Law Commons^™

Reconceptualizing Open Access To Theses And Dissertations, Orit Fischman Afori, Dalit Ken-Dror Feldman

Fordham Intellectual Property, Media and Entertainment Law Journal

The global COVID-19 crisis has turned public attention to the special need for accessing those cutting-edge studies that are needed for further scientific innovation. Theses and dissertations (TDs) are prominent examples of such studies. TDs are academic research projects conducted by graduate students to acquire a high academic degree, such as a PhD. They encompass not only knowledge about basic science but also knowledge that generates social and economic value for society. Therefore, access to TDs is imperative for promoting science and innovation.

Open access to scientific publications has been in the focus of public policy discourse for two decades, …

Nfts: The Latest Technology Challenging Copyright Law's Relevance Within A Decentralized System, Rebecca Carroll

Fordham Intellectual Property, Media and Entertainment Law Journal

Non-fungible tokens (“NFTs”) redefine society’s understanding of digital ownership and transform how creators distribute original works to consumers. This unique and often misunderstood technol- ogy has the potential to yield extraordinary value for both creators and consumers. While NFTs have existed for some time now, the recent frenzy caused by several high-value sales of NFTs exposed a number of unanswered legal questions, particularly in copyright law. NFTs also raise ideological concerns over how much, if any, government oversight and regulation should exist over the “open” internet. This Note explores copyright law’s application to NFTs and seeks to address a number …

Bargaining For Abolition, Zohra Ahmed

Fordham Law Review

What if instead of seeing criminal court as an institution driven by the operation of rules, we saw it as a workplace where people labor to criminalize those with the misfortune to be prosecuted? Early observers of twentieth century urban criminal courts likened them to factories. Since then, commentators often deploy the pejorative epithet “assembly line justice” to describe criminal court’s processes. The term conveys the criticism of a mechanical system delivering a form of justice that is impersonal and fallible. Perhaps unintentionally, the epithet reveals another truth: criminal court is also a workplace, and it takes labor to keep …

Policy By The People, For The People:Designing Responsiveregulation And Buildingdemocratic Power, Scott L. Cummings, Doug Smith

Fordham Law Review

Policymaking in American democracy is often a process that happens to people rather than by them. This is especially the case with respect to policy that affects people with less power in low-income communities and communities of color. Urban policy, in particular, has historically been driven by business elites and white homeowners’ interests, which have shaped exclusionary policies, such as redlining and single-family zoning— etching racial and economic segregation into the fabric of city space. Even when outsider interest groups and social movement organizations gain enough power to shape the policy agenda, give input into the content of policy, and …

Governing Fintech 4.0: Bigtech, Platform Finance, And Sustainable Development, Douglas Arner, Ross Buckley, Kuzi Charamba, Artem Sergeev, Dirk Zetzsche

Fordham Journal of Corporate & Financial Law

Over the past 150 years, finance has evolved into one of the world’s most globalized, digitized, and regulated industries. Digitalization has transformed finance, but also enabled new entrants over the past decade in the form of technology companies, especially FinTechs and BigTechs. As a highly digitalized industry, incumbents and new entrants alike are increasingly pursuing similar approaches and models, focusing on the economies of scope and scale typical of finance and the network effects typical of data. Predictably, this has resulted in the emergence of large digital finance platforms. We argue that the combination of digitalization, new entrants (especially BigTechs), …

Direct Liability And Veil-Piercing: When One Door Closes, Another Opens, King Fung Tsang, Katie Ng

Fordham Journal of Corporate & Financial Law

Piercing the corporate veil has been substantially limited in English law since Prest v. Petrodel. This contraction coincides with the development of the direct liability doctrine which attaches liability directly on the parent company. The authors argue that the shift from using piercing the corporate veil to direct liability is a positive development as it gives English courts a better tool to combat the abuse of separate legal personality. However, compared the English doctrines with their counterparts under the U.S. laws, it is argued that the much broader U.S. piercing doctrine makes the expansion of direct liability doctrine unnecessary in …

Delaware’S Dominance, Wyoming’S Dare: New Challenge, Same Outcome?, Pierluigi Matera

Fordham Journal of Corporate & Financial Law

Despite increasing criticism, Delaware’s dominance in corporate law has not experienced a significant decline: as of today, 67.8 percent of Fortune 500 companies are still incorporated in its jurisdiction. Nevada is known as Delaware’s most important competitor, with an aggressive strategy that has overridden the efforts of any other jurisdiction. Yet, its success has been limited to a specific market segment: small firms with low institutional shareholding and high insider ownership.

