Law Commons^™

I Want A New (Generic) Drug: A Comparative Case For Shifting U.S. Generic Drug Policies To Increase Availability And Lower Healthcare Costs, Immer S. Chriswell

Northwestern Journal of International Law & Business

Enacted in 1984, Hatch-Waxman was intended to increase generic drug availability and make critical healthcare more affordable for Americans. In the nearly forty years following, while it has increased availability of drugs, it has also allowed drug originators to create avenues to profit in ways not intended when the original compromise was struck, undermining its success. Moreover, given a weak antitrust standard against reverse settlement payments proscribed in Actavis, the U.S. faces a dilemma to further improve access to generic medications in the future. The E.U.’s approach to generic drugs, while presently geographically fragmented, is simpler and has a clear …

Friendly Skies, Unfriendly Terms: Class Action Waivers And Force Majeure Clauses In Airline Contracts Of Carriage, Grant Glazebrook

Northwestern Journal of International Law & Business

The airline contract of carriage. These unassuming bits of language govern the relationship between passengers and their airlines. Over the past three years, a new term has sprouted in these agreements: the class action waiver. Before March 2020, only two of the ten largest United States-based airlines’ contracts of carriage had class action waivers. But as of April 2023, eight now have class action waivers. Why have airlines quickly adopted these copycat terms? What are the implications of this new contractual trend for flyers, airlines, and regulators? This note aims to contribute to the scholarship around these questions in three …

Private Equity And Venture Capital In Germany: How Europe’S Heartland Is Poised To Become The Next Bay Area, Jake Besanceney

Northwestern Journal of International Law & Business

Abstract

This note examines the current state of private equity and venture capital activity and investment in Germany, and specifically in Berlin, in relation to the state of such activity and investment that existed in the San Francisco Bay Area prior to and following its tech explosion in the late twentieth century. Numerous factors such as political and ethnic diversity, a comparatively lower cost of living, and proximity to higher education institutes are propelling Berlin’s startup and tech scenes, and are eerily reminiscent of similar factors that fueled the Bay Area’s growth and attracted private equity and venture capital activity …

An Innovative Framework: Evaluating The New German Business Stabilization And Restructuring Law (Starug), Andreas Rauch

Northwestern Journal of International Law & Business

This comment examines the restructuring framework, restrukturierungsgesetz (“StaRUG”), and argues that this new law represents an effective—albeit radical—departure from Germany’s previous, conservative insolvency regime. Passed in response to a 2019 EU Directive aimed at modernizing restructuring law Union-wide, and integrated into the German legal system against the backdrop of the COVID-19 pandemic, StaRUG and its ancillary reforms in other areas of German law create a restructuring proceeding that places a premium on a debtor’s continued business operations. Thus, in a striking shift from the traditional German approach to business distress, which strongly emphasized creditor rights, the new StaRUG focuses on …

Clarity About Comity: How Courts Have Attempted Greater Guidance For Chapter 15 Litigants, Sabrina Lieberman

Northwestern Journal of International Law & Business

Abstract

This note explores the development of courts’ refusal to extend comity to foreign representatives who have filed a proceeding under chapter 15 of the U.S. Bankruptcy Code. Congress adopted chapter 15 as part of a comprehensive 2005 bankruptcy reform. It allows foreign entities to receive protection under the U.S. Bankruptcy Code. In most cases, foreign representatives who file a chapter 15 proceeding are involved with ancillary insolvency proceedings outside the United States. There is often a question of how or if a U.S. court overseeing the chapter 15 proceeding will defer to a judgment or process within the foreign …

This Must Be Our Place: Protectionism And Foreign Investment In Kazakhstan’S Farmland, Kristi Lew

Northwestern Journal of International Law & Business

No abstract provided.

Forget Bit: The Impact Of Rta On Fdi And Economic Growth – A Comparison Of Brazil And Mexico, Rosa Meguerian-Faria

Northwestern Journal of International Law & Business

This article explores the relationship between international trade law, foreign direct investment (FDI), and economic growth of developing countries. Here, I argue that a developing state needs to capture the right combination of the different types of FDI to promote domestic growth. I apply principles of law, economics, and finance to my analysis of the importance of Bilateral Investment Treaties (BITs), compared to Regional Trade Agreements (RTAs) to FDI inflow, and how it can impact economic growth in developing countries. I show that the RTAs give a signal that the country is open to foreign investment, and therefore it promotes …

Send The Word Over There: An Offshore Solution To The Right To Be Forgotten, Jay Kaganoff

