Law Commons^™

Front Matter

SMU Law Review

No abstract provided.

Joseph Webb Mcknight (Obituary Originally Printed In The Magdalen College Record), William Bridge, Gregory Ivy

SMU Law Review

No abstract provided.

Second Amendment: D.C. Circuit Court Creates Split On The Constitutionality Of Good-Reason Laws, Madeleine Giese

SMU Law Review

No abstract provided.

Texas Gulf Sulphur And Information Disclosure Policy, Onnig H. Dombalagian

SMU Law Review

Texas Gulf Sulphur’s bold ultimatum—"disclose or abstain”— enjoys an enduring place of prominence in discussions of insider trading law be- cause of the intuitive simplicity with which it asserts the expectations of investors in securities markets. As the law of information dissemination has developed into a distinct subset of federal securities law over the past fifty years, however, it is equally important to reflect on how the Texas Gulf Sulphur opinion has shaped the views of courts and regulators in crafting rules and guidelines for information disclosure. Indeed, Texas Gulf Sulphur anticipated—and continues to inform—contemporary debates relating to the dissemination …

Constructive Ambiguity And Judicial Development Of Insider Trading, Jill E. Fisch

SMU Law Review

The Texas Gulf Sulphur decision began what has become a fifty-year project of developing U.S. insider trading regulation through judicial law- making. During the course of that project, the courts developed a complex, fraud-based approach to determining the scope of liability. The approach has led, in many cases, to doctrinal uncertainty, a result that is reflected in the recent decisions in Newman, Salman, and Martoma.

In the face of this uncertainty, many commentators have called for a legislative solution. This article argues, however, that the true challenge of insider trading regulation is a lack of consensus about the appropriate scope …

Texas Gulf Sulphur And The Genesis Of Corporate Liability Under Rule 10b-5, Adam C. Pritchard, Robert Thompson

SMU Law Review

This Essay explores the seminal role played by SEC v. Texas Gulf Sulphur Co. in establishing Rule 10b-5’s use to create a remedy against corporations for misstatements made by their officers. The question of the corporation’s liability for private damages loomed large for the Second Circuit judges in Texas Gulf Sulphur, even though that question was not directly at issue in an SEC action for injunctive relief. The judges considered both, construing narrowly “in connection with the purchase or sale of any security,” and the requisite state of mind required for violating Rule 10b-5. We explore the choices of the …

Unintended Consequences: The Link Between Judge Friendly’S Texas Gulf Sulphur Concurrence And Recent Supreme Court Decisions Misconstruing Rule 10b-5, Margaret V. Sachs

SMU Law Review

In his Texas Gulf Sulphur concurrence, Judge Henry J. Friendly coun- seled the federal district courts concerning the numerous pending satellite class actions that had been filed under Section 10(b) of the Securities Ex- change Act and Rule 10b-5. In the course of so doing, he argued forcefully that private Rule 10b-5 litigation should be curtailed. Finding his argument convincing, the Supreme Court issued four major decisions restricting the Rule between 1975 and 1994, while nonetheless expanding it in Basic Inc. v. Levinson. Congress responded by blessing both aspects of the Court’s jurisprudence – imposing its own set of …

Rico Run Amok, John K. Cornwell

SMU Law Review

In 1970, Congress enacted RICO to eradicate organized crime in America. To enlist the help of private citizens in this effort, the statute included civil provisions providing treble damages for plaintiffs who proved that they were injured by a pattern of racketeering activity. As the decades passed, civil RICO dramatically expanded its reach, addressing misconduct in a diverse array of contexts, including high-profile suits against the Clinton Foundation and Trump University. This Article examines this evolution, focusing on three factors that have figured prominently in civil RICO’s runaway growth: the broad interpretation of what constitutes a RICO “enterprise”; the flexibility …

Avoiding The Alien Tort Statute: A Call For Uniformity In State Court Human Rights Litigation, Alicia Pitts

