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Full-Text Articles in Law
Addressing Gaps In The Dodd-Frank Act: Directors' Risk Management Oversight Obligations, Kristin N. Johnson
Addressing Gaps In The Dodd-Frank Act: Directors' Risk Management Oversight Obligations, Kristin N. Johnson
University of Michigan Journal of Law Reform
In the years leading to the recent financial crisis, finance theorists introduced innovative methods, including quantitative financial models and derivative instruments, to measure and mitigate risk exposure. During the financial crisis, financial institutions facing insolvency revealed pervasive misunderstandings, misapplications, and mistaken assumptions regarding these complex risk management methods. As losses in financial markets escalated and caused liquidity and solvency crises, commentators sharply criticized directors and executives at large financial institutions for their risk management decisions. By adopting the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress directly and indirectly addresses certain risk management oversight concerns at large, complex financial …
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa, Colleen E. Medill
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa, Colleen E. Medill
University of Michigan Journal of Law Reform
The Employee Retirement Income Security Act of 1974 ("ERISA"), the federal law that regulates employer-sponsored benefit plans, has a rich history of judiciallycreated federal common law. This Article explores the theoretical, policy, statutory, and stare decisis grounds for the development of another area offederal common law under ERISA-the incorporation of respondeat superior liability principles to impose ERISA fiduciary liability ("vicarious fiduciary liability") upon a corporation for the fiduciary activities of its employees or agents. The Article proposes that the federal courts should adopt a federal common law rule of vicarious fiduciary liability under ERISA based on the traditional scope of …