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Full-Text Articles in Law

Giving Shareholders The Right To Say No, Albert H. Choi, Adam C. Pritchard Jan 2023

Giving Shareholders The Right To Say No, Albert H. Choi, Adam C. Pritchard

Articles

When a public company releases misleading information that distorts the market for the company’s stock, investors who purchase at the inflated price lose money when (and if) the misleading information is later corrected. Under Rule 10b‑5 of the Securities Exchange Act of 1934, investors can seek compensation from corporations and their officers who make materially misleading statements that the investors relied on when buying or selling a security. Compensation is the obvious goal, but the threat of lawsuits can also benefit investors by deterring managers from committing fraud.


Textualism And The Indian Canons Of Statutory Construction, Alex Tallchief Skibine Dec 2022

Textualism And The Indian Canons Of Statutory Construction, Alex Tallchief Skibine

University of Michigan Journal of Law Reform

When interpreting statutes enacted for the benefit or regulation of Indians or construing treaties signed with Indian nations, courts are supposed to apply any of five specific canons of construction relating to Indian Affairs. Through examining the modern line of Supreme Court cases involving statutory or treaty interpretation relating to Indian nations, this Article demonstrates that the Court has generally been faithful in applying canons relating to treaty interpretation or abrogation. The Court has also respected the canon requiring unequivocal expression of congressional intent before finding an abrogation of tribal sovereign immunity. However, there are two other canons that the …


Weathering State And Local Budget Storms: Fiscal Federalism With An Uncooperative Congress, David Gamage, Darien Shanske, Gladriel Shobe, Adam Thimmesch Dec 2022

Weathering State And Local Budget Storms: Fiscal Federalism With An Uncooperative Congress, David Gamage, Darien Shanske, Gladriel Shobe, Adam Thimmesch

University of Michigan Journal of Law Reform

Throughout most of 2020, state and local governments faced severe budget crises as a result of the COVID-19 pandemic. Increased demand for state welfare services and rising state expenses related to controlling the spread of COVID-19 stretched state and local budgets to their breaking points. At the same time, layoffs, business closures, and social distancing measures reduced states’ primary sources of tax revenues. The traditional practice of American fiscal federalism is for the federal government to step in to provide aid during a national emergency of this magnitude, because state and local governments lack the federal government’s monetary and fiscal …


The Fed Of The Future: A Framework To Optimize Short-Term Lending Practices, Emma Macfarlane, Karin Thrasher Dec 2022

The Fed Of The Future: A Framework To Optimize Short-Term Lending Practices, Emma Macfarlane, Karin Thrasher

University of Michigan Journal of Law Reform

Underbanked individuals currently face significant risk when accessing short-term credit. While payday loans are the least expensive short-term credit option when compared to alternatives like overdraft fees, they can also have an extraordinarily high cost of borrowing. Unable to pay the cost of the loan, borrowers often find themselves in a vicious cycle that drives them further into debt. This Note sets forth a proposal as to how payday loans can be better regulated to create affordable access to short-term credit. Specifically, this Note advocates for congressional and Federal Reserve intervention in the payday lending market.

This Note first analyzes …


The Times They Are A-Changin’?: #Metoo And Our Movement Forward, Terry Morehead Dworkin, Cindy A. Schipani Dec 2022

The Times They Are A-Changin’?: #Metoo And Our Movement Forward, Terry Morehead Dworkin, Cindy A. Schipani

University of Michigan Journal of Law Reform

Social movements like #MeToo have gained public traction like never before. In this Article, we place those developments within their historical context and chart a path forward. First, we provide a history of the prior unsuccessful attempts to ratify an Equal Rights Amendment, and we discuss that effort’s current legal status and prospects. Then, we briefly review the history of sexual harassment law. Having outlined this historical context, we move to contemporary developments. We describe actions that state legislatures and local municipalities have taken to address the concerns raised by the #MeToo movement. Finally, we discuss how inflection points can …


Trading Pain For Gain: Addressing Misaligned Interests In Prescription Drug Benefit Administration, Sheva J. Sanders, Jessica C. Wheeler Dec 2022

Trading Pain For Gain: Addressing Misaligned Interests In Prescription Drug Benefit Administration, Sheva J. Sanders, Jessica C. Wheeler

University of Michigan Journal of Law Reform

Over the last two decades, Pharmacy Benefit Managers (PBMs), organizations that act as middlemen between health plans and drug manufacturers, have become increasingly powerful players in the healthcare industry. PBMs promise to leverage their expertise and ability to aggregate buying power to negotiate lower drug prices and administer prescription drug benefit plans. In practice, however, PBMs are widely criticized for benefitting from, and contributing to, inefficiencies in the prescription drug market, particularly by imposing restrictions on beneficiary access to drugs in exchange for rebates paid to PBMs by manufacturers. To the extent that the rebates are retained by PBMs, or …


