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Full-Text Articles in Law

The Futility Of Walls: How Traveling Corporations Threaten State Sovereignty, Darren Rosenblum Jan 2019

The Futility Of Walls: How Traveling Corporations Threaten State Sovereignty, Darren Rosenblum

Pace Law Faculty Publications

Inversions--mergers in which one firm merges with another abroad to avoid taxes in its home country--have spread as globalization has reduced many of the transactional costs associated with relocating. As firms acquire the power to choose the laws that govern them, they challenge the sovereignty of nation-states, who find their ability to tax and regulate firms depleted. States and firms compete in a game of cat and mouse to adapt to this new global reality. The subversion of state power by these firms reveals the futility of walls, both literal and regulatory. This Essay describes the phenomenon of these “traveling ...


California Dreaming?, Darren Rosenblum Jan 2019

California Dreaming?, Darren Rosenblum

Pace Law Faculty Publications

Over the past few years, California became the setting for shocking tales of sex inequality and abuse in Hollywood and Silicon Valley. Decades after women achieved educational parity. men still run the corporate world. In response to these stories exposed by the #MeToo movement, California joined the transnational corporate board quota movement by converting its voluntary quota into a hard one. Will California's first mover status overcome constitutional objections and inspire other jurisdictions to act. Or is just Utopian dreaming, California-style? This Essay argues that despite its many flaws, the quota may succeed in curbing male over-representation on corporate ...


Beyond Corporate Form: A Response To Dan Depasquale, Surbhi Sarang, And Natalie Bump Vena’S Forging Food Justice Through Cooperatives In New York City, Jonathan Brown Jan 2018

Beyond Corporate Form: A Response To Dan Depasquale, Surbhi Sarang, And Natalie Bump Vena’S Forging Food Justice Through Cooperatives In New York City, Jonathan Brown

Pace Law Faculty Publications

In their article, Forging Food Justice Through Cooperatives in New York City, Dan DePasquale, Surbhi Sarang, and Natalie Bump Vena (the “Authors”) argue that consumer-owned and worker-owned cooperatives hold promise as a means for advancing policy objectives associated with “food justice,” namely building community wealth and power and providing more affordable access to healthy food in low-income and minority communities. Looking to examples of legislation and policies in other jurisdictions, they advocate for a wide range of policies to promote the viability of cooperatives in New York City, including reforms to cooperative corporation laws and strategies for better allocating funding ...


When Does Sex Diversity On Boards Benefit Firms?, Darren Rosenblum Jan 2017

When Does Sex Diversity On Boards Benefit Firms?, Darren Rosenblum

Pace Law Faculty Publications

Firms embrace diversity, especially with regard to sex. Overtly optimistic predictions of a diversity dividend, some built on sex stereotypes, lead these firms to count on profits that may never materialize. This Article attempts to reset the agenda on how to study corporate board diversity. We can only assess if and how sex diversity yields benefits by understanding the who, what, and where of diversity. Whether sex diversity produces a "diversity dividend" depends on three key factors: ( 1) the nature of the benefit of including women (whether for their experience or other qualities); (2) the kind of firm and its ...


When Social Enterprises Fail, Jonathan Brown Jan 2017

When Social Enterprises Fail, Jonathan Brown

Pace Law Faculty Publications

This Article identifies the conflicts between social enterprise legislation and bankruptcy law and presents a normative argument for a legal regime that would harmonize the two. Focusing on benefit corporations, the most widely adopted social enterprise form, this Article observes that existing law leaves uncertainty as to the role of directors at a time of financial distress and will produce outcomes that are at odds with the core goals of social enterprise legislation. Then, drawing on academic proposals for contract-based systems of bankruptcy, this Article argues that just as a firm may opt out of a corporate governance norm of ...


Sex Quotas And Burkini Bans, Darren Rosenblum Jan 2017

Sex Quotas And Burkini Bans, Darren Rosenblum

Pace Law Faculty Publications

This Essay recounts how feminist theorists and activists managed to write their ideals into the fabric of French law and culture, and how nonfeminists began to appropriate those ideals. Parité, the 2000 law that requires half of all candidates for public office be women, saw French feminists first engineer a change in French universalism to respect sex difference; although not wholly successful, Parité advanced women's political inclusion. Then, like a drop of water in a pond, these feminist ideas disappeared in plain sight: they became intrinsic to French state norms and public values. As they became woven into such ...


