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Brooklyn Journal of Corporate, Financial & Commercial Law

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Getting The Law Right: An Essay In Honor Of Aaron Twerski, John C. P. Goldberg, Benjamin C. Zipursky Dec 2023

Getting The Law Right: An Essay In Honor Of Aaron Twerski, John C. P. Goldberg, Benjamin C. Zipursky

Brooklyn Journal of Corporate, Financial & Commercial Law

Written in honor of the great torts scholar Aaron Twerski, this article critically analyzes disturbing developments in New York negligence law as it applies to police who injure innocent bystanders. With the New York Court of Appeals’ 2022 decision in Ferreira v. City of Binghamton as a focal point, it argues that Ferreira and other contemporary decisions have largely betrayed the promise of the 1929 Court of Claims Act, which waived state and municipal immunity for police torts. While courts may be warranted in recognizing certain limits on police negligence liability that do not apply to private actors, the current …


Standing In The Ether: Constitutional Standing In Data Breach Cases After Mcmorris, Andrew Ridge Dec 2022

Standing In The Ether: Constitutional Standing In Data Breach Cases After Mcmorris, Andrew Ridge

Brooklyn Journal of Corporate, Financial & Commercial Law

For some time, circuit courts have been ostensibly divided over the power of plaintiffs to maintain claims for injuries sustained from data breaches based merely on an increased risk of injury. However, in McMorris v. Carlos Lopez & Assocs., LLC, 995 F.3d 295 (2d Cir. 2021), the Second Circuit denied the existence of the circuit split, instead contending that its three-factor balancing test for determining standing for risk of future injury in data breach cases could be reconciled with the positions of both clusters of circuits. The three factors are “(1) whether the plaintiffs’ data has been exposed as the …


Domestic Asset Protection Trusts: A Debtor's Friend And Creditor's Foe, Nora Hood May 2019

Domestic Asset Protection Trusts: A Debtor's Friend And Creditor's Foe, Nora Hood

Brooklyn Journal of Corporate, Financial & Commercial Law

In 1997, Alaska enacted the first law in the United States legalizing Domestic Asset Protection Trusts (DAPTs), also referred to as self-settled asset protection trusts, as valid legal entities. Under traditional trust law, a debtor cannot shield assets from creditors by placing them in a trust for his or her own benefit. Alaska’s statute allowing DAPTs calls the traditional rule into question. This Note will examine use of DAPTs in the United States, including whether or not the recently amended Uniform Voidable Transaction Act would consider any transfer to a DAPT voidable per se, and discuss an approach that intends …


A Brand-Name Drug Company May Violate Section Two Of The Sherman Act By Mislabeling A Submitted Patent In The Orange Book: An Implication From In Re Actos End-Payor Antitrust Litigation, 848 F.3d 89 (2d Cir. 2017), Ping-Hsun Chen May 2019

A Brand-Name Drug Company May Violate Section Two Of The Sherman Act By Mislabeling A Submitted Patent In The Orange Book: An Implication From In Re Actos End-Payor Antitrust Litigation, 848 F.3d 89 (2d Cir. 2017), Ping-Hsun Chen

Brooklyn Journal of Corporate, Financial & Commercial Law

The Hatch-Waxman Act encourages generic drug companies to submit an abbreviated new drug application (“ANDA”) for a generic version of a drug approved by the U.S. Food and Drug Administration (“FDA”). Nevertheless, a mechanism exists for a brand-name drug company to adjudicate a patent infringement dispute before the FDA approves an ANDA. The mechanism includes the regulatory scheme of patent information submission implemented by the FDA. 21 U.S.C. § 355(b)(1) requires that patent information be correct. False patent information destroys the objectives of the Hatch-Waxman Act. In re Actos End-Payor Antitrust Litigation, 848 F.3d 89 (2d Cir. 2017), may demonstrate …


Why Does The Sec Hate Lawyers And Will The Bitterness Ever Go Away: A Review Of The Reasons For The Current State Of This Relationship And A Proposed Path Forward, Ernest Edward Badway, Joshua Horn, Christie Mcguinness May 2019

Why Does The Sec Hate Lawyers And Will The Bitterness Ever Go Away: A Review Of The Reasons For The Current State Of This Relationship And A Proposed Path Forward, Ernest Edward Badway, Joshua Horn, Christie Mcguinness

