Law Commons^™

Foreign Corrupt Practices Act Statistics, Theories, Policies, And Beyond, Mike Koehler

Cleveland State Law Review

The Foreign Corrupt Practices Act (FCPA) is not a new law; it was enacted in 1977. Nevertheless, 2015 was a commemorative year, as it marked the fifth anniversary of the Department of Justice declaring a “new era” of FCPA enforcement, the fifth anniversary of Congressional FCPA reform hearings, and the third anniversary of the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) issuing FCPA guidance. In addition to these mileposts, 2015 was also a notable year in several other respects as highlighted in this article.

This article, part of an annual series, paints a picture of FCPA and …

Hedge Fund Regulation: The Amended Investment Advisers Act Does Not Protect Investors From The Problems Created By Hedge Funds, Sean M. Donahue

Cleveland State Law Review

Hedge funds are a viable investment alternative for financially sophisticated investors. However, because traditional hedge funds and funds of funds are unsuitable for average investors, these investors should be restricted from making such investments. Regardless of who invests in hedge funds, advisers of these entities must be regulated to assure that they do not commit fraud. In addition to monitoring advisers, the SEC must limit hedge funds' use of leverage to assure that market collapse does not occur. Part II of this Note describes the history and development of hedge funds. Part III illustrates the current problems facing the hedge …

Legal Malpractice In Ohio, John C. Nemeth

Cleveland State Law Review

This article will discuss the fundamentals of a legal malpractice case, specifically addressing two areas. The first involves the elements of a legal malpractice case. This discussion will expose two problems that continually appear in legal malpractice litigation: (1) expanding the liability of an attorney to third parties, and (2) determining whether the alleged malpractice was the proximate cause of the plaintiff's injuries. The second area of discussion will focus on the time limitations imposed for bringing a legal malpractice action. Additionally, in order to better understand the current state of the law, a brief discussion illustrating the historical development …

The Law Of Interspousal Immunity In Ohio, James L. Deese

Cleveland State Law Review

The purpose of this note will be to discuss Ohio's current position on interspousal immunity as well as the problems that are created by the retention of that doctrine.

Annulments For Lack Of Love And Affection, Samuel Abrahams

Cleveland State Law Review

New York long as enjoyed the dubious distinction of being the most flexible jurisdiction for the granting of annulments of marriages. As a student of the subject relates, "For those unable or unwilling to travel and assume residence outside the state, New York offers an unusually expansive concept of annulment to mitigate the severity of the divorce law." There is some anticipation that the recently revised divorce statute will tend to make annulments less appealing and attractive to those who are incapable of resorting to foreign forums for the severance of the marital tie. Annulments for fraud are allowed to …

Fraud In Realty Transactions, David S. Lake

Cleveland State Law Review

In real estate transactions, the law will protect the innocent, unwary, and sometimes stupid, buyer from fraud, misrepresentation and deceit. This article presents a summary of that law, categorized according to the specific matter misrepresented (i.e., misrepresentations of value, income, size or quantity, and condition or quality).

Doctrinal Problems Of Fraud Law, Page Keeton

Cleveland State Law Review

The editorial staff of the Cleveland-Marshall Law Review is to be commended for making and carrying out the decision to publish this symposium issue on Fraud and Misrepresentation. The legal rules and principles related to the general question as to when an alleged misrepresentation will serve as a basis for any kind of relief in favor of the prejudiced party to a bargaining transaction are being constantly adjusted to meet new marketing practices and the ingenuity of mankind either to avoid unfavorable transactions or to induce favorable ones. It can be said without fear of contradiction that both case law …

Economic Problems Of Fraud Law, Robert A. Leflar

Cleveland State Law Review

Whether fraud has changed or not, the economic society in which it occurs has changed, and ethical standards which prevailed a millennium or even a generation ago will not maintain the vaunted efficiency of today's complex commercial and industrial organization.

Bad Checks For The Price Of Goods, William E. Mccurdy

Cleveland State Law Review

A seller receives a check from the buyer for the price of goods. When presented to the bank on which it was drawn, payment is refused. The buyer may, or may not, have had sufficient funds on deposit at the time the check was drawn, but insufficient when refused now although becoming sufficient immediately after the check was presented. Or the buyer may have known or have had reason to know that there would be insufficient funds to meet the check. Or the buyer never had an account at the bank. Or the one obtaining the goods may give a …

Negligent Misrepresentation: Fraud Or Negligence, June W. Wiener

Cleveland State Law Review

Although there was no remedy for negligent misrepresentation at common law, and English law apparently still provides none, the American courts have all, in one way or another, accepted the thesis that "conscience, fair dealing and the usages of business require" some type of liability. But the nature and limits of that liability have never been clearly defined by the majority of American jurisdictions.

Damages In Fraud Actions, Howard M. Rossen, Howard H. Fairweather

Cleveland State Law Review

Two distinct legal theories have been developed in determining the amount of damages to be awarded in an action for fraud and deceit. The majority view is the "benefit-of-the-bargain" rule (also known as the "warranty rule"), and the minority view is known as the "tort rule" (or more commonly, the "out-of-pocket" rule). Both rules have limited use. In Hines v. Brode the California court made it clear that the two rules should be applied only where a contract is fully executed or where the plaintiff stands on his contract and has not rescinded it. The rationale behind this holding is …

Proximate Cause As A Primary Element Of Fraud, Karl P. Seuthe

Cleveland State Law Review

The legal criterion by which fraudulent or predatory motivation is judged is not the "conscience" of the actor. Rather the external manifestations of conscience constitute the test of this motivation. Conduct, rather than subjective thought, is most frequently the standard or test employed by the community. In modern legal systems, conduct is of small significance unless it has some outward consequence which is actually or potentially harmful to the actor or others; fraud is such a consequence.

Securities And The Small Corporation, Leonard Lane

Cleveland State Law Review

It is not the purpose of this article to encompass in its entirety the vast field of securities transactions, but rather to examine this field from the position of the small corporation. Only the high points of this limited area are dealt with, and of necessity the treatment is not exhaustive. Wherever possible, an attempt will be made to point out the problems which might beset the small corporation which is not fully cognizant of the importance of state and federal securities legislation. While it is true that the federal legislation was not enacted primarily for the small corporate issuer, …