Revitalizing Motive And Opportunity Pleading After Tellabs, 2011 University of Michigan Law School
Revitalizing Motive And Opportunity Pleading After Tellabs, Marvin Lowenthal
Michigan Law Review
Congress passed the Private Securities Litigation Reform Act of 1995 ("PSLRA") to prevent frivolous lawsuits that had been draining resources from businesses. This legislation included provisions for heightening the pleading requirements for the scienter, or state of mind, requirement for securities law violations. Many circuit courts debated whether the motive and opportunity test for scienter, applied initially by the Second and Third Circuits, survived the passage of the PSLRA. This Note argues that while the motive and opportunity test has been discounted by numerous circuits, it not only remains viable for pleading scienter under the PSLRA, but it accomplishes the …
Insider Trading, Congressional Officials, And Duties Of Entrustment, 2011 Indiana University Maurer School of Law
Insider Trading, Congressional Officials, And Duties Of Entrustment, Donna M. Nagy
Articles by Maurer Faculty
This article refutes what has become the conventional wisdom that insider trading by members of Congress and legislative staffers is “totally legal” because such congressional officials are immune from federal insider trading law. It argues that this well-worn claim is rooted in twin misconceptions based on: (1) a lack of regard for the broad and sweeping duties of entrustment which attach to public office and (2) an unduly restrictive view of Supreme Court precedents, which have interpreted Rule 10b-5 of the Securities Exchange Act to impose liability whenever a person trades securities on the basis of material nonpublic information in …
Unreliable Securities For Retirement Income Security: Certifying The Erisa Stock-Drop Class, 2011 Vanderbilt University Law School
Unreliable Securities For Retirement Income Security: Certifying The Erisa Stock-Drop Class, Lauren N. Fromme
Vanderbilt Law Review
Catherine Stevens had built her retirement savings "a dollar at a time over a lifetime of hard work" when it was "reduced to virtually zero" at Enron's collapse. "I feel very strongly that we have all been wronged," she said. Her plans for a secure future had been destroyed. Almost eight years after Enron's failure, stories like Catherine's persist, and employee retirement income security remains as comforting as an imaginary friend. A falling stock market in the wake of financial finagling leaves many employee retirement plans dangerously insecure. Employees like Catherine who bet their futures on their company's stock have …
The Emerging Federal Class Actions Brand , 2011 George Mason University
The Emerging Federal Class Actions Brand , John C. Massaro
Cleveland State Law Review
Class actions raise a fundamental question about our judicial system. Is the purpose first and foremost to achieve a societally-desired level of law enforcement and deterrence, or is the primary goal to foster citizen participation in the resolution of private disputes? This Article provides the first extended analysis of this question in light of five recent Supreme Court decisions regarding class actions, the evolution of legislative initiatives in the area, and the docket activity in sixteen of the largest recent federal securities class actions. A single conclusion follows: we are witnessing the emergence of a new national “brand” of class …
The Price Of Pay To Play In Securities Class Actions, 2011 University of Michigan Law School
The Price Of Pay To Play In Securities Class Actions, Adam C. Pritchard, Stephen J. Choi, Drew T. Johnson-Skinner
Articles
We study the effect of campaign contributions to lead plaintiffs—“pay to play”—on the level of attorney fees in securities class actions. We find that state pension funds generally pay lower attorney fees when they serve as lead plaintiffs in securities class actions than do individual investors serving in that capacity, and larger funds negotiate for lower fees. This differential disappears, however, when we control for campaign contributions made to offcials with infuence over state pension funds. This effect is most pronounced when we focus on state pension funds that receive the largest campaign contributions and that associate repeatedly as lead …
The Wider Context: The Future Of Capital Markets Regulation In Developed Markets, 2011 Melbourne Law School
The Wider Context: The Future Of Capital Markets Regulation In Developed Markets, Cally Jordan
Faculty Papers & Publications
