Protecting Whistleblowing (And Not Just Whistleblowers), 2017 University of Michigan Law School
Protecting Whistleblowing (And Not Just Whistleblowers), Evan J. Ballan
Michigan Law Review
When the government contracts with private parties, the risk of fraud runs high. Fraud against the government hurts everyone: taxpayer money is wasted on inferior or nonexistent products and services, and the public bears the burdens attendant to those inadequate goods. To combat fraud, Congress has developed several statutory frameworks to encourage whistleblowers to come forward and report wrongdoing in exchange for a monetary reward. The federal False Claims Act allows whistleblowers to file an action in federal court on behalf of the United States, and to share in any recovery. Under the Dodd- Frank Act, the SEC Office of ...
Crowdfunding Signals, 2017 William & Mary Law School
Crowdfunding Signals, Darian M. Ibrahim
No abstract provided.
Murky Skies Ahead! Analyzing Executive Authority And Future Policies Regarding Corporate Disclosure Of Greenhouse Gases, 2017 College of William & Mary Law School
Murky Skies Ahead! Analyzing Executive Authority And Future Policies Regarding Corporate Disclosure Of Greenhouse Gases, Chandler Crenshaw
William & Mary Environmental Law and Policy Review
No abstract provided.
Break From Tradition: Questioning The Primacy Of Self-Regulation In American Securities Law, 2017 Kilpatrick Townsend & Stockton LLP
Break From Tradition: Questioning The Primacy Of Self-Regulation In American Securities Law, John I. Sanders
Michigan Business & Entrepreneurial Law Review
This Comment outlines the circular path of American securities law—one that begins and ends with the primacy of self-regulation. Part I of this paper describes American securities law between 1792 and 1911 (the “Buttonwood Era”). In this era, a group of New York stock brokers utilized private contract law to create securities regulation for their private club, thereby establishing a tradition of self-regulation. Part II describes a short period of history in which individual states attempted to regulate the se-curities market through state statutes, the so-called “Blue Sky Laws.” Part III details the creation of the federal securities law ...
M-U-N-I: Evidencing The Inadequacies Of The Municipal Securities Regulatory Framework, 2017 University of Missouri School of Law
M-U-N-I: Evidencing The Inadequacies Of The Municipal Securities Regulatory Framework, John Carriel
The Business, Entrepreneurship & Tax Law Review
This article argues that the current regulation of the minicipal securities market is inadequate, and that regulatory reform is not only necessary but also permissible as the Securities and Exchange Commission has the legal authority under the current statutory framework to substantially remedy such inadequacy. In making this argument, this article focuses on the legislative history of the Securities Reform Act of 1975, analyses of statutory text, the current regulatory framework surrounding the municipal securities market, prior attempts to effect regulatory reform, and one of the principal issues with the current regulatory framework - the lack of uniform accounting principles in ...
Is Say On Pay All About Pay? The Impact Of Firm Performance, 2017 University of Pennsylvania Law School
Is Say On Pay All About Pay? The Impact Of Firm Performance, Jill E. Fisch, Darius Palia, Steven Davidoff Solomon
Steven M. Davidoff Solomon
The Dodd-Frank Act of 2010 mandated a number of regulatory reforms including a requirement that large U.S. public companies provide their shareholders with the opportunity to cast a non-binding vote on executive compensation. The “say on pay” vote was designed to rein in excessive levels of executive compensation and to encourage boards to adopt compensation structures that tie executive pay more closely to performance. Although the literature is mixed, many studies question whether the statute has had the desired effect. Shareholders at most companies overwhelmingly approve the compensation packages, and pay levels continue to be high. Although a lack ...
Confronting The Peppercorn Settlement In Merger Litigation: An Empirical Analysis And A Proposal For Reform, 2017 Fordham University School of Law
Confronting The Peppercorn Settlement In Merger Litigation: An Empirical Analysis And A Proposal For Reform, Sean J. Griffith, Steven D. Solomon, Jill E. Fisch
Steven Davidoff Solomon
Shareholder litigation challenging corporate mergers is ubiquitous, with the likelihood of a shareholder suit exceeding 90%. The value of this litigation, however, is questionable. The vast majority of merger cases settle for nothing more than supplemental disclosures in the merger proxy statement. The attorneys that bring these lawsuits are compensated for their efforts with a court-awarded fee. This leads critics to charge that merger litigation benefits only the lawyers who bring the claims, not the shareholders they represent. In response, defenders of merger litigation argue that the lawsuits serve a useful oversight function and that the improved disclosures that result ...