Scholars suggest several explanations for both the rise and the staying power of Delaware. These explanations are essentially subsumed under the credible commitment theory and the network theory. According …

The Cryptic Nature Of Crypto Digital Assets Regulations: The Ripple Lawsuit And Why The Industry Needs Regulatory Clarity, Jacqueline Hennelly

Fordham Journal of Corporate & Financial Law

The tension and associated time lag between technology and regulation has been well documented. Paradigmatic of this phenomenon is the global evolution of blockchain technology and digital assets. Digital assets in the blockchain allow users to transact directly without financial intermediaries. However, the regulatory guidelines for the assets, their issuance, and the subsequent transactions are unclear. The Securities and Exchange Commission (SEC) has filed an action to apply its existing regulations and the judicial interpretations to Ripple’s issuance of XRP, its token, and Ripple’s control over subsequent user transactions of XRP. This Note uses SEC v. Ripple as a case …

Goodbye Buybacks? Why Recent Stock Buyback Reform Proposals Go Beyond What Is Necessary, Joshua Zelen

Fordham Journal of Corporate & Financial Law

This note provides an overview of the intensifying debate around the impact that stock buybacks have on economic inequality and the proposals designed to reform the practice. With the advent of the Securities and Exchange Commission’s (SEC) 1982 promulgation of Rule 10b-18, corporations began allocating vast portions of their profits to stock buybacks. In recent years, this practice has become increasingly more common and has surpassed previous historical benchmarks.

Critics of stock buybacks primarily view the practice as a misuse of excess corporate funds that could instead be allocated to improve employee working conditions, benefits, and future outcomes. Opponent’s concerns …

The Twenty-First Annual A.A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law At The Fordham Corporate Law Center, Matthew Diller, G. Jeffrey Boujoukos, Ben A. Indek, Allison Herren Lee

Fordham Journal of Corporate & Financial Law

No abstract provided.

Here To Stay: Wrestling With The Future Of The Quickly Maturing Spac Market, Matthew Diller, Rick Fleming, Stephen Fraidin, Aj Harris, Gregory F. Laufer, Mark Lebovitch, Gregg A. Noel, Hester M. Peirce, Usha R. Rodrigues, Mike Stegemoller, Verity Winship, Douglas Ellenoff

Fordham Journal of Corporate & Financial Law

No abstract provided.

Non-Profit Organizations Should Prioritize Governance In Board Selection Decisions—Those That Prioritize Money May Pay Too Much, Heidi Grunwald, Daniel Isaacs

Fordham Journal of Corporate & Financial Law

Non-profit corporations must comply with federal tax laws, and their governing bodies must satisfy corporation law-based duties, but they are not subject to the regulatory requirements of publicly traded corporations. This discrepancy should be troubling, because the stakeholders of non-profit organizations are far more vulnerable than the typical investor. Accordingly, non-profit boards have a particularly strong need for good governance. However, our research shows that non-profit board members believe that board selection procedures prioritize giving over the ability to attract and retain members with attributes commonly associated with good governance. To address this problem, we argue that laws should require …

Output Effect Of Private Antitrust Enforcement, Sinchit Lai

Fordham Journal of Corporate & Financial Law

A growing body of literature evaluates the impact of antitrust laws on economic growth. Most of these empirical studies identify a positive impact; however, the existing literature only studies the effect of the existence of antitrust laws, but not their enforcement. To fill this gap in the literature, this Article uses private antitrust case filing numbers to examine the growth effect. Employing U.S. data and, after addressing endogeneity, using a two-stage least squares (2SLS) regression analysis, I identify a negative and robust association between private enforcement and output on a national level in the short run over the period from …

