Law Commons^™

Proposition 5: Allows Local Bonds For Affordable Housing And Public Infrastructure With 55% Voter Approval, Taylor Gonsalves, Logan Bambino

California Initiative Review (CIR)

No abstract provided.

Proposition 6: Eliminates Constitutional Provision Allowing Involuntary Servitude For Incarcerated Persons, Logan Alex Wilkinson, Hayden Cole

California Initiative Review (CIR)

No abstract provided.

Armstrong Construction Inc., Appellant V. Itzel Cox And Baudelio Covarrubias, Appellees : Brief Of Appellant, Utah Court Of Appeals

Utah Court of Appeals Briefs (2020 –)

On Appeal from the March 13, 2024 Order Third District Court The Honorable Robert Faust Case No. 200903803

Douglas C. Shumway, Attorneys for Mr. Covarrubias, Itzel Cox, Pro Se

Paul W. Jones, Attorneys for Armstrong Construction, Inc.

Immigration Justice Clinic Graduates Help Win Motion To Overturn Deportation Order, Kathryn O. Greenberg Immigration Justice Clinic

Cardozo News 2024

Norberto Peets, who spent years in prison due to a wrongful conviction overturned by the Innocence Project, faced deportation before Cardozo's Immigration Justice Clinic (IJC) fought for him.

Dean G. Marcus Cole Awarded The Dignitatis Humanae Award By The University Of St. Thomas School Of Law, Denise Wager

2019–Present: G. Marcus Cole

Notre Dame Law School’s Joseph A. Matson Dean G. Marcus Cole was awarded the Dignitatis Humanae Award by the University of St. Thomas School of Law in Minnesota on October 3.

This prestigious award honors national and international jurists for their contributions to the legal profession and was presented at the school’s annual Mission Roundtable Lunch, which explores what St. Thomas School of Law’s mission could and should mean to the world.

Perma.cc

What I Wish I Knew As A 1l Panel, Minority Law Student Alliance (Mlsa)

2024–2025 Flyers

No abstract provided.

Why Montana Should Amend Its Uniform Commercial Code, Jonathon S. Byington

Montana Law Review

This Article is about needed updates to Montana’s Uniform Commercial Code. The Uniform Commercial Code provides a structure of rules to facilitate commerce. This Article begins by explaining where the Uniform Commercial Code came from and when Montana enacted it. It then summarizes Montana’s historical amendments to its Uniform Commercial Code and points out a pattern of amendments following new industries or significant changes to existing industries. It highlights the development and expansion of multiple new industries related to e-commerce and cryptocurrency. It then walks through insufficient or outdated aspects of Montana’s Uniform Commercial Code and explains how the Uniform …

A Conversation With Sam And Libby Edelman: Legends In The Footwear Industry, Fashion Law Society, Cardozo Fame Center

2024–2025 Flyers

No abstract provided.

Canceling Lawyers: Case Studies Of Accountability, Toleration, And Regret, Jacob Burns Center For Ethics In The Practice Of Law

2024–2025 Flyers

No abstract provided.

Remembering Vienna, Cardozo Law Institute In Holocaust And Human Rights (Clihhr)

2024–2025 Flyers

No abstract provided.

Remembering Vienna, Cardozo Law Institute In Holocaust And Human Rights (Clihhr), Jocelyn Getgen Kestenbaum

2024 Event Invitations

Join us for a special evening with Evelyn Konrad ’05, a Holocaust survivor and Cardozo alum, who will share her powerful story of resilience, survival and identity. Evelyn Konrad’s story was featured in the recently published book Austria and Us.

A Conversation With Sam And Libby Edelman: Legends In The Footwear Industry, Cardozo Fame Center, Cardozo Fashion Law Society

2024 Event Invitations

Join Cardozo's FAME Center and the Fashion Law Society as they present fashion industry icons, Sam and Libby Edelman in conversation with FAME Director and Cardozo Professor, Barbara Kolsun. Reception to follow.

