Agency Commons^™

Controlling Shareholder Primacy, Naveen Thomas

Fordham Law Review

In just eight months, Delaware’s legislature upended over fifty years of corporate law. Its courts had long upheld shareholder primacy, treating shareholders equally in proportion to their ownership. But after several controversial decisions reinforced this principle, sudden amendments to the corporate code shifted the law toward a distinct paradigm: controller primacy.

While motivated by legitimate concerns, the legislation went too far, threatening to fundamentally realign corporate power and purpose. Contrary to shareholder primacy, the new regime disproportionately prioritizes controlling shareholders above all others. It authorizes contracts that cede the board’s managerial authority to controllers, insulates their self-dealing from shareholder approval …

Climate Change Under Customary International Law: Must The United States Protect The Climate System?, Daniel Rees

Fordham Law Review

On July 23, 2025, the International Court of Justice (ICJ) issued its “Advisory Opinion on Obligations of States in Respect of Climate Change,” concluding that “the full gamut of international law applies to climate change.” Beyond treaty-based duties, the ICJ recognized that customary international law imposes obligations on all states to protect the climate. The advisory opinion emerged from unprecedented participation by states and international organizations, reflecting a growing consensus that addressing climate change is a legal obligation. This Note explores the legal implications of recognizing a customary international law duty to protect the climate system. It posits that these …

Fabricating The Crime Of Undocumented Presence, Eric S. Fish, Doug Keller

Fordham Law Review

In 2025, the Trump administration’s Office of Legal Counsel (OLC) declared that it is a federal crime simply to be an undocumented immigrant. Congress has enacted no such crime. Congress has made it a crime for an immigrant to enter the United States in a manner that “eludes examination or inspection.” For nearly 100 years, this “elude” offense has been understood to occur only at the moment an immigrant enters the country. But the Trump administration’s OLC has reinterpreted this crime as a continuing offense. Under this new reading, an immigrant who entered unlawfully eludes examination until the moment of …

How Did We Get Here?, Michael J. Klarman

Fordham Law Review

President Donald J. Trump’s second administration has transgressed basic rules and norms of democracy and the rule of law in myriad ways. Below, I have laid out my own top ten list of transgressions, though others could surely have made out a good case for their own “favorites.” It would not be difficult to come up with a longer list, yet the purpose of my Levine Lecture is less to describe where we are than to explain how we got here. Following an enumeration of Trump administration transgressions, my lecture turns to two questions. First, why have traditional checks on …

Reorganizing The Administrative State: Executive Ambition And Legislative Constraint, Jordan Graber

Fordham Law Review

Beginning in the 1930s, Congress enacted a series of statutes granting presidents the authority to initiate reorganizations of the administrative state. Under these reorganization statutes, the president determined any necessary changes in agency organization and submitted a reorganization proposal to Congress, which could approve or reject the plan. Over the next fifty years, the president and Congress worked cooperatively to promote the effective and efficient functioning of the administrative state.

Despite the successful reorganization initiatives undertaken pursuant to these statutes, Congress has not conferred reorganization authority on any president in the last four decades. As a result, the organization of …

The Glomar Of It All: The Role Of External Disclosures In Agency Refusals To Confirm Or Deny Under Foia, Claire Paulanne Kurzweil

Fordham Law Review

The Freedom of Information Act (FOIA) requires federal agencies to disclose records upon request from the public, subject to statutory exemptions. Increasingly, agencies have relied on a nonstatutory mechanism, known as the Glomar response, to avoid disclosure. This mechanism, which allows agencies to refuse to confirm or deny the very existence of records, prevents courts and FOIA requesters from receiving even the basic information necessary for judicial review. As courts attempt to adapt FOIA’s review framework to the increased evidentiary constraints of Glomar responses, they are divided over whether to consider disclosures from outside the agency responding to the FOIA …

Antitrust, Vampires And Bloody Acquisitions, Theodosia Stavroulaki

Fordham Law Review

Private equity has rapidly seized control of large swaths of the U.S. healthcare system. This Essay argues that its takeover is not a story of efficiency or innovation but one of extraction. Drawing on a substantial body of research, it shows that private equity acquisitions are associated with rising healthcare costs, inferior care, reduced access to essential services, and deteriorating working conditions for physicians and nurses—harms that fall most heavily on marginalized communities.

These outcomes are not accidental. They stem from the private equity business model, which relies on leveraged buyouts, aggressive cost cutting, and roll-up strategies designed to generate …

The Revival Of Section 5: A Return To The Ftc’S Roots In A Time Of Democratic Crisis, Shaoul Sussman

Fordham Law Review

No abstract provided.

