Digital Commons Network^™

How To Evaluate Non-Majority Control: What History And Statutes Tell Us—Part Ii: The Definitional Consensus, J. Travis Laster

Fordham Journal of Corporate & Financial Law

This Article and a companion piece explore the claim that the functional school was novel and anomalous. The companion article examines the approaches that courts have historically taken when evaluating non-majority control (the “Historical Article”). The Historical Article demonstrates that functionalism has been the dominant approach since at least 1912, while the formal school is a recent innovation. Its tenets emerged in 2006 and coalesced in a recognizable framework around 2014. The Historical Article identifies the core claims of the two schools. 

This Article examines statutory definitions of control. It focuses on statutory regimes that use the concept of control …

Reevaluating Consumer Debt Enforcement: Why We Don’T Need Courts To Enforce Consumer Debt Contracts, Adam Toobin

Fordham Journal of Corporate & Financial Law

Enforcing consumer debt contracts against low- and middle-income borrowers, rather than making consumer debt markets work better, is inefficient and exacerbates consumer protection concerns. While consumer debt litigation—and enforcement of consumer debt contracts through wage and bank account garnishment—may have once strengthened nascent consumer debt markets, consumer credit scoring now effectively structures consumers’ incentives to repay their debt obligations. Debt enforcement is not necessary to encourage consumers to repay their debts and tends to drive borrowers into bankruptcy. Debt enforcement also undermines efforts to provide consumer protection in these markets by raising the stakes of any debt contract—where any default …

Insider Trading In Crypto Assets—Back To First Principles?, Katja Langenbucher

Fordham Journal of Corporate & Financial Law

This Essay examines whether the traditional rationales for prohibiting insider trading, which were developed for securities markets that facilitate capital formation, translate meaningfully to the emerging regulatory landscape for crypto assets. It contrasts the U.S. duty-based regime, grounded in fraud and fiduciary or confidential relationships under Rule 10b-5, with the EU’s information-based approach under the Market Abuse Regulation, which links trading prohibitions to mandatory disclosure of inside information. The former has proven underinclusive—prompting prosecutors to rely on wire fraud in recent crypto cases such as Wahi and Chastain while the latter tends toward overinclusivity. 

Turning to the newly emerging regimes …

Directors’ Fiduciary Duties In The Likelihood Of Insolvency, Miguel Martínez Muñoz

Fordham Journal of Corporate & Financial Law

The purpose of this Essay is to analyze the Directive and its interaction with American law in order to establish some considerations in coordinating the provisions of insolvency and corporate law. This Essay focuses on the configuration of a new framework of directors’ liability in which, among other aspects, the identity of the parties subject to the duties is expressly defined, as well as the application of the rules regulating the protection of corporate discretion as well as the application of the rules regulating the business judgment rule. In turn, the Essay puts forward some proposals for a solution to …

Antitrust And Tech Giants: Learning From United States V. Google Llc, Marcus D’Agostino

Fordham Journal of Corporate & Financial Law

This Note addresses the evolution of antitrust regulation and enforcement in the United States, with a focus on the recent case of United States v. Google LLC. That case is used to frame the broader problem of insufficient remedies being implemented against large technology firms. The mild remedies granted to the government in Google reinforce the findings of the 2020 Congressional Report on Digital Competition. The Report recommended changes to the antitrust laws that would revive structural separation as a remedy. This Note argues that the body of evidence presented compels structural separation to be used more frequently as the …

Corporations’ First Amendment Rights And Algorithmic Cocoons, Sol Murgui Orsucci

Fordham Journal of Corporate & Financial Law

This Note examines how corporate First Amendment doctrine applies to algorithmic systems that curate commercial information and public discourse across online platforms. Courts have increasingly treated ranking, recommendation, and moderation practices as exercises of protected editorial judgment. At the same time, the Court has justified protection for corporate speech in part by reference to listener-centered interests in access to information and competitive comparison. This Note argues that the interaction between these doctrinal strands and contemporary algorithmic intermediation reveals a structural tension. Data-driven optimization can generate individualized informational environments—what this Note terms “algorithmic cocoons”—in which users encounter content, offers, and prices …

