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Articles 121 - 133 of 133

Full-Text Articles in Securities Law

The Level Playing Field, Constantine N. Katsoris Jan 1989

The Level Playing Field, Constantine N. Katsoris

Fordham Urban Law Journal

The years 1987-1989 (hereinafter the "Dickens years" or "Dickens period") have been extremely volatile for the securities industry. Regardless of the causes, this volatility has become a fact of life resulting in enormous profits for some and enormous losses for others. One outgrowth of these losses is the explosion of litigation between the individual investors and the securities industry. Not only has the amount of litigation mushroomed, but the disputes have become significantly more complex. During the Dickens years, the forum for the resolution of these disputes has shifted from the courtroom to arbitration. This dramatic switch is largely the …

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Broker-Dealer Responsibility In Reguation D Transacctions, Matthew Joonho Jeon Jan 1988

Broker-Dealer Responsibility In Reguation D Transacctions, Matthew Joonho Jeon

Fordham Urban Law Journal

The Note examines the responsibilities that a broker-dealer has under section 12(2) of the Securities Act of 1933, in Regulation D transactions. The author concludes that because the private placement market for securities generally consists of those persons who are sophisticated and knowledgeable in financial matters, these investors do not need the full protection of the Securities Act's registration requirements. Consequently, broker-dealers involved in Regulation D transactions should not be required to exercise "due diligence."

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Securities Law Fifth Circuit Symposium, Steve Thel Jan 1988

Securities Law Fifth Circuit Symposium, Steve Thel

Faculty Scholarship

The Fifth Circuit decided some important securities cases during the survey period and issued some interesting opinions. Although the court consistently claimed a conservative reliance on precedent and seldom acknowledged making new law, it interpreted some well-established doctrine in surprising ways. The past year's opinions in fraud cases provide guidance in the related areas of reliance, damages, and plaintiff's due diligence. The year also witnessed important developments in the law governing the relationship between brokerage firms and their clients. The most spectacular development in this area during the survey year was the October collapse in security prices. In light of …

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Regulation Of Manipulation Under Section 10(B): Security Prices And The Text Of The Securities Exchange Act Of 1934, Steve Thel Jan 1988

Regulation Of Manipulation Under Section 10(B): Security Prices And The Text Of The Securities Exchange Act Of 1934, Steve Thel

Faculty Scholarship

No abstract provided.

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Closing A Loophole: Insider Trading In Standardized Options, Steve Thel Jan 1987

Closing A Loophole: Insider Trading In Standardized Options, Steve Thel

Fordham Urban Law Journal

This article is a Commentary on a previous Note published in the Fordham Urban Law Journal (Note, Insiders, Options and the Fiduciary Principle: A Rule 10b-5 Loophole, 16 Fordham Urb. L.J. 295 (1988)). The Note argued that the Supreme Court has expressly endorsed only one theory of insider trading liability, in Chiarella v. United States. By the simple expedient of trading options on common stock rather than the common stock itself, an insider can escape Rule 10b-5 liability under Chiarella.

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The Securities Arbitrators' Nightmare, Constantine N. Katsoris Jan 1986

The Securities Arbitrators' Nightmare, Constantine N. Katsoris

Fordham Urban Law Journal

Securities arbitration panels have arisen to deal with the rising tide of securities litigation. However, the application of arbitration procedure to securities claims has caused problems with clashes of procedure and enforcement issues. The United States Arbitration Act was passed to The Supreme Court addressed some of those issues in Dean Witter Reynolds Inc. v. Byrd, but did not determine whether Wilko v. Swan's effective repeal of the Arbitration Act as it applies to securities claims brought under the Securities Act of 1933 also covered securities claims brought under the Securities Act of 1934. The author eventually determines that because …

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Tax Shelter As A Security: The Use Of Tax Returns In A 10b-5 Action, Risa A. Levine Jan 1986

Tax Shelter As A Security: The Use Of Tax Returns In A 10b-5 Action, Risa A. Levine

Fordham Urban Law Journal

This student note examines the consequences to investors who initially invest through tax shelters, and whose investments later fail, resulting in liability. The author questions policy for treating those investments in a similar manner to other securities fraud, by looking at the history and procedure of a 10b-5 private cause of action. Tax returns can be used to evaluate the liability and penalties for SEC actions and the ensuing private actions. The author concludes that because 10b-5 actions are judicially created, they must be carefully cabined and screened for reliable indications of harm to the investor. Tax returns should be …

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Section 106 Of The Secondary Mortgage Market Enhancement Act Of 1984 And The Need For Overriding State Legislation, David J. Bleckner Jan 1985

