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Full-Text Articles in Law
Weyerhauser's Implications For Punitive Damages Litigation, Nickolai G. Levin
Weyerhauser's Implications For Punitive Damages Litigation, Nickolai G. Levin
UC Law Business Journal
In Weyerhaeuser Co. v. Ross-Simmons Hardwood Lumber Co., 127 U.S. 1069 (2007), the Supreme Court addressed the antitrust claim of "predatory bidding"-i.e., that a manufacturer paid too much for an "input." Although the Ninth Circuit allowed predatory-bidding liability to be based on the jury's subjective estimation that the defendant paid more than "necessary" for an input, the Supreme Court reversed, holding that the objective, two-part "predatory pricing" test from Brooke Group Ltd. v. Brown & Williamson Tobacco Corp., 509 U.S. 209 (1993), should govern predatory-bidding claims instead. Otherwise, the Court explained, there would be a serious risk of chilling procompetitive …
Understanding Hedge Fund Adviser Regulation, Thierry Olivier Desmet
Understanding Hedge Fund Adviser Regulation, Thierry Olivier Desmet
UC Law Business Journal
The hedge fund industry has grown tremendously and gained much influence on our nation's capital markets in the past decade. Helping fuel this growth in size and influence has been the fact that many hedge funds have sought investments from less affluent and sophisticated investors than in the past. In addition, the number of securities enforcement cases filed against hedge funds has increased. As a result, many have called for some form of regulatory oversight to protect the investing public and reduce market risks. This article focuses on the regulations imposed on hedge fund advisers as well as the controversial …
Exporting Risk: Global Implications Of The Securitization Of U.S. Housing Debt, Aaron Unterman
Exporting Risk: Global Implications Of The Securitization Of U.S. Housing Debt, Aaron Unterman
UC Law Business Journal
The process of securitization has revolutionized the global debt market creating vast investment opportunities while fundamentally altering the dynamics of lending risk. Asset securitization allows risks to be transferred from, mortgage lenders to investors through the sale of mortgage-backed securities. This detachment of risk has led to a lack of accountability within the industry and the creation of the infamous U.S. sub prime mortgage market. This piece examines the effect of securitization on the international capital market focusing on the legal and economic implications of the rise and fall of the U.S. housing market. It argues that this failure is …
Patent Incentives In The Semiconductor Industry, Dan Callaway
Patent Incentives In The Semiconductor Industry, Dan Callaway
UC Law Business Journal
The semiconductor industry comprises organizations of all sizes, from single engineers contracting their work to companies as large and powerful as have ever existed. The rapid advancement of technology in the semiconductor field makes it a crucible for theories about the patent system as a whole. It is arguably desirable that as new technologies come to market, patents should be issued with appropriate scope so that other inventors retain incentive to innovate. But it is not only the Patent Office which can offer or hinder incentives for inventors. The semiconductor industry is subjected to various incentives, both negative and positive, …
The Tax Burden And The Propensity Of Small-Business Entrepreneurs To File For Bankruptcy, Rafael Efrat
The Tax Burden And The Propensity Of Small-Business Entrepreneurs To File For Bankruptcy, Rafael Efrat
UC Law Business Journal
Despite the success of many entrepreneurs, a sizable number of small businesses fail every year. Tax problems have been found to be a small but an important contributor to business closure. The extent of the tax problems experienced by small business owners is alarming but not surprising given the disproportionate tax burden small business owners face in operating their businesses. The research undertaken in this study aims to explore the extent to which individual small business owners, who have filed for bankruptcy, attribute their financial distress to tax problems. Further, this study intends to examine the demographics and financial characteristics …
Fraud Not On The Market: Rebutting The Presumption Of Classwide Reliance Twenty Years After Basic Inc. V. Levinson, Matthew L. Mustokoff
Fraud Not On The Market: Rebutting The Presumption Of Classwide Reliance Twenty Years After Basic Inc. V. Levinson, Matthew L. Mustokoff
UC Law Business Journal
This article explores a wave of recent federal court decisions addressing the applicability of the "fraud-on-the-market" presumption of reliance in securities fraud cases at the class certification stage. In the two decades since the US Supreme Court first recognized the fraud-on-the-market doctrine in Basic, Inc. v. Levinson, the district and circuit courts have taken somewhat divergent approaches to the question of classwide reliance. The most recent decisions, however, mark an emerging trend, one which signifies heightened judicial scrutiny - in many cases, going beyond the pleadings and involving extensive fact-finding and expert analysis. Among the decisions discussed are the Second …