Texas’S Attempt To Compete With Delaware, Robert A. Ragazzo

Fordham Journal of Corporate & Financial Law

Delaware derives substantial economic benefits from attracting incorporation business. Other states have sought to receive a share of these economic benefits. Texas is among them. Part I of this article will consider Texas’s attempt to copy Delaware’s enabling philosophy. It will conclude that, although the Texas courts have not always shared Delaware’s enabling view, the Texas legislature has historically done its best to place Texas on a par with Delaware in terms of its enabling philosophy of corporate governance. In recent times, the Texas legislature has actually outdone the Delaware legislature in creating a pro-managerial corporate environment. Part II of …

Export Controls As Intellectual Property Regulation, Doni Bloomfield

Faculty Scholarship

Export-control laws have long regulated information created outside of the U.S. government. Legal scholars have paid little attention to these national-security laws, and have not recognized that the government uses them specifically to assert a right to suppress information held in patent applications and trade secrets. In this Article, I present a new history of the relationship between export controls and intellectual property to show how the government regulates IP transfers, and how the state uses IP laws to national-security ends. Export-control laws regulate IP by controlling how people in the United States and beyond can share or use inventive …

The Nlrb’S Authority To Make Workers Whole, Wanny Mei

Fordham Law Review

In December 2022, the National Labor Relations Board (NLRB or the “Board”) announced a modified make-whole remedial framework in Thryv, Inc.For all standard make-whole relief orders, the Board would order relief for direct or foreseeable pecuniary harms that employees suffer as a result of an unfair labor practice. Proponents of this remedial design assert that this is consistent with the Board’s authority under section 10(c) of the National Labor Relations Act (NLRA). On the other hand, opponents find that this design exceeds the Board’s statutory authority and conflicts with the Seventh Amendment right to a jury trial.

This Note …

The Dead Hand And Frozen Lives: Embryonic Personhood And The Disruption Of Property Interests, Emma Miloglav

Fordham Law Review

Advances in assisted reproductive technology and the expansion of fetal personhood laws are colliding with a body of property doctrine built on assumptions about reproduction that no longer hold. In LePage v. Center for Reproductive Medicine, P.C., the Supreme Court of Alabama held that extrauterine embryos—fertilized and frozen in a laboratory—are “children” under the state’s Wrongful Death of a Minor Act. LePage represents a dramatic extension of fetal personhood.

This shift carries profound consequences for trusts and estates. If frozen embryos are treated as legal persons, they may qualify as heirs under intestacy statutes and as beneficiaries of wills, …

The Destruction Of The Climate Spending State, Adam D. Orford

Faculty Scholarship

The Biden Administration bet big on spending laws to forward its climate policies, creating a novel “climate spending state”in a field previously approached primarily through regulation. But the second Trump Administration, building on an aggressive theory of Presidential power, with support from bicameral Congressional majorities and a sympathetic Supreme Court, has dismantled the climate spending state with startling ease and speed. Although degradation of the federal workforce and legislative alterations to the tax code have played their part, it is the Trump Administration’s refusal to administer the spending laws enacted by prior Congresses that has had the most disruptive and …

The International Order, International Law, And The Definition Of Security, Harlan Grant Cohen

Faculty Scholarship

As economic security has seemingly moved to the center of American and European foreign policy, both the United States and the European Union have broadened their interpretation of international law rules governing security, coercion, and intervention. But these interpretations are not exactly new, echoing developing state interpretations of international law that developed states had long ago seemingly rejected. How are these once moribund interpretations of security, force, and coercion being brought back to life?

