Antitrust and Trade Regulation Commons^™

Total Return Meltdown: The Case For Treating Total Return Swaps As Disguised Secured Transactions, Colin P. Marks

Faculty Works

Archegos Capital Management, at its height, had $35 billion in assets. But in the spring of 2021, in part through its use of total return swaps, Archegos sparked a $30 billion dollar sell-off that left many of the world's largest banks footing the bill. Mitsubishi UFJ Group estimated a loss of $300 million; UBS, Switzerland's biggest bank, lost $861 million; Morgan Stanley lost $911 million; Japan's Nomura lost $2.85 billion; but the biggest hit came to Credit Suisse Group AG which lost $5.5 billion. Archegos, itself lost $20 billion over two days. The unique characteristics of total return swaps and …

Why Do Corporations Merge And Why Should Law Care?, Chris Sagers

University of Michigan Journal of Law Reform

Mergers and acquisitions are extraordinarily prevalent in the United States, generating massive expenditures every year. However, a serious empirical puzzle lies at the heart of all that activity. That empirical phenomenon’s most remarkable feature by far is that even though it is well established in an extensive literature and implies far-reaching policy consequences, American law ignores it entirely.

Generations of researchers have failed to find evidence that merger and acquisition activity generates any lasting benefits for the combining firms’ owners or anyone else. No one seriously doubts that efficiencies of scale or technological integration are real or that acquisitions sometimes …

Weaponizing Rhetoric To Legitimate Regulatory Failures, Kat Albrecht, Kaitlyn Filip

FIU Law Review

Pyramid schemes are illegal. According to the courts, they are fraudulent because they must eventually collapse, disappointing or exploiting the members at the bottom. This illegality, largely governed by the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC), is narrowly construed to encompass only very specific instances of activity. In particular, we argue that the specificity of the law allows multi-level marketing companies (MLMs) to argue that they are ‘not a pyramid scheme’ both legally and societally in order to obfuscate exploitative conditions within the company. We take LuLaRoe as a case study of the ways in …

Entire Issue Vol. 16 No. 27

Yearbook of Antitrust and Regulatory Studies

No abstract provided.

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Yearbook of Antitrust and Regulatory Studies

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Entire Issue Vol. 16 No. 28

Yearbook of Antitrust and Regulatory Studies

No abstract provided.

At The Nexus Of Antitrust & Consumer Protection, Luke Herrine

Articles

This Essay uses Section 5 of the Federal Trade Commission Act to examine the theoretical and practical relationship between antitrust and consumer protection law. It argues that, since roughly 1980, there has been a hegemonic "neoliberal"framework, one that has in recent years been challenged by an emerging "moral economy" framework. The neoliberal framework conceptualizes antitrust as preventing firms from conspiring to throttle output, with a focus primarily on consumers' interests in low prices, and consumer protection as making consumers informed, rational, and able to switch between competitors with relatively low cost. The moral economy framework conceptualizes both areas of law …

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internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

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Table Of Contents

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

Table of Contents

Can Machines Commit Crimes Under Us Antitrust Laws?, Aslihan Asil, Thomas Wollmann

Faculty Scholarship

Generative artificial intelligence is being rapidly deployed for corporate tasks including pricing. Suppose one of these machines communicates with the pricing manager of a competing firm, proposes to collude, receives assent, and raises price. Is this a crime under U.S. antitrust laws, and, if so, who is liable? Based on the observed behavior of the most widely adopted large language model, we argue that this conduct is imminent, satisfies the requirements for agreement and intent under Section 1 of the Sherman Act, and could confer criminal liability to both firms as well as the pricing manager of the competing firm.

Antitrust Worker Protections: Rejecting Multi-Market Balancing As A Justification For Anticompetitive Harms To Workers, Laura Alexander, Steven C. Salop

Georgetown Law Faculty Publications and Other Works

Anticompetitive conduct toward upstream trading partners may have the effect of benefiting downstream consumers even as the conduct harms the firms’ workers or suppliers. Defendants may attempt to justify their upstream conduct—and may rely on the ancillary restraints doctrine in doing so—on the grounds that the restraints create efficiencies benefitting ` purchasers, rather than focusing solely on the impact of the restraint on the workers or suppliers in the upstream market. Such balancing of harms against out-of-market benefits achieved by a different group should be rejected by antitrust doctrine generally, and specifically in the case of harms to workers. This …

Background And Implications Of China's Central Bank Digital Currency: E-Cny, Jiaying Jiang, Karman Lucero

