Business Organizations Law Commons^™

Inequity In Equities: Spacs And The Expansion Of The Retail Market, Usha Rodrigues, Michael Stegemoller

BYU Law Review

Federal securities law creates a divide between the haves and the have-nots: On one side are the wealthy, who can invest in private companies; on the other side stand the rest of us, noses pressed up against the glass. Ordinary (or retail) investors are on the outside looking in because generally they can only invest in companies after they have gone public. Even the traditional process of going public typically keeps coveted initial public offering (IPO) shares in the hands of the rich. Put differently, even as a private firm debuts on the public markets, the wealthy take their cut …

The Harm In The Fiduciary Myth, Kelli Alces Williams

BYU Law Review

Fiduciary law has become the doctrine of choice in scholarship aiming to protect vulnerable parties from powerful decisionmakers. But fiduciary law cannot fill all the gaps in those impersonal, public relationships because the beneficiary class is large, disparate, and widely dispersed. Public leaders and decision makers cannot zealously pursue the interests of all parties vulnerable to their decision making and they are often driven by various personal interests in choosing which set of beneficiary interests to prioritize. The persistent myth that leaders of large groups are fiduciaries and that fiduciary obligation is the answer to all power imbalance problems harms …

Wright Et. Al. V. Oppenheimer, Order On Motions To Dismiss, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

John And Cynthia Kearney, Et. Al. V. Oppenheimer, Order On Motions To Dismiss, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Esg & Caremark: Shareholders Might Lack Adequate Tools To Voice Esg Concerns And To Hold Boards Of Directors Accountable For Esg Oversight, Meryl Roux Jimenez

University of Miami Business Law Review

Environmental, Social, and Government (“ESG”) practices are no longer an area that corporations can ignore. A corporation’s failure to oversee an ESG risk can lead to a reputational scandal for the company, which, ultimately, hurts shareholders. The only primary legal recourse for shareholders to hold a board of directors accountable—for breaching its fiduciary duty to oversee a risk— is to bring a Caremark action in court. While most Caremark actions have proved favorable to shareholders in the past two decades, it is an imperfect and reactive framework for ESG related claims. Corporations are pulled in two opposite directions: maximizing shareholders’ …

Lendingpoint V. Bdo And Powell, Order On Discovery Disputes, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

A Legal Analysis Of The Competition And Antitrust Law Enforcement Reform Act Of 2021, Nicholas Owczarzak

Honors Theses

This legal analysis examines the “Competition and Antitrust Law Enforcement Reform Act of 2021” proposed by Senator Amy Klobuchar, which would amend Section 7 of the Clayton Act to prohibit more anticompetitive mergers and acquisitions. Senator Klobuchar and other antitrust law experts disagree with how courts currently evaluate mergers using the Chicago School of Thought, and Klobuchar sought to strengthen antitrust laws which would change the way mergers are evaluated. This bill mainly aimed to create a lower burden of establishing an anticompetitive merger, from mergers that may “substantially lessen competition” to mergers that may “create an appreciable risk of …

The Fiduciary Duty Of Dissent, Joseph W. Yockey

Villanova Law Review (1956 - )

No abstract provided.

The Impossibility Of Corporate Political Ideology: Upholding Sec Climate Disclosures Against Compelled Commercial Speech Challenges, Erin Murphy

Northwestern University Law Review

To address the increasingly dire climate crisis, the SEC will require public companies to reveal their business’s environmental impact to the market through climate disclosures. Businesses and states challenged the required disclosures as compelled, politically motivated speech that risks putting First Amendment doctrine into further jeopardy. In the past five years, the U.S. Supreme Court has demonstrated an increased propensity to hear compelled speech cases and rule in favor of litigants claiming First Amendment protection from disclosing information that they disagree with or believe to be a politically charged topic. Dissenting liberal Justices have decried these practices as “weaponizing the …

Racial Targets, Atinuke O. Adediran

Northwestern University Law Review

It is common scholarly and popular wisdom that racial quotas are illegal. However, the reality is that since 2020’s racial reckoning, many of the largest companies have been touting specific, albeit voluntary, goals to hire or promote people of color, which this Article refers to as “racial targets.” The Article addresses this phenomenon and shows that companies can defend racial targets as distinct from racial quotas, which involve a rigid number or proportion of opportunities reserved exclusively for minority groups. The political implications of the legal defensibility of racial targets are significant in this moment in American history, where race …

1l Q&A Lunch, Cardozo Business Law Society

2023–2024 Flyers

No abstract provided.

Impact Ipsa Loquitur: A Reverse Hand Rule For Consumer Finance, Edward Janger, Susan Block-Lieb

Faculty Scholarship

No abstract provided.