More Than A Woman: Insights Into Corporate Governance After The French Sex Quota, Darren Rosenblum Jan 2015

More Than A Woman: Insights Into Corporate Governance After The French Sex Quota, Darren Rosenblum

Pace Law Faculty Publications

In 2011, France enacted a Corporate Board Quota to establish a forty percent floor for either sex on corporate boards. Existing literature presumes that women will change the way firms function and that their presence in upper management will improve both governance and financial returns. To assess the potential impact of the quota, we interviewed twenty-four current and former corporate board members. Our analysis of these interviews generates two findings. First, our results indicate that, at least in the view of board members, the sex quota has had an impact on the process of board decision-making, but adding women has ...


What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman Jan 2014

What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman

Pace Law Faculty Publications

Most colleges and universities of all sizes have an endowment, a fund that provides a stream of income and maintains the corpus of the fund in perpetuity. Organizations with large endowments, such as colleges, universities, and private foundations, all finance a significant part of their operations through the return received from the investment of this capital. This article examines the legal framework for endowment investing, endowment investing policies, their evolution to more sophisticated and riskier strategies, and the consequences evinced during the financial crisis of 2008 and beyond. It traces the approaches to endowment investing and chronicles the rise and ...


Quotas And The Transatlantic Divergence Of Corporate Governance, Darren Rosenblum Jan 2014

Quotas And The Transatlantic Divergence Of Corporate Governance, Darren Rosenblum

Pace Law Faculty Publications

The French adoption of a corporate board quota for women reflects Europe's increasingly stakeholder-oriented approach to corporate governance, one that stands in marked contrast with that of the United States. This Article discusses how the corporate board quota will shift French and European corporate governance. The change accentuates an already established stakeholder corporate culture widespread in Europe, most notably evidenced by the presence of worker representation on boards. In contrast, the United States' corporate governance structure increasingly places the shareholder at its center. The proliferation of quotas for women on corporate boards in the national and transnational European contexts ...


When “Not Getting Caught” Is Not Enough: Preventing Foreign Corrupt Practices Act Violations And Liability In International Project Finance, Clinton R. Long Mar 2012

When “Not Getting Caught” Is Not Enough: Preventing Foreign Corrupt Practices Act Violations And Liability In International Project Finance, Clinton R. Long

Pace International Law Review Online Companion

Reinhard Siekaczek, a skeptical former accountant of Siemens A.G., expressed little optimism that Siemens’ violations of German law and the U.S. Foreign Corrupt Practices Act’s (“FCPA”) prohibitions against bribing foreign officials would deter others in a world full of corruption. Siekaczek states, “[p]eople will only say about Siemens that they were unlucky and that they broke the 11th commandment. The 11th commandment is: ‘Don’t get caught.’” At Siemens, Siekaczek participated in large-scale bribery by helping maintain a budget of tens of millions of dollars per year that was dedicated to bribing foreign officials, what one ...


Re-Appraising The Appraisers: Expanding Liability To Buyers And Borrowers In The Story Of The 2008 Financing Industry Crisis, Shelby D. Green Nov 2011

Re-Appraising The Appraisers: Expanding Liability To Buyers And Borrowers In The Story Of The 2008 Financing Industry Crisis, Shelby D. Green

Pace Law Faculty Publications

On the surface, suing in negligence seems the most promising avenue for recovery against appraisers, because liability depends on an examination of defendant's conduct alone and does not require an examination or defendant's mental state to show intent or agreement. But historically insuperable hurdles have operated to prevent recovery under this seemingly simple cause of action. One hurdle is lack of privity. The appraiser's legal relationship is with the hiring party--the lender--to assess the risks of the loan transaction and not with the purchaser, who may rely on the appraisal in making the decision to purchase. Because ...