This article argues that these interpretative shifts highlight the role of the international order as an interpretative mechanism within international law. Borrowing from the work of …

The Black Hole Of Capital Gains: Etf Swap Funds, Jeffrey M. Colon

Faculty Scholarship

ETFs have begun to challenge mutual funds as the dominant U.S. public pooled asset vehicle.  Their constant liquidity, exposure to an ever widening range of investment strategies, and highly touted tax efficiency have driven the explosive growth in the assets under management of ETFs over the last 15 years.  The tax efficiency is due to section 852(b)(6), which permits ETFs to distribute appreciated property tax free and eliminate all fund-level taxable gains even while making portfolio adjustments, which mutual funds cannot do.

Fund sponsors have developed various strategies to exploit the benefits of section 852(b)(6), with the newest being the …

Leveling The Playing Field: The Atlantic Coast Conference’S Settlement With Florida State University And Clemson University, Emma Lloyd Best, Kyre Dane Lahtinen

Fordham Intellectual Property, Media and Entertainment Law Journal

This Article examines the legal disputes and subsequent settlement between the Atlantic Coast Conference and two of its prominent member institutions, Florida State University and Clemson University. The conflicts centered on the Atlantic Coast Conference’s extension of its media rights agreement with ESPN, which both universities argued were not properly approved under conference bylaws and imposed an unconscionable withdrawal penalty. Florida State University sought to challenge the enforceability of the Grant of Rights and its associated penalties, while Clemson University pursued a narrower interpretation, aiming to limit broadcast rights and financial obligations upon exit. The …

A Third Possibility: The Press Clause At The Founding, Matthew L. Schafer

Fordham Intellectual Property, Media and Entertainment Law Journal

With the rise of history and tradition at the Supreme Court, scholarship purporting to define historical fact is likely to have outsized influence on the development of constitutional law. Underdeveloped constitutional rights like the First Amendment’s Press Clause are especially susceptible to such influence as they lack a precedential counterweight. While Press Clause jurisprudence is shallow, historical research about the Press Clause is not. For decades, scholars who have considered the Press Clause’s historical meaning have generally concluded that the record is quite vague, and, for that reason, cautioned against absolutist conclusions as to its original understanding. …

Leveling The Playing Field: The Atlantic Coast Conference’S Settlement With Florida State University And Clemson University, Emma Lloyd Best, Kyre Dane Lahtinen

Fordham Intellectual Property, Media and Entertainment Law Journal

This Article examines the legal disputes and subsequent settlement between the Atlantic Coast Conference and two of its prominent member institutions, Florida State University and Clemson University. The conflicts centered on the Atlantic Coast Conference’s extension of its media rights agreement with ESPN, which both universities argued were not properly approved under conference bylaws and imposed an unconscionable withdrawal penalty. Florida State University sought to challenge the enforceability of the Grant of Rights and its associated penalties, while Clemson University pursued a narrower interpretation, aiming to limit broadcast rights and financial obligations upon exit. The Article delves into the history …

A Third Possibility: The Press Clause At The Founding, Matthew L. Schafer

Fordham Intellectual Property, Media and Entertainment Law Journal

With the rise of history and tradition at the Supreme Court, scholarship purporting to define historical fact is likely to have outsized influence on the development of constitutional law. Underdeveloped constitutional rights like the First Amendment’s Press Clause are especially susceptible to such influence as they lack a precedential counterweight. While Press Clause jurisprudence is shallow, historical research about the Press Clause is not. For decades, scholars who have considered the Press Clause’s historical meaning have generally concluded that the record is quite vague, and, for that reason, cautioned against absolutist conclusions as to its original understanding. More recently, though, …

Deregulating The Song: The Case For Free- Market Licensing Of Musical Works In The Digital Streaming Era, Bailey Alberton

Fordham Intellectual Property, Media and Entertainment Law Journal

This Note takes as its starting point that songwriters are inadequately and unfairly compensated for the streaming of their music and argues that the unique and pervasive government regulation of musical composition licensing exacerbates this problem. To address this problem, this Note argues that both the compulsory mechanical license and the performing rights organizations consent decrees should undergo reform to permit songwriters to negotiate with music streaming services in the free market.

