Securities Law Commons^™

Do Representative Payments Matter?, Brian T. Fitzpatrick, Colton Cronin

Vanderbilt Law School Faculty Publications

For many decades, courts have awarded the representative plaintiffs who bring class actions an extra payment when the actions recover something for the class. It has long been thought that the payments are necessary to induce a class member to step forward and serve as a representative, and, without them, many class actions would go away. Indeed, we show that the payments had become all but ubiquitous in non-securities class actions. In 2020, however, the United States Court of Appeals for the Eleventh Circuit became the only circuit to hold the payments unlawful. We test whether the Eleventh Circuit's decision …

Initial Coin Offerings As An Alternative Method For Raising Capital: Legal Considerations And Regulatory Solutions In Indonesia, Juwita Patty Pasaribu, Febby Mutiara Nelson, Topo Santoso, Fransiska Ari

Indonesia Law Review

Blockchain technology has been used in various sectors, notably in facilitating crypto asset transactions, specifically for processing an Initial Coin Offering (ICO) or token sales that were first introduced in 2013. In Indonesia, it can be observed that there are several legal issues in the execution that expose them to potential misuse in the ICO transaction, leading to criminal activities. Additionally, Indonesia was ranked as the second-highest country in the world to experience crypto asset fraud schemes in 2019. To address legal issues related to ICO, this study aims to provide a comprehensive legal assessment of ICO as a modern …

Praktik Ethical Hacking Untuk Menjamin Keamanan Sistem Sebagai Upaya Mewujudkan Keamanan Dan Kerahasiaan Data Pribadi: Studi Komparasi Pengaturan Indonesia Dan Kanada, Amaraduhita Laksmi Prabhaswari, Henny Marlyna, Ayu Galuh Anggraini

Technology and Economics Law Journal

In the digital era that is increasingly integrated with electronic systems and technology, issues related to the security and confidentiality of personal data have become a crucial issue, especially in the midst of the increasing number of cyber attacks. The urgency of this protection is increasingly urgent along with the complex use of technology by PSE, both public and private. The practice of ethical hacking by contract based or policy-based emerged as a proactive effort in identifying and addressing security gaps in a system. Although in Canada this practice has been recognized as part of national security policy (RVDP), Indonesia …

Regulating Algorithmic Accountability In Financial Advising: Rethinking The Sec’S Ai Proposal, Chen Wang

Buffalo Law Review

As artificial intelligence increasingly reshapes financial advising, the SEC has proposed new rules requiring brokerdealers and investment advisers to eliminate or neutralize conflicts of interest arising from AI use. This Article critically assesses the proposal’s scope, rationale, and feasibility, contending that its sweeping definitions and prescriptive mandates risk overregulation and conflict with the SEC’s longstanding disclosure-based regulatory approach. Drawing on case law, fiduciary duties, Regulation Best Interest, and existing antifraud provisions, this Article argues that the current legal framework, grounded in disclosure and informed consent, remains sufficient to manage AI related conflicts. It cautions against imposing categorical conflict elimination requirements …

Regulatory Influence In The Financial Markets Revisited, Jessica E. Lees

BYU Law Review

Historically, the financial markets of the United States and their corresponding regulatory scheme wielded unique influence throughout the globe. But this influence is waning, due largely to the centralization of financial services rulemaking within the European Union and the growth of global emerging markets. It is thus an important time to consider the circumstances under which a jurisdiction may assume and exercise the global regulatory influence traditionally wielded by the U.S. regime.

This Article develops a new framework to specifically address regulatory influence within global financial regulation and financial markets more broadly, looking beyond market size to establish a more …

The Collection Problem: How The Circuit Split On Pleading Standards In Securities Fraud Claims Undermines Federal Regulatory Goals, Lucas Immer

St. John's Law Review

(Excerpt)

The Great Depression is generally recognized as the greatest economic calamity in United States history. One of the Great Depression’s many causes was reckless financial speculation driven in part by financial fraud. In response to the crisis, Congress passed the 1934 Securities Exchange Act (“the Exchange Act”), which courts have long held creates a private right of action for plaintiffs who experience an economic loss due to reliance on a material misstatement surrounding the purchase or sale of a security. A prima facie claim for securities fraud under the Exchange Act requires a showing of scienter, defined as “a …

Volume 48 Masthead

Seattle University Law Review

Volume 48 Masthead

Keynote Address: Community Over Constitution, Riddhi Mukhopadhyay

Seattle University Law Review

In this keynote address, Riddhi Mukhopadhyay challenges the veneration of the U.S. Constitution by highlighting its origins in exclusion and its continued failure to protect marginalized communities. Drawing from her experience in civil legal aid and gender justice, she argues that the Constitution was drafted to consolidate power among white, wealthy men and continues to reflect that legacy through racial, gender, and class-based inequities. While acknowledging the significance of constitutional amendments and landmark cases, Mukhopadhyay emphasizes that meaningful change has always come from community-led action, not top-down reform. Additionally, Mukhopadhyay calls on lawyers and legal advocates to center community, practice …