Northwestern Journal of International Law & Business

The right to be forgotten is a subject of contention in both the United States and the European Union. In the E.U., the right to be forgotten gives one the right to demand that information—even if published legitimately—be taken down or removed from search engine results. While well-intentioned, this has led to concerns of free press restrictions. In contrast, the right to be forgotten is not recognized in the U.S., although there are scholars who would like to see such a right here. This Note takes the view that introducing a right to be forgotten would be contrary to the …

Outsourcing The Police: How Reliance On The Private Sector For Law Enforcement Threatens Privacy Legislation Around The World, Karl Colbary

Northwestern Journal of International Law & Business

Data privacy is an increasingly important issue in the world today. People are increasingly aware of, and concerned about, their digital footprint. As a result, many jurisdictions around the world—the United States excluded—have enacted legislation with an eye towards giving their citizens greater control over their data. However, the movement to give individuals greater control over how their data is used by tech providers often overlooks the fact that the government is one of the biggest consumers of the data that tech providers collect. Therefore, data privacy regimes that allow the flow of personal information to the government do not …

Comparative Analysis Of U.S. And Saudi Arabia Investment Funds Regulations, Gabriella Tang

Northwestern Journal of International Law & Business

The investment funds sector has always been a major player in the financial industry globally. As such, many countries with mature financial markets have enacted regulations to govern the activity and management of investment funds. The U.S. Securities and Exchange Commission (SEC) enacted the Investment Company Act of 1940(the Act) as an effort to restore investor confidence in investment funds and safeguard investors from future abuses after the market crash in 1929. On the other hand, emerging financial markets started to take part in regulations in the hope to attract more investors and outside resources. The Capital Market Authority of …

Reds, Whites, And Sulfites: Examining Different Organic Wine Regulation Practices In The United States And The European Union, Ryan Puszka

Northwestern Journal of International Law & Business

Abstract:

This note examines the history of regulation within the organic wine industry in the U.S. and the E.U. and explores the motivations behind the production of organic wine in these two regions. The variance in the historical significance of wine between these two regions is reflected in the contemporary differences between the two regions’ rules for organic wine certification. In 2012, the U.S. and the E.U. entered into a comprehensive organic equivalency agreement that covered nearly all organic agricultural products but due to significant differences in the two regions’ regulatory schemes concerning the inclusion of added sulfites in wine, …

Can Smart Contracts Enhance Firm Efficiency In Emerging Markets?, Kevin J. Fandl

Northwestern Journal of International Law & Business

Blockchain technology has the potential to eliminate one of the most significant barriers to economic growth through private business transactions in developing countries—lack of trust. In a typical developed country, individuals and firms conduct transactions within an institutional environment that offers security through the enforcement of agreements. Transparent and effective courts, while imperfect to be sure, enable parties to feel secure in their transactions even if their level of trust in the other party is low. This security, in turn, facilitates transactions far afield from high-trust relationships (e.g., immediate relatives), generating transactions based upon economic value rather than party trust …

Crowding Out Theory: Protecting Shareholders By Balancing Executives’ Incentives In France, The United States, & China, Palden Flynn

Northwestern Journal of International Law & Business

This paper explores the differences between executive compensation regimes in France, the United States, and China. It asks whether there is a link between state regulation of real options as a form of executive compensation and state regulation of shareholder protections. This paper argues that if a country regulates the use of real options as compensation, then that country is also more likely to have strong shareholder protection laws. This argument seems to be true based on a descriptive review of executive compensation law and shareholder protections in France, the United States, and China.

If it is true that countries …

Inefficiency Of Specific Performance As A Contractual Remedy In Chinese Courts: An Empirical And Normative Analysis, Lei Chen, Larry A. Dimatteo

Northwestern Journal of International Law & Business

This article investigates the values and latent policies in the area of the availability of specific performance (SP) as a contractual remedy, which have shaped the development of Chinese law. The National People’s Congress (Legislature) and Supreme People’s Court in China have addressed the remedial structure of Chinese contract law, namely, the availability of the remedy of SP as opposed to the awarding of damages only. The law is clear that the remedies of SP and damages are ordinary remedies that a claimant is free to choose between. The question that this article confronts is whether in practice the equality …

"Hash"Ing Out Inequality In The Legal Recreational Cannabis Industry, Maya Rahwanji

Northwestern Journal of International Law & Business

No abstract provided.

The 'Wild West' Of Medicine: An Argument For Adopting The United Kingdom's 'Hfea' Framework, To Improve The Market For Assisted Reproduction In The United States, Ellen S. Fischer

Northwestern Journal of International Law & Business

No abstract provided.