SMU Law Review

For decades, the Alien Tort Statute (ATS) has played a valuable role in human rights litigation in U.S. courts. However, in recent years, the U.S. Supreme Court has limited the ATS’s effectiveness in a number of respects. In response to these decisions, many scholars have predicted that litigants will begin to evade the restrictive ATS jurisprudence by bringing traditional ATS cases in state courts. This comment reveals that this tactic has not become as prevalent as scholars predicted and evaluates the only two state court cases uncovered by the author’s research. This comment then explains why litigating would-be ATS cases …

A Texas Two-Step In The Right Direction—Looking Beyond Recent Legislation To Improve The Provision Of Special Education Services In Texas, Taylor Michals

SMU Law Review

This article analyzes the current state of the special education system in Texas following the 85th Legislative Session, focusing on the practical and legal implications of the limitation imposed by the Texas Education Agency in 2004 before analyzing Senate Bill 160, which requires Texas to remove the limitation on special education services, and its future impact on special education in Texas. Additionally, this article addresses Senate Bill 927, which outlined a plan to ensure that students who were previously denied services receive an adequate evaluation, why the legislation failed, and potential remedies for students who have been negatively impacted by …

The Coasian Firm And Insider Trading, Revisited, James C. Spindler

SMU Law Review

I present an economic model of insider trading building upon Haddock & Macey’s classic analysis of trading by the manager of a Coasian firm (i.e., a firm in which agency costs do not exist). Due to current shareholders’ status as expected sellers of shares, Coasian insider trading allows shareholders to expropriate outsiders via the managerial proxy and any signaling value of insider trading is eliminated by shareholders’ biased incentives. Adverse selection results. If a system of credible disclosure exists, an insider trading ban results in more disclosure, more efficient prices, and lower illiquidity costs. While the case for insider trading …

Why Do Bad Antitrust Decisions Sometimes Make Good Law? The Alcoa And Brown Shoe Examples, C. Paul Rogers Iii

SMU Law Review

Do bad antitrust decisions, as based on their facts, sometimes make good law? That is, do wrongly decided antitrust cases, when considered on their merits, sometimes have a lasting impact on the law even though the decision by most accounts should simply be overruled? If so, why do cases in such disrepute on their merits have such staying power, particularly when so much early antitrust precedent is simply ignored today? The Author examines two cases, United States v. Aluminum Co. of America (Alcoa) and Brown Shoe Co. v. United States, as examples of this phenomenon.

Presenting A Critical Perspective On “Economic Efficiency” In Law And Economics Courses, Gregory S. Crespi

SMU Law Review

“Law and Economics” courses are sometimes criticized for inadequately explaining the normative criterion of “economic efficiency” and then applying this criterion throughout the course in a superficial and biased manner that pejoratively labels most governmental market interventions and wealth redistribution measures as inefficient. These criticisms have merit, and in this article I point out a number of conceptual problems, empirical difficulties, and normative shortcomings of the economic efficiency criterion that students need to understand in order to be able to effectively counter policy arguments that rest upon dubious efficiency assessments.

The eight specific shortcomings of the economic efficiency criterion that …

The Curious Origin Of Texas Pleading, Justice Jason Boatright

SMU Law Review

For 150 years, judges and legal scholars said that the Texas pleading system came from Spain. They explained that Mexico used a simple Spanish pleading system that English-speaking immigrants to Mexican Texas liked more than the complicated procedure they had known in the United States. After separating from Mexico, the story goes, Texas retained the Spanish system.

But that story is probably wrong. The Republic of Texas enacted its first pleading law in 1836. It does not look like Spanish pleading laws; it looks like an 1824 law written by Stephen F. Austin for his colony’s alcalde courts. Austin’s law …

Front Matter

SMU Law Review

No abstract provided.

Foreword: Tribute To Professor Joseph Webb Mcknight, Jennifer M. Collins

SMU Law Review

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The Legacy Of Professor Joseph Webb Mcknight, Justice Nathan L. Hecht

SMU Law Review

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Joe Mcknight And The Oxford Summer Program, Lackland H. Bloom Jr.