Section 106 Of The Secondary Mortgage Market Enhancement Act Of 1984 And The Need For Overriding State Legislation, David J. Bleckner

Fordham Urban Law Journal

Title I of the 1984 the Secondary Mortgage Market Enhancement Act (SMMEA) was designed to remove some of the regulatory barriers that previously inhibited the development of a private market for mortgage-backed securities. Section 106 of Title I, which provided for federal regulation, preempted blue sky laws requiring registration of mortgage-backed securities and regulatory statutes affecting investment in mortgage-backed securities by state-chartered financial institutions. This Note examines whether the states should enact legislation to override the federal preemptions. Initially, this Note provides an overview of the secondary market for home mortgages by examining the factors leading to the enactment of …

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The Gnma Securities Market: An Analysis Of Proposals For A Regulatory Scheme, Janice L. D'Arrigo Jan 1981

The Gnma Securities Market: An Analysis Of Proposals For A Regulatory Scheme, Janice L. D'Arrigo

Fordham Urban Law Journal

This article explains the history behind the Government National Mortgage Association Mortgage-Backed Securities ("MSB") program, created in the 1960's to increase and stabilize the supply of residential mortgage credit to attract a broad base of investors. It also discusses the formation of the Government National Mortgage Association ("GNMA" or Ginnie Mae"), whose purpose is to assume certain functions of the Federal National Mortgage Association ("FNMA") that could not be carried out in the private market. It addresses the issue that Ginnie Maes are not regulated under the federal securities laws, and that as a result, trading abuses in the Ginnie …

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The Proposed Federal Securities Code: Time To Recognize That Financial Information Becomes Stale, Scott V. Simpson Jan 1981

The Proposed Federal Securities Code: Time To Recognize That Financial Information Becomes Stale, Scott V. Simpson

Fordham Urban Law Journal

This note addresses the Federal Securities Code ("Code"), developed by the American Law Institute ("ALI"). It specifically focuses on the underlying policy of continuous disclosure implemented by the Code, which requires companies to register once and then continuously disclose to the securities marketplace important developments on their financial position. This note poses a question: "At what point does financial information become stale?" It focuses on the nature of stale financial information by reviewing the treatment of staleness in common law fraud and bankruptcy cases. It then analyzes the approach taken with regard to stale financial information in existing securities law. …

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The Proposed Federal Securities Code: Time To Recognize That Financial Information Becomes Stale, Scott V. Simpson Jan 1981

The Proposed Federal Securities Code: Time To Recognize That Financial Information Becomes Stale, Scott V. Simpson

Fordham Urban Law Journal

This note addresses the Federal Securities Code ("Code"), developed by the American Law Institute ("ALI"). It specifically focuses on the underlying policy of continuous disclosure implemented by the Code, which requires companies to register once and then continuously disclose to the securities marketplace important developments on their financial position. This note poses a question: "At what point does financial information become stale?" It focuses on the nature of stale financial information by reviewing the treatment of staleness in common law fraud and bankruptcy cases. It then analyzes the approach taken with regard to stale financial information in existing securities law. …

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The Effect Of The New Sec Rules On The Constitutionality Of State Takeover Statutes, Kathleen E. Slusser Jan 1980

The Effect Of The New Sec Rules On The Constitutionality Of State Takeover Statutes, Kathleen E. Slusser

Fordham Urban Law Journal

This Note examines the constitutionality of state takeover statutes in light of the SEC's 1979 adoption of new merger rules governing tender offers. It discusses the procedural and substantive requirements of both the Williams Act and the new SEC rules, the state takeover statutes, and the preemption question that is raised by the combination of these laws. The author then argues that state takeover statutes are unconstitutional by virtue of their conflict with specific provisions of the new SEC rules.

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Case Note: Securities Law - Pensions - An Involuntary Noncontributory Employee Pension Fund Is A "Security" Under The Federal Securities Laws, Peter J. Kurshan Jan 1977

Case Note: Securities Law - Pensions - An Involuntary Noncontributory Employee Pension Fund Is A "Security" Under The Federal Securities Laws, Peter J. Kurshan

Fordham Urban Law Journal

In this case note, Peter J. Kurshan analyzes Daniel v. International Brotherhood of Teamsters, 410 F. Supp. 541 (N.D. Ill. 1976), appeal docketed, No. 76-1855 (7th Cir. April 29, 1976). Plaintiff union member John Daniel was denied the right to receive union pension benefits after working for twenty-two and one half years. The trustees of the Local 705 Fund denied the benefits because Daniel's employment was not continuous. They contended that Daniel did not meet the conditions of the union pension plan, since he had been laid off involuntarily for several months. As a result, Daniel brought a class action …

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