Riding The Wave: Fairness For Foreign Investors In India’S Impending Insolvency Tsunami, Nicole Mecca

Fordham Journal of Corporate & Financial Law

Reminiscent of the warning signs of a tsunami, bankruptcy and insolvency courts across the globe have been eerily calm despite unprecedented conditions during the COVID-19 pandemic. The full extent of the pandemic’s effect, including a tidal wave of wide-spread corporate and financial sector harm and wide-spread economic distress, remains to be seen. Much like victims of natural disasters, unsuspecting and increasingly delayed courts will find themselves totally overwhelmed. The inconvenience felt by the courts is distinct, however, from potential harm to financial investors. Although investors could also be harmed by these judicial conditions, they knowingly assumed certain financial risk when …

Spac The Deck: Why The Control Exerted By Spac Sponsors Subjects De-Spac Transactions To Entire Fairness Review, Aj Harris

Fordham Journal of Corporate & Financial Law

Special purpose acquisition companies (SPACs), otherwise known as blank check companies, are corporations created to raise capital from investors with the express purpose of using such capital to acquire an already existing business. Much like a traditional merger, the transaction between the SPAC and the target company (formally called the “Initial Business Combination” or colloquially the “de- SPAC transaction”) is highly scrutinized in shareholder litigation. However, Delaware courts have not definitively established under which standard these de-SPAC transactions should be reviewed. This Note examines the SPAC structure, evaluates the arguments for the respective standards, and ultimately concludes that Delaware courts …

Debunking The Standardized Nature Of Insurance Policies, Elizabeth Sousa

Fordham Journal of Corporate & Financial Law

This article discredits the conventional view of insurance policies as standardized contracts that do not vary across insurance companies and policyholders. Contrary to this view, there are wide variations in policy language in both the admitted and non-admitted insurance markets. These deviations reduce the perceived benefit of insurance policies as standardized contracts intended to promote predictability and lower transaction costs for policyholders by focusing only on the most salient terms. Nowhere is this deviation more apparent than with Commercial General Liability (CGL) policies defendants are turning to in the current opioid litigation.

The opioid epidemic has been plaguing the United …

Returning To The Statutory Text: Why The Language Of Section 13(B) Requires Courts To Narrowly Construe The Ftc’S Ability To Obtain Injunctive Relief, Christopher Halm

Fordham Journal of Corporate & Financial Law

The Federal Trade Commission (FTC) enforces over 70 laws in the areas of antitrust and consumer protection, and one valuable tool to support their enforcement is Section 13(b) of the Federal Trade Commission Act (“Section 13(b)”). Section 13(b), among other features, grants the FTC authority to seek an injunction in district court against any defendant that is “about to violate” one or more of those laws. For the past three decades, courts have adopted a permissive judicial interpretation of that language, authorizing injunctions against defendants when the allegedly impending violations were only “likely to recur” based on past misconduct. This …

Peeking Into The House Of Cards: Money Laundering, Luxury Real Estate, And The Necessity Of Data Verification For The Corporate Transparency Act’S Beneficial Ownership Registry, S. Alexandra Bieler

Fordham Journal of Corporate & Financial Law

It is estimated that $800 billion to $2 trillion are laundered globally every year, funding the schemes of bad actors and terrorists alike. These astronomical sums are moved around the world without detection; this is in large part due to the ease with which anonymous shell companies, typically limited liability companies (LLCs), can be created, particularly in the United States. America is one of the most egregious enablers of this practice because most states require little to no information about the person ultimately controlling the entity, known as the “beneficial owner.” Working through an LLC, bad actors often turn to …

