Piercing The Shield Of U.C.C. Article 4a: Estate Of Levin V. Wells Fargo Bank’S, Implications For Terrorism Victims’ Attachment Of Blocked Electronic Wire Transfers Originating From State Sponsors Of Terrorism, 2024 Columbia Law School
Piercing The Shield Of U.C.C. Article 4a: Estate Of Levin V. Wells Fargo Bank’S, Implications For Terrorism Victims’ Attachment Of Blocked Electronic Wire Transfers Originating From State Sponsors Of Terrorism, Olivia Lu
University of Miami Business Law Review
This Piece examines how ambiguity in the property interests that would be subject to attachment under section 201 of the Terrorism Risk Insurance Act (“TRIA”) and section 1610(g) of the Foreign Sovereign Immunities Act (“FSIA”) has affected efforts by victims of terrorism to fulfill their monetary judgments, especially in light of courts’ use of Article 4A of the Uniform Commercial Code to fill the definitional gap. This Piece focuses on a recent D.C. Circuit decision, Estate of Levin v. Wells Fargo Bank, N.A., analyzing its implications for terrorism victims holding monetary judgments to attach blocked electronic funds transfers (“EFTs”) originating …
Privacy’S Next Act, 2024 University of Washington School of Law
Privacy’S Next Act, Erik Lampmann-Shaver
Washington Journal of Law, Technology & Arts
This Article identifies and describes three data privacy policy developments from recent legislative sessions that may seem unrelated, but which I contend together offer clues about privacy law’s future over the short-to-medium term.
The first is the proliferation, worldwide and in U.S. states, of legislative proposals and statutes referred to as “age-appropriate design codes.” Originating in the United Kingdom, age-appropriate design codes typically apply to online services “directed to children” and subject such services to transparency, default settings, and other requirements. Chief among them is an implied obligation to conduct ongoing assessments of whether a service could be deemed “directed …
Limits Of Algorithmic Fair Use, 2024 University of Washington School of Law
Limits Of Algorithmic Fair Use, Jacob Alhadeff, Cooper Cuene, Max Del Real
Washington Journal of Law, Technology & Arts
In this article, we apply historical copyright principles to the evolving state of text-to-image generation and explore the implications of emerging technological constructs for copyright’s fair use doctrine. Artificial intelligence (“AI”) is frequently trained on copyrighted works, which usually involves extensive copying without owners’ authorization. Such copying could constitute prima facie copyright infringement, but existing guidance suggests fair use should apply to most machine learning contexts. Mark Lemley and Bryan Casey argue that training machine learning (“ML”) models on copyrighted material should generally be permitted under fair use when the model’s outputs transcends the purpose of its inputs. Their arguments …
Coded Social Control: China’S Normalization Of Biometric Surveillance In The Post Covid-19 Era, 2024 University of Washington School of Law
Coded Social Control: China’S Normalization Of Biometric Surveillance In The Post Covid-19 Era, Michelle Miao
Washington Journal of Law, Technology & Arts
This article investigates the longevity of health QR codes, a digital instrument of pandemic surveillance, in post-COVID China. From 2020 to 2022, China widely used this tri-color tool to combat the COVID-19 pandemic. A commonly held assumption is that health QR codes have become obsolete in post-pandemic China. This study challenges such an assumption. It reveals their persistence and integration - through mobile apps and online platforms - beyond the COVID-19 public health emergency. A prolonged, expanded and normalized use of tools which were originally intended for contact tracing and pandemic surveillance raises critical legal and ethical concerns. Moreover, their …
Quantifying Civil Recovery In Hybrid Antitrust-Data Protection Harms, 2024 University of Washington School of Law
Quantifying Civil Recovery In Hybrid Antitrust-Data Protection Harms, Jose Maria Marella
Washington Journal of Law, Technology & Arts
If digital platforms are found liable on hybrid antitrust-data protection violations, by how much should individual users be compensated? While traditional antitrust literature offers some estimation techniques, these methods were developed mostly around the idea that anti-competitive conduct manifests in supra-competitive prices, lost profits, or lost customers, all of which are easily quantifiable using commercially available evidence.
In digital markets, where antitrust violations are often intertwined with data protection issues, several complications arise. First, unlike transactions covered by traditional treble damage estimation techniques, “data-for-services” dealings are not evidenced by receipts. Second, personal data valuation is highly contextual and prone to …
Privacy Purgatory: Why The United States Needs A Comprehensive Federal Data Privacy Law, 2024 Notre Dame Law School
Privacy Purgatory: Why The United States Needs A Comprehensive Federal Data Privacy Law, Emily Stackhouse Taetzsch
Journal of Legislation
No abstract provided.
The Need For Corporate Guardrails In U.S. Industrial Policy, 2024 Seattle University School of Law
The Need For Corporate Guardrails In U.S. Industrial Policy, Lenore Palladino
Seattle University Law Review
U.S. politicians are actively “marketcrafting”: the passage of the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act collectively mark a new moment of robust industrial policy. However, these policies are necessarily layered on top of decades of shareholder primacy in corporate governance, in which corporate and financial leaders have prioritized using corporate profits to increase the wealth of shareholders. The Administration and Congress