The U.S. Critical Minerals List: Between A Rock And A Hard Place, Wesley Peebles

Fordham Environmental Law Review

Critical minerals are minerals found essential to economic and national security and vulnerable to supply chain disruptions. Congress and presidents from both political parties have actively promoted critical mineral production, offering up billions of dollars to secure mineral supply chains. The federal government has invested to increase domestic mineral production, grow global partnerships, and reinvigorate U.S. industry in an attempt to reduce the risk of supply disruptions for these valuable minerals. To identify which minerals are critical to the United States, Congress tasked the Secretary of the Interior, acting through the U.S. Geological Survey (USGS), to evaluate and identify a …

Laudato Si’ And The Limits Of Law: Reflections On The Vocation To Protect Integral Ecology, Lucia A. Silecchia

Fordham Environmental Law Review

No abstract provided.

Recalibrating Deference In Sentencing, Meghana Nemali

Fordham Law Review

The U.S. Sentencing Commission (the “Commission”) is responsible for promoting consistency, transparency, and fairness in federal sentencing. In pursuit of this mandate, the Commission publishes the U.S. Sentencing Guidelines (the “Guidelines”), which are accompanied by official commentary. In Stinson v. United States, the U.S. Supreme Court endowed the commentary with controlling authority. However, nearly three decades later, the Court in Kisor v. Wilkie granted courts greater discretion in deciding whether to defer to the commentary. Moreover, in 2024, the Court eliminated the absolute deference regime for administrative agency determinations in Loper Bright Enterprises v. Raimondo. As a result, …

Not So Firmly Settled: How The Inconsistent Jurisprudence Of The Firm Resettlement Bar Serves As A Tool For Asylum Seeker Exclusion, Caroline V. Garrido

Fordham Law Review

The firm resettlement bar to asylum, designed to limit protections to those without refuge elsewhere, has become a source of inconsistency, confusion, and exclusion in U.S. asylum law. Circuit courts have adopted two different approaches for determining whether an asylum seeker has firmly resettled in a third country. Despite the Board of Immigration Appeals’ attempt to unify these approaches through the introduction of a burden-shifting framework, courts remain divided, and there is no clear guidance on what constitutes firm resettlement. This Note argues that this lack of guidance has led to inconsistent court holdings and interpretations that conflict with the …

Red, White-, And Blue-Collar Crime: Federal Sentencing Practices Among White-Collar And Blue-Collar Offenders, Henna Judge

Fordham Law Review

Under the current federal sentencing regime, district courts exercise immense amounts of discretion when sentencing. Though strict adherence to the U.S. Sentencing Commission Guidelines (the “Guidelines”) was once mandatory, courts must now use these Guidelines as an advisory starting point and make a series of fact-specific determinations when sentencing a defendant. Though judicial discretion in this realm aids in preventing undue reliance on Guidelines-range recommendations that can lack nuance, it also invites bias.

In recent years, scholars and courts alike have called attention to a potential disparity in the way blue-collar and white-collar offenders are sentenced. This Note examines relevant …

Separation-Of-Powers Lochnerism, Andrea Scoseria Katz

Fordham Law Review

One hundred and twenty years ago, in 1905, the U.S. Supreme Court rendered one of the single most notorious opinions in history, striking down a New York labor law for violating the right to contract—a right found nowhere in the text of the Constitution. Though the era of Lochner v. New York is well past us, the judicial impulses that gave rise to the case remain. With a new champion in the Roberts Court, Lochnerism is alive and well, deployed in a new context to redefine the relationships between the president, Congress, federal agencies, and the courts.

Bringing together two …

Oligarchy, State, And Cryptopia, Julie E. Cohen

Fordham Law Review

Theoretical accounts of power in networked digital environments typically do not give systematic attention to the phenomenon of oligarchy—to extreme concentrations of material wealth deployed to obtain and protect durable personal advantage. The biggest technology platform companies are dominated to a singular extent by a small group of very powerful and extremely wealthy men who have played uniquely influential roles in structuring technological development in particular ways that align with their personal beliefs and who now wield unprecedented informational, sociotechnical, and political power. Developing an account of oligarchy and, more specifically, of tech oligarchy within contemporary political economy therefore has …

Fixing The Fix: The Case For Unifying The Remedial Framework Of Apa Rulemaking Challenges, Dea Devlin

Fordham Law Review

Vacatur is the default remedy for successful administrative rulemaking challenges brought under the Administrative Procedure Act (APA). Yet its broad and sweeping effects raise critical questions regarding its appropriateness as a one-size-fits-all remedy. Unlike injunctive relief, which is subject to a rigorous heightened standard, and remand without vacatur, which has a comparable standard of its own, vacatur is routinely awarded without similar scrutiny, leading to inconsistencies in the judicial application of remedies in APA challenges.