Algorithmic Elections, Sarah M.L. Bender Dec 2022

Algorithmic Elections, Sarah M.L. Bender

Michigan Law Review

Artificial intelligence (AI) has entered election administration. Across the country, election officials are beginning to use AI systems to purge voter records, verify mail-in ballots, and draw district lines. Already, these technologies are having a profound effect on voting rights and democratic processes. However, they have received relatively little attention from AI experts, advocates, and policymakers. Scholars have sounded the alarm on a variety of “algorithmic harms” resulting from AI’s use in the criminal justice system, employment, healthcare, and other civil rights domains. Many of these same algorithmic harms manifest in elections and voting but have been underexplored and remain …


Territoriality In American Criminal Law, Emma Kaufman Dec 2022

Territoriality In American Criminal Law, Emma Kaufman

Michigan Law Review

It is a bedrock principle of American criminal law that the authority to try and punish someone for a crime arises from the crime’s connection to a particular place. Thus, we assume that a person who commits a crime in some location— say, Philadelphia—can be arrested by Philadelphia police for conduct deemed criminal by the Pennsylvania legislature, prosecuted in a Philadelphia court, and punished in a Pennsylvania prison. The idea that criminal law is tied to geography in this way is called the territoriality principle. This idea is so familiar that it usually goes unstated.

This Article foregrounds and questions …


Federal Pleading Standards In State Court, Marcus Gadson Dec 2022

Federal Pleading Standards In State Court, Marcus Gadson

Michigan Law Review

Most state courts cannot follow both their state constitutions and federal pleading standards. Even if they could, policy considerations unique to states compel state courts to reject federal pleading standards. This is because federal courts have changed pleading standards to allow judges to make factual determinations on a motion to dismiss and to require more factual detail in complaints. While scholars have vigorously debated whether these changes are wise, just, and permissible under the federal rules and the Constitution, they have ignored the even more important questions of whether state courts can and should adopt those pleading standards. The oversight …


Risk And Reputation, Taylor J. Wilson Dec 2022

Risk And Reputation, Taylor J. Wilson

Michigan Law Review

Direct listing is an innovative alternative to a traditional initial public offering. Since direct listing was revived in 2018, there have been many lingering questions, particularly about the liability of financial advisors involved in the process. In a traditional IPO, a company retains an investment bank as an underwriter; the underwriter takes on a degree of financial risk and lends credibility to the company’s offering, often directly marketing the offering to potential investors. In a direct listing, however, investment banks act as financial advisors but do not assume financial risk or market the sale of securities. Section 11 is an …


Delegation At The Founding: A Response To Critics, Julian Davis Mortenson, Nicholas Bagley Dec 2022

Delegation At The Founding: A Response To Critics, Julian Davis Mortenson, Nicholas Bagley

Articles

This essay responds to the wide range of commentary on Delegation at the Founding, published previously in the Columbia Law Review. The critics’ arguments deserve thoughtful consideration and a careful response. We’re happy to supply both. As a matter of eighteenth-century legal and political theory, “rulemaking” could not be neatly described as either legislative or executive based on analysis of its scope, subject, or substantive effect. To the contrary: Depending on the relationships you chose to emphasize, a given act could properly be classified as both legislative (from the perspective of the immediate actor) and also executive (from the perspective …


The Particle Problem: Using Rcra Citizen Suits To Fill Gaps In The Clean Air Act, Kurt Wohlers Nov 2022

The Particle Problem: Using Rcra Citizen Suits To Fill Gaps In The Clean Air Act, Kurt Wohlers

Michigan Law Review

While the Clean Air Act has done a substantial amount for the environment and the health of individuals in the United States, there is still much to be done. For all its complexity, the Act has perpetuated systemic inequities and allowed harms to fall more heavily on low-income communities and communities of color. This is no less true for particulate matter pollution, which is becoming worse by the year and is a significant cause of illness and premature death. This Note argues that particulate pollution, traditionally only regulated on the federal level within the ambit of the Clean Air Act, …


