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The Significance And Impact Of Price Distortion And The Fraud-On-The-Market Theory After Halliburton Ii, Charles W. Murdock Jul 2015

The Significance And Impact Of Price Distortion And The Fraud-On-The-Market Theory After Halliburton Ii, Charles W. Murdock

Charles W. Murdock

This past summer, the United States Supreme Court handed down its decision in Halliburton v. Erica P. John Fund, Inc. (“Halliburton II”), in which the Court held that a defendant may establish lack of price impact at the certification stage to establish a lack of reliance based upon the fraud-on-the-market theory. This was the third decision in three years dealing with the fraud-on-the-market approach to establishing commonality with respect to reliance by plaintiffs on management’s misrepresentations. In so doing, the Supreme Court retained market efficiency as an element of the fraud-on-the-market theory, but also reflected a broader and less ...


Halliburton, Basic, And Fraud On The Market: The Need For A New Paradigm, Charles W. Murdock Apr 2015

Halliburton, Basic, And Fraud On The Market: The Need For A New Paradigm, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock Oct 2014

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock

Charles W. Murdock

"Political" decisions such as Citizens United and National Federation of Independent Business (Obamacare) reflect the reactionary bent of several Supreme Court Justices. But this reactionary trend is discernible in other areas as well. With regard to Rule lOb-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The Article examines the trend over the past forty years which has become increasingly conservative and, finally, reactionary. The first trilogy was a liberal one, arguably overextending the scope of Rule lOb-5. This was followed by a conservative trilogy that put a brake on such extension ...


Halliburton, Basic And Fraud On The Market: The Need For A New Paradigm, Charles W. Murdock Sep 2014

Halliburton, Basic And Fraud On The Market: The Need For A New Paradigm, Charles W. Murdock

Charles W. Murdock

Summary: Halliburton, Basic and Fraud on the Market: The Need for a New Paradigm

If defrauded securities plaintiffs cannot bring a class-action lawsuit, there often will be no effective remedy since the amount at stake for individual plaintiffs is not sufficient to warrant the substantial costs of litigation. To surmount the problem of individualized reliance and establish commonality, federal courts for twenty-five years have been employing the Basic fraud-on-the-market theory which posits that, in an efficient market, investors rely on the integrity of the market price.

While class certification at one time was a matter of course, today it is ...


The Private Securities Litigation Reform Act And Particularity: Why Are Some Courts In An Alternate Universe?, Charles W. Murdock May 2014

The Private Securities Litigation Reform Act And Particularity: Why Are Some Courts In An Alternate Universe?, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Credit Default Swaps: Dubious Instruments, Charles W. Murdock Oct 2013

Credit Default Swaps: Dubious Instruments, Charles W. Murdock

Charles W. Murdock

No abstract provided.


What Kahneman Means For Lawyers: Some Reflections On Thinking, Fast And Slow, Charles W. Murdock, Barry Sullivan Aug 2013

What Kahneman Means For Lawyers: Some Reflections On Thinking, Fast And Slow, Charles W. Murdock, Barry Sullivan

Charles W. Murdock

No abstract provided.


The Big Banks: Background, Deregulation, Financial Innovation, And ‘Too Big To Fail,’, Charles W. Murdock Jul 2013

The Big Banks: Background, Deregulation, Financial Innovation, And ‘Too Big To Fail,’, Charles W. Murdock

Charles W. Murdock

The U.S. economy is still reeling from the financial crisis that exploded in the fall of 2008. This Article asserts that the big banks were major culprits in causing the crisis by funding the non-bank lenders that created the toxic mortgages, which the big banks securitized and sold to unwary investors. Ironically, banks that were then too big to fail are even larger today. The Article briefly reviews the history of banking from the Founding Fathers to the deregulatory mindset that has been present since 1980. It then traces the impact of deregulation, which led to the savings and ...


Business Organizations, 2nd Ed., Charles Murdock May 2013

Business Organizations, 2nd Ed., Charles Murdock

Charles W. Murdock

No abstract provided.


Limited Liability Companies In The Decade Of The 1990'S. Legislative And Case Law Developments And Their Implications For The Future, Charles W. Murdock May 2013

Limited Liability Companies In The Decade Of The 1990'S. Legislative And Case Law Developments And Their Implications For The Future, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Squeeze-Outs, Freeze-Outs And Discounts: Why Is Illinois In The Minority In Protecting Shareholder Interests?, Charles W. Murdock Apr 2013

Squeeze-Outs, Freeze-Outs And Discounts: Why Is Illinois In The Minority In Protecting Shareholder Interests?, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Why Not Tell The Truth?, Charles W. Murdock Apr 2013

Why Not Tell The Truth?, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Fairness And Good Faith As A Precept In The Law Of Corporations And Other Business Organizations, Charles W. Murdock Apr 2013

Fairness And Good Faith As A Precept In The Law Of Corporations And Other Business Organizations, Charles W. Murdock

Charles W. Murdock

No abstract provided.


