Law Commons^™

Loophole Entrepreneurship, Brian M. Sirman

Fordham Journal of Corporate & Financial Law

All entrepreneurs seek favorable legal or regulatory treatment for their businesses. Sometimes this leads an entrepreneur to build a business within a gap in the law—a loophole. In so doing, these “loophole entrepreneurs” may avoid steep regulatory compliance costs that otherwise would beset (or perhaps prohibit) their businesses, thereby gaining advantages over competitors. Despite these benefits, loophole entrepreneurship is fraught with risks. Loopholes, by nature, are fragile, and their contours are often uncertain. Moreover, the stigma of “exploiting a loophole” (which connotes unfairness or deception) can provoke ill will among competitors, policymakers, and the public.

The ranks of loophole entrepreneurs …

Outsourcing Voting To Ai: Can Chatgpt Advise Index Funds On Proxy Voting Decisions?, Chen Wang

Fordham Journal of Corporate & Financial Law

Released in November 2022, Chat Generative Pre-training Transformer (“ChatGPT”), has risen rapidly to prominence, and its versatile capabilities have already been shown in a variety of fields. Due to ChatGPT’s advanced features, such as extensive pre-training on diverse data, strong generalization ability, fine-tuning capabilities, and improved reasoning, the use of AI in the legal industry could experience a significant transformation. Since small passive funds with low-cost business models generally lack the financial resources to make informed proxy voting decisions that align with their shareholders’ interests, this Article considers the use of ChatGPT to assist small investment funds, particularly small passive …

The Public’S Companies, Andrew K. Jennings

Fordham Journal of Corporate & Financial Law

This Essay uses a series of survey studies to consider how public understandings of public and private companies map into urgent debates over the role of the corporation in American society. Does a social-media company, for example, owe it to its users to follow the free-speech principles embodied in the First Amendment? May corporate managers pursue environmental, social, and governance (“ESG”) policies that could reduce short-term or long-term profits? How should companies respond to political pushback against their approaches to free expression or ESG?

The studies’ results are consistent with understandings that both public and private companies have greater public …

Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey

Fordham Journal of Corporate & Financial Law

While courts usually defer to a board’s business decisions under the business judgment rule, courts will apply a much less deferential standard of review due to loyalty concerns if a conflicted controller is involved in a business decision such as a merger. However, in Kahn v. M & F Worldwide (“MFW”) when a squeeze out merger was challenged by a minority stockholder, the Delaware Supreme Court reviewed the transaction under the deferential business judgment rule standard because the Court found that the structure of the transaction neutralized the controller loyalty concerns. Building on this reasoning, the Court developed a checklist …

The Problem With The “Non-Class” Class: An Urgent Call For Improved Gatekeepers In Merger Objection Litigation, Josh Molder

Fordham Journal of Corporate & Financial Law

Until recently, class actions dominated merger objection litigation. However, plaintiff’s lawyers have constructed a “non-class” class where an individual suit can benefit from the leverage of a certified class without ever meeting the stringent class certification requirements of Federal Rules of Civil Procedure 23. This new development has initiated a shift in merger objection litigation where plaintiffs are increasingly filing individual suits instead of class actions. However, this shift has left shareholders vulnerable to collusive settlements because plaintiff’s attorneys have significant control over these suits and a strong incentive to settle quickly for a substantial fee. Additionally, corporate defendants are …

Whom Is Corporate Esg Integration For?, Ryan Brennan

Brooklyn Journal of International Law

Notions of corporate social responsibility (CSR) and more recently, environmental, social, and governance (ESG) have found their way into the boardrooms of the world’s largest corporations. The prominence of this trend has revived the timeless debate over the true function of for-profit business. Traditional theory calls for a corporation to maximize shareholder’s profits—a view known as “shareholder primacy.” A competing contemporary school of thought finds that corporate purpose naturally extends beyond generating return on the investment of a given shareholder to reflect social objectives and the many dependent constituents of a business. As it stands, US corporate law tracks the …

Taxing The New With The Old: Capturing The Value Of Data With The Corporate Income Tax In Virginia, Coleman H. Cheeley

