Law Commons^™

Deconstructing Lyondell: Reconstructing Revlon, Lawrence Lederman

NYLS Law Review

No abstract provided.

Good Faith After Disney: Justice Berger’S Closing Discussion, Carolyn Berger

NYLS Law Review

No abstract provided.

Extending The Fraud-On-The-Market Presumption Beyond Basic: A Case Of Poor Analogies And Over-Eager Courts, Dana Lai

NYLS Law Review

No abstract provided.

Deconstructing Lyondell: Reconstructing Revlon, Lawrence Lederman

Articles & Chapters

No abstract provided.

Estate Of Pew V. Cardarelli, Natallia Krauchuk

NYLS Law Review

No abstract provided.

Ask The Professor: How Does The U.K. Client Money Rules Differ From The U.S. Customer Segregated Rules When The Custodian Firm Fails To Treat Customer Property Properly?, Ronald Filler

Articles & Chapters

No abstract provided.

Counterparty Regulation And Its Limits: The Evolution Of The Credit Default Swaps Market, Houman B. Shadab

Articles & Chapters

Over-the-counter (OTC) derivatives are widely regarded as “unregulated” financial instruments. While it is true that OTC derivatives are subject to relatively minimal federal regulation, OTC derivatives are in fact subject to a robust form of control and governance in the form of counterparty regulation. Counterparty regulation arises when two or more parties are continually exposed to counterparty credit risk for the duration of a long-term contract, and it consists of specific governance mechanisms such as the daily adjustment of collateral and the netting out of redundant trades. Counterparty regulation governs derivatives transactions but not securities transactions.

This essay reviews recent …

Guilty By Association? Regulating Credit Default Swaps, Houman B. Shadab

Articles & Chapters

A wide range of U.S. policymakers initiated a series of actions in 2008 and 2009 to bring greater regulation and oversight to credit default swaps (CDSs) and other over-the-counter derivatives. The policymakers’ stated motivations echoed widely expressed criticisms of the regulation, characteristics, and practices of the CDS market, and focused on the risks of the instruments and the lack of public transparency over their utilization and execution. Certainly, the misuse of certain CDSs enabled mortgage-related security risk to become overconcentrated in some financial institutions.

Yet as the analysis in this Article suggests, failing to distinguish between CDS derivatives and the …

Looking Back And Looking Ahead As The Home Mortgage Disclosure Act Turns Thirty-Five: The Role Of Public Disclosure Of Lending Data In A Time Of Financial Crisis, Richard D. Marsico

Articles & Chapters

This article examines the history of the Home Mortgage Disclosure Act (HMDA) and makes proposals for improving it to help prevent another economic crisis. Passed in 1975, HMDA requires most lenders to disclose information about their home mortgage loans, including the number of home mortgage applications it received; the purpose of each application; the type of loan; the decision on the application; the race, gender, and income of the loan applicant/borrower; the location of the loan and the median income and racial composition of the neighborhood; and the interest rate on the loan. HMDA was originally conceived of as a …

Ask The Professor: Portfolio Margining – How Will Dodd-Frank Impact Its Utilization?, Ronald Filler

Articles & Chapters

This article analyzes the background and current status of portfolio margining, how it has evolved over the past several years, and how the recent Dodd-Frank Act will impact its utilization and effectiveness. Portfolio margining allows a broker-dealer to analyze a client's total overall portfolio from a risk-based analytical model, establishing the proper minimum initial margin requirements for the entire portfolio applying certain parameters. To be a more effective tool, changes to the U.S. Bankrupcty Code were needed. The Dodd-Frank Act made those legislative changes. It's now up to the regulators to make portfolio margining an even more effective and utilized …

Counterparty Regulation And Its Limits: The Evolution Of The Credit Default Swaps Market, Houman B. Shadab

NYLS Law Review

No abstract provided.

Short Selling And The News: A Preliminary Report On An Empirical Study, Merritt B. Fox, Lawrence R. Glosten, Paul C. Tetlock

NYLS Law Review

No abstract provided.

Keynote Address: The Conflicted Trustee Dilemma, Steven L. Schwarcz

NYLS Law Review

No abstract provided.

Carpe Crisis: Capitalizing On The Breakdown Of Capitalism To Consider The Creation Of Social Businesses, Celia R. Tayloe

NYLS Law Review

No abstract provided.

A Board’S Duty To Monitor, Eric J. Pan

NYLS Law Review

No abstract provided.

