Business Organizations Law Commons^™

The Collapse Of The Turnover-Proof Business Model: Combatting A Labor Crisis, Simran Thiara

UC Law Business Journal

No abstract provided.

Attack On Antitrust: Preventing A Grim Future For Anime Streaming, Michael L. Cederblom

UC Law Business Journal

No abstract provided.

A Vision Of The Anti-Racist Public Corporation, Steven A. Ramirez

Faculty Publications & Other Works

The publicly traded corporation rightly exemplifies the great potential of legal infrastructure to advance macroeconomic growth and human development. Left to its current legal and regulatory frameworks, however, it will fuel inequality and the replication of racial hierarchy indefinitely. Taking affirmative action to broaden participation of our population at all levels of the public firm will open its ability to fund human ingenuity to all. This would vindicate the essential public purpose of the legal infrastructure governing the public corporation. It would also place capitalism itself on a firmer social foundation through the creation of a more cohesive and productive …

The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman

Fordham Journal of Corporate & Financial Law

For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders based on widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to be completed.

In this Article, we propose to end the problem of discretionary judicial valuation by tracing …

The Solution To Shadow Trading Is Not Found In Current Insider Trading Law: A Proposed Amendment To Rule 10b5-2, Jamel Gross-Cassel

Fordham Journal of Corporate & Financial Law

Shadow trading is a lucrative way to exploit a loophole in insider trading law. Insiders abuse this loophole to make six-figure profits and escape liability when done at the right companies. Those who shadow trade use material, nonpublic information to trade not in the securities of their own company, which would be illegal, but in the securities of a closely related company where the information is just as impactful. Efforts to close this loophole rely on the individual insider trading policies of the involved companies. These policies vary in language, making liability for shadow trading dependent on specific language or …

Sheriffs, Shills, Or Just Paying The Bills?: Rethinking The Merits Of Compelling Merchant Cooperation With Third-Party Policing In The Aftermath Of George Floyd’S Death, Stephen Wilks

Washington and Lee Law Review

This Article frames the killing of George Floyd as the result of flawed business regulation. More specifically, it captures the expansion of third-party policing paradigms throughout local nuisance abatement regulations over a period of time that coincided with the militarization of policing culture across the United States. Premised on the notion that law enforcement alone cannot succeed in reducing crime and disorder, such regulations transform grocery stores, pharmacies, bars, and other retail spaces into surveillance hubs by prescribing situations that obligate businesses to contact the police. This regulatory framework, however, sustains the larger historical project of rationalizing enhanced scrutiny of …

Nestlé V. Doe: A Death Knell To Corporate Human Rights Accountability?, Phillip Ayers

Seattle University Law Review

The Supreme Court in Nestlé v. Doe held that foreign plaintiffs who claimed to be victims of overseas tortious conduct by corporate defendants had no jurisdiction to sue in federal courts using the Alien Tort Statute. This Comment looks at the history of the Alien Tort Statute, from its inspiration, long dormancy, and recent reinvigoration beginning in the 1980s. The Comment then explores the background of Nestlé and its issues with child slavery in its cocoa supply chain. From there, the Comment analyzes the Nestlé v. Doe decision, and posits an alternative outcome. Finally, this Comment looks for a new …

The Security-Shaped Hole In Global Anti-Corruption: Closing The Loop On The Fcpa, Tarun Krishnakumar

UC Law Business Journal

Despite the significant interplays between national security and corruption, discourse around the national security dimensions of the Foreign Corrupt Practices Act (FCPA) – the most prominent global anticorruption framework – has been limited. With the deepening of global economic dependencies and data flows in critical areas such as telecommunications and ICT, there is ample reason to suggest that the use of private sector entities by governments for national security (e.g., intelligence-gathering) purposes is only likely to become more common. Recent controversies around the activities of Crypto AG and Huawei only serve to support this trend.

Within this broad context, this …

Utilizing Legal Expertise To Positively Impact Coastal Communities, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

Wireless Investors & Apathy Obsolescence, Sergio Alberto Gramitto Ricci, Christina M. Sautter

Faculty Journal Articles and Book Chapters

This Article discusses how a subgenre of retail investors makes investors’ apathy obsolete. In prior work, we dub this genre of retail investors “wireless investors” for their reliance on technology and online communications. By applying game theory, this Article discusses how wireless investors’ global-scale online communications allow them to circulate information and coordinate, obliterating collective action problems.