A Look Back In Time: Analyzing The Success And Value Of The 2014 Amendments To Rule 2a-7 And Reporting On Form N-Cr In Light Of The March 2020 Market Events, Jocelyn Near

Catholic University Law Review

Money market funds have frequently been a target of regulation by the Securities and Exchange Commission (“SEC”). Perhaps the most expansive regulation came as a response to the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck.” The SEC’s misguided 2014 reforms exacerbated the inherent risks of money market funds, including the risk of runs and first mover advantage, particularly with the implementation of Form N-CR. Form N-CR requires a money market fund to publicly report when various events occur, including when a retail or government money market fund’s current net asset value per share deviates downward …

Downstreaming, Rachel Landy

Articles

Spotify and its competitors all offer the same product at the same price. Why? Scholars have argued that relationships can be designed in a way that naturally promotes innovation. By “braiding” certain formal contracting practices with informal enforcement norms, parties develop a frame-work that supports trust and positive, long-term collaboration. This Article takes on this consensus and shows that not all braiding is good. Using the multibillion-dollar subscription music streaming business as an illustration, it demonstrates just how industry forces can, and do, overcome braiding’s positive slant. In that industry, the major record labels (Universal, Warner, and Sony) weaponize braiding …

Bounded Entities And (Some Of) Their Discontents, Saurabh Vishnubhakat

Articles

In his new article An Organizational Theory of International Technology Transfer, Professor Peter Lee offers two richly detailed accounts at once. One is a novel theoretical framework of "bounded entities" that generalizes both from the classic theory of the firm and, of more recent vintage, from the knowledge-based theory of the firm to specify a broader notion of organizations that are bounded in the sense of robust internal integration through corporate or contractual means. In short, such entities are not firms but resemble them in consequential ways. The other account is a practical elaboration of bounded entities that are multinational …

Disclosure, Greenwashing, And The Future Of Esg Litigation, Barbara Ballan, Jason J. Czarnezki

Washington and Lee Law Review

The Environmental, Social, and Governance (“ESG”) disclosure movement is expanding both voluntarily, as businesses choose to disclose this information, and mandatorily, as government agencies impose disclosure requirements. As ESG disclosure expands, so do the litigation risks. “Greenwashing” refers to presenting false or misleading environmental or sustainability (i.e., “green”) qualities of products, services, or practices. Businesses may greenwash consumers as well as investors with false and misleading ESG disclosures in advertising, securities filings, or other public statements activating greenwashing litigation from investors and consumers. This Article addresses (1) the laws and regulations that cover consumer and securities greenwashing litigation, (2) how …

Educating Deal Lawyers For The Digital Age, Heather Hughes

Fordham Law Review

Courses and programs that address law and emerging technologies are proliferating in U.S. law schools. Technology-related issues pervade the curriculum. This Essay presents two instances in which new technologies present challenges for deal lawyers. It explores how exposing students to closing opinions practice can prepare them to engage these challenges. Both examples involve common commercial contexts and lessons relevant to students of business associations and of the Uniform Commercial Code. The first, which deals with enforceability opinion letters, presents technical legal difficulties arising from recent developments in law and technology. The second, involving complex doctrines at the heart of financial …

Criminal Subsidiaries, Andrew K. Jennings

Fordham Law Review

Corporate groups comprise parent companies and one or more subsidiaries, which parents use to manage liabilities, transactions, operations, and regulation. Those subsidiaries can also be used to manage criminal accountability when multiple entities within a corporate group share responsibility for a common offense. A parent, for instance, might reach a settlement with prosecutors that requires its subsidiary to plead guilty to a crime, without conviction of the parent itself—a subsidiary-only conviction (SOC). The parent will thus avoid bearing collateral consequences—such as contracting or industry bars—that would follow its own conviction. For the prosecutor, such settlements can respond to criminal law’s …

Are Employee Noncompete Agreements Coercive? Why The Ftc's Wrong Answer Disqualifies It From Rulemaking (For Now), Alan J. Meese

Faculty Publications

The Federal Trade Commission recently proposed a rule banning nearly all employee noncompete agreements (“NCAs”) as unfair methods of competition under Section 5 of the Federal Trade Commission Act. The proposed rule reflects two complementary pillars of an aggressive new enforcement agenda championed by Commission Chair Lina Khan, a leading voice in the Neo-Brandeisian antitrust movement. First, such a rule depends on the assumption, rejected by most prior Commissions, that the Act empowers the Commission to issue legislative rules. Proceeding by rulemaking is essential, the Commission has said, to fight a “hyperconcentrated economy” that injures employees and consumers alike. Second, …