UF Law Faculty Publications

The People’s Republic of China is a leading experimenter in central bank digital currencies (CBDCs). This Article explores the current background, deployment, features, potential impacts, challenges, and legal concerns of China’s CBDC: the electronic yuan, or E-CNY. This Article explains the potential significance of what is known and not known about E-CNY with a particular focus on how E-CNY might fit into existing legal and economic systems, both within China and internationally. On the surface, E-CNY looks transformative. When you dig a little deeper, however, most of the potential changes or transformations turn on broader institutional, political, and legal changes …

Race-Ing Antitrust, I. Bennett Capers, Gregory Day

Faculty Scholarship

Antitrust law has a race problem. To spot an antitrust violation, courts inquire into whether an act has degraded consumer welfare. Since anticompetitive practices are often assumed to enhance consumer welfare, antitrust offenses are rarely found. Key to this framework is that antitrust treats all consumers monolithically; that consumers are differently situated, especially along lines of race, simply is ignored.

We argue that antitrust law must disaggregate the term “consumer” to include those who disproportionately suffer from anticompetitive practices via a community welfare standard. As a starting point, we demonstrate that anticompetitive conduct has specifically been used as a tool …

Keynote Address, Andrew Zimbalist

Cardozo Arts & Entertainment Law Journal

The article examines the evolution of name, image, and likeness (NIL) policies in college athletics, highlighting the legal, economic, and educational implications of allowing college athletes to profit from their NIL. It argues that while recent legal cases and state legislation have expanded NIL rights, the lack of enforceable guardrails has created a chaotic system dominated by booster collectives, exacerbating financial and equity issues in college sports. The analysis critiques the NCAA's ineffective oversight and advocates for congressional intervention to establish a national framework addressing these challenges.

Conflict Resolution-Negotiation: Liv V. Pga Tour, Ross Herman

Cardozo Journal of Conflict Resolution

No abstract provided.

Big Screen Or Bust?: How Contractual Negotiations In Hollywood Must Adapt In The Streaming Era, Alexis Narotzky

Cardozo Journal of Conflict Resolution

Scarlett Johansson made her first appearance as her superhero alter-ego, the Black Widow, on May 7, 2010, in the movie Iron Man 2. Over the next intervening eleven years, Johansson appeared in several of Disney's Marvel ("Disney" or "Marvel") movies in supporting roles. On July 9, 2021, Marvel released the Black Widow with Scarlett Johansson as the lead character. Johansson's agreement for her character's eponymous film was built upon the expectation of large bonuses based on profit from outsized box-office receipts, understood as a profit-participation or contingent compensation contract. Johansson's lawyers negotiated for a "wide theatrical release" to protect …

Pay No Attention To The Influencer Behind The Curtain, Eliza Logan

Cardozo Arts & Entertainment Law Journal

The note argues that the Federal Trade Commission (FTC) must strengthen its regulation of social media influencers, particularly on platforms like Instagram, due to their significant influence on consumer behavior and the potential for deceptive marketing practices. It emphasizes that influencers should be held accountable similarly to advertising agencies, as their unique ability to build trust and authenticity with followers makes their endorsements more impactful than traditional advertising.

The Ftc's "Made In America" Enforcement Policy Is Too Stringent For Small Businesses To Comply With, Jamie Cutler

Cardozo Arts & Entertainment Law Journal

The note argues that the Federal Trade Commission's (FTC) "Made in America" policy is overly stringent and disproportionately burdensome for small businesses. The policy requires products labeled as "Made in America" to contain "all or virtually all" parts and processing from the U.S., a standard that is often ambiguous, economically prohibitive, and misaligned with consumer perceptions. The note contends that this strict enforcement creates a "Hobson's choice" for small businesses, making it infeasible for them to comply without suffering financial harm or reputational damage. It advocates for lowering the threshold to allow more flexibility, which would support small businesses, promote …

Should The Ncaa Be Subject To Title Ix?, Sarah Allen

Cardozo Arts & Entertainment Law Journal

The note argues that the National Collegiate Athletic Association (NCAA) should be held accountable under Title IX of the Education Amendments of 1972, despite its current exemption, due to its significant role in college athletics and the persistent gender disparities in treatment of male and female athletes. It advocates for overturning the Supreme Court's decision in NCAA v. Smith to bring the NCAA under Title IX purview.

Panel 1: Race, Gender & Equity, Len Elmore, Jo Potuto, Kassandra Ramsey, Felix Wu

Cardozo Arts & Entertainment Law Journal

The article discusses the evolution of Name, Image, and Likeness (NIL) rights in college athletics, focusing on the challenges these rights present for race, gender, and equity. It highlights the need for legal and regulatory reforms to address disparities in NIL opportunities and ensure equitable treatment of student-athletes.