Brooklyn Journal of Corporate, Financial & Commercial Law

The United States Securities and Exchange Commission (“SEC” or “Commission”) and its staff (“Staff”) have brought numerous actions against lawyers in a variety of contexts over the last several years. These enforcement actions have arguably prevented zealous advocacy as well as potentially leaving lawyers reluctant to make certain arguments on behalf of their clients so as to avoid potential disciplinary actions against them. While it is important for the Commission and its Staff to ensure that lawyers do not engage in violative conduct, this Article notes that the SEC and its Staff’s actions should be limited to only those occasions …


Activist Shareholders At De Facto Controlled Companies, Gaia Balp May 2019

Activist Shareholders At De Facto Controlled Companies, Gaia Balp

Brooklyn Journal of Corporate, Financial & Commercial Law

Activist campaigns are likely to increasingly target controlled companies. Studies concerning activism at controlled companies focus on shareholder-empowering tools, such as the right to nominate and elect minority directors on the board, as a pathway for limiting the principal-principal agency problem. However, not enough attention has been paid to the distinction between de jure and de facto controlled companies. Building on a recent case concerning a leading Italian corporation, this Article analyzes the possible unexpected corporate governance consequences of successful activist intervention at de facto controlled companies, showing that, where minority shareholders are granted the right to appoint directors on …


Air Banned And Barred: Why New York City's Affordable Housing Crisis Has No Room For Short-Term Rentals, Wilson Chow May 2019

Air Banned And Barred: Why New York City's Affordable Housing Crisis Has No Room For Short-Term Rentals, Wilson Chow

Brooklyn Journal of Corporate, Financial & Commercial Law

In August 2018, New York City passed a law that required short-term rental websites to disclose information about their users who host in the city. Airbnb, the largest short-term rental company, filed suit with hopes of having short-term rentals legalized. The law stems from the city’s efforts to amelioerate its affordable housing crisis. With over 8.5 million residents living in a tight housing market, New York City should not allow home owners or rental tenants to commercialize their property into de facto hotels that will likely provide accommodations to tourists. This Note will examine the recent law’s impact on New …


Playing Fair: Youtube, Nintendo, And The Lost Balance Of Online Fair Use, Natalie Marfo May 2019

Playing Fair: Youtube, Nintendo, And The Lost Balance Of Online Fair Use, Natalie Marfo

Brooklyn Journal of Corporate, Financial & Commercial Law

Over the past decade, YouTube saw an upsurge in the popularity of “Let’s Play” videos. While positive for YouTube, this uptick was not without controversy. Let’s Play videos use unlicensed copyrighted materials, frustrating copyright holders. YouTube attempted to curb such usages by demonetizing and removing thousands of Let’s Play videos. Let’s Play creators struck back, arguing that the fair use doctrine protects their works. An increasing number of powerful companies, like Nintendo, began exploiting the ambiguity of the fair use doctrine against the genre; forcing potentially legal works to request permission and payment for Let’s Play videos, without a determination …


Something To Wine About: What Proposed Revisions To Wine Labeling Requirements Mean For Growers, Producers, And Consumers, Deborah Soh May 2019

Something To Wine About: What Proposed Revisions To Wine Labeling Requirements Mean For Growers, Producers, And Consumers, Deborah Soh

Brooklyn Journal of Corporate, Financial & Commercial Law

Title 27 of the Code of Federal Regulations governs the standards for the information that is printed on wine bottle labels, including the appellation of origin. Currently, however, wines are exempt from these regulations if they will not be introduced in interstate commerce. There is a proposed amendment to the Code that would bring all wines, regardless of whether they are sold interstate or solely intrastate, under the federal standards for wine labeling. Between the current system, which permits exempt wines to sidestep the regulations, and the proposal, which would exact strict standards of compliance uniformly, lies a middle-ground approach …


Offshore Drilling: Combating Regulatory Uncertainty With Contract Law Protection, Jordan M. Steele May 2019

Offshore Drilling: Combating Regulatory Uncertainty With Contract Law Protection, Jordan M. Steele

Brooklyn Journal of Corporate, Financial & Commercial Law

Offshore drilling accounts for billions of dollars in tax revenue every year. It is a pillar of the energy industry and is crucial to the economy. A recent flurry of deregulation, accelerating with the arrival of the Trump administration, highlights the tremendous impact politics has upon the profitability of this sector. The Secretary of the Interior, under the direction of the President, wields the power to regulate and make determinations into where, when, and how private companies can drill offshore. These private companies have contracts with the government for the opportunity to produce and develop oil or gas on the …


