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(Mis)Judging Intent: The Fundamental Attribution Error In Federal Securities Law, Victor D. Quintanilla
(Mis)Judging Intent: The Fundamental Attribution Error In Federal Securities Law, Victor D. Quintanilla
Victor D. Quintanilla
This article examines the element of scienter (fraudulent intent) in claims of federal securities fraud under Section 10(b) of the Exchange Act and, more specifically, the U.S. Supreme Court’s decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007) from a social-psychological perspective. The field of social psychology has documented a pervasive phenomena—the Fundamental Attribution Error—the failure of decision-makers to consider situational explanations, including the force of environments and social and situational norms on human conduct. In light of robust social-psychological research on the Fundamental Attribution Error, legal concepts such as intent, intentionality, mens rea, and …
Pearson, Iqbal, And Procedural Judicial Activism, Goutam U. Jois
Pearson, Iqbal, And Procedural Judicial Activism, Goutam U. Jois
Goutam U Jois
In its most recent term, the Supreme Court decided Pearson v. Callahan and Ashcroft v. Iqbal, two cases that, even at this early date, can safely be called “game-changers.” What is fairly well known is that Iqbal and Pearson, on their own terms, will hurt civil rights plaintiffs. A point that has not been explored is how the interaction between Iqbal and Pearson will also hurt civil rights plaintiffs. First, the cases threaten to catch plaintiffs on the horns of a dilemma: Iqbal says, in effect, that greater detail is required to get allegations past the motion to dismiss stage. …