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The Role Of Rival Litigation In Wilmarth's New Glass-Steagall, Heidi Mandanis Schooner
The Role Of Rival Litigation In Wilmarth's New Glass-Steagall, Heidi Mandanis Schooner
Scholarly Articles
The role of private enforcement of public law is an uneven one among financial regulators. Private litigation has played an important role in the enforcement of the federal securities laws since the Supreme Court recognized an implied private cause of action for violations of the anti-fraud provisions. In contrast, courts have been unwilling to establish an implied private right of action under the federal banking laws. Private litigation, however, played a significant role in the enforcement of the Glass-Steagall Act, the New-Deal-era restrictions that separated the financial industry into its three traditional roles: commercial banking, investment banking, and insurance underwriting. …