On The Continued Vitality Of Securities Arbitration: Why Reform Efforts Must Not Preclude Predispute Arbitration Clauses, Alicia J. Surdyk

NYLS Law Review

No abstract provided.

Introduction: The Market Meltdown Of 2008 And The Future Of Financial Reregulation [Article], Faith Stevelman

Articles & Chapters

No abstract provided.

Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab

Articles & Chapters

Prior to the subprime-initiated financial crisis, there was a trend within the alternative investment industry towards the convergence of certain private equity and hedge fund strategies and structures. This brief article suggests that although the financial crisis will slow the process of convergence, the trend toward convergence will ultimately continue and strengthen, albeit in some ways along a different trajectory than before the crisis and with some important variations across national boundaries.

Ask The Professor: Who Has, Or Who Should Have, Jurisdiction Over Cds Clearing?, Ronald Filler

Articles & Chapters

No abstract provided.

Teamsters Local 445 Freight Division Pension Fund V. Dynex Capital Inc., Erica E. Bonnett

NYLS Law Review

No abstract provided.

The Law And Economics Of Hedge Funds: Financial Innovation And Investor Protection, Houman B. Shadab

Articles & Chapters

A persistent theme underlying contemporary debates about financial regulation is how to protect investors from the growing complexity of financial markets, new risks, and other changes brought about by financial innovation. Increasingly relevant to this debate are the leading innovators of complex investment strategies known as hedge funds. A hedge fund is a private investment company that is not subject to the full range of restrictions on investment activities and disclosure obligations imposed by the federal securities laws, that compensates management in part with a fee based on annual profits, and typically engages in the active trading of financial instruments. …

An Analysis Of The Implementation And Impact Of The 2004-2005 Amendments To The Community Reinvestment Act Regulations: The Continuting Importance Of The Cra Examination Process, Josh Silver, Richard D. Marsico

Articles & Chapters

In 2004 and 2005, the four federal banking agencies that enforce the Community Reinvestment Act (CRA) amended their CRA regulations. Community groups were concerned that these amendments would have a negative impact on bank CRA performance. In particular, they were concerned that community development lending and investment and the provision of bank branches and other banking services in low- and moderate-income neighborhoods would decline. This article studies the impact of the changes. In summary, the study found that: 1) the CRA examination process has an impact on bank behavior; 2) community development lending and investment by certain lending institutions declined …

Introduction, Richard D. Marsico

Articles & Chapters

No abstract provided.

Racial Disparities In Subprime Home Mortgage Lending In New York City: Meaning And Implications, Richard D. Marsico, Jane Yoo

Articles & Chapters

No abstract provided.

Hedge Funds And The Financial Crisis, Houman B. Shadab

Articles & Chapters

The performance of hedge funds during the financial crisis suggests that wide-ranging financial regulation is not always necessary to advance investor protection and financial stability. While 2008 was a year of record hedge fund losses and investor withdrawals that came about in part because many hedge fund managers failed to adequately respond to the financial crisis, the hedge fund industry significantly outperformed the heavily regulated mutual fund sector and, unlike the banking industry, was never in jeopardy of collapsing. Hedge funds did not cause or meaningfully exacerbate the financial crisis and in fact have reduced its impact and are helping …

A Fair Price And A Fair Deal: On The Future Of 'Entire Fairness' In Freezeouts, Faith Stevelman

Articles & Chapters

Controlling shareholders can compel the sale of minorities’ shares in freezeouts, potentially to their financial detriment. To limit controllers’ opportunism and support the value of minorities’ investments, the Delaware supreme court has endorsed strong minority shareholder protections under the rubric of 'Entire Fairness' – the governing standard for cash-out mergers. However, the court of chancery has refused to apply Entire Fairness to tender offer freezeouts, and is advocating unifying freezeout doctrine around a looser, deferential standard of review. The influence of popular and Congressional concern over excess plaintiff lawyers’ fees and discovery costs is likely making itself felt, although the …

Cohen V. Jpmorgan Chase & Co., Erin M. Byrnes

NYLS Law Review

No abstract provided.

Fending For Themselves: Creating A U.S. Hedge Fund Market For Retail Investors, Houman B. Shadab

Articles & Chapters

No abstract provided.

In Re Cardinal Health, Inc. Securities Litigation, Lucas T. Charleston

NYLS Law Review

No abstract provided.

Introduction, Richard Marsico

NYLS Law Review

No abstract provided.