University of Richmond Law Review

The Commonwealth of Virginia markets itself as “The Largest Data Center Market in the World.”In 2019, the Northern Virginia market alone was the largest in the United States by inventory, with room to grow. In 2021, data centers in Northern Virginia required an estimated 1,686 megawatts of power; that number is expected to increase by 200 megawatts in the near future, reflecting data centers currently under development. For reference, in 2022, it was estimated that more than 100 homes could be powered by one megawatt of solar power in Virginia. Historically, data centers have been located in the Commonwealth due …

Business Associations, Scott Lowry

Mercer Law Review

This Article surveys a selection of noteworthy cases involving business associations that Georgia courts decided between June 1, 2022 and May 31, 2023. This Article also briefly highlights the 2023 update to the Georgia Nonprofit Corporation Code, sections 14-3-101–1703 of the Official Code of Georgia Annotated, which was signed by Governor Kemp on May 2, 2023, and took effect on July 1, 2023.

Wandering Mind As Fiduciary Breach: Cognitive Duties Of Corporate Directors, David Yosifon

William & Mary Business Law Review

Drawing on contemporary science and ancient wisdom, this Article assesses the ubiquitous human problem of mind wandering as it relates to the fiduciary obligations of corporate directors. Directors must endeavor to advance shareholder interests carefully and loyally. Boards have extremely wide latitude to determine the substance of corporate policies, but the law imposes certain process obligations on corporate decision-making with particularity. Directors must approach their decision-making in an informed and deliberate way. They must listen to reports, and they must deliberate with their fellow directors before voting on corporate action at board meetings. This Article identifies the duty to concentrate …

Caging The Bored Ape: How The Ftc's Expanded Anti-Monopoly Authority Can Tame "Nfts" For Web 3.0, J. Scott Colesanti

William & Mary Business Law Review

Non-Fungible Tokens, or “NFTs,” ballooned into a 40-billion-dollar industry in under a decade. Their creators include artists, corporations, entrepreneurs, fraudsters—and even Donald Trump. While NFT owners and traders could be any of us, the parties running the marketplaces are hidden. NFT regulators have yet to be identified. Most alarmingly, the dominant NFT marketplaces are dangerously centralized. Accordingly, the publicized tales of exorbitant or manipulated NFT prices and frequent related scams abound. Meanwhile cryptocurrency—the technology enabling the life of an NFT—remains beset with, at best, theoretical models for effective regulation a full generation after its emergence.

To propose a rational start …

It Shouldn’T Be This Hard: The Law And Economics Of Business In Indian Country, Adam Crepelle

Utah Law Review

Indian reservation economies have been in shambles for generations. Although some tribes operate successful gaming enterprises, no tribe has a vibrant private sector economy. Law and economics help explain why. Economics is the study of choices, and Indian country’s complex legal rules deter businesses from investing on tribal land. After all, no business wants to spend a year waiting for the federal government to approve a land lease on reservation when land is easily accessible off reservation. Likewise, jurisdictional rules are clear off reservation, but within Indian country, simply determining whether to file a breach of contract suit in tribal, …

Unauthorized Disclosure Of Tax Return Information: When Is The United States Liable For Actions Of The Irs?, Tammy W. Cowart, Roger Lirely, Alex Brandt

William & Mary Business Law Review

The June 2021 ProPublica report “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax” revealed tax return data of many of the wealthiest people in America. However, the tax information about these individuals is not public information. As part of the Tax Reform Act of 1976, Congress removed tax returns and return information from the realm of public documents and protected them under federal law. Congress also provided criminal and civil sanctions for the unauthorized disclosure of tax returns and return information. Over forty-five years later, there have been hundreds of cases adjudicated, but …

Divide, "Two-Step," And Conquer: How Johnson & Johnson Spurred The Bankruptcy System, Patrick Maney

University of Cincinnati Law Review

No abstract provided.

