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Full-Text Articles in Securities Law
Perceptions Of Fairness In Securities Arbitration: An Empirical Study, Jill I. Gross
Perceptions Of Fairness In Securities Arbitration: An Empirical Study, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
This Report to the Securities Industry Conference on Arbitration (SICA) documents the results of the authors’ empirical study, through a one-time mailed survey, of survey participants’ perceptions of fairness of securities Self-Regulatory Organization (SRO) arbitrations involving customers. The survey was designed to assess participants’ perceptions of the: (1) fairness of the SRO arbitration process; (2) competence of arbitrators to resolve investors’ disputes with their broker-dealers; (3) fairness of SRO arbitration as compared to their perceptions of fairness in securities litigation in similar disputes; and (4) fairness of the outcome of arbitrations.
Mcmahon Turns Twenty: The Regulation Of Fairness In Securities Arbitration, Jill I. Gross
Mcmahon Turns Twenty: The Regulation Of Fairness In Securities Arbitration, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
I believe that current regulation of securities arbitration does ensure that it is fair to investors. Part II of this Commentary explores the various sources of law, including the FAA, which could require fairness in securities arbitration. It revisits the first critical assumption of the McMahon Court, that the FAA's provisions for post-award judicial review protect investors from an unfair arbitration process. This Part demonstrates that, while the FAA does require “fundamental fairness” in arbitration, courts loosely construe that requirement and find most arbitration proceedings meet it easily. Part IIII of this Commentary explores SEC oversight of securities arbitration, particularly …
Securities Mediation: Dispute Resolution For The Individual Investor, Jill I. Gross
Securities Mediation: Dispute Resolution For The Individual Investor, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
Part I of this article will provide a brief history of ADR in the securities industry (primarily arbitration), and then will describe the emergence of mediation as an alternative to arbitration. Part II will explore the state and federal statutory regulations that arguably govern the securities mediation process, and their impact on procedural and substantive justice. In particular, this section will review the applicability to and impact on securities mediation of the Securities Exchange Act of 1934 (1934 Act), the Federal Arbitration Act (FAA), and state mediation statutes, including the Uniform Mediation Act. In this section, I will argue that …
The Elusive Balance Between Investor Protection And Wealth Creation, Barbara Black, Jill I. Gross
The Elusive Balance Between Investor Protection And Wealth Creation, Barbara Black, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
The Pace Investor Rights Project (PIRP), launched in the fall of 20033 as an expansion of Pace Law School's ground-breaking Securities Arbitration Clinic, seeks to foster increased scholarly interest on topics related to investor justice in the regulatory, arbitral and judicial arenas. The Project thus produced the Investor Rights Symposium, which took place on the grounds of the Judicial Institute at Pace Law School on March 31 and April 1, 2005, to bring together academics, regulators, practitioners, investors' advocates and students to explore the precarious balance between investor protection and wealth creation. The scholarship that follows in this volume reflects …
Developing A Law/Business Collaboration Through Pace's Securities Arbitration Clinic, Jill I. Gross
Developing A Law/Business Collaboration Through Pace's Securities Arbitration Clinic, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
This article details an interdisciplinary collaboration between the Securities Arbitration Clinic at Pace Law School (“SAC”) and the graduate program at Pace University's Lubin School of Business, designed and initiated by the authors. The purpose of the collaboration is to provide a co-curricular learning experience to both J.D. and graduate business students1 while enhancing the pro bono legal services delivered by SAC to its clients. Part I of this article details the history of SAC before the authors initiated the collaboration, and the reasons SAC needed financial expertise. Part II of this article describes models of interdisciplinary collaboration, particularly between …
Economic Suicide: The Collision Of Ethics And Risk In Securities Law, Barbara Black, Jill I. Gross
Economic Suicide: The Collision Of Ethics And Risk In Securities Law, Barbara Black, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
The first part of this article looks at whether there are any legal principles derived from regulation or the case law to support an “economic suicide” claim. The second part of the article reviews arbitrators' awards to determine whether arbitrators do, in fact, decide favorably on economic suicide claims. The article also looks at some arbitrators' awards that appear to recognize an economic suicide claim to identify any factors that may lead arbitrators to award damages to the claimant. Finally, in the third part, we address whether policy considerations support an extension of recognized brokers' duties to include a duty …
Securities Analysts' Undisclosed Conflicts Of Interest: Unfair Dealing Or Securities Fraud?, Jill I. Gross
Securities Analysts' Undisclosed Conflicts Of Interest: Unfair Dealing Or Securities Fraud?, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
This article addresses recent regulatory efforts to proscribe undisclosed conflicts of interest beyond mere scalping, including ownership interests in recommended securities, and the compensation connection between analysts and investment bankers within a firm. Part III of this article traces the history of prior cases imposing liability on industry participants, including investment advisers, analysts and others, for failing to disclose their conflicts of interest when recommending securities. Part IV of this article then examines the question of whether analysts have any civil liability to those relying on their recommendations for failure to disclose actual or potential conflicts of interest. Finally, the …
Making It Up As They Go Along: The Role Of Law In Securities Arbitration, Barbara Black, Jill I. Gross
Making It Up As They Go Along: The Role Of Law In Securities Arbitration, Barbara Black, Jill I. Gross
Elisabeth Haub School of Law Faculty Publications
What is the current role of the law in securities arbitration? Given the difficulties investors would encounter in pleading and proving their claims in court, they may well be better off in a system where less attention is paid to the law and more to the equities of the actual dispute before the arbitration panel. While this is not a system where accountability and predictability of results can be achieved, investors may, in fact, fare better than they might expect. It follows then that if equitable considerations enhance rather than subtract from investors' chances of recovery, then investors need not …
Enforcement Of Securities Laws Violations In The United Kingdom, James J. Fishman
Enforcement Of Securities Laws Violations In The United Kingdom, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
This article examines the weaknesses of the present system of enforcement and suggests changes to make it more effective. The article is divided into three parts: an analysis of the enforcement provisions of the Financial Services Act, the prosecution of securities offenses since its implementation, and the viability of self-regulatory enforcement.
Securities, John A. Humbach
Securities, John A. Humbach
Elisabeth Haub School of Law Faculty Publications
During the past year, the Second Circuit again had occasion to decide several cases in which significant issues under the federal securities law were raised. Although none of last year's lot seems destined to become a landmark, these cases do contain some important refinements and clarifications of earlier, broad policy thrusts. The flurry of new regulatory promulgations by the Securities and Exchange Commission may have commanded the focus of the securities bar in recent months, but the decisions of the Second Circuit in the securities area, last year as usual, also deserve the securities lawyer's careful attention.
Review Of Wall Street: Security Risk By Hurd Baruch, John A. Humbach
Review Of Wall Street: Security Risk By Hurd Baruch, John A. Humbach
Elisabeth Haub School of Law Faculty Publications
No abstract provided.
The Canadian Corporation And Wall Street: Application Of United States Securities Laws To Canadian Issuers, Merril Sobie
The Canadian Corporation And Wall Street: Application Of United States Securities Laws To Canadian Issuers, Merril Sobie
Elisabeth Haub School of 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 …