Leverage: State Enforcement Actions In The Wake Of The Robo-Sign Scandal, 2017 University of Maine School of Law
Leverage: State Enforcement Actions In The Wake Of The Robo-Sign Scandal, Raymond H. Brescia
Maine Law Review
In the fall of 2010, the revelations that tens of thousands of foreclosure filings across the nation were likely fraudulent—if not outright criminal—sparked a nation-wide investigation by all fifty state attorneys general to assess the extent of the scandal and its potential impacts, but also to consider likely legal and policy responses to such behavior. One of the tools at the state attorneys general’s disposal that might rein in this behavior includes each state’s Unfair and Deceptive Acts and Practices (UDAP) laws. Such laws typically prohibit “unfair” and “deceptive” practices, which are described loosely in these ...
A Global Body And A Global Problem: The Curious Case Of The G-20 And Securities Regulation, 2017 Cornell Law School
A Global Body And A Global Problem: The Curious Case Of The G-20 And Securities Regulation, Tamilla Nurizada
Cornell International Law Journal
No abstract provided.
Reviving Reliance, 2017 Tulane Law School
Reviving Reliance, Ann M. Lipton
Fordham Law Review
This Article explores the misalignment between the disclosure requirements of the federal securities laws and the private causes of action available to investors to enforce those requirements. Historically, federally mandated disclosures were designed to allow investors to set an appropriate price for publicly traded securities. Today’s disclosures, however, also enable stockholders to participate in corporate governance and act as a check on managerial misbehavior. To enforce these requirements, investors’ chief option is a claim under the general antifraud statute, section 10(b) of the Securities Exchange Act of 1934. But courts are deeply suspicious of investors’ attempts to use ...
Distributed Governance, 2017 Stetson University
Distributed Governance, Carla L. Reyes, Nizan Geslevich Packin, Ben Edwards
William & Mary Law Review Online
Distributed ledger technology disrupts traditional business organizations by introducing new business entities without the directors and officers of traditional corporate entities. Although these emerging entities offer intriguing possibilities, distributed entities may suffer significant collective action problems and expose investors to catastrophic regulatory and governance risks. Our Article examines key considerations for stakeholders and argues that distributed entities must be carefully structured to function effectively. This Article breaks new ground by critically examining distributed entities. We argue that a distributed model is most appropriate when distributed ledger technology solves a unique corporate governance problem. We caution against ignoring the lessons painstakingly ...
When Is The ‘Force’ With A Securities Claim That Is ‘Brought To Enforce’ A Federal Securities Law?, 2017 Pepperdine University
When Is The ‘Force’ With A Securities Claim That Is ‘Brought To Enforce’ A Federal Securities Law?, Michelle Wellnitz
Journal of the National Association of Administrative Law Judiciary
No abstract provided.
Tales From A Form Book: Stock Stories And Transactional Documents, 2017 Clinical Professor of Law, Sandra Day O’Connor College of Law, Arizona State University
Tales From A Form Book: Stock Stories And Transactional Documents, Susan M. Chesler, Karen J. Sneddon
Montana Law Review
Tales from a Form Book: Stock Stories and Transactional Documents
The Tax Treatment Of Tokens: What Does It Betoken?, 2017 University of Pennsylvania Law School
The Tax Treatment Of Tokens: What Does It Betoken?, David J. Shakow
Faculty Scholarship at Penn Law
Digital tokens have been used to raise substantial amounts of money. But little attention has been paid to the tax consequences surrounding their issuance and sale. There are significant potential tax liabilities lurking in the use of digital tokens. But, because of the anonymity inherent in the blockchain structures used for the issuance of tokens and payments for them, there is a significant question as to whether those tax liabilities will ever be collected.