The Lost Child: A Critique On Transracial Adoption Rhetoric, Hallie Conyers-Tucker

Seattle University Law Review

Transracial adoption in the United States reflects a deeply rooted history of colonialism, cultural assimilation, and racial hierarchy, masked by rhetoric focused on the “best interest of the child.” The author critiques that rhetoric and traces how adoption practices and policies, both domestic and international, have evolved to reinforce systemic inequities. Through historical analysis of the forced adoption of Native American, Black, and Asian children, it reveals how the best interest standard has been wielded not to protect children but to uphold political and racial ideologies. The author argues that the prevailing adoption framework relies on child-saving and color-blind narratives …

A Global Reconstruction: Black Internationalism And The Human Rights Regime, Britta Redwood

Seattle University Law Review

Black American advocates for civil, political, and economic rights have long taken an internationalist approach and fostered connections with international organizations and transnational movements. This engagement has also been a generative force and played role in shaping international law. Beginning in the early years of the twentieth century, Black intellectuals and leaders, spearheaded by the NAACP and the UNIA, focused on human rights as a means for addressing and repairing the harms wrought by slavery, Jim Crow, and racism. From the Paris Peace Conference of 1919 through the Universal Declaration of Human Rights, the Genocide Convention, and the drafting of …

The Gap: Addressing The Missing Piece In HawaiʻI’S Anti-Discrimination Laws On Credit And Lending, Wendy Mun

Seattle University Law Review

This author addresses the significant gap in Hawaiʻi’s anti-discrimination laws, specifically the lack of explicit protections for LGBTQ+ individuals against credit and lending discrimination. Although federal laws like the Equal Credit Opportunity Act (ECOA) and recent interpretations by the Consumer Financial Protection Bureau (CFPB) extend some protections, they remain vulnerable to shifting federal priorities and interpretations. The author explores how other states, particularly California and Washington, have enacted robust statutory protections that clearly prohibit credit discrimination based on sexual orientation and gender identity. They argue that Hawaiʻi, despite its large LGBTQ+ population, must amend its credit protection laws to reflect …

The U.S. Drug Policy Hamster Wheel: A Critical Discourse Analysis Of Seattle’S New Drug Ordinance, Hallie Conyers-Tucker

Seattle University Law Review

The author critically examines Seattle’s new drug ordinance using Critical Discourse Analysis (CDA) to reveal how legislative language influences the policy's actual effect. Although the ordinance claims to prioritize diversion and community health, the use of permissive language such as “may” and “shall” grants broad discretionary power to law enforcement and undermines the stated intent. The author situates the ordinance within a broader historical context, highlighting how drug policy in the United States has consistently been shaped by racialized and stigmatizing narratives. Additionally, the author argues that meaningful reform requires reframing the discourse around substance use to support public health …

Something Concrete: How Labor Advocates Can Best Respond To The Ambiguity Of Glacier Northwest, Ateş Serifsoy

Seattle University Law Review

The Supreme Court’s much-anticipated decision in Glacier North-west, Inc. v. International Brotherhood of Teamsters Local No. 174 (Glacier) marked a critical moment for workers’ rights under the National Labor Relations Act (NLRA) and the longstanding practice of Garmon preemption. Yet, initial fears of a significant rollback of workers’ rights, driven by sensational headlines, were met with an unexpectedly narrow Court opinion. This Comment examines Glacier’s implications for Gar-mon preemption and the right to strike. It offers the historical background of the doctrine of labor law preemption before Glacier; presents a detailed analysis of Glacier itself, including its …

Table Of Contents

Seattle University Law Review

Table of Contents

Can The Law Protect My Craft? How Gaps In Copyright Of Knitting Patterns Symbolize A Greater Struggle For Protecting Traditionally Feminine Forms Of Intellectual Property, Kysa Walzer

Seattle University Law Review

The purpose of this article is to demonstrate the application of intel-lectual property rights within the context of copyright protection of knit-ting patterns. The article will discuss the underutilization of copyright pro-tection for knitters and crafters and its larger impact upon craft and indus-try traditionally comprised of women. Part I introduces knitting patterns and a short history of copyright protections. Part II discusses the specific areas within knitting patterns and the knitting community which give rise to legal grey areas for copyright protection. Part III discusses the larger implications of copyright and intellectual property in spaces where women traditionally make …

A New Exclusionary Rule To Protect Bodily Integrity And Discourage Pretext Stops, Josephine Ross