Does Cryptocurrency Staking Fall Under Sec Jurisdiction?, Nicholas E. Gonzalez

Fordham Journal of Corporate & Financial Law

Bitcoin, the first blockchain and cryptocurrency (crypto), launched in 2009 when the Bitcoin network opened to the public. A blockchain is a digital ledger technology where transactions are aggregated and permanently recorded into blocks of information. Maintenance of a blockchain is typically conducted by decentralized managers who own and operate network computers (“Nodes”) and serve the functions normally handled by central intermediaries to validate and confirm transactions. All Nodes follow a blockchain protocol. In Bitcoin’s and most cryptos’ cases, this protocol is known as a Proof- of-Work protocol which requires a large amount of energy consumption. Consequently, Proof-of-Stake protocols (“PoS”) …

Vesting, Jed H. Shugerman

Faculty Scholarship

The executive Power shall be vested in a President of the United States of America.” The Executive Vesting Clause is one of three originalist pillars for the unitary executive theory, the idea that the President possesses executive powers like removal without congressional limitations (that is, the powers are indefeasible). An underlying assumption is that “vest” connotes a formalist approach to separation of powers rather than a more functional system of Madisonian checks and balances. Assumptions about “vesting” for official powers are likely the result of semantic drift from property rights and ahistoric projections back from the later Marshall Court doctrine …

Olympians As Laborers: How Unionizing Can Help Athletes Bargain For Compensation And Better Structural Support, Sherif Farrag

Fordham Intellectual Property, Media and Entertainment Law Journal

Team USA athletes suffer poor structural support and inadequate compensation despite constituting irreplaceable labor for the multi-billion-dollar Olympic sports industry. This poor support is evident in recent complaints made by Olympic stars of the poor mental health support provided by the United States Olympic & Paralympic Committee and in its failure to prevent nearly two decades of sexual abuse perpetrated on USA Gymnastics gymnasts. The inadequate compensation is apparent as athletes continue to receive no wages for their participation in the Olympics or Olympic-sanctioned events, generally struggle financially, and face restrictions on licensing their name, image, and likeness to partners …

Face The Facts, Or Is The Face A Fact?: Biometric Privacy In Publicly Available Data, Daniel Levin

Fordham Intellectual Property, Media and Entertainment Law Journal

Recent advances in biometric technologies have caused a stir among the privacy community. Specifically, facial recognition technologies facilitated through data scraping practices have called into question the basic precepts we had around exercising biometric privacy. Yet, in spite of emerging case law on the permissibility of data scraping, comparatively little attention has been given to the privacy implications endemic to such practices.

On the one hand, privacy proponents espouse the view that manipulating publicly available data from, for example, our social media profiles, derogates from users’ expectations around the kind of data they share with platforms (and the obligations such …

Failed Analogies: Justice Thomas’S Concurrence In Biden V. Knight First Amendment Institute, Sarah S. Seo

Fordham Intellectual Property, Media and Entertainment Law Journal

Twenty-six years ago, twenty-six words created the internet. Section 230 of the Communications Decency Act is a short, yet powerful, provision that notably protects social media platforms, among other interactive computer services, from liability for content created by third-party users. At the time of its enactment, Section 230 aimed to encourage the robust growth of the then-nascent internet while protecting it from government regulation. More recently, however, it has been wielded by Big Tech companies like Twitter and Facebook to prevent any liability for real-world harms that stem from virtual interactions conducted over their platforms.

Although the Supreme Court has …

Algorithms And Misinformation: The Constitutional Implications Of Regulating Microtargeting, Talia Bulka

Fordham Intellectual Property, Media and Entertainment Law Journal

The increased popularity of social media in recent years has brought with it unwanted consequences. Most notably, the world is experiencing a widespread epidemic of online misinformation and disinformation. In the form of news stories and advertisements, false information about candidates like Joe Biden, Hillary Clinton, and Donald Trump has spread over Facebook, Instagram, Twitter, and TikTok. Since false information is often more sensational than the truth, this information is reposted and shared until it reaches millions of people. However, the real culprit of this misinformation phenomenon is microtargeting—algorithms that exploit users’ personal information and previous media interactions to target …

I See Dead Patents: How Bugs In The Patent System Keep Expired Patents Alive, Dinis Cheian

Fordham Intellectual Property, Media and Entertainment Law Journal

One of the most important days in the life of a patent is the day it dies.