Catch And Kill Jurisdiction, Zachary D. Clopton Nov 2022

Catch And Kill Jurisdiction, Zachary D. Clopton

Michigan Law Review

In catch and kill journalism, a tabloid buys a story that could be published elsewhere and then deliberately declines to publish it. In catch and kill jurisdiction, a federal court assumes jurisdiction over a case that could be litigated in state court and then declines to hear the merits through a nonmerits dismissal. Catch and kill journalism undermines the free flow of information. Catch and kill jurisdiction undermines the enforcement of substantive rights. And, importantly, because catch and kill jurisdiction relies on jurisdictional and procedural law, it is often able to achieve ends that would be politically unpalatable by other …


The Failed Federalism Of Affordable Housing: Why States Don't Use Housing Vouchers, Noah M. Kazis Nov 2022

The Failed Federalism Of Affordable Housing: Why States Don't Use Housing Vouchers, Noah M. Kazis

Michigan Law Review

This Article uncovers a critical disjuncture in our system of providing affordable rental housing. At the federal level, the oldest, fiercest debate in low-income housing policy is between project-based and tenant-based subsidies: should the government help build new affordable housing projects or help renters afford homes on the private market? But at the state and local levels, it is as if this debate never took place.

The federal government (following most experts) employs both strategies, embracing tenant-based assistance as more cost-effective and offering tenants greater choice and mobility. But this Article shows that state and local housing voucher programs are …


Third-Party Beneficiaries Of Government Contracts: Imagining An Equitable Approach And Applying It To Broken Promises In Detroit, Gabe Chess Nov 2022

Third-Party Beneficiaries Of Government Contracts: Imagining An Equitable Approach And Applying It To Broken Promises In Detroit, Gabe Chess

Michigan Law Review

Courts have widely adopted a heightened standard for recognizing third-party beneficiaries of government contracts. But the justifications offered for the heightened standard do not withstand scrutiny. Instead, courts should apply a series of equitable factors to produce results consistent with the concern for “manifest justice” that animates third-party beneficiary doctrine. Governments make contracts frequently, often to address issues of huge importance to their citizens, including housing, economic development, and healthcare. In each of these areas, third-party beneficiary doctrine may be an important avenue of relief to citizens harmed by broken promises and may encourage the government and its contracting partners …


Just Say No? Shareholder Voting On Securities Class Actions, Albert H. Choi, Stephen J. Choi, Adam C. Pritchard Oct 2022

Just Say No? Shareholder Voting On Securities Class Actions, Albert H. Choi, Stephen J. Choi, Adam C. Pritchard

Articles

The U.S. securities laws allow security-holders to bring a class action suit against a public company and its officers who make materially misleading statements to the market. The class action mechanism allows individual claimants to aggregate their claims. This procedure mitigates the collective action problem among claimants, and also creates potential economies of scale. Despite these efficiencies, the class action mechanism has been criticized for being driven by attorneys and also encouraging nuisance suits. Although various statutory and doctrinal solutions have been proposed and implemented over the years, the concerns over the agency problem and nuisance suits persist. This paper …


Public Client Contingency Fee Contracts As Obligation, Seth Mayer Oct 2022

Public Client Contingency Fee Contracts As Obligation, Seth Mayer

Michigan Law Review

Contingency fee contracts predicate an attorney’s compensation on the outcome of a case. Such contracts are widely accepted when used in civil litigation by private plaintiffs who might not otherwise be able to afford legal representation. However, such arrangements are controversial when government plaintiffs like attorneys general and local governments retain private lawyers to litigate on behalf of the public in return for a percentage of any recovery from the lawsuit. Some commentators praise such public client contingency fee contracts, which have become commonplace, as an efficient way to achieve justice. Critics, however, view them as corrupt, undemocratic, and unethical. …


Disparate Discrimination, Leah M. Litman Oct 2022

Disparate Discrimination, Leah M. Litman

Michigan Law Review

This Article explains and analyzes a recent trend in the Supreme Court’s cases regarding unintentional discrimination, where the argument is that a law has the effect of producing a disadvantage on members of a particular group. In religious discrimination cases, the Court has held that a law is presumptively unconstitutional if the law results in a comparable secular activity being treated more favorably than religious activity. Yet in racial discrimination cases, the Court has said the mere fact that a law more severely disadvantages racial minorities as a group does not suffice to establish unlawful discrimination.