At a time of such great turbulence, looking to the future directions of capital markets and their regulation in developed economies is a particularly risky business. We are in the midst of a great sea change. Nevertheless, there are several current, and readily observable, phenomena which are likely to shape capital markets regulation in the near future. First of all, the blurring of the distinctions between developed and developing markets themselves, as well as that between domestic and international markets, has put into question the adequacy of existing regulatory frameworks. Also, the transatlantic dialogue, London – New York, has given …
The Limits Of National Security, 2011 Georgetown University Law
The Limits Of National Security, Laura K. Donohue
Georgetown Law Faculty Publications and Other Works
The United States’ National Security Strategy, issued in May 2010, articulates an expansion in U.S. interests that stems from the end of the Cold War. Departing from a policy of industrial growth and military containment in response to geopolitical threats, U.S. national security is now defined in terms of a wide range of potential risks that the country faces. The NSS is not alone in its rather expansive view—one that significantly departs from the perspective adopted at any point in U.S. history. It represents the fourth (and most concerning) epoch in the country’s evolution, and it is beginning to find …
The Paradoxes Of Dodd-Frank, 2011 Duke Law School
Chasing The Greased Pig Down Wall Street: A Gatekeeper’S Guide To The Psychology, Culture And Ethics Of Financial Risk-Taking, 2011 Georgetown University Law Center
Chasing The Greased Pig Down Wall Street: A Gatekeeper’S Guide To The Psychology, Culture And Ethics Of Financial Risk-Taking, Donald C. Langevoort
Georgetown Law Faculty Publications and Other Works
The current financial crisis has once again focused attention on lawyers, corporate directors and auditors as gatekeepers, who are expected to introduce some degree of cognitive independence to the task of risk assessment and risk management in public companies, including financial services firms. This essay examines the psychological and cultural forces that may distort risk perception and risk motivation in hyper-competitive firms, beyond the standard economic incentives associated with agency costs and moral hazards, warning gatekeepers against too easily assuming that all is well when insiders display high levels of intensity, focus and devotion to hard-to-achieve goals. In fact, these …
Addressing Inept Sec Enforcement Efforts: Lessons From Madoff, The Hedge Fund Industry, And Title Iv Of The Dodd-Frank Act For U.S. And Global Financial Systems, 2011 Northwestern Pritzker School of Law
Addressing Inept Sec Enforcement Efforts: Lessons From Madoff, The Hedge Fund Industry, And Title Iv Of The Dodd-Frank Act For U.S. And Global Financial Systems, Cheryl Nichols
Northwestern Journal of International Law & Business
A global regulatory framework for hedge fund custodians is needed, in addition to Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act or Dodd-Frank), to reduce the risk of the occurrence of another Madoff fraud and to assess systemic risk posed by hedge fund activities in the global financial system. This article recommends the creation of a single global regulator for independent, qualified hedge fund custodians to which country regulators must submit sufficient information to protect investors and to assess the level of systemic risk posed by hedge fund activities in the global …
The Derivative Market’S Black Sheep: Regulation Of Non-Cleared Security-Based Swaps Under Dodd-Frank, 2011 Northwestern Pritzker School of Law
The Derivative Market’S Black Sheep: Regulation Of Non-Cleared Security-Based Swaps Under Dodd-Frank, Barry Le Vine
Northwestern Journal of International Law & Business
This paper seeks to comprehensively analyze the SEC's security-based swaps mandate and how it should regulate those non-cleared OTC derivatives within its regulatory ambit to promote market stability, protect counterparties, and reduce the incentives for cross-border regulatory arbitrage which leads to systemic risk creation. It argues that there are many legitimate and compelling reasons for entering into bespoke security-based swap transactions and that imposing collateral and margin requirements would only distort the economics of these trades. It further argues that the SEC should not be in the business of setting margin requirements, which would be an unprecedented move for the …
Educational Justice And The Recognition Of Marriage, 2010 Boston College Law School
Educational Justice And The Recognition Of Marriage, Scott Fitzgibbon
Scott T. FitzGibbon
No abstract provided.
Corporate Law Discussion Group On The Dodd-Frank Act, 2010 Boston College Law School
Corporate Law Discussion Group On The Dodd-Frank Act, Renee Jones
Renee Jones
No abstract provided.
