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Full-Text Articles in Securities Law
The Failure Of Investor Protection By Disclosure, Tamar Frankel
The Failure Of Investor Protection By Disclosure, Tamar Frankel
Faculty Scholarship
This Article deals with the issue of investor protection by disclosure. It discusses the evolution of disclosure in the financial area during the past thirty years, the role of disclosure in the regulation of intermediaries, and the current strong disagreements concerning the Dodd-Frank Act's mandate applicable to market brokers. The Article notes the role of disclosure in the restructured financial intermediation system, its failure to protect investors, and concludes with suggestions to partially correct the failure and restore the rationale for effective disclosure. Disclosure should apply to the risks posed by the intermediaries rather than to the dangers and risks …
The Plight Of The Individual Investor In Securities Class Actions, David H. Webber
The Plight Of The Individual Investor In Securities Class Actions, David H. Webber
Faculty Scholarship
Individual investors victimized by securities fraud have no voice in directing class actions brought on their behalf once institutional investors obtain lead plaintiff appointments. The same holds for state-level transactional class actions claiming breaches of fiduciary duty by boards of directors in connection with mergers and acquisitions. In theory, the interests of institutional and individual investors align, nullifying the need for a separate voice for individuals; one rationale for the lead plaintiff modifications of the Private Securities Litigation Reform Act of 1995 was that individuals would benefit from the sophistication of institutional investor lead plaintiffs. But in practice, individual investors’ …