Embracing Non-Icsid Investment Arbitration? The Chinese Perspective, Meng Chen

Northwestern Journal of International Law & Business

This article introduces and examines Chinese arbitration institutions’ recent movements to expand non-ICSID investment arbitration services, which could potentially contravene existing relevant Chinese laws and judicial practice, and it explores the prospects for non-ICSID investment arbitration in China. The article first compares ICSID and non-ICSID investment arbitration to determine the differences between them and their respective selling points for stakeholders in investment disputes. Next, the article examines the diverse mechanisms involved and highlights the different rules that govern non-ICSID arbitration, including the rules established by Chinese arbitration institutions in recent years. The article then further analyzes the obstacles in existing …

International Legal Practice Involving England And New York Following Adoption Of The United Kingdom Legal Services Act Of 2007, Sydney M. Iii Cone

Northwestern Journal of International Law & Business

This article deals with the regulation of legal services in England and New York in the context of, first, multidisciplinary practice ("MDP") and, second, permitted investment in legal practice. The article summarizes both the background of and potential differences between the regulations in those two jurisdictions, and comments on the possible reconciliation of those differences. Because, chronologically, New York was the first of the two jurisdictions under consideration to adopt rules on MDP, the New York rules will be considered first, and the more recent statute, known as the United Kingdom Legal Services Act 2007 (hereinafter "U.K. Act"), will then …

Section 7209 Of The Intelligence Reform And Terrorism Prevention Act Of 2004: Balancing The Western Hemisphere Travel Initiative With International Tourism And Homeland Security, Marc Philip Hedrich

Northwestern Journal of International Law & Business

A disproportionately large percentage of worldwide international tourism revenue comes from the spending of U.S. citizens abroad or by foreigners visiting the United States. The Western Hemisphere Travel Initiative ("WHTI"), as mandated by Section 7209 of the Intelligence Reform and Terrorism Prevention Act of 2004, puts intra-North American international tourism at risk. This Comment is an analysis of the WHTI and its effects on international tourism and homeland security in the United States.

A Forensic Study Of Daewoo's Corporate Governance: Does Responsibility For The Meltdown Solely Lie With The Chaebol And Korea?, Joongi Kim

Northwestern Journal of International Law & Business

At the end of 1999, one of the largest conglomerates in the world, the Daewoo Group, collapsed in a spectacular fashion. During its peak, Daewoo was a sprawling enterprise with over 320,000 employees with 590 subsidiaries overseas that operated in over 110 countries. Its management received widespread praise and academic recognition for its success. Yet, when the Asian financial crisis hit in 1997, it managed to commit a deception worth 22.9 trillion won ($15.3 billion) that was termed the "biggest accounting fraud in history, surpassing WorldCom and Enron . . . ." Years later, inner-workings of the conglomerate are finally …

South Africa's National Credit Act: A Possible Model For The Proper Role Of Interest Rate Ceilings For Microfinance, Megan Whittaker

Northwestern Journal of International Law & Business

This comment will discuss the current debate regarding the proper role of interest rate ceilings in microfinance and how the South African National Credit Act should serve as a model for future studies of microcredit systems in developing countries. Part II will discuss the controversy over interest rate ceilings in microfinance, setting concerns regarding the effect of ceilings on the viability of microfinance institutions against the need to protect marginalized consumers from predatory lending. Part III will analyze various alternatives to usury laws that microfinance experts have proposed, with an emphasis on supervisory and regulatory systems as the most promising …

Outsourcing Drug Investigations To India: A Comment On U.S., Indian, And International Regulation Of Clinical Trials In Cross-Border Pharmaceutical Research, James Cekola

Northwestern Journal of International Law & Business

The traditional research and development model of large pharmaceutical companies is arguably unsustainable in current times. For example, estimated research and development costs increased as much as twelve percent over the last year while pharmaceutical sales grew only seven percent over the same period. Current estimates put the price to develop a new drug and bring it to market between $800 million and $1.5 billion per drug. These costs are increasing, driving large pharmaceutical companies to find more cost-effective research and development models. One cost-saving initiative is to globalize the system. In particular, companies have increasingly outsourced the required investigational …

Islamic Principles Governing International Trade Financing Instruments: A Study Of The Morabaha In English Law, Jason C. T. Chuah