The Most Important Decision In Federal Securities Law - Texas Gulf Sulphur, Marc I. Steinberg

Faculty Journal Articles and Book Chapters

Although decided 55 years ago, the Second Circuit’s decision in Texas Gulf Sulphur may be viewed as the most important case under the U.S. securities laws. The decision addressed several landmark issues, including insider trading, company disclosure obligations, and the concept of materiality. Although a number of its rulings subsequently were rejected by the U.S. Supreme Court, others remain good law today. From a comparative perspective, Texas Gulf Sulphur also is a significant decision. Many of the principles enunciated by the Second Circuit in that decision today have been adopted by developed securities markets outside of the United States.

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 …

Allocating State Authority Over Charitable Nonprofit Organizations, Lloyd Hitoshi Mayer

Journal Articles

This Essay considers the allocation of state authority to enforce the legal obligations particular to charities and their leaders among state officials, including attorneys general, judges, and legislators, and private parties. It first describes the existing allocation. It then reviews the most common criticisms of this allocation, which primarily focus on two concerns: politicization and lack of sufficient enforcement. Finally, it evaluates the most notable proposals for reallocating this authority, including the reallocation of this authority in part to private parties.

This Essay concludes that reform proposals have two fundamental flaws. First, proposals aimed at countering the political nature of …

Right Of Association For Platform Workers In Thailand (A Case Study Of Food Delivery Platform Workers), Kanut Thamromdee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Platform work has become the prominent form of employment in the last decade due to its unique features which are seemingly beneficial to workers, whether it is flexibility, autonomy, diverse job opportunities or ease of entry resulting in many people choosing to be platform workers working with platform providers on platforms. During the last decade, platform work has rapidly grown thanks to the advanced technology and innovative business models; however, it seems that Thai labour law focusing on traditional employment has not been adequately developed to catch up the growth of platform work in Thailand. Platform providers have classified platform …

Wto Trade Facilitation Agreement: Doing Enough For Developing Countries?, Soe Ohnmar Aung

Chulalongkorn University Theses and Dissertations (Chula ETD)

The WTO Trade Facilitation Agreement was concluded in 2013. It aims to facilitate theinternational trade through simplifying, harmonizing and standardizing procedures, therebyreducing the trade costs. It has reached a milestone of fourteen years since its adoption.However, there is a question about the effectiveness and efficiency of the WTO TFA for itsmembers and international trade. Based on that, this study will consider two questions: whetherthe structural framework of the WTO Trade Facilitation Agreement is even for developingcountries in terms of implementing obligations, and whether it reduces trade costs fordeveloping countries. In exploring, it applies the doctrinal legal research methodology. Thisstudy argues …

Stakeholderism Silo Busting, Aneil Kovvali

Articles by Maurer Faculty

The fields of antitrust, bankruptcy, corporate, and securities law are undergoing tumultuous debates. On one side in each field is the dominant view that each field should focus exclusively on a specific constituency—antitrust on consumers, bankruptcy on creditors, corporate law on shareholders, and securities regulation on financial investors. On the other side is a growing insurgency that seeks to broaden the focus to a larger set of stakeholders, including workers, the environment, and political communities. But these conversations have largely proceeded in parallel, with each debate unfolding within the framework and literature of a single field. Studying these debates together …

The Disrupted Path To Becoming Easy, Breezy, Beautiful: How Companies Are Deceiving Consumers With Their Animal Testing Products, Wendy Chao

University of San Francisco Law Review

No abstract provided.

The Future Of The Corporate Form In Income Tax: A Case Study Of Canada, Jinyan Li

All Papers

A corporation is nothing but a piece of paper. And yet, this piece of paper enjoys the status of a person and has an independent identity as a taxpayer (the “separate entity principle”). It can generate tremendous value for its shareholders through tax savings resulted from tax deferral, tax shifting, and tax subsidies. Why does tax law allow such value to exist? Is there any hard line constraining the scope of the tax benefits associated with the corporate form? To what extent can the two pillars (Pillar One and Pillar Two) crush the corporate form? What is the future of …

Stuck In Neutral? Reforming Corporate Purpose And Fiduciary Duties, Barnali Choudhury, Martin Petrin

All Papers

After decades of corporate leadership based on shareholder wealth maximization, momentum is now gathering behind a shift towards the recognition of stakeholder interests. However, from voluntary actions by business to changes in soft and hard law, the steps taken thus far have been insufficient to result in meaningful changes. Instead, we are stuck in neutral. A more decisive push is needed to ensure that business contributes to tackling the most pressing societal issues of our times in a substantial and timely manner. The Canadian corporate landscape, although beginning to shift away from shareholder primacy, is still not settled and in …

The Exit Theory Of Judicial Appraisal, William J. Carney, Keith Sharfman

Faculty Publications

For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders based on widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to be completed.

In this Article, we propose to end the problem of discretionary judicial valuation by tracing …