Interstate Comparison - Use Of Contribution Margin In Determination Of Price Fixing, Tsui Tat Chee Apr 2011

Interstate Comparison - Use Of Contribution Margin In Determination Of Price Fixing, Tsui Tat Chee

Pace International Law Review Online Companion

For over a century, anti-trust law has been used to maintain an open and fair market economy by preventing monopolies. However, anti-trust law has never precisely defined the term “monopoly”, which makes evaluating the interactions between the prohibition of monopoly and encouraging competition increasingly challenging.

In 2006, the Hong Kong Government appointed Arculli & Associates Solicitor Firm to study issues relating to competition in the auto-fuel retail market in Hong Kong. A test based on contribution margins was recommended, leading to the conclusion that price fixing is not a crime in the industry.

This article examines the problems related to ...


Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach Jan 2010

Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach

Pace Law Faculty Publications

The fines and penalties assessed against corporations are running into the billions of dollars each year. Part of the reason is that the managers and employees of entrepreneurial organizations have inherent incentives to engage in conduct that exposes the entity to fines and penalties. This article considers the legal bases for shifting these law-enforcement losses back to directors who are actively involved in creating them, either because they approved or they deliberately ignored the corporation’s legal or regulatory violations (Part II). It then examines bases for shifting these losses back to directors even when their involvement in the non-compliance ...


Commentary: The Federalization Of Nonprofit Regulation And Its Discontents, James J. Fishman Jan 2010

Commentary: The Federalization Of Nonprofit Regulation And Its Discontents, James J. Fishman

Pace Law Faculty Publications

The Internal Revenue Service, at the instigation of the Senate Finance committee-the Service's primary congressional overseer-has commenced a corporate governance initiative by issuing announcements and guidelines, as well as providing educational advice as to how charities' internal affairs should be ordered. The Service also has revised the Form 990 Annual Information Return, a publicly available document, so that it contains mandatory corporate governance questions.2 Nonprofit organizations traditionally have been creatures of state law and overseen by state agencies and regulators.3 What is unique about the corporate governance initiative is the Service's admission that it lacks express ...


Stealth Preemption: The Irs's Nonprofit Corporate Governance Initiative, James J. Fishman Jan 2010

Stealth Preemption: The Irs's Nonprofit Corporate Governance Initiative, James J. Fishman

Pace Law Faculty Publications

The Internal Revenue Service, the primary federal regulator of charities, has initiated a corporate governance initiative. The intervention by the Internal Revenue Service into an area traditionally the preserve of state nonprofit corporate law has little relationship to issues of tax compliance. This corporate governance initiative has been accomplished in the face of IRS acknowledgement that it has no statutory authority relating to these issues. Yet, the power of the Service to recognize tax exempt status and the method it has used to ensure it vision of correct corporate governance practices through a series of questions when an organization applies ...


Feminizing Capital: A Corporate Imperative, Darren Rosenblum Jan 2009

Feminizing Capital: A Corporate Imperative, Darren Rosenblum

Pace Law Faculty Publications

This Article argues that Norway’s Corporate Board Quota Law (“CBQ”) fosters a productive symbiosis between the public and private spheres. Recent studies indicate that higher numbers of women in executive positions result in stronger rates of corporate return on equity (“ROE”). Countries with higher levels of women's political representation also tend to have higher levels of economic growth. Increasing women's workforce participation outside the home can drive overall economic growth. These factors prompted the CBQ's proponents to argue for the economic imperative of women's corporate leadership. The CBQ will not only ameliorate gender inequality, but ...


The Impact Of Sarbanes Oxley Act 2002 On Small Firms, Elina Grinberg Sep 2007

The Impact Of Sarbanes Oxley Act 2002 On Small Firms, Elina Grinberg

Honors College Theses

In reaction to major corporate scandals that rocked the corporate world in 2001 and 2002, Congress passed financial reporting reforms encompassed in the Sarbanes Oxley Act of 2002 (SOX) on July 30, 2002. Shareholder/investor interests needed to be protected, and investor confidence in the public markets needed to be restored. Although the passage of Sarbanes Oxley has restored investor confidence in financial reporting, the high costs associated with SOX compliance has financially strained most small public companies and caused many of them to go into the private sector.


