Law Commons^™

Considering Sanctions Compliance In Light Of Ucc 4a, Michael Zytnick, Alaina Gimbert

Michigan Business & Entrepreneurial Law Review

As part of a bank’s financial crime compliance program, it is increasingly common to screen and halt the processing of a payment order for compliance investigation where reference is made to a potential, but unconfirmed, target of United States economic sanctions. This essay discusses challenges under Article 4A of the Uniform Commercial Code concerning the timing of such an investigation and the creation of potential liability where a bank wrongly accepts by execution a previously halted payment order received from a sender following five funds transfer business days after the relevant execution date or payment date of that order. In …

Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett

Michigan Journal of International Law

Investment treaties generate mutual benefits for host states and foreign investors to the extent that they discipline opportunistic conduct by host states. Investment treaties do not necessarily generate mutual benefits insofar as they constrain states’ ability to respond to new information or to change their policy priorities. In a companion paper, we use the tools of law and economics to formalize and clarify the relationship between problems of opportunism on the one hand, and new information and shifts in policy priorities on the other. On this basis, we develop a proposal to reform the legal principles that govern liability and …

Title Iv: Rights And Obligations In Relation To The Provision And Use Of Payment Services (Chapter 3, Arts 78-93): Execution Of Payment Transactions, Benjamin Geva

Articles & Book Chapters

PSD2 Title IV Chapter 3, consisting of arts 78 – 93, addresses rights and obligations between the payment service user and the payment service provider in connection with the execution of payment transactions. It innovates in providing for the liability of a payment initiation service, a newly defined payment service provider.

Section 1 deals with receipt, refusal and irrevocability payment orders as well as with amounts transferred. By references to all currencies, Section 2 covers execution time and value date. Addressing liability, Section 3, contains rules allocating responsibility in cases of non-execution or defective execution.

Discussion in this book chapter …

The Auditor's Responsibilities For Fraud Detection And Disclosure: Do The Auditing Standards Provide A Safe Harbor?, James L. Costello

Maine Law Review

Eighty-seven percent of managers recently surveyed were willing to commit financial statement fraud. More than half were willing to overstate assets, forty-eight percent were willing to understate loss reserves and thirty-eight percent would "pad" a government contract. These disturbing results are underscored by the financial miseries still brewing in the savings and loan industry, as well as by other corporate and banking financial debacles of the past decade, including Lincoln Savings & Loan, Wedtech, and the Delorean sports car venture scandal. Amidst these financial ruins we find the chronic element of management fraud. Unfortunately for investors and depositors a troublesome …

Law Library Blog (November 2018): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.

Odious Debts And Nation-Building: When The Incubus Departs, Lee C. Buchheit, G. Mitu Gulati

Maine Law Review

To most people, the notion that the citizens of a country lucky enough to have ousted a dictator should spend the rest of their lives paying off the debts incurred by that dictator in the name of the state is morally repugnant. This is a situation in which a strict requirement of the law (that governments automatically succeed to, and must honor, the debt obligations of their predecessors) is incongruent with most people’s sense of the morally right outcome. At a superficial level, state responsibility for debts incurred by prior governments resembles the belief that a country carries a collective …

Maintaining Individual Liability In Aml And Cybersecurity At New York's Financial Institutions, Harry Dixon

Penn State Journal of Law & International Affairs

No abstract provided.

Newsroom: A Changing Landscape: Insider Trading Law 09/20/2016, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

Commento Agli Artt. 94 E 95-Bis Testo Unico Della Finanza, Valerio Sangiovanni

Valerio Sangiovanni

No abstract provided.

Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black

Michigan Business & Entrepreneurial Law Review

This note demonstrates why private equity will no longer be able to avoid private investor suits as it has (mostly) done in the past and explores the industry’s response to a growing number of investor suits. Notably, the industry has already begun to shift its strategy from regulatory avoidance to regulatory capture, at least in part to avoid investor suits. Given these changes, this note proposes that the best way to maintain discipline in the transforming private equity market is to protect the ability of investors to bring private suits.

Shockwave: Lender Liability Under Cercla After United States V. Fleet Factors Corporation, Nicholas M. Kublicki

Pepperdine Law Review

No abstract provided.

The Short, But Interesting Life Of Good Faith As An Independent Liability Rule, Robert B. Thompson

NYLS Law Review

No abstract provided.

Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach

NYLS Law Review

No abstract provided.

The Role Of Good Faith In Delaware: How Open-Ended Standards Help Delaware Preserve Its Edge, Renee M. Jones

NYLS Law Review

No abstract provided.

Producing Corporate Text: Courtrooms, Conference Rooms, And Classrooms, Mae Kuykendall

NYLS Law Review

No abstract provided.