Seattle University Law Review

The author proposes a novel state-level exclusionary rule to reduce racial profiling and protect bodily autonomy during police encounters. The current Fourth Amendment jurisprudence fails to deter pretextual stops and frisks because the exclusionary rule often turns on officer fault and "good faith," allowing racially motivated practices to go unchecked. As federal rollbacks on diversity and data collection hinder efforts to track racial bias, the author argues for a statutory evidentiary rule that automatically excludes drug evidence found during (1) traffic stops, (2) pat-downs for weapons, and (3) consent searches, regardless of an officer’s intent or the legality of the …

Navahine V. HawaiʻI Dept. Of Transportation: The Keiki Will Lead Us, Catherine Smith

Seattle University Law Review

The author analyzes the landmark case Navahine v. Hawaiʻi Department of Transportation, which culminated in the world’s first constitutional climate settlement. Catherine Smith, serving as an expert for the youth plaintiffs, situates the case within Hawaiʻi’s legal tradition of prioritizing children’s rights and intergenerational equity. She explores the evolution of children’s constitutional protections, contrasting Hawaiʻi’s progressive jurisprudence with the dominant adult-centric legal framework on the mainland. She critiques four recurring analytical missteps in U.S. courts that marginalize children’s interests and highlights Hawaiʻi’s public trust doctrine and cultural values, such as the Aloha Spirit, as models for addressing climate-related harms. …

Constitutional Futurism As Pedagogy, Jeremiah Chin

Seattle University Law Review

Constitutional Law has transformed from a course on history to a discussion of current events. Cases like Students for Fair Admissions v. Harvard College, Dobbs v. Jackson Women’s Health Organization, and Loper Bright Enterprises v. Raimondo reveal that the study of constitutional law is not a static, or even linear, discussion of constitutional text and history. Law is a shifting, changing enterprise that reflects social constructions of power, authority, and identity. How do we teach, learn, and understand constitutional law that is so laden with history, riddled with theories of consistency and adherence to precedent, but ultimately subject …

المهارات القيادية ودورها في اتخاذ القرارات أثناء إدارة الأزمات, مفلح حامد السلمي

Journal of the Association of Arab Universities for Research in Higher Education مجلة اتحاد الجامعات العربية للبحوث في التعليم العالي

هدفت الدراسة إلى التعرف على المهارات القيادية ودورها في اتخاذ القرارات أثناء إدارة الأزمات في المنظمات، واستخدم الباحث المنهج الوصفي المسحي، وقائمة الاستقصاء كأداة للدراسة، وتم اختيار عينة عشوائية بسيطة عددها (648) مفردة لتطبيق هذه الدراسة، وتوصلت الدراسة إلى عدة نتائج من أبرزها: أن أفراد عينة الدراسة موافقون بشدة على أبرز المهارات القيادية لإدارة الأزمات بمتوسط حسابي بلغ (4.48)، وأن أفراد عينة الدراسة موافقون على واقع اتخاذ القرارات أثناء إدارة الأزمات في المنظمات بمتوسط حسابي بلغ (3.91)، وأن أفراد عينة الدراسة موافقون بشدة على مدى تأثير المهارات القيادية في عملية اتخاذ القرارات أثناء إدارة الأزمات بمتوسط حسابي بلغ (4.49)، كما …

إدارة الازمات بالذكاء الاصطناعي: دراسة تحليلية لبناء نموذج تكاملي, نعيم عطا الله الجهني

Journal of the Association of Arab Universities for Research in Higher Education مجلة اتحاد الجامعات العربية للبحوث في التعليم العالي

هدفت هذه الدراسة التحليلية الى تقديم نموذج تكاملي يحقق التكامل بين نماذج إدارة الأزمات التقليدية وتطبيقات الذكاء الاصطناعي وذلك من خلال استعراض أهم نماذج إدارة الأزمات ومعرفة الفائدة من تكاملها مع الذكاء الاصطناعي وتسليط الضوء على تطبيقات الذكاء الاصطناعي في إدارة الأزمات مع ايضاح المتطلبات الأساسية لتحقيق هذا التكامل وتم الاعتماد على المنهج الوصفي التحليلي من حيث وصف الأبعاد والمتغيرات المتصلة بمشكلة الدراسة وذلك بالرجوع الى الأدبيات النظرية والدراسات السابقة الحديثة التي تناولت موضوع الدراسة.

This analytical study aimed to present an integrative model that achieves integration between traditional crisis management models and artificial intelligence applications. This was achieved by …

Minority Day Hearing On American Innovation And The Future Of Digital Assets: From Blueprint To A Functional Framework, Hilary J. Allen

Legislative Testimony & Comments

When we hear from the crypto industry that existing regulation is incompatible with their technology, that is a misdirection. It is entirely possible for a blockchain-based technology business to comply with existing investor protection and financial stability regulation. However, for many crypto businesses, it may be true that existing regulation is incompatible with the economics of their business model, especially if their business model depends on doing things that we have learned, over the years, tend to harm people. But we have little to lose as a society from limiting the profitability of this kind of business model; unfortunately, the …

The Safe Harbor For Leveraged Buyouts In Bankruptcy, David G. Carlson

Articles

No abstract provided.