To Disclose Or Not To Disclose. That Is The Question For The Corporate Fiduciary Who Is Also A Pension Plan Fiduciary Under Erisa: Resolving The Conflict Of Duty, Shelby D. Green Jan 2007

To Disclose Or Not To Disclose. That Is The Question For The Corporate Fiduciary Who Is Also A Pension Plan Fiduciary Under Erisa: Resolving The Conflict Of Duty, Shelby D. Green

Pace Law Faculty Publications

This Article examines the seeming irreconcilable conflict faced by the pension plan fiduciary, who is a corporate insider, to disclose or not to disclose material, inside information to plan participants, who would use the information to divest investments in company stock, without disclosing the same information to persons on the other side of these trades. The Article begins with a general discussion of the regulation of trade in securities and the history of the insider trading laws under the Securities Exchange Act of 1934. Part III discusses the soundness of the prohibition against insider trading. Part IV explains the duties ...


Crime, War & Romanticism: Arthur Andersen And The Nature Of Entity Guilt, David N. Cassuto Jan 2006

Crime, War & Romanticism: Arthur Andersen And The Nature Of Entity Guilt, David N. Cassuto

Pace Law Faculty Publications

In 2002, Arthur Andersen, LLP stood trial for obstruction of justice. The prosecution offered several theories as to who at the firm had committed the crime but no one theory satisfied all twelve jurors. In an attempt to break its deadlock, the jury asked whether it could convict i f some jurors thought Person A at Andersen had done it and some thought it was Person B. Following argument, the judge ruled that it could convict.

This article argues that the court's response to the jury's query was wrong as a matter of law and policy. The ruling ...


Improving Charitable Accountability, James J. Fishman Jan 2003

Improving Charitable Accountability, James J. Fishman

Pace Law Faculty Publications

This Article focuses upon a persistent problem of the nonprofit sector--its lack of accountability to the public. Director, officer, and organizational responsibilities will be analyzed. Past and current approaches to secure accountability of charitable assets will be discussed, and a proposal for improving charitable accountability will be suggested through the creation of public-private charity commissions at the state level under the aegis of the attorney general.


Government Liability For Economic Losses: The Case Of Regulatory Failure, David S. Cohen Jan 1992

Government Liability For Economic Losses: The Case Of Regulatory Failure, David S. Cohen

Pace Law Faculty Publications

Compensation claims against provincial and federal governments are largely a product of the second half of the 20th century. The initial surge of cases after the enactment of the federal Crown Liability Act in 1953--mirrored also in developments at the provincial level-- were typically "private" tort claims. Indeed a significant percentage of claims against the federal government continue to be nothing more than automobile accident, occupier liability claims and lawsuits arising out of similar relatively minor bureaucratic error. Recently, however, as a result of both the imagination of litigators and the growth of the regulatory state, claims against governments have ...


"Reasonable Expectations" Define Board Power To Liquidate A Solvent Close Corporation In Bankruptcy, Shelby D. Green Jan 1992

"Reasonable Expectations" Define Board Power To Liquidate A Solvent Close Corporation In Bankruptcy, Shelby D. Green

Pace Law Faculty Publications

This Article will argue that, in the absence of contrary provisions in the articles of incorporation, the power of the board of directors of a solvent close corporation to file a voluntary petition for liquidation in bankruptcy must be determined by the theory of “reasonable expectations.” This doctrine not only addresses wrongdoing by those in control, but also defines the power and rights of close corporation participants. Part II briefly considers the uses of bankruptcy in recent years and comments on the peculiar occasion of a solvent corporation deciding to liquidate in bankruptcy. Part III summarizes the facts and identifies ...


Defending The "Time Culture": The Public And Private Interests Of Media Corporations, Shelby D. Green Jan 1991

Defending The "Time Culture": The Public And Private Interests Of Media Corporations, Shelby D. Green

Pace Law Faculty Publications

Part I of this essay discusses the “public interest” standard under the Federal Communications Act and describes parallels in corporation doctrine. Part II considers whether broadcasters satisfy their public interest obligations by addressing audience interest. Part III discusses the prerogatives of the management of the corporate broadcaster to consider non-financial factors in selecting programming. Part IV describes the non-traditional philosophy of the corporation's legitimate object, which led to the subject case. Part V discusses the central legal issues of the cognizable business interests of corporations. Finally, the Conclusion offers a view on desirable public interest objectives of media corporations.