Good Faith In Revlon-Land, Christopher M. Bruner

NYLS Law Review

No abstract provided.

Lyondell: A Note Of Approbation, William W. Bratton

NYLS Law Review

No abstract provided.

Evolving Regulation Of Corporate Governance And The Implications For D&O Liability: The United States And Australia, Joan T.A. Gabel, Nancy R. Mansfield, Paul Von Nessen, Austin W. Hall, Andrew Jones

San Diego International Law Journal

This Article compares the modern corporate regulatory environments in the United States and Australia, including an analysis of the climate for Directors & Officers (D & O) liability coverage. Comparing these regulations across two large markets with similar historical bases for assessing director and officer liability allows us to explore which reforms may be more effective as new scandals emerge.

In Search Of Justice: Increasing The Risk Of Business With State Sponsors Of Terror, Gabriel C. Lajeunesse

Michigan Law Review First Impressions

If the aims of tort law are deterrence, compensation, and provision of equitable distribution of risks, U.S. anti-terrorism laws have been margin-ally effective at best. Though Congress has passed legislation providing causes of action to U.S. victims of terrorism, compensation of victims is often difficult and terrorists are rarely deterred. Attempts to provide such recourse include the Antiterrorism Act of 1991 ("ATA"), the Antiterrorism and Effective Death Penalty Act of 1996 ("AEDPA"), and the Flatow Amendment to the Foreign Sovereign Immunities Act ("FSIA"). These attempts, however, are not enough.

Airline Liability For Loss, Damage, Or Delay Of Passenger Baggage, M. R. Franks

Fordham Journal of Corporate & Financial Law

No abstract provided.

Ethics: Inherent In Islamic Finance Through Shari'a Law; Resisted In American Business Despite Sarbanes-Oxley, Christine Walsh

Fordham Journal of Corporate & Financial Law

No abstract provided.

A Tangled Web: Compliance Director Liability Under The Securities Laws, Anthony Pirraglia

Fordham Journal of Corporate & Financial Law

No abstract provided.

Financial Account Aggregation: The Liability Perspective, Ann S. Spiotto

Fordham Journal of Corporate & Financial Law

No abstract provided.

Leach Keynote Address, James A. Leach

Fordham Journal of Corporate & Financial Law

No abstract provided.

Comparative Negligence Under The Code: Protecting Negligent Banks Against Negligent Customers, Julianna J. Zekan

University of Michigan Journal of Law Reform

This Article will examine modern banking practices with respect to processing checks and the effect of technology on liability for forged or altered checks. Part I describes the magnetic ink character-recognition system. Part II discusses check truncation. Part III recounts the evolution of contract and tort theories of liability from traditional to modern bank practices. Part IV analyzes the new comparative negligence provisions. Part V investigates the standards of ordinary care. Part VI evaluates the respective duties of the banks and their customers in light of the provisions that reflect the banking industry's transformation from the Paper Age to the …

The Liability Of Officers And Directors Under The Financial Institutions Reform, Recovery And Enforcement Act Of 1989, Jon Shepherd

Michigan Law Review

This Note argues that FIRREA's gross negligence standard implements a minimum federal requirement that preempts state law only to the extent state law provides a more relaxed criterion. Part I examines the plain meaning of the statute and concludes that FIRREA preempts state law only to the extent the state law standard of care is lower than gross negligence. Part II scrutinizes FIRREA's legislative history and demonstrates that Congress did not intend to prevent states from imposing more stringent standards of liability. Part III analyzes the policies behind FIRREA and argues that the statute's purposes are best served by allowing …

Responsibility Of Investment Bankers To Shareholders, Ted J. Fiflis

Publications

No abstract provided.

Travelers Checks, James J. White

Articles

A. Travelers Checks Defined 1. Courts have variously described travelers checks as certificates of deposit, negotiable instruments, securities, cash, and cashier's checks. 2. The most persuasive analysis seems to treat travelers checks as cashier's checks on which the issuer is both the drawer and the drawee, the purchaser once he has countersigned is the payee, and both the purchaser and the next recipient are indorsers.

Liability And Responsibility Of Bank Directors: Being Alert To Troubled Times, Lawrence K. Banks, Paula S. Hoskins

Kentucky Law Journal

No abstract provided.

Checks Lost In The Collection Process, James J. White

Other Publications

Given the millions of checks that are transferred among banks every year, the opportunity for loss and misplacement of such checks is enormous and the liabilities associated with such loss can be significant. This section deals with the collecting bank's liability for the check's loss before it is delivered to payer bank. If the payer bank receives and then loses the check, it will be subject to a different set of liabilities; those liabilities will be discussed elsewhere in the program.