The two tracks for …


The Ascension Of Indigenous Cultural Property Law, Angela R. Riley Oct 2022

The Ascension Of Indigenous Cultural Property Law, Angela R. Riley

Michigan Law Review

Indigenous Peoples across the world are calling on nation-states to “decolonize” laws, structures, and institutions that negatively impact them. Though the claims are broad based, there is a growing global emphasis on issues pertaining to Indigenous Peoples’ cultural property and the harms of cultural appropriation, with calls for redress increasingly framed in the language of human rights. Over the last decade, Native people have actively fought to defend their cultural property. The Navajo Nation sued Urban Outfitters to stop the sale of “Navajo panties,” the Quileute Tribe sought to enjoin Nordstrom’s marketing of “Quileute Chokers,” and the descendants of Tasunke …


Reducing Prejudice Through Law: Evidence From Experimental Psychology, Sara Emily Burke, Roseanna Sommers Oct 2022

Reducing Prejudice Through Law: Evidence From Experimental Psychology, Sara Emily Burke, Roseanna Sommers

Articles

Can antidiscrimination law effect changes in public attitudes toward minority groups? Could learning, for instance, that employment discrimination against people with clinical depression is legally prohibited cause members of the public to be more accepting toward people with mental health conditions? In this Article, we report the results of a series of experiments that test the effect of inducing the belief that discrimination against a given group is legal (versus illegal) on interpersonal attitudes toward members of that group. We find that learning that discrimination is unlawful does not simply lead people to believe that an employer is more likely …


Non-Lawyer Judges In Devalued Courts, Maureen Carroll Sep 2022

Non-Lawyer Judges In Devalued Courts, Maureen Carroll

Reviews

Recent legal scholarship has shed needed light on the vast universe of litigation that occurs without lawyers. Large majorities of civil litigants lack representation, even in weighty matters such as eviction and termination of parental rights, raising a host of issues worthy of scholarly attention. For example, one recent article has examined racial and gendered effects of the lack of constitutionally guaranteed counsel in civil matters, and another has shown that judges tend not to reduce the complexity of the proceedings for the benefit of unrepresented parties. In Judging Without a J.D., Sara Greene and Kristen Renberg add an important …


Brief Of Amicus Curiae Conference Of Chief Justices In Support Of Neither Party, Moore V. Harper, No. 21-1271 (U.S. Sept. 6, 2022), Evan Caminker, Carter G. Phillips, Virginia A. Seitz, Kathleen M. Mueller Sep 2022

Brief Of Amicus Curiae Conference Of Chief Justices In Support Of Neither Party, Moore V. Harper, No. 21-1271 (U.S. Sept. 6, 2022), Evan Caminker, Carter G. Phillips, Virginia A. Seitz, Kathleen M. Mueller

Appellate Briefs

Founded in 1949, amicus curiae Conference of Chief Justices (the “Conference”) is comprised of the Chief Justices or Chief Judges of the courts of last resort in all 50 states, the District of Columbia, the Commonwealths of Puerto Rico and the Northern Mariana Islands, and the Territories of American Samoa, Guam, and the Virgin Islands. For over 70 years, the Conference has been a leading national voice on important issues concerning the administration of justice in state courts, the operation of state courts and judicial systems, and the role of state courts in our federal system.

The Conference files briefs …


On Firms, Sanjukta Paul Aug 2022

On Firms, Sanjukta Paul

Law & Economics Working Papers

This paper is about firms as an instance of economic coordination, and about how we think about them in relation to other forms of coordination as well as in relation to competition and markets. The dominant frame for thinking about firms--which has strongly influenced contemporary competition law as well as serving as a vital adjunct to the fundamental concepts of neoclassical price theory that guide many areas of law and policy--implicitly or explicitly explains and justifies the centralization of both decision-making rights and flows of income from economic activity on productive efficiency grounds. We have very good reasons to doubt …


Pacta Sunt Servanda And Empire: A Critical Examination Of The Evolution, Invocation, And Application Of An International Law Axiom, Jiang Zhifeng Aug 2022

Pacta Sunt Servanda And Empire: A Critical Examination Of The Evolution, Invocation, And Application Of An International Law Axiom, Jiang Zhifeng

Michigan Journal of International Law

In public international law, pacta sunt servanda is the foundational principle that international agreements are binding on treaty parties and must be kept. Insufficient attention, however, has been given to the role played by this international law axiom in organizing and shaping the international legal order. Accordingly, this note undertakes a critical historical analysis of how pacta sunt servanda was, and continues to be, applied as a legal basis and used as an argumentative method for the formation and maintenance of empire despite its conceptual evolution across time. Importantly, it does not argue that pacta sunt servanda should be abandoned …


Let Them Eat Rights: Re-Framing The Food Insecurity Problem Using A Rights-Based Approach, Benedict Sheehy, Ying Chen Aug 2022

Let Them Eat Rights: Re-Framing The Food Insecurity Problem Using A Rights-Based Approach, Benedict Sheehy, Ying Chen