Corporate Philanthropy And The Business Benefit: The Need For Clarity, Shelby D. Green Jan 1990

Corporate Philanthropy And The Business Benefit: The Need For Clarity, Shelby D. Green

Pace Law Faculty Publications

The need for clarity or harmony is the subject of this essay. Part II summarizes a philosophical debate between two scholars on the mission of the corporation. Part III briefly traces the historical development of the relevant principles and Part IV examines the actual philanthropic practices of several large publicly held corporations. Finally, Part V considers the continuing significance of the common law rule in light of these practices and urges support for the ALI proposal.


The Illusion Of Fairness Through Special Committees In Management Buyouts, Shelby D. Green Jan 1990

The Illusion Of Fairness Through Special Committees In Management Buyouts, Shelby D. Green

Pace Law Faculty Publications

This essay will explore these deficiencies and argue for real, and not illusory, safeguards against directors' self-dealing in management buyouts. Part II provides an overview of corporation law regarding the decisionmaking authority of the board. Part III discusses self-dealing transactions as exceptions to the normal judicial deference accorded board decisions. Part IV discusses the flaws in the use of the special committee to address conflict of interest problems. Part V provides an analysis of the case introducing this essay and Part VI offers conclusions and suggestions for reform.


Standards Of Conduct For Directors Of Nonprofit Corporations, James J. Fishman Jan 1987

Standards Of Conduct For Directors Of Nonprofit Corporations, James J. Fishman

Pace Law Faculty Publications

This Article analyzes the standards of care and loyalty that should apply to directors of nonprofit corporations. It suggests that the movement toward corporate law principles neither reflects the differences in the types of nonprofit corporations nor provides a coherent rationale for the conduct regulated. The "trust law"-"corporate law" distinction has often centered upon the label to be applied rather than on an analysis of the principles involved. Too often the selection of the label has determined the result. At other times, the label has been used as a convenient rationalization of a socially desirable conclusion. This Article will ...


The Development Of Nonprofit Corporation Law And An Agenda For Reform, James J. Fishman Jan 1985

The Development Of Nonprofit Corporation Law And An Agenda For Reform, James J. Fishman

Pace Law Faculty Publications

This article examines the development of the law of “charitable corporations”' and attempts to explain why the charitable corporation rather than the charitable trust became the predominant organizational form for charitable and benevolent activities in the United States. It then discusses some of the inconsistencies of nonprofit corporation law and provides an agenda for future reform.


New Dimensions In Corporate Counseling In Environmental Law, Nicholas A. Robinson Jan 1974

New Dimensions In Corporate Counseling In Environmental Law, Nicholas A. Robinson

Pace Law Faculty Publications

This article's thesis is that attorneys cannot wait any longer to begin practicing environmental law. The bar has a responsibility to insure that our laws are obeyed and implemented. In advising a client regarding compliance with environmental laws, the legal counselor has unique opportunities to advance not only the client's interests, but also the public's interest in environmental protection.


Review Of Close Corporations By F. Hodge O'Neal, John A. Humbach Jan 1972

Review Of Close Corporations By F. Hodge O'Neal, John A. Humbach

Pace Law Faculty Publications

No abstract provided.


The Canadian Corporation And Wall Street: Application Of United States Securities Laws To Canadian Issuers, Merril Sobie Jan 1967

The Canadian Corporation And Wall Street: Application Of United States Securities Laws To Canadian Issuers, Merril Sobie

Pace Law Faculty Publications

The purpose of this article is to present the Canadian legal practitioner with a summary of those sections of American securities laws which are applicable to foreign issuers. Discussion, for the most part, will be limited to a brief outline of the more salient aspects of securities regulation; a complete presentation of any one feature would be impossible within the confines of a single article. Wherever possible, relevant authorities will be cited and counsel would be wise to examine their more detailed treatment. Moreover, though federal legislation in this area is not exclusive, discussion will be limited to the national ...