Teaching And Learning The Law Of Boats, 2010 Pepperdine University
Teaching And Learning The Law Of Boats, Robert Anderson
Robert Anderson IV
I have taught admiralty and maritime law exactly twice. That experience hardly makes me an expert in training future proctors. What that experience does give me, however, is the perspective that comes from having recently confronted the challenges of learning the field myself. And that perspective has led me to teach the admiralty survey course differently from how I teach any of my other classes and differently from how i perceive other admiralty classes that are taught by more experienced teachers. In this essay, I hope to explain how and why I teach admiralty differently, with the hope of offering …
Parent, Child, Husband, Wife: When Recognition Fails, Tragedy Ensues, 2010 Boston College Law School
Parent, Child, Husband, Wife: When Recognition Fails, Tragedy Ensues, Scott Fitzgibbon
Scott T. FitzGibbon
This article briefly notes some developments in the law and society of our present age regarding the understanding — the recognition — of marriage, fatherhood, motherhood, and the family. The article warns against a certain casualness, a confusion, perhaps even a certain promiscuity of thought, that has occasionally emerged in the law. Drawing on Sophocles' drama Oedipus the King and on the scriptural narrative of David and Bathsheba, the article investigates what might be called the "moral location" of the activity of recognition. It proposes that recognition of basic family forms is a process with a deep dimension. It apprehends …
Falling Short: Has The Sec’S Quest To Control Market Manipulation And Abusive Short-Selling Come To An End Or Has It Really Just Begun?, 2010 Seton Hall University
Falling Short: Has The Sec’S Quest To Control Market Manipulation And Abusive Short-Selling Come To An End Or Has It Really Just Begun?, Richard Ramirez
Richard E. Ramirez, J.D. | CFCS
No abstract provided.
Requirements Of A Valid Islamic Marriage Vis-À-Vis Requirements Of A Valid Customary Marriage In Nigeria, 2010 Lead City University, Ibadan
Requirements Of A Valid Islamic Marriage Vis-À-Vis Requirements Of A Valid Customary Marriage In Nigeria, Olanike Sekinat Odewale Mrs
Olanike Sekinat Adelakun
International Jurisdictional Competition Under Globalization: From The U.S. Regulation Of Foreign Private Issuers To Taiwan’S Restrictions On Outward Investment In Mainland China, 2010 Institute of Law for Science & Technology, National Tsing Hua University
International Jurisdictional Competition Under Globalization: From The U.S. Regulation Of Foreign Private Issuers To Taiwan’S Restrictions On Outward Investment In Mainland China, Chang-Hsien Tsai
Chang-hsien (Robert) TSAI
Drawing a lesson from the story that the Sarbanes-Oxley Act drives away foreign issuers and then their physical exit provokes a change in the U.S. regulation of non-U.S. issuers, this article takes as another case study the phenomenon that Taiwanese firms list shares overseas, to further test how usual law market demand and supply forces (or underlying exit and voice rights) interplay under international jurisdictional competition. Put simply, both cases of the U.S. and Taiwan significantly elaborate that law market forces underlying international jurisdictional competition are similarly at work even on both sides of the Pacific Ocean. Specifically, globalization strengthens …
Prueba De Los Correos Electrónicos, 2010 Selected Works
Prueba De Los Correos Electrónicos, Pablo A. Legón
Pablo A Legón
Breve anotación a fallo sobre el valor probatorio de los correos electrónicos en el proceso judicial
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, 2010 University of Cambridge
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos
Michael Diathesopoulos
In this paper, we will analyse the issue of concurrence between competition and sector rules and the relation between parallel concepts within the two different legal frameworks. We will firstly examine Third Party Access in relation to essential facilities doctrine and refusal of access and we will identify the common points and objectives of these concepts and the extent to which they provide a context to each other’s implementation. Second, we will focus on how Commission uses sector regulation and objectives as a context within the process of implementation of competition law in the energy sector and third, we will …