Music Is Medicine: Addressing Legal Challenges In An Emerging Clinical Practice, Basha Goldwater

Fordham Intellectual Property, Media and Entertainment Law Journal

Music is universally experienced, and most will recognize its profound personal impact; yet, music’s broader influence on society is yet to be fully explored. People may listen to music when they are sad, when they are seeking motivation, or as a way to relax. However, music extends beyond expression, entertainment, and an outlet for emotions. Research indicates that music can offer substantial benefits to patients in a plethora of medical situations.

Part I of this Note will explain the usefulness of music as medical care, its advantages, and the broad range of institutional support music-based medicine has garnered. Part II …

Does Textualism Constrain Supreme Court Justices?, James J. Brudney, Lawrence Baum

Faculty Scholarship

A principal justification for textualism is the constraint hypothesis. Conservative Justices and leading textualist scholars contend that—in stark contrast to reliance on legislative history—focus on the ordinary meaning of enacted text leaves little room for the Justices to be policy-oriented or ideological in their interpretations. This Article represents the first systematic study probing the validity of the constraint hypothesis, one that employs both quantitative and qualitative analysis.

The Article examines the Justices’ reliance on interpretive resources in over 660 statutory decisions in the field of labor and employment, decided by the Burger Court, the Rehnquist Court, and the Roberts Court—during …

Why Are Executions Becoming Crueler?, Deborah W. Denno

Faculty Scholarship

Since the modern death penalty era, this country’s six execution methods have become crueler over time. This article details the execution procedures adopted across death penalty states up to the end of 2025, analyzing their societal and cultural underpinnings and explaining how they were implemented, including their shared flaws, unscientific origins and protocols, and reliance on untrained, unqualified, or unknown executioners. While legislatures and courts claim that states move from one technique to the next to enhance greater humaneness, history shows that such switches are primarily propelled by constitutional challenges to a state’s particular technique. In theory, rendering a state’s …

The Surveillance Of System-Adjacent Individuals, Mariam A. Hinds

Faculty Scholarship

Although the Fourth Amendment protects against “unreasonable searches and seizures,” this right is not enjoyed by all people equally. Supreme Court jurisprudence has curtailed the Fourth Amendment privacy rights of individuals under probation or parole supervision. In this line of cases, the Court concluded that the government’s interest in monitoring supervisees, reducing recidivism, and promoting public safety outweighed their reasonable expectation of privacy.

However, surveillance mechanisms like probation and parole extend the criminal legal system’s carceral gaze beyond the supervisees and peer into the bedrooms and digital lives of their families, roommates, and communities, or who this Article calls system-adjacent …

Should Statutory Interpretation And Contract Interpretation Be Harmonized?, Ethan J. Leib

Faculty Scholarship

This paper develops four case studies about how states have harmonized or separated their statutory interpretation regimes and their contract interpretation regimes.  After exploring the choices of Texas, Alaska, New York, and Alabama—all of which take different approaches to their lumping or splitting—the paper seeks to make state courts more aware of what their options are; to help states think about whether their commitments to formalism or contextualism make sense to apply in both domains; and to help them evaluate their meta-choices about whether to bring their interpretive regimes closer together or further apart.

Brokering Safety, Chinmayi Sharma, Thomas E. Kadri, Sam Adler

Faculty Scholarship

For victims of abuse, safety means hiding. Not just hiding themselves, but also their contact details, their address, their workplace, their roommates, and any other information that could enable their abuser to target them. Yet today, no number of name changes and relocations can prevent data brokers from sharing a victim’s personal information online. Thanks to brokers, abusers can find what they need with a single search, a few clicks, and a few dollars. For many victims, then, the best hope for safety lies in obscurity—that is, making themselves and their information harder to find.