Initial Public Offering: Perlindungan Hukum Pemegang Saham Minoritas Dan Pengaruh Terhadap Kinerja Perusahaan, Alifia Jasmine, Azmi Yasmine, Nurul Hulwanita Sharfina, Aisyah Hanifah Fathhurrohmah

Jurnal Hukum & Pembangunan

This research discusses Initial Public Offerings: Legal Protection of Minority Shareholders and Its Influence on Company Performance. This research aims to provide knowledge to the public regarding legal protection for minority shareholders and its influence on company performance from a national legal perspective. This type of research is normative research with the research approach used is a legal and conceptual approach. The research results show that: (1) The process of attracting investors to invest their capital cannot be separated from good regulations and legal certainty. Basically there are 2 (two) types of capital investment, namely direct investment and capital investment. …

Jalan Buntu Atau Terobosan Memahami Penawaran Tender Dalam Akuisisi Di Indonesia Dan Isu Pengendalian Perusahaan Ganda, Bilal Firmansyah

Jurnal Hukum & Pembangunan

Corporate actions are commonly undertaken by companies to gain profits. An acquisition is one example of a corporate action that generates positive sentiment in the market, thereby attracting the attention of many companies. However, as a consequence of an acquisition, each company involved is required to make a mandatory tender offer for the remaining shares not acquired during the acquisition process. This mandatory tender offer is regulated by the Financial Services Authority Regulation No. 9/POJK.04/2018 (Regulation on the Takeover of Public Companies), which allows for certain exceptions in its implementation. The issue arises when the exception to the mandatory tender …

Jack Tribble V. Andrew Heaner, Et. Al., Order On Defendants' Joint Motion To Dismiss, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Cardozo Dispute Resolution Society Presents: Wine Negotiation, Cardozo Dispute Resolution Society, Cardozo Wine Society

2023–2024 Flyers

No abstract provided.

Anibal Torres, Et. Al. V. Scott Honan, Et. Al., Order On Motion To Dismiss And Motion For More Definite Statement, Eric A. Richardson

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

An Unfair Method Of Rulemaking: An Application Of Constitutional Doctrines That Oppose The Ftc Rule Banning Non-Competition Agreements, Jared Yaggie

University of Cincinnati Law Review

No abstract provided.

Born In The U.S.A.: Analyzing The Domesticity Of Judgments In The Civil Rico Context, Alex Reid

University of Cincinnati Law Review

No abstract provided.

The Extent Of The Application Of Governance And The Degree Of Its Association With Financial Indicators And Obstacles To Their Application In Companies Listed On Palestine Stock Exchange, خالد زبدة, عمر أبو عيده

Jerash for Research and Studies Journal مجلة جرش للبحوث والدراسات

The main objective of this research is to recognize the reality of the application of governance in the Palestinian companies, and also to analyze the relationship between some financial indicators of those companies with the governance implementation level. For instance, ROA, ROE, Paid-up Capital, R/P, Stock market value, stock book value, and Net income, trying also to identify the obstacles facing its implantation, and to suggest measures that will help to improve the level of application of corporate governance in these companies This study was applied to all (48) companies listed on the Palestine Stock Exchange, divided into five sectors …

Boden Lecture: Of Chameleons And Esg, Ann M. Lipton

Marquette Law Review

Ever since the rise of the great corporations in the late nineteenth and early

twentieth centuries, commenters have debated whether firms should be run

solely to benefit investors, or whether instead they should be run to benefit

society as a whole. Both sides have claimed their preferred policies are

necessary to maintain a capitalist system of private enterprise distinct from

state institutions. What we can learn from the current iteration of the debate—

now rebranded as “environmental, social, governance” or “ESG” investing—

is that efforts to disentangle corporate governance from the regulatory state

are futile; governmental regulation has an inevitable …

Lifecycle Of A Restaurant A Legal Perspective, Cardozo Business Law Society

2023–2024 Flyers

No abstract provided.

Law And Social Justice: Operationalizing Stakeholder Theory In Governmental Regulations And Corporate Decision-Making For Social And Economic Sustainability, Resilience, And Democracy, Daniel Herron, Laura Powell

Pace International Law Review

It is time to shed the twentieth century capitalistic ways of shareholder maximization. It is time to fashion a “new” capitalism which retains the competitive dynamic but redefines its force to create a more socially just society. That is a huge order, to say the least. But, there is a path to that end. The 2019 U.S. Business Roundtable’s announcement, the creation of the Benefit Corporation, and the United Kingdom’s 2006 Companies Act began that process. These developments are enabling the beginning of the redefining of one of the bedrocks of capitalism: fiduciary obligation. The methodology of these developments is …