Northwestern Journal of International Law & Business

The past years have seen a clear and incontrovertible rise in the use of international financial and commercial instruments expressed to be governed by Islamic principles. Banks and other commercial entities in Islamic and non-Islamic countries are increasingly aware of the commercial need to offer services which are specifically tailored to meet this sector of the international market. Disputes over the interpretation and application of such instruments invariably arise. English courts are not insulated from such disputes, given that the City of London is at the forefront of many international commercial and financial dealings. As a matter of law, the …

Comparative Advertising In The United States And In France, Charlotte J. Romano

Northwestern Journal of International Law & Business

Comparative advertising has been widely used for over thirty years in the United States. By contrast, the use of this advertising format has traditionally been-and still is-very marginal in France. The term "comparative advertising" refers to any form of advertising in which a trademark owner draws a comparison between his product, service, or brand and that of a competitor. The central issue of this article is to determine why, despite identical guiding policies, comparative advertising remains unusual in France while it is commonplace in the United States. Attempting to answer that question unavoidably raises numerous related issues: can the two …

The Japanese Issues And Perspective On The Convergence Of International Accounting Standards, Mitsuru Misawa

Northwestern Journal of International Law & Business

Japan is negotiating diligently with the European Union and is asking for its approval of the Japanese accounting standard as an equivalent to the IFRSs. If the Japanese accounting standard fails to be recognized as an equivalent of the IFRSs, disclosure by Japanese companies based on the Japanese accounting standard currently in the European Union would not be allowed. This would severely affect the financing activities of Japanese companies seeking to raise funds in the European Union. Japanese corporations are also concerned about the possibility that Japanese accounting standards could be branded as inferior to the European or U.S. Accounting …

Why Tobacco Litigation Has Not Been Successful In The United Kingdom: A Comparative Analysis Of Tobacco Litigation In The United States And The United Kingdom, Andrei Sirabionian

Northwestern Journal of International Law & Business

Litigation against tobacco companies, about smoking-related diseases, is novel outside of the United States. While in the past two decades U.S. courts have handed down costly verdicts against tobacco companies, European courts have not been as willing to rule against the tobacco industry. European courts have been much more reluctant to award damages to individuals with smoking related diseases or their families. As a result, courts outside the United States have not handed down major decisions against tobacco companies.

The Use Of International Accounting Standards In The European Union, Alexander Schaub

Northwestern Journal of International Law & Business

2005 is a watershed year for the application of International Accounting Standards (1ASs) in the European Union. From the first of January this year, all listed European companies must prepare their consolidated accounts using IASs or International Financial Reporting Standards (IFRSs). This requirement represents a quantum leap in the use of a single consistent set of accounting standards for capital markets in the European Union.

Communication Breakdown: The Recording Industry's Pursuit Of The Individual Music User, A Comparison Of U.S. And E.U. Copyright Protections For Internet Music File Sharing, Ryan Bates

Northwestern Journal of International Law & Business

While music file sharing over the internet has become a common practice in recent years, record companies blame the illegal swapping for a 31% drop in compact disk sales since mid-2000. In an ever-evolving attempt to gain a stronghold on the distribution of digital music via the internet, the recording industry recently began filing lawsuits against the individual internet "file sharer" in both the United States the European Union.

This comment examines the development of copyright protections in the United States and the European Union, including recent legislation under each system, and argues that a balance of rights and technical …

Changing Notions Of Sovereignty And Federalism In The International Economic System: A Reassessment Of Wto Regulation Of Federal States And The Regional And Local Governments Within Their Territories, Edward T. Hayes

Northwestern Journal of International Law & Business

International trade liberalization increasingly addresses disciplines which fall within the constitutional competence of regional and local governments. Traditional notions of nation/state sovereignty are evolving to recognize the importance of regional and local actors on the international economic scene. The ongoing evolution of international trade and sovereignty incresasingly places regional and local governments in a unique position to influence world trade, positively and negatively.

This article explores the manner in which the World Trade Organization attempts to regulate regional and local behavior. Specifically, this Article explores the inherent constitutional tension and resulting ambiguities in the WTO's effort to regulate regional and …

A Road Map For Corporate Governance In East Asia, Chee Keong Low

Northwestern Journal of International Law & Business

Much has transpired since the inadequacies of corporate governance practices in East Asia were glaringly exposed by the Asian financial crisis. The crisis brought to the foreground numerous deficiencies, which had common roots in excessive over-leverage as well as the lack of transparency, disclosure and accountability. These issues have been explicitly recognized with the release of the White Paper on Corporate Governance in Asia by the Asian Roundtable on Corporate Governance in June 2003.

By responding in part to the White Paper, this article sets out a "roadmap" whose ultimate objective is the enhancement of the practice of corporate governance …