What Your Lender And Mortgage Broker Didn't Tell You: A Call For Disclosure Of Loss Of The Section 580b Anti-Deficiency Protection Upon Refinancing, George W. Kuney
What Your Lender And Mortgage Broker Didn't Tell You: A Call For Disclosure Of Loss Of The Section 580b Anti-Deficiency Protection Upon Refinancing, George W. Kuney
UC Law Business Journal
California Civil Code of Procedure section 580b protects a California homeowner from a deficiency judgment when the homeowner's purchase money lender forecloses on the house. The protection of section 580b applies only to purchase money mortgages - not to cash out refinance mortgages and probably not to any refinancing mortgage loan under existing law. The California Civil Code requires an initial disclosure of this protection to purchase money mortgage borrowers, but it does not specifically require disclosure of its loss upon refinance. Moreover, lenders that are subject to the Federal Truth in Lending Act or the Homeowners Equity Protection Act …
Trade Or Business Within The United States As An Interpretive Problem Under The Internal Revenue Code: Five Propositions, Anthony P. Polito
Trade Or Business Within The United States As An Interpretive Problem Under The Internal Revenue Code: Five Propositions, Anthony P. Polito
UC Law Business Journal
Whether a particular set of activities constitute the conduct of a trade or business within the United States is an ongoing interpretive question affecting many foreign taxpayers. It controls what form of U.S. taxation, if any, applies to them. In the domestic context, a trade or business entails profit-oriented non-investment activity that is regular, continuous and considerable. It is tempting, in the transition to the international context, to conclude that the conduct of a trade or business within the U.S. requires that the taxpayer's U.S. activities must be regular, continuous, and considerable, and the standard is often articulated in this …
O'Hagan, 10b-5-2, Relationships And Duties, Thomas M. Madden
O'Hagan, 10b-5-2, Relationships And Duties, Thomas M. Madden
UC Law Business Journal
In the past ten years, the principal events in the law concerning insider trading have been the Supreme Court's adoption of the fraud on the source misappropriation theory in O'Hagan and the Commission's promulgation of Rules 10b5-1 and 10b5-2. While this article provides a solid grounding in the O'Hagan decision and the case law informing it, its commentary addresses the role that Rule 10b5-2, speaking to relationships giving rise to duties of trust or confidence, together with O 'Hagan, has had on recent securities litigation. Asking whether this post O'Hagan rulemaking and case law indicates a policy directive from the …
Issues Concerning The Admissibility In Federal Courts Of Business Records Containing Opinions Or Diagnoses Under Federal Rule Of Evidence 803(6), Erik C. Olson
UC Law Business Journal
Federal Rule of Evidence 803(6) explicitly provides for the admissibility in the federal courts of business records containing opinions or diagnoses. Despite that, over the years, the courts have routinely excluded business records containing opinions and diagnoses for a variety of reasons. In 1979, for example, the Court of Claims fashioned a rule preventing the admission of expert appraisals unless the preparer of the appraisal were present to testify to his qualifications as an expert pursuant to Rules 702 and 705. Many courts continue to follow this rule. This note discusses and critiques that rationale for exclusion (and others), in …
Defining Substantial Activity: Helping Tax-Exempt Hospitals Keep Their Tax-Exempt Status, Kevin Leo
Defining Substantial Activity: Helping Tax-Exempt Hospitals Keep Their Tax-Exempt Status, Kevin Leo
UC Law Business Journal
Joint ventures between tax-exempt hospitals and for-profit organizations have become a common mechanism for hospitals to acquire new sources of revenue and expand their health care services without completely relying on more traditional sources of funding. Joint ventures between tax-exempt organizations and for-profit entities can lead to unfavorable tax consequences for the exempt organization if the venture is not structured in accordance with the rules and regulations provided by the Internal Revenue Service. IRS Revenue Ruling 2004-51 held that an exempt organization would maintain its exempt status as long as it only contributed an insubstantial amount of its assets or …
The Discrete, The Relational, The Selfish, And The Societal: Elements Present In All Transactions, Christine Liyanto
The Discrete, The Relational, The Selfish, And The Societal: Elements Present In All Transactions, Christine Liyanto
UC Law Business Journal
In the discourse of contract theory, we associate discrete contracts with a goal of self-interest, while associating relational contracts with community-based objectives. This article examines the characteristics of the discrete paradigm, the relational paradigm, and the way in which all transactions reflect the goals associated with both of those models.