The moment a patent dies, the patent owner loses her monopoly over her invention, ending the stream of income generated by that patent. Without an enforceable patent to protect the invention, the competitors and public can freely buy and sell copycat products that compete with the patent owner’s. Consumers reap the rewards in the form of more options and lower prices.

Normally, those potential competitors must wait exactly twenty years from the date the patent application is filed with the United States Patent …

Are The Federal Rules Of Evidence Unconstitutional?, Ethan J. Leib

Faculty Scholarship

The Federal Rules of Evidence (FRE) rest on an unacceptably shaky constitutional foundation. Unlike other regimes of federal rulemaking—for Civil Procedure, for Criminal Procedure, and for Appellate Procedure—the FRE rulemaking process contemplated by the Rules Enabling Act is both formally and functionally defective because Congress enacted the FRE as a statute first but purports to permit the Supreme Court to revise, repeal, and amend those laws over time, operating as a kind of supercharged administrative agency with the authority to countermand congressional statutes. Formally, this system violates the constitutionally-delineated separation of powers as announced in Chadha, Clinton, and the non-delegation …

Fit For Its Ordinary Purpose: Implied Warranties And Common Law Duties For Consumer Finance Contracts, Susan Block-Lieb, Edward J. Janger

Faculty Scholarship

The history of consumer goods and consumer credit markets pre-sents an anomaly: market transactions for consumer goods and credit transactions evolved in tandem from face to face and bespoke to standardized and widely distributed; the law governing these “product” markets has not. With consumer goods, the Uniform Commercial Code codifies implied warranties of merchantability and fitness for a particular purpose, and the common law of tort provides strict liability for defective products. With consumer fi-nance contracts, borrowers enjoy scant common law protection. And yet both consumer goods and consumer contracts may be danger-ously defective “products.”

This Article reconsiders the traditional, …

On The Propertization Of Data And The Harmonization Imperative, Luis Miguel M. Del Rosario

Fordham Law Review

The digital age has paved the way for unforeseen and unconscionable harms. Recent experiences with security breaches, surveillance programs, and mass disinformation campaigns have taught us that unchecked data collection, use, retention, and transfer have the potential to affect everything from health-care access to national security. And they have shown the growing need for a solution that addresses this proliferation of intangible collective harms. This Note champions data propertization—the process of establishing a bundle of rights in data comparable to those that comprise property interests—as the proper method for preventing and redressing data harms. More specifically, this Note analyzes Illinois’s …

Colloquium: Subversive Lawyering: Foreword, Bennett Capers, Bruce A. Green

Fordham Law Review

Is there such a thing as subversive lawyering? And if so, what is it? These are the questions that motivate this colloquium issue. To be sure, other, similar terms exist and have been explicated. Movement lawyering. Rebellious lawyering. Resistance lawyering. Indeed,we were particularly inspired by Daniel Farbman’s article Resistance Lawyering, in which he uncovers the stories of abolitionist lawyers who, confronting the Fugitive Slave Act of 1850, “employed every means at their disposal to frustrate, delay, and dismantle the system within which they were practicing.” But still, we wondered if subversive lawyering might be something different. Something akin to resistance …

The Institutions Of Family Law, Clare Huntington

Faculty Scholarship

Family law scholarship is thriving, with scholars using varied methodologies to analyze intimate partner violence, cohabitation, child maltreatment, juvenile misconduct, and child custody, to name but a few areas of study. Despite the richness of this discourse, however, most family law scholars ignore a key tool deployed in virtually every other legal-academic domain: institutional analysis.

This methodology, which plays a foundational role in legal scholarship, focuses on four basic questions. Scholars often begin empirically, identifying the specific legal, social, and economic institutions that shape an area of legal regulation. Beyond descriptive accounts, scholars analyze how authority is and should be …