SMU Law Review

No abstract provided.

Joseph W. Mcknight: Antiquarian Law Book Collector Extraordinaire, Gregory Ivy

SMU Law Review

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Professor Joseph Mcknight, Jurist And Historian, Alexander Mccall Smith

SMU Law Review

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A Library’S Legacy, Natalie Nanasi

SMU Law Review

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Remembering Professor Joseph Mcknight, Leland L. Coggan

SMU Law Review

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Joe Mcknight: Friend, Mentor, Scholar & Legend, Brian L. Webb

SMU Law Review

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A Curious Parental Right, Margaret Ryznar

SMU Law Review

The United States Supreme Court has not articulated the appropriate level of scrutiny for judicial review of interferences with the parents’ care, custody, and control of their children, despite determining it to be constitutionally fundamental. While some observers have called for the selection of a level of scrutiny to prevent inconsistencies among the lower courts, the complexity of the parental right has made it difficult for courts to use one level of scrutiny in such cases. To accommodate this complexity, this Article begins to build a new framework for conceptualizing the parental right in a way that explains and justifies …

The Changing Tides Of Adoption: Why Marriage, Race, And Family Identity Still Matter, Jessica Dixon Weaver

SMU Law Review

This essay expounds on the shifting motivation for adoption in the United States using a critical race feminist theory lens to explore how adoption remains wedded to marriage, the control of wealth, and family identity. These three elements have been historically and legally tied to race in that the law was intentionally written to exclude certain persons of color from being able to access marriage or wealth, thereby diminishing their ability to establish family identity.

This essay proceeds in three parts. Part II sets forth an overview of the evolution of adoption by exploring the breakdown of formal adoption and …

Memorial Essay In Honor Of Professor Emeritus Joseph Webb Mcknight: Yet Another Historical Joinder Between Texas And Mexico: The Ongoing Nafta Saga, Joseph J. Norton

SMU Law Review

No abstract provided.

A Look Back At The Future Of Ucc Damages Remedies, Roy Ryden Anderson

SMU Law Review

Article Two of the Uniform Commercial Code stands today as a living testament to Karl Llewellyn and the many other brilliant and dedicated lawyers from well over a half century ago who participated actively in its drafting. Of the Code’s several articles, Article Two is particularly noteworthy because it alone has survived to the present day without significant substantive amendment. That longevity is most remarkable given the ensuing fifty plus years of expanded knowledge, technological advance, and innovative changes in fundamental business practice that have occurred in our ever-evolving economy. At its inception, much of Article Two represented novel departure …

Twitter And The #So-Calledjudge, Elizabeth G. Thornburg

SMU Law Review

Two-hundred-eighty characters may be insufficient to deliver a treatise on the judiciary, but it is more than enough to deliver criticism of the third branch of government. Today, these tweeted critiques sometimes come not from the general public but from the President himself. Attacks such as these come at a challenging time for court systems. We live in a highly politicized, polarized society. This polarization is reflected in attitudes toward the courts, particularly the federal courts. Unfortunately, public doubts about the court system come at a time when public understanding of the structure of government, and especially the court system, …

Shades Of Theology In Suits Affecting The Parent-Child Relationship: A Tribute Honoring The Memory Of Professor Joseph W. Mcknight, Dr. Beverly Caro Dureus

SMU Law Review

No abstract provided.

The Decline Of Anglo-American Civil Jury Trial Practice, William V. Dorsaneo Iii

SMU Law Review

This article provides a brief historical explanation of the role that juries have played in Anglo-American civil trial practice. In doing so, the article documents the rise and fall of jury trial practice as a mechanism for resolving civil disputes in both England and America. The article explains how the modern rules of procedure and procedural statutes promote resolving disputes through pretrial litigation procedures at the expense of resolving disputes by jury trial.

The article begins with a description of the use of juries in England at the end of the twelfth century and continues until the near disappearance of …