The Problem With Direct Collateral Review, Jaden M. Lessnick

Pepperdine Law Review

Federal habeas review of state convictions is sharply circumscribed for a reason: Granting the writ of habeas corpus disrupts the federalism and finality interests that lie at the heart of state sovereignty over criminal law. Both the Antiterrorism and Effective Death Penalty Act (AEDPA) and the Supreme Court’s equitable bars to relief reflect the structural dangers inherent in collateral review of state convictions. Given the increasing unavailability of federal habeas relief, state prisoners have turned to another vehicle for collateral federal review, one that bypasses AEDPA’s demanding standard: direct review of state post-conviction proceedings. And regrettably, the Court has entertained …

Lessons Learned: Martín Redrado, Vincient Arnold

Journal of Financial Crises

Martín Redrado was appointed president of the Central Bank of Argentina by President Néstor Kirchner in 2004 and oversaw measures to manage the external shocks of the Global Financial Crisis of 2007–09. He resigned in 2010 after President Cristina Fernández de Kirchner tried to remove him over a dispute regarding the use of the bank’s reserves to fund the government. After leaving the bank, Redrado authored the book No Reserve: The Limit of Absolute Power, which argues against the danger of mixing politics and economics. He is currently a director of the think tank Fundación Capital and most recently was …

Lessons Learned: Alfred Dellibovi, Maryanne Chute Lynch, Rosalind Z. Wiggins

Journal of Financial Crises

The Yale Program on Financial Stability (YPFS) interviewed Alfred DelliBovi about his tenure as president and chief executive officer of the Federal Home Loan Bank of New York leading up to and during the Global Financial Crisis of 2007–09 (GFC). The Federal Home Loan Banks (FHLBs) played a critical and unexpected lending role for their member banks at the start of the crisis. DelliBovi remained in his position for 21 years, until 2014. Before moving to the FHLB, DelliBovi had served as deputy secretary at the United States Department of Housing and Urban Development (HUD) from 1989 to 1992, in …

Policy Note | Weekly Fed Report Still Drives Discount Window Stigma, Steven Kelly

Journal of Financial Crises

As banking regulators work to destigmatize the Federal Reserve’s discount window—and fervently so since the 2023 banking crisis—they’ve pointed to several potentially fruitful policy routes. These have included supervisory improvements, regulatory changes, and operational enhancements by both the banks and the Fed. Left off the menu so far have been changes to the Fed’s weekly publications that reveal up-to-date discount window borrowing data by regional geography. Reforms following the Global Financial Crisis of 2007–2009 have made mandatory the disclosure of discount window borrowers on a two-year lag—higher transparency than previously when no disclosure was required. However, bigger banks, such as …

Policy Note | Discount Window Stigma: What's Design Got To Do With It?, Susan Mclaughlin

Journal of Financial Crises

This article utilizes discount window transaction data, which the Federal Reserve began disclosing in 2010, to assess how the Fed’s 2003 redesign of the discount window has affected banks’ use of the window. The data show that while the discount window remains stigmatized and relatively little used outside periods of funding market stress, secondary credit has at times played a role in supporting bank recovery and resolution, as envisioned by the 2003 redesign. This development raises a policy question: has the two-tiered design of the discount window implemented in 2003, in which a lending facility for sound banks operates alongside …

United States: Citigroup Capital Injection, 2008, Benjamin Hoffner, Vincient Arnold

Journal of Financial Crises

During the first three weeks of November 2008, Citigroup’s stock price dropped almost 80%, and its credit default swap spreads spiked as the market lost confidence in the bank’s ability to honor its commitments. Counterparties pulled away, and regulators determined Citi’s failure would constitute a systemic risk. On November 23, 2008, the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced a package of measures to rescue Citi, which included an Asset Guarantee Program (AGP) to cover $306 billion in Citi’s assets and an ad hoc capital injection—the Targeted Investment Program (TIP). Under the guarantee, Citi would absorb the …