Robin Hood Or Robbin’ The Goods? The Second Circuit Restores Sec Disgorgement To Equity In Sec V. Govil, Nikolette C. Dusevic

Villanova Law Review (1956 - )

No abstract provided.

Session 2: The Cases For Industry Self-Regulation And Government Regulation Of Ai, Boaz Ashkenazy, Kevin Bartholomew, Kevin De Liban, Christopher Yoo

SITIE Symposiums

In Session Two of the SITIE 2025 Symposium titled “The Cases for Industry Self-Regulation and Government Regulation of AI,” moderated by Seattle University Technology Ethics Initiative Director and Professor Onur Bakiner, the panelists discuss their perspectives and experiences with AI regulation. They share observations about the industry and delve into the topics of AI complexity, concerns around accountability, the shift to agentic AI, the current state of AI regulation, existing legal guardrails, and their outlook on AI regulation.

Beyond Issuers: The Future Of Private Securities Litigation, Joshua Mitts

Faculty Scholarship

Private securities litigation has traditionally been viewed as a subfield of corporate governance, reducing agency costs by disciplining wayward management. In this brief Symposium essay, I argue that the future of private securities litigation lies beyond issuers. I discuss how a fraud claim under Rule 10b-5 can be understood as a kind of economic tort, and set out, in broad strokes, an economic analysis of claims against non-issuer defendants. I then consider emerging trends in the case law against non-issuers in social media and market manipulation cases. I conclude by identifying some challenges and opportunities for securities litigation in a …

The Past, Present, And Future Of Proxy Voting Choice, Dorothy S. Lund

Faculty Scholarship

This article provides an early attempt at understanding what voluntary pass-through voting could mean for the marketplace. I first provide an overview of my argument in my 2018 Journal of Corporation Law article and the events that followed. I then survey passthrough voting initiatives that have taken hold at three asset managers — BlackRock, Vanguard, and State Street. I then conclude with some preliminary observations about how voting choice is likely to affect the proxy voting landscape and outline open questions.

Building Open Finance, Douglas W. Arner, Ross P. Buckley, Christine M. Wang, Dirk A. Zetzsche

Notre Dame Journal of International & Comparative Law

As one of the most digitalized sectors of the economy, finance is increasingly dependent on data. Over the past decade, the implementation of Open Banking and Open Finance in an increasing number of major jurisdictions around the world, including the European Union (EU), the United Kingdom (UK), Australia, Brazil, and the United Arab Emirates (UAE), seeks to break down data silos, empower consumers, and increase competition among financial service providers, aiming to maximize the value of financial data for innovation, growth, and competitiveness. In addition to mandatory requirements, other governance approaches to Open Finance, including collaborative arrangements and voluntary initiatives, …

Social (In)Securities: Should Mass Communication Via Social Media Give Rise To Seller Liability Under Section 12(A) Of The Securities Act? A Proposal To Reconcile The Emerging Circuit Split After Pino, Anika Austin

Brooklyn Law Review

The internet and social media have not only changed the way we shop, communicate, and seek information, but has also profoundly transformed the financial industry, reshaping how we seek and receive financial advice. Moving away from traditional advisor-client interactions, younger, digital-savvy generations favor seamless online experiences in every aspect of their lives. The rise of user-friendly trading applications and pandemic-driven online engagement has further accelerated this trend, introducing both opportunities and risks for users and those offering financial advice. The use of social media in promoting investments raises concerns about market manipulation, inadequate investor protections, and the application of outdated …

Insider Trading On Undisclosed Corporate Information: Diamond V. Oreamuno, John M. Whalen

Maine Law Review

The New York Court of Appeals recently ruled that a corporation may hold its officers and directors, who use material inside information, accountable for gains realized by them from transactions in the company's stock. The purpose of this note is to analyze Diamond v. Oreamuno in light of the existing federal law and to propose its application in the federal system.

Variable Life Insurance And The Federal Securities Laws, Maine Law Review

Maine Law Review

The Securities and Exchange Commission has recently ruled that variable life insurance contracts are "securities" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 and, therefore, subject to the registration and disclosure requirements of those acts. Perhaps more significantly, the SEC also found the Investment Company Act of 1940 and the Investment Advisers Act of 1940 applicable to companies issuing variable life insurance, but decided to exempt insurance companies from the requirements of these statutes in deference to developing state regulation. This comment explores the legal issues raised by the SEC decision.