On The Clock, Best Bet To Draft Cyberdefensive Linemen: Federal Regulation Of Sports Betting From A Cybersecurity Perspective, William H. Williams May 2019

On The Clock, Best Bet To Draft Cyberdefensive Linemen: Federal Regulation Of Sports Betting From A Cybersecurity Perspective, William H. Williams

Brooklyn Journal of Corporate, Financial & Commercial Law

On May 14, 2018, Justice Alito delivered the majority opinion for the United States Supreme Court in Murphy v. National Collegiate Athletic Association (NCAA). The Professional and Amateur Protection Act (PASPA), a twenty-six-year-old federal statute, was deemed unconstitutional; thus, this decision allows state legislatures to legalize sports betting within their borders. With many states independently legalizing sports gambling, the regulatory landscape throughout the country is becoming a patchwork of state statutes. Additionally, top tier sporting organizations heavily depend on data analytics to formulate game plan strategy, train efficiently, rehab player injuries, gauge team and player performance, etc. The popularity of …


Private Prisons And The Need For Greater Transparency: Private Prison Information Act, Libbi L. Vilher Dec 2017

Private Prisons And The Need For Greater Transparency: Private Prison Information Act, Libbi L. Vilher

Brooklyn Journal of Corporate, Financial & Commercial Law

Private prisons are not subject to the same regulations as government prisons. Particularly, private prisons are exempt from the requirements set forth in the Freedom of Information Act and its state equivalents, which provide that the public has an enforceable right to request certain records from government agencies. Numerous efforts made by members of Congress to enact the Private Prison Information Act, a bill that would subject private prisons to disclosure laws found in the Freedom of Information Act, have been unsuccessful. Such efforts to strip the veil of secrecy that shades private prisons from public scrutiny are especially important …


Exploiting Latin American Microfinance Deregulation: One Borrower At A Time, Karlamaria Cabral Dec 2017

Exploiting Latin American Microfinance Deregulation: One Borrower At A Time, Karlamaria Cabral

Brooklyn Journal of Corporate, Financial & Commercial Law

Microfinance seeks to eradicate poverty through the economic growth and development that results when seed capital is given to microenterprises. In 2015, Latin America’s microfinance loan portfolio totaled $40 billion USD and included more than twenty-two million borrowers. Due to the current state of microfinance in the region—abusive lending practices and betraying the original goal and purpose of eradicating poverty—this Note advocates for a regional regulatory body, such as the Latin American Microfinance Association, that would develop and assist Latin American countries to implement model legal frameworks that increase client protection, create licensing requirements, establish interest rate caps, and recognize …


Another Bite At The Apple For Trade Secret Protection: Why Stronger Federal Laws Are Needed To Protect A Corporation's Most Valuable Property, Alissa Cardillo Jan 2016

Another Bite At The Apple For Trade Secret Protection: Why Stronger Federal Laws Are Needed To Protect A Corporation's Most Valuable Property, Alissa Cardillo

Brooklyn Journal of Corporate, Financial & Commercial Law

Trade secrets are one of a corporation’s most valuable assets. However, they lack adequate protection under federal law, leaving them vulnerable to theft and misappropriation. As technology advances, it becomes easier and less time consuming for individuals and entities to access and steal trade secrets to a corporation’s detriment. Most often these thefts involve stealing trade secrets in an intangible form. Current legislation fails to adequately protect intangible trade secrets, leaving them vulnerable to theft. An amendment to the National Stolen Property Act that encompasses intangible trade secrets would close a loophole that currently exists relating to intangible assets, allowing …


Confounding Ockham's Razor: Minilateralism And International Economic Regulation, Eric C. Chaffee Jan 2016

Confounding Ockham's Razor: Minilateralism And International Economic Regulation, Eric C. Chaffee

Brooklyn Journal of Corporate, Financial & Commercial Law

In Minilateralism: How Trade Alliances, Soft Law, and Financial Engineering Are Redefining Economic Statecraft, Professor Chris Brummer embraces the complexity of the global economic system and its regulation by exploring the emerging role and dominance of varying strands of economic collaboration and regulation that he collectively refers to as “minilateralism.” In describing the turn toward minilateralism, Brummer notes a number of key features of this new minilateral system, including a shift away from global cooperation to strategic alliances composed of the smallest group necessary to achieve a particular goal, a turn from formal treaties to informal non-binding accords and other …