Russia: Otkritie Bank Restructuring, 2017, Benjamin Hoffner

Journal of Financial Crises

In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced a deposit run related to concerns over Otkritie’s recent acquisitions. The run prompted Otkritie’s shareholders to approach the Central Bank of Russia (CBR) for assistance. On August 29, 2017, the CBR announced a rescue plan for Otkritie. In it, the CBR pledged to become Otkritie’s main investor using a newly created resolution mechanism wherein the CBR would take at least a 75% equity stake using funds from the Fund for Banking Sector Consolidation, a subdivision of the CBR. The CBR simultaneously appointed a provisional administration, composed of …

United States: Bank Of America Capital Injection, 2009, Benjamin Hoffner, Vincient Arnold

Journal of Financial Crises

On September 15, 2008, Bank of America (BofA) announced a merger with the investment bank Merrill Lynch. In December, BofA learned that Merrill Lynch had experienced large, unexpected losses amounting to $15.5 billion during the fourth quarter of 2008. In light of these losses, BofA’s CEO informed the US Treasury secretary and Federal Reserve chairman that BofA intended to invoke the material adverse change clause of the merger agreement, allowing for a renegotiation of, or escape from, the merger. Officials at the Fed and Treasury warned BofA that a failure of the merger would have adverse consequences for BofA and …

Switzerland: Ubs Capital Injection, 2008, Anmol Makhija

Journal of Financial Crises

UBS, the eighth-largest bank in the world and the largest bank in Switzerland in 2008, incurred write-downs totaling USD 50 billion during the Global Financial Crisis, mostly on exposures to securities linked to US subprime mortgages. On October 16, 2008, the Swiss Federal Council announced that the government would subscribe to CHF 6 billion (USD 5.3 billion) of mandatory convertible notes (MCNs) issued by UBS to restore confidence in the bank and the financial system. UBS agreed to use the government’s capital to fund the equity for a special purpose vehicle, StabFund, that the central bank created to take over …

Switzerland: Schweizerische Volksbank Capital Injection, 1933, Anmol Makhija

Journal of Financial Crises

Schweizerische Volksbank, or Swiss People’s Bank, grew to be the second-largest bank in Switzerland by 1930, when its balance sheet peaked at 1.7 billion Swiss francs (CHF). Beginning in 1929, nonperforming assets weighed on Volksbank’s profitability. By 1933, the bank faced losses on CHF 118.5 million in assets, representing approximately 10% of total assets. The government provided liquidity in the form of loans and deposits to Volksbank in 1931 and again in 1933 until it could finalize a capital injection. In 1933, the government determined that Volksbank was too important to the national economy to allow its failure. As owners …

Spain: Caja De Ahorros Castilla–La Mancha Capital Injection, 2009, Lakshimi Swaminathan, Vincient Arnold

Journal of Financial Crises

Caja de Ahorros Castilla–La Mancha (CCM) was a small Spanish savings bank with just 1% market share in deposits and loans. Following years of rapid credit expansion in the real estate sector and reliance on wholesale funding markets to carry out its operations between 2000 and 2008, CCM found itself on the brink of insolvency in early 2009, with a Tier 1 capital ratio of just 1.3%, compared with the 8% regulators required. The authorities placed the bank under administration in 2009. Consequently, the Spanish Savings Bank Deposit Guarantee Fund (Fondo de Garantía de Depósitos de Ahorros, or FGD) agreed …

Portugal: Banco Espírito Santo Capital Injection, 2014, Salil Gupta, Shavonda Brandon

Journal of Financial Crises

Banco Espírito Santo (BES) was the second-largest private bank in Portugal in 2014, with assets of EUR 80 billion (USD 81 billion). A capital increase of EUR 1.1 billion to the BES was concluded on market terms in June 2014. The Bank of Portugal (BOP) adopted a resolution measure for BES on August 3, 2014, to safeguard financial stability by protecting all depositors and ensuring continuation of operating activities of the bank. The Portuguese Resolution Fund provided equity capital of EUR 4.9 billion to a bridge bank, Novo Banco, with 100% public ownership and the expectation of sale to private …

