized upon a new tool to harass, silence, threaten, and injure people online: doxing—the malicious publication of personal identifying information like a home address. Although doxing is an online tool, it causes concrete and serious harm to victims by moving harassment from the Internet to the physical world. Congress and state legislatures have begun to address different forms of cyberharassment. However, no effective and consistent legal remedy for doxing currently exists. This Note examines and critiques current federal and state schemes, and it ultimately proposes that lower federal courts should adopt a new intent …