Although vacatur can provide a plaintiff with relief, its award conflicts with underlying principles of equity and proportionality. In rulemaking challenges, vacatur can create regulatory …

The Inevitability Of Local Environmental Law, Keith H. Hirokawa, Cinnamon Carlarne Hirokawa, Lauren A. Vanwagoner

Fordham Environmental Law Review

The United States is entering a new era of environmental law. Within the first few months of President Trump’s second term in office, the administration issued a mass of executive orders, memoranda and policy changes that seek to peel back environmental protections, in many cases, to the point of erasure. The administration shuttered entire agencies, such as USAID, dissolved the Environmental Protection Agency’s research arm, terminated life-saving programs like the National Weather Service’s translation service, cut funding to housing and public health initiatives, and eliminated diversity, equity, and inclusion programs across the country. Given the reality of these large-scale drawbacks, …

Rethinking Aquaculture Regulation In A Post-Chevron World, Kamaile A. N. Turčan

Fordham Environmental Law Review

After the Supreme Court overruled Chevron deference in Loper Bright v. Raimondo, commentators warned of the detriment to federal agencies resulting from the loss of judicial deference to agencies’ interpretations of the statutes they administer. This Essay takes a different approach and examines how advocates for agency authority can use this shift away from judicial deference to their advantage—by refocusing litigation strategy toward congressional delegations. Statutory interpretation arguments need no longer focus on whether an agency is intruding on the judicial prerogative to interpret the law and can now focus instead on whether a court is intruding on the …

An Alternate History Of Chevron, With A Lesson For Today, Michael Herz

Fordham Environmental Law Review

It is a banal truism that judicial deference to agency decisionmaking enables the executive branch to pursue its agenda, whatever that agenda may be. That was obvious to all in the early years of the Chevron decision, which was greeted enthusiastically on the right and skeptically on the left. In Chevron itself, and for a while thereafter, deference advanced the Reagan deregulatory program. Over the years, a subtler conclusion gained consensus: overall and in the long haul, judicial deference is likely to have a net pro-regulatory impact. Hence the right’s hardened opposition to Chevron leading up to its demise. But …

Beyond Agency Authority: Regulating Sulfur Hexafluoride Under An Enhanced Title Ii Framework Of The Clean Air Act, Matthew Gawley

Fordham Environmental Law Review

This paper explores the critical need for robust Congressional action to regulate sulfur hexafluoride (SF6), a greenhouse gas with a global warming potential more than 20,000 times greater than carbon dioxide. Recent Supreme Court decisions––in West Virginia v. EPA and Loper Bright Enterprises v. Raimondo––to restrict EPA authority and end the Chevron doctrine have curtailed federal environmental agencies’ regulatory authority, shifting the responsibility for addressing major environmental challenges back to Congress. Despite being addressed under Title I of the Clean Air Act (CAA) through the 2022 Inflation Reduction Act (IRA), current SF6 regulations prove grossly inadequate. The utilities industry––the largest …

Article Iii Standing For Cercla Private Cost Recovery Actions: How The Test's Strained Logic Belies Its Authority, Jonathan M. Palacios

Fordham Environmental Law Review

This Note examines how Article III standing doctrine applies to

private plaintiffs’ cost recovery actions under § 107(a)(4)(B) of the

Comprehensive Environmental Response, Compensation, and

Liability Act. A review of judicial decisions reveals inconsistencies

in the analysis of injury in fact and traceability, and suggests that

current Article III standing doctrine is misaligned with its purported

objectives. In response, this Note proposes a structured framework

for assessing injury in fact and a refined approach to analyzing

traceability that distinguishes between different forms of causal

uncertainty. These doctrinal adjustments should better align case

outcomes with Article III standing doctrine’s constitutional and …

Beyond Jarkesy: Rethinking The Role Of Administrative Law Judges In Sec Administrative Proceedings, Mark T. Uyeda, Jaime Marinaro

Fordham Journal of Corporate & Financial Law

No abstract provided.