Michigan Journal of International Law

Food insecurity is a global issue. Large parts of the global population are unable to feed themselves adequately with hundreds of millions of people suffering from hunger and malnutrition. This problem is recognized widely by governments, industry and civil society and is usually understood using one of three approaches or frames: a basic production problem solved by technology and increased industrialization of agricultural, and an economic problem solved by economic growth and a commercial problem resolved by expanding markets. Much of the discussion and policy advice is based on the premise that hunger is primarily a wealth issue and, that …


Decolonizing The Corpus: A Queer Decolonial Re-Examination Of Gender In International Law's Origins, David Eichert Aug 2022

Decolonizing The Corpus: A Queer Decolonial Re-Examination Of Gender In International Law's Origins, David Eichert

Michigan Journal of International Law

This article builds upon queer feminist and decolonial/TWAIL interventions into the history of international law, questioning the dominant discourses about gender and sexual victimhood in the laws of armed conflict. In Part One, I examine how early European international law writers (re)produced binary and hierarchical ideas about gender in influential legal texts, discursively creating a world in which wartime violence only featured men and women in strictly defined roles (a construction which continues to influence the practice of law today). In Part Two, I decenter these dominant discourses by looking outside Europe, questioning what a truly “international” law would look …


Litigating Terror In The Sinai After The Egyptian Spring Revolution: Should States Be Liable To Foreign Investors For Failure To Prevent Terrorist Attacks?, Robert Howse, Amin R. Yacoub Aug 2022

Litigating Terror In The Sinai After The Egyptian Spring Revolution: Should States Be Liable To Foreign Investors For Failure To Prevent Terrorist Attacks?, Robert Howse, Amin R. Yacoub

Michigan Journal of International Law

The ambiguity of the due diligence standard of the Full Protection and Security obligation in investment treaties persists to this day. A recent ICSID tribunal found a developing state liable for breaching the Full Protection and Security obligation due to its inability to protect a foreign investment against terrorist attacks in a remote deserted area. In this article, we analytically criticize the Ampal v. Egypt arbitral award against the comprehensive factual matrix behind the case. Based on our criticism of Ampal, we argue that developing states should not be liable for failing to prevent or stop terrorist attacks under the …


Asylum-Seekers Are Not Bananas Either: Limitations On Transferring Asylum-Seekers To Third Countries, Tally Kritzman-Amir Aug 2022

Asylum-Seekers Are Not Bananas Either: Limitations On Transferring Asylum-Seekers To Third Countries, Tally Kritzman-Amir

Michigan Journal of International Law

Despite the similarities between the movement of people and the movement of goods, many developed nations have maintained high barriers to migration even as barriers to trade have fallen sharply. However, as Jennifer Gordon points out, both bilateral and multilateral treaties governing migration have proliferated within this weaker global patchwork of regulation. For example, the ability of developed states to gain concessions on other matters such as trade or investment has led to the proliferation multilateral agreements, while bilateral agreements have arisen due to a desire to refrain from integrating migrant workers in destination states.

This paper focuses on a …


Implications Of The Selection Of Islamic Law In European Private International Law, Grace Brody Aug 2022

Implications Of The Selection Of Islamic Law In European Private International Law, Grace Brody

Michigan Journal of International Law

The English Court of Appeal in Beximco v. Shamil Bank chose to apply only English law in a breach of contract case, even though the choice of law clause in the contract at issue also selected Islamic law. The court cited three main reasons for this decision. First, article 3(1) of the Rome I Convention “contemplates” that a contract can be governed only by the “law of a country,” and there is no mention of the application of a “non-national system of law such as Sharia law.” Second, Islamic law does not consist of “principles of law” but instead a …


Tax Harmony: The Promise And Pitfalls Of The Global Minimum Tax, Reuven Avi-Yonah, Young Ran (Christine) Kim Aug 2022

Tax Harmony: The Promise And Pitfalls Of The Global Minimum Tax, Reuven Avi-Yonah, Young Ran (Christine) Kim

Michigan Journal of International Law

The rise of globalization has become a double-edged sword for countries seeking to implement a beneficial tax policy. On one hand, there are increased opportunities for attracting foreign capital and the benefits that increased jobs and tax revenue brings to a society. However, there is also much more tax competition among countries to attract foreign capital and investment. As tax competition has grown, effective corporate tax rates have continued to be cut, creating a “race-to-the-bottom” issue.

In 2021, 137 countries forming the OECD/G20 Inclusive Framework on BEPS passed a major milestone in reforming international tax by successfully introducing the framework …