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Articles 1 - 13 of 13
Full-Text Articles in Law
Renovations Needed: The Fda's Floor/Ceiling Framework, Preemption, And The Opioid Epidemic, Michael R. Abrams
Renovations Needed: The Fda's Floor/Ceiling Framework, Preemption, And The Opioid Epidemic, Michael R. Abrams
Michigan Law Review
The FDA’s regulatory framework for pharmaceuticals uses a “floor/ceiling” model: administrative rules set a “floor” of minimum safety, while state tort liability sets a “ceiling” of maximum protection. This model emphasizes premarket scrutiny but largely relies on the state common law “ceiling” to police the postapproval drug market. As the Supreme Court increasingly holds state tort law preempted by federal administrative standards, the FDA’s framework becomes increasingly imbalanced. In the face of a historic prescription medication overdose crisis, the Opioid Epidemic, this imbalance allows the pharmaceutical industry to avoid internalizing the public health costs of their opioid products. This Note …
We Need Protection From Our Protectors: The Nature, Issues, And Future Of The Federal Trust Responsibility To Indians, Daniel I.S.J. Rey-Bear, Matthew L.M. Fletcher
We Need Protection From Our Protectors: The Nature, Issues, And Future Of The Federal Trust Responsibility To Indians, Daniel I.S.J. Rey-Bear, Matthew L.M. Fletcher
Michigan Journal of Environmental & Administrative Law
The federal trust responsibility to Indians essentially entails duties of good faith, loyalty, and protection. While often thought of as unique to federal Indian policy, it developed from and reflects common law principles of contracts, property, trusts, foreign relations/international law, and constitutional law. However, several issues preclude a greater understanding and implementation of the federal trust responsibility. These include Executive Branch efforts to avoid liability, neocolonial judicial activism, and episodic congressional attention. Enactment of legislation to reaffirm and modernize the federal trust responsibility through greater self-determination, integration, elevation, oversight, and funding should help overcome these issues to improve federal Indian …
The Two Faces Of Janus: The Jurisprudential Past And New Beginning Of Rule 10b-5, John Patrick Clayton
The Two Faces Of Janus: The Jurisprudential Past And New Beginning Of Rule 10b-5, John Patrick Clayton
University of Michigan Journal of Law Reform
Section 10(b) of the Securities Exchange Act and its implementing Rule 10b-5 are the primary antifraud provisions for both private and public enforcement of the federal securities laws. Neither the statute nor the rule expressly provides for a private right of action, but federal courts have long recognized such an implied right, and the Securities and Exchange Commission has supported the implied private right of action as a “necessary supplement” to its own efforts. However, after a decade of applying an expansive interpretation to Section 10(b), in the early 1970s the U.S. Supreme Court began to narrowly interpret this implied …
Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black
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.
Enforcement Without Foundation? Insider Trading And China's Administrative Law Crisis, Nicholas C. Howson
Enforcement Without Foundation? Insider Trading And China's Administrative Law Crisis, Nicholas C. Howson
Articles
China's securities regulator enforces insider trading prohibitions pursuant to non-legal and non-regulatory internal "guidance." Reported agency decisions indicate that enforcement against insider trading is often possible only pursuant to this guidance, as the behavior identified is far outside of the scope of insider trading liability provided for in statute or regulation. I argue that the agency guidance is itself unlawful and unenforceable, because: (i) the guidance is not the regulatory norm required by the statutory delegation of power; and (ii) the guidance is ultra vires because (a) it addresses something substantively different from what is authorized under the statutory delegation, …
Coordinating Sanctions In Torts, Kyle D. Logue
Coordinating Sanctions In Torts, Kyle D. Logue
Articles
This Article begins with the standard Law and Economics account of tort law as a regulatory tool or system of deterrence, that is, as a means of giving regulated parties the optimal ex ante incentives to minimize the costs of accidents. Building on this fairly standard (albeit not universally accepted) picture of tort law, the Article asks the question how tort law should adjust, if at all, to coordinate with already existing non-tort systems of regulation. Thus, if a particular activity is already subject to extensive agency-based regulation (whether in the form of command-and-control requirements or in the form of …
The Irrational Auditor And Irrational Liability, Adam C. Pritchard
The Irrational Auditor And Irrational Liability, Adam C. Pritchard
Articles
This Article argues that less liability for auditors in certain areas might encourage more accurate and useful financial statements, or at least equally accurate statements at a lower cost. Audit quality is promoted by three incentives: reputation, regulation, and litigation. When we take reputation and regulation into account, exposing auditors to potentially massive liability may undermine the effectiveness of reputation and regulation, thereby diminishing integrity of audited financial statements. The relation of litigation to the other incentives that promote audit quality has become more important in light of the sea change that occurred in the regulation of the auditing profession …