This Article exposes privacy law’s …

An Empirical Study Of Malingering In Insanity Cases Across Twelve Decades, Deborah W. Denno

Faculty Scholarship

The last 120 years have seen a surge in the use of neuroscientific evidence in American criminal law cases, fueled by discoveries in brain science that have challenged the legal system’s assumptions about human thinking and culpability. One key assumption is that many defendants “malinger,” that is, feign or fake insanity or mental illness, to garner an acquittal or mitigated punishment. Likewise, when potential evidence that a defendant is malingering is introduced in court, it can have a pronounced and powerful negative effect on the defendant’s insanity claim, especially when juries and criminal justice actors are already skeptical of insanity …

Recalibrating Deference In Sentencing, Meghana Nemali

Fordham Law Review

The U.S. Sentencing Commission (the “Commission”) is responsible for promoting consistency, transparency, and fairness in federal sentencing. In pursuit of this mandate, the Commission publishes the U.S. Sentencing Guidelines (the “Guidelines”), which are accompanied by official commentary. In Stinson v. United States, the U.S. Supreme Court endowed the commentary with controlling authority. However, nearly three decades later, the Court in Kisor v. Wilkie granted courts greater discretion in deciding whether to defer to the commentary. Moreover, in 2024, the Court eliminated the absolute deference regime for administrative agency determinations in Loper Bright Enterprises v. Raimondo. As a result, …

Remote Access Restrictions To Immigration-Related Court Records, Doris H. Zhang

Fordham Law Review

Journalists today often report on newsworthy federal court cases by remotely accessing the court records online. However, thanks to Federal Rule of Civil Procedure 5.2(c), remote access is not available by default in immigration-related cases. To obtain any court records in immigration cases, journalists must go to the courthouse, hire someone to go on their behalf, or ask the court to exercise its discretion to lift the Rule 5.2(c) remote access restrictions. These alternatives are burdensome, hindering the ability of the press and the public to keep track of immigration cases in federal courts. Despite the burdens on the press …

Boston Road Hdfc, Inc. V. Santiago

All Decisions

In this nonpayment proceeding concerning a Project Based Section 8 apartment, the tenant moved to dismiss the petition, arguing the predicate rent demand was defective for failing to provide a good faith approximation of rent due. The landlord's rent demand included a significant lump-sum charge without detailing the specific months, amounts, or breakdown of purported arrears. The court found that the rent demand was indeed defective as it did not sufficiently identify when the arrears accrued, the specific monthly charges, or confirm if non-rent charges were included. Consequently, the court granted the tenant's motion, dismissing the proceeding under CPLR 3211(a)(7) …

Foxwood Realty Llc V. New York State Division Of Housing And Community Renewal

All Decisions

The landlord initiated an Article 78 proceeding to challenge a DHCR order that granted the tenant's petition for administrative review, finding the tenant was entitled to a permanent preferential rent and overcharges. The court affirmed the DHCR's determination that the original lease's preferential rent clause was ambiguous, and this ambiguity should be construed against the landlord in favor of a permanent preferential rent. Deferring to DHCR's factual findings and credibility assessments, the court upheld that the preferential rent was permanent and that rent increases above Rent Guidelines Board adjustments constituted overcharges. The landlord's petition was denied, and the proceeding dismissed.

Caster V. Chelsea Hotel Owner, Llc

All Decisions

The Supreme Court granted the landlord's motion for summary judgment, dismissing the tenant's complaint. The tenant sued for breach of contract, seeking a leasehold in an adjacent unit, and for breach of the implied covenant of good faith and fair dealing. Both claims were dismissed due to the tenant's lack of evidentiary proof and the duplicative nature of the covenant claim. The tenant's harassment claim, based on alleged failure to repair and service disruptions, was barred by res judicata and collateral estoppel, as these issues were fully litigated as an affirmative defense in a prior non-payment action. The harassment claim …