Russia: Otkritie Bank Capital Injection, 2017, Benjamin Hoffner

Journal of Financial Crises

In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced a deposit run related to concerns over recent acquisitions, including a large, troubled bank and insurance company. The run prompted Otkritie’s shareholders to ask the Central Bank of Russia (CBR) for assistance, which the CBR announced on August 29, 2017. In the announcement and subsequent press interviews, the CBR pledged to become Otkritie’s main investor using a newly created resolution mechanism wherein the CBR would take at least a 75% equity stake using funds from the Fund for Banking Sector Consolidation (FBSC), a subsidiary of the CBR. …

Latvia: Parex Bank Capital Injection, 2008, Bailey Decker

Journal of Financial Crises

Heading into the Global Financial Crisis, JSC Parex banka was Latvia’s second-largest bank in terms of assets, comprising 13.8% of total assets in the Latvian banking sector. In autumn 2008, Parex faced a capital shortfall owing to massive credit and market losses in addition to increasing liquidity problems and deposit runs of 240 million Latvian lats (LVL; USD 428.6 million). Parex’s capital adequacy ratio fell below the regulatory minimum of 8% on October 28, 2008. Parex had two senior syndicated loans maturing in February and June 2009, totaling EUR 775 million (USD 992 million). Latvian authorities doubted that Parex would …

Netherlands: Sns Reaal Capital Injection, 2013, Ayodeji George

Journal of Financial Crises

The property finance division of SNS Reaal N.V., a financial conglomerate comprising SNS Bank, the fourth-largest Dutch bank, and Reaal Insurance, the second-largest Dutch life insurer, was heavily exposed to losses in the real estate sector from 2008 to 2010. In January 2013, a growing bank run and the revelation of substantial losses forced the government to intervene. The Minister of Finance rejected proposals from the bank and a private equity firm, and nationalized SNS Reaal on February 1, 2013. Upon nationalizing the firm, the Dutch state injected EUR 2.2 billion into the firm in the form of ordinary shares, …

Korea: Korea First Bank And Seoul Bank Capital Injections, 1997, Jisoo Park, Owen Heaphy

Journal of Financial Crises

Korea First Bank (KFB) and Seoul Bank (SB) were two of the five largest commercial banks in Korea with high levels of exposure to conglomerates, which had high short-term foreign debt in the late 1990s. Starting in the late summer of 1997, Korea, like other Asian economies, experienced capital outflows due to international creditors’ reducing their exposures to Korean financial institutions. Banks relied on the Bank of Korea for foreign exchange liquidity support. The two banks became insolvent owing to high levels of nonperforming loans and required government recapitalization after experiencing a run in early December 1997. As financial conditions …

Italy: Banca Monte Dei Paschi Di Siena Capital Injection, 2017, Benjamin Hoffner

Journal of Financial Crises

The 2017 recapitalization of Italy’s third-largest bank, Banca Monte dei Paschi di Siena (MPS), the oldest bank in the world, represents an unusual precautionary, “open bank” recapitalization under the European Union’s Bank Recovery and Resolution Directive (BRRD) rules. In 2015, the bank held the largest portfolio of nonperforming loans (NPLs) in Italy (with 34.8% of its total loans), and in 2016 it was the only bank to fail the European Banking Authority’s adverse scenario stress test, although its reported total capital ratio at the end of the year was 10.4%. To address its NPL problem, MPS agreed with the European …

Japan: Nippon Credit Bank Capital Injection,1997, Owen Heaphy

Journal of Financial Crises

In 1997, Japan experienced a financial crisis caused by the bursting of a bubble in commercial real estate prices. By March, Nippon Credit Bank (NCB), the smallest of Japan’s three long-term credit banks, required government assistance due to its heavy exposure to commercial real estate and large amount of nonperforming loans. On April 1, the Bank of Japan (BoJ) announced the government’s intention to recapitalize NCB as part of a restructuring package. To facilitate the injection, Japan’s Ministry of Finance (MoF) engineered a consortium of large existing shareholders in NCB (mainly insurance companies) and the other two Japanese long-term credit …