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Ambiguity And Exceptions: Dissecting Cftc V. Monex Credit Co. And The Commodity Exchange Act To Explain Actual Delivery, William Knotts

Mississippi College Law Review

“Leveraged trades” are transactions in which an investor borrows the capital to purchase or sell a commodity using the commodity itself as collateral. These transactions are vital to the health of commodities markets as they relate directly to market participation and liquidity, both essential components. A recent Ninth Circuit decision threatens these types of valuable transactions by adopting a narrow interpretation of a key exemption from the applicability of Commodity Exchange Act regulations. This Article will argue a broader interpretation is more consistent with the purpose behind the Commodity Exchange Act, recent Commodity Futures Trading Commission interpretations, and will better …

Cleaning Up The Corporate Opportunity Doctrine Mess: A First Principles Approach, Yifat Naftali Ben Zion

Washington and Lee Law Review

Almost a century ago, a legal dispute over who is the rightful owner of Pepsi-Cola, at the time an unknown syrup company on the verge of bankruptcy, led the Supreme Court of Delaware to develop what is now famously known as the corporate opportunity doctrine. This doctrine is the central framework Delaware courts use to this day to determine whether an officer who seized a business opportunity has breached his fiduciary duties. Despite the doctrine’s old roots, it has thus far failed to reach stable ground. For one, while many corporate law scholars have supported the rule developed following this …

Place Your Bets: The Legal Integration Of Sports Betting With Cryptocurrency, Andrew Topps

UNH Sports Law Review

No abstract provided.

Play Like A Girl, Get Paid Like A… Man?, Amanda M. Malool

UNH Sports Law Review

No abstract provided.

Change Is Growth: The Future Of The Ncaa And College Athletics, Conner Poulin

UNH Sports Law Review

No abstract provided.

Out Of Bounds? The Legal Implications Of The Emerging Rivalry Between Liv Golf And The Pga Tour, Michael Dube, Libba Galloway, Chantel Mccabe, Michael Mccann, Alan Milstein

UNH Sports Law Review

No abstract provided.

A Breakdown Of Where Nil Currently Stands, Justin Cavegn

UNH Sports Law Review

No abstract provided.

Accept All Cookies: Opting-In To A Comprehensive Federal Data Privacy Framework And Opting-Out Of A Disparate State Regulatory Regime, Lauren A. Di Lella

Villanova Law Review

No abstract provided.

Determining An Effective Regulatory Framework For Businesses To Report On The Environment, Climate, And Human Rights, Paco Mengual

Pace International Law Review

The objective of this article is to identify the existing dynamics and clarify the reasoning behind reporting on environmental, climate, and human rights information in search of effective and binding frameworks to enhance transparency. To that effect, this article relates the evolution from a corporate sustainable business focus to reporting on environmental social and governance and increasing corporate accountability. It then expands on defining non- financial information and ESG reporting with regards to recent European Union Regulations (SFDR, Taxonomy) as well as the challenges associated with defining sustainable investments. This article aims to compare and understand the various regulatory strategies …

Federal Data Privacy Regulation: Do Not Expect An American Gdpr, Matt Buckley

DePaul Business & Commercial Law Journal

No abstract provided.

Legal Representation And The Metaverse: The Ethics Of Practicing In Multiple Realities, Madeline Brom

DePaul Business & Commercial Law Journal

No abstract provided.

Badges Of Honor: Professional Conduct, Consumer Protection, And Accolades In Lawyer Advertising, Kiren Dosanjh Zucker, Bruce Zucker

DePaul Business & Commercial Law Journal

No abstract provided.

Ethics At The Speed Of Business, James A. Doppke Jr.

DePaul Business & Commercial Law Journal

This paper discusses several ways in which the Illinois Rules of Professional Conduct, and the Illinois Supreme Court Rules, construct barriers that prevent lawyers and businesses from accomplishing reasonable commercial goals. Often, those barriers arise from outdated concepts, or terminology that does not reflect current business realities. The paper argues for the amendment of specific Rules to enhance lawyers’ and businesses’ respective abilities to conduct their affairs more efficiently, without sacrificing public protection in the process.

Welcome Address, Lauren Mckenzie

DePaul Business & Commercial Law Journal

No abstract provided.

Front Matter

DePaul Business & Commercial Law Journal

No abstract provided.

Masthead

UC Law Business Journal

No abstract provided.