Moving Toward A Clearer Definition Of Insider Trading: Why Adoption Of The Possession Standard Protects Investors, Lacey S. Calhoun
Moving Toward A Clearer Definition Of Insider Trading: Why Adoption Of The Possession Standard Protects Investors, Lacey S. Calhoun
University of Michigan Journal of Law Reform
In recent years, insider trading has become a publicized focus of securities law enforcement. The definition of insider trading has emerged slowly through case law, and the term has been clarified by new theories of liability. The use and possession tests are two standards of liability used to judge the treatment of inside information. The use standard offers a defense to insider trading liability while the possession standard premises liability on mere possession of inside information. This Note argues that courts should adopt the possession standard because this standard better protects investors, a primary goal of the Securities Exchange Act …
Schizophrenia Among Carriers: How Common And Private Carriers Trade Places, Rob Frieden
Schizophrenia Among Carriers: How Common And Private Carriers Trade Places, Rob Frieden
Michigan Telecommunications & Technology Law Review
This article will examine court cases and actions by the Federal Communications Commission (FCC) that distort the traditional concepts of common and private carriage by establishing new rights and responsibilities previously applicable to the other category of carrier. This article will also consider the feasibility of (a) maintaining the traditional common carrier regulatory model and (b) continuing the application of that model to basic services provided by local exchange carriers (LECs). This is especially important as LECs qualify to become private carriers tapping new market opportunities, even within the same geographical region where they provide basic services. Finally, this article …
International Control Of The Safety Of Nuclear-Powered Merchant Ships, William H. Berman, Lee M. Hydeman
International Control Of The Safety Of Nuclear-Powered Merchant Ships, William H. Berman, Lee M. Hydeman
Michigan Law Review
In recent years we have witnessed the transition of nuclear-powered ships from an imaginative dream to an engineering reality. This vast step from the drawing board to successful operation on the high-seas has taken place in a remarkably short span of time. Nevertheless, in the :flush of enthusiasm over the technological achievement, we must not lose sight of the fact that the promise of nuclear power for the propulsion of ships will not have been fulfilled until nuclear vessels are operating safely and economically over the maritime trade routes of the world. It would be unrealistic to assume that further …
Atoms And The Law, E. Blythe Stason, Samuel D. Estep, William J. Pierce
Atoms And The Law, E. Blythe Stason, Samuel D. Estep, William J. Pierce
Books
Early in 1951 a group of interested members of the faculty of The University of Michigan Law School conceived the idea of a research project, the purpose of which would be to investigate the principal unique legal problems being created and likely to be created in the future by peaceful uses of atomic energy. The group planned the preparation and publication of a series of manuscripts which might ultimately emerge as one or more printed volumes dealing with the legal problems affecting this new form of energy. Many phases of the subject were scrutinized, including the rule-making and licensing powers …
Administrative Officers' Tort Liability, Kenneth Culp Davis
Administrative Officers' Tort Liability, Kenneth Culp Davis
Michigan Law Review
Case law on tort liability of public officers and employees is much more interesting than one might expect on the basis of abstract contemplation. The traditional common-law notion that an employee should, as against the employer, bear the ultimate responsibility for his negligence has been exposed as seriously unrealistic in a holding by a unanimous Supreme Court; the decision concerning the government employee is potentially applicable to corporate employees. The many holdings that officers are not liable for deliberate and malicious torts are based on the intriguing view that justice cannot be done when malice is proved, without opening the …
Constitutional Law - Carriers - Supersedure Of State Regulations By Federal Regulations - Regulation Of Hours Of Service Of Motor Vehicular Drivers - Effect Of Federal Motor Carrier Act Of 1935, Fred C. Newman
Michigan Law Review
Defendant, whose business was chiefly interstate, violated a statute of New Hampshire which regulated the hours of service of drivers of certain motor vehicles. The violation occurred after the passage of the Federal Motor Carrier Act of 1935, which, among other things, conferred authority upon the Interstate Commerce Commission "to establish reasonable requirements with respect to . . . maximum hours of service of employees" of common and contract carriers by motor vehicle in interstate commerce. At the time of the breach of the state statute, the Interstate Commerce Commission had not prescribed regulations as to hours of service. Defendant …