The Shadow Of Free Enterprise: The Unconstitutionality Of The Securities & Exchange Commission's Administrative Law Judges, 2017 Mercer University School of Law
The Shadow Of Free Enterprise: The Unconstitutionality Of The Securities & Exchange Commission's Administrative Law Judges, Linda D. Jellum, Moses M. Tincher
SMU Law Review
Six years ago, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), for the first time giving the Securities and Exchange Commission (SEC) the power to seek monetary penalties through its in-house adjudication. The SEC already had the power to seek such penalties in federal court. With the Dodd-Frank Act, the SEC’s enforcement division could now choose between an adjudication before an SEC Administrative Law Judge (ALJ) or a civil action before an Article III judge. With this new choice, litigants contended that the SEC realized a significant home-court advantage. For example, the Wall Street ...
Stock Market Futurism, 2017 Columbia University Law School
Stock Market Futurism, Merritt Fox, Gabriel Rauterberg
The U.S. stock market is undergoing extraordinary upheaval. The approval of the application of the Investors Exchange (IEX) to become the nation's newest stock exchange, including its famous "speed bump," was one of the SEC's most controversial decisions in decades. Other exchanges have proposed a raft of new innovations in its wake. This evolving equity market is a critical piece of national infrastructure, but the regulatory scheme for its institutions is increasingly frayed. In particular, current regulation draws sharp distinctions among different kinds of markets for trading stocks, treating stock exchanges as self-regulatory organizations immune from private ...
The Perfect Storm Is Brewing Once Again: What Scaling Back Dodd-Frank Will Mean For The Credit Default Swap, 2017 Pepperdine University
The Perfect Storm Is Brewing Once Again: What Scaling Back Dodd-Frank Will Mean For The Credit Default Swap, Daniel Isaacson
The Journal of Business, Entrepreneurship & the Law
The current presidential administration has expressed a concerted desire to “scale back” and even “get rid of” the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank). Focusing specifically on Dodd–Frank’s regulation of the credit default swap (CDS), this Article explores two timely queries. First, whether Dodd–Frank’s regulatory response to these financial instruments is a justifiable one, and second, what effect a repeal may have. This Article will show that the “perfect storm” CDS—which contributed so significantly to the 2007–2010 financial crisis—flourished in a regulatory environment that contained two key weaknesses ...
A Textual Analysis Of Whistleblower Protections Under The Dodd-Frank Act, 2017 Notre Dame Law School
A Textual Analysis Of Whistleblower Protections Under The Dodd-Frank Act, Brent T. Murphy
Notre Dame Law Review
This Note endorses the reasoning of the Fifth Circuit in Asadi v. G.E. Energy (USA), L.L.C., and argues that the plain language of Dodd-Frank limits its whistleblower protections to individuals who provide information to the SEC. This Note argues that the reasoning of the Second Circuit in Berman v. Neo@Ogilvy LLC relying on the Supreme Court’s decision in King v. Burwell is inapposite, and that the Second Circuit introduced ambiguity where no ambiguity previously existed and improperly extended Chevron deference to the SEC.
Evaluating Stock-Trading Practices And Their Regulation, 2017 William & Mary Law School
Evaluating Stock-Trading Practices And Their Regulation, Merritt B. Fox, Kevin S. Haeberle
High-frequency trading, dark pools, and the practices associated with them have come under tremendous scrutiny lately, giving rise to much hot rhetoric. Missing from the discussion, however, is a principled, comprehensive standard for evaluating such practices and the law that governs them. This Article fills that gap by providing a general framework for making serious normative judgments about stock-trading behavior and its regulation. In particular, we argue that such practices and laws should be evaluated with an eye to the secondary trading market's impact on four main aspects of our economy: the use of existing productive capacity, the allocation ...
Discrimination Platforms, 2017 William & Mary Law School
Discrimination Platforms, Kevin S. Haeberle
Off-exchange trading today has become defined by its opacity. Indeed, the framing of this symposium on What Happens in the Dark: An Exploration of Dark Pools and High Frequency Trading and its goal of "exam[ing] a portion of the modern market that remains largely outside of the public eye"l is much in line with contemporary thinking in policymaking, academic, and industry circles alike. Yet, off-exchange trading through "dark" pools and the like is far more transparent than thought, and exchange trading the opposite. In fact, much trading through off-exchange platforms is even more transparent than that facilitated by ...