The Federal Reserve’S Fight Against Covid-19: A Study Of The Corporate Bond Intervention, Noah Seilgson

Fordham Journal of Corporate & Financial Law

In response to the COVID-19 pandemic, the Federal Reserve (Fed) embarked on an unprecedented mission to stabilize the U.S. economy as businesses shut down. One emergency Fed facility, the Secondary Market Corporate Credit Facility (SMCCF), was used to purchase corporate bonds and corporate bond exchange-traded funds (ETFs) in the secondary market. This extraordinary measure, which injected liquidity into the corporate bond market, aimed to mitigate economic fallout for large companies. Purchasing corporate bonds marked a departure from previous Federal Reserve interventions, but the statutory authority was the same as had been used in past crises: Section 13(3) of the Federal …

Company Districts, C.J. Suglia

Fordham Journal of Corporate & Financial Law

Special districts that are owned or controlled by private entities and act almost uniformly like a company town can be dubbed a “company district.” These special districts, similar to historical company towns, have autonomy over the districts, control the local government, and only have to answer to the state government. Historical company towns like Pullman, Illinois and Hershey, Pennsylvania had almost canonical command over the land within their boundaries. Company districts operate their business similar to a company town—in a city that the private entity controls, but do not have employees living on-site. Company districts benefit by being immune to …

Algorithms In Finance: Balancing First Amendment Protections And Regulation, Yusraa Tadj

Fordham Journal of Corporate & Financial Law

As algorithms become a function of decision-making in the financial sector, policymakers, the judiciary, and academics grapple with regulatory questions. With the increased reliance on algorithms in finance, the Securities and Exchange Commission (SEC) proposed a rule to mitigate potential conflicts of interest that can arise out of financial firms using algorithms. Algorithm users, including financial firms, are finding novel ways to protect algorithm use, such as by offering them First Amendment protections.

This Note considers to what extent algorithms can be considered protected speech amidst the complexity of algorithms and relationship within the financial sector. The Note argues that …

Amending Regulation D'S Accredited-Investor Definition To Allow Natural Persons To Opt Out Of Unwanted Regulatory Protections, John L. Orcutt

Fordham Journal of Corporate & Financial Law

No abstract provided.

Crypto & The Climate: Will Local & National Environmental Regulation Save Or Stifle The Cryptocurrency Boom?

Fordham Environmental Law Review

As cryptocurrencies continue to gain traction among mainstream investors and consumers, regulators and lobbyists are increasingly taking note of the potential environmental impacts of the industry. At its core, the process of mining new currency for virtual wallets is energy intensive, which can place strains on electrical grids and accelerate the impacts of climate change. However, these effects are felt very differently depending on what source of electricity the mining operation utilizes and the methodology behind the specific currency. These variable factors are on the minds of legislators and regulators as public pressure to better understand and regulate the industry …

A Shifting Focus: How Algal Turf Scrubbers (Ats) In Natural Waterways Can Prevent Toxic Blooms And Could Save The Algae Energy Industry

Fordham Environmental Law Review

Biofuels have generated global interest among oil companies and governments. In particular, algal biofuels are slated to be more promising than traditional biofuel feedstocks, like corn and sugarcane, which are simultaneously cultivated as food products. However, the drawbacks of harvesting algae on a large industrial scale has led to intense criticism. Most critics focus on issues of sustainability, scalability of production, and the legal and ethical concerns of genetically modified crops. New research in cyanobacteria, however, illustrates algae’s potential to produce clean electricity in addition to oil, ethanol, and gasoline. Moreover, using Algal Turf Scrubbers (“ATS”) in natural waterways offers …

Why We Need A Constitutional Right To Healthy Environment In Canada

Fordham Environmental Law Review

The increasing demand for constitutional recognition of the right to a healthy environment (‘RTHE’) has been a matter of public concern and debate in many countries, including Canada.2 This paper asks, will a constitutional RTHE within the Canadian Constitution add any value when statutes already exist to protect the environment (and thereby health)? The present environmental statutes work towards protecting the environment, and by protecting the environment, public health can be protected.3 Together, both of them form a ‘healthy environment’, ie., an environment that fosters a healthy life.4 This paper will argue that there is additional value in recognizing a …

Regulatory Takings In Climate Change: Geo- Engineering One’S Way Around The Fifth Amendment, Noah Chase

Fordham Environmental Law Review

Picture yourself as the owner of a small business located in the downtown area of a large city; your business consists of a shop and an adjoining parking lot. A new regulation has just been passed which requires any owner of property within the city limits to paint all roofs and parking areas with a new reflective coating, in order to reduce the heat which is absorbed by such structures. The idea of closing your business down for this time, along with other connected issues, scares you, and you begin to wonder if your local government truly has your best …