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Punishment As Atonement, Stephen P. Garvey
Punishment As Atonement, Stephen P. Garvey
Cornell Law Faculty Publications
How would punishment work in an ideal community, one in which the members of the community identify with one another? In this article, Professor Stephen Garvey argues that punishment in such a community would be understood as a form of secular penance and would form part of the process by which the wrongdoer atones for his wrongdoing. Compared to this account of punishment, which Garvey calls "punishment as atonement," other accounts fall short. The older and dominant approaches of utilitarianism and retributivism offer justifications for punishment that ignore the goal of atonement. Newer approaches, restorativism and libertarianism, recognize the importance …
Markets As Monitors: A Proposal To Replace Class Actions With Exchanges As Securities Fraud Enforcers, Adam C. Pritchard
Markets As Monitors: A Proposal To Replace Class Actions With Exchanges As Securities Fraud Enforcers, Adam C. Pritchard
Articles
Fraud in the securities markets has been a focus of legislative reform in recent years. Corporations-especially those in the high-technology industry-have complained that they are being unfairly targeted by plaintiffs' lawyers in class action securities fraud lawsuits. The corporations' complaints led to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). The Reform Act attempted to reduce meritless litigation against corporate issuers by erecting a series of procedural barriers to the filing of securities class actions. Plaintiffs' attorneys warned that the Reform Act and the resulting decrease in securities class actions would leave corporate fraud unchecked and deprive defrauded …