The Dodd- Frank Wall Street Reform And Consumer Protection Act: What Caused The Financial Crisis And Will Dodd-Frank Succeed In Preventing Future Crises?, Charles W. Murdock Mar 2013

The Dodd- Frank Wall Street Reform And Consumer Protection Act: What Caused The Financial Crisis And Will Dodd-Frank Succeed In Preventing Future Crises?, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Redoing The Statutory Scheme By Rule-Making, Charles W. Murdock Mar 2013

Redoing The Statutory Scheme By Rule-Making, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock Feb 2013

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock

Charles W. Murdock

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary.

The first trilogy was a liberal one, arguably overextending the scope of Rule 10b-5. This was followed by a conservative trilogy which put a brake on such extension ...


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock Feb 2013

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Evolution From Liberal To Reactionary In Rule 10b-5 Actions, Charles W. Murdock

Charles W. Murdock

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary.

The first trilogy was a liberal one, arguably overextending the scope of Rule 10b-5. This was followed by a conservative trilogy which put a brake on such extension ...


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock Oct 2012

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary ...


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock Sep 2012

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary ...


Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock Sep 2012

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary ...


Corporate Corruption And The Complicity Of Congress And The Supreme Court - The Tortuous Path From "Central Bank" To "Stoneridge Investment Partners, Llc V. Scientific-Atlanta, Inc., Charles W. Murdock Aug 2012

Corporate Corruption And The Complicity Of Congress And The Supreme Court - The Tortuous Path From "Central Bank" To "Stoneridge Investment Partners, Llc V. Scientific-Atlanta, Inc., Charles W. Murdock

Charles W. Murdock

No abstract provided.


Sarbanes-Oxley Five Years Later: Hero Or Villain., Charles W. Murdock Aug 2012

Sarbanes-Oxley Five Years Later: Hero Or Villain., Charles W. Murdock

Charles W. Murdock

No abstract provided.


Why Not Tell The Truth: Deceptive Practices And The Financial Meltdown., Charles W. Murdock Aug 2012

Why Not Tell The Truth: Deceptive Practices And The Financial Meltdown., Charles W. Murdock

Charles W. Murdock

No abstract provided.


Kern V. Arlington Ridge Pathology, S.D.: An Unsound Decision Illustrating A Lack Of Awareness Of Basic Corporate Law Principles, Charles W. Murdock May 2012

Kern V. Arlington Ridge Pathology, S.D.: An Unsound Decision Illustrating A Lack Of Awareness Of Basic Corporate Law Principles, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Puelo V Topel: The Court Got It Wrong, Charles W. Murdock May 2012

Puelo V Topel: The Court Got It Wrong, Charles W. Murdock

Charles W. Murdock

No abstract provided.


A Primer On Pleading Securities Fraud Under Plsra: The Seventh Circuit’S Decision In Tellabs, Charles W. Murdock May 2012

A Primer On Pleading Securities Fraud Under Plsra: The Seventh Circuit’S Decision In Tellabs, Charles W. Murdock

Charles W. Murdock

No abstract provided.


The Supreme Court’S Decisions In Arthur Andersen And Dura Pharmaceuticals, Charles W. Murdock May 2012

The Supreme Court’S Decisions In Arthur Andersen And Dura Pharmaceuticals, Charles W. Murdock

Charles W. Murdock

No abstract provided.


Parent Corporation Liability For Acts Of Its Subsidiary, Charles Murdock May 2012

Parent Corporation Liability For Acts Of Its Subsidiary, Charles Murdock

Charles W. Murdock

No abstract provided.


The Evolution Of The Supreme Court’S Rule 10b-5 Jurisprudence:, Charles W. Murdock Apr 2012

The Evolution Of The Supreme Court’S Rule 10b-5 Jurisprudence:, Charles W. Murdock

Charles W. Murdock

Summary: The Evolution of the Supreme Court’s Rule 10b-5 Jurisprudence:

Protecting Fraud at the Expense of Investors

This article traces the evolution of Supreme Court jurisprudence over the past forty years through the prism of Rule 10b-5. It uses four “trilogies” to develop this evolution. At the start of the 1970s, the liberal trend characterized by the Warren Court still prevailed. An implied private cause of action was still in favor and litigators were viewed as private attorneys general, enforcing the securities laws to further the policy of protecting investors.

The expansion of Rule 10b-5 was slowed and more ...


The Big Banks: Background, Deregulation, Financial Innovation And Too Big To Fail, Charles W. Murdock Feb 2012

The Big Banks: Background, Deregulation, Financial Innovation And Too Big To Fail, Charles W. Murdock

Charles W. Murdock

Summary: The Big Banks: Background, Deregulation, Financial Innovation and Too Big to Fail

The U.S. economy is still reeling from the financial crisis that exploded in the fall of 2008. This article asserts that the big banks were major culprits in causing the crisis, by funding the non-bank lenders that created the toxic mortgages which the big banks securitized and sold to unwary investors. Paradoxically, banks which were then too big to fail are even larger today.

The article briefly reviews the history of banking from the Founding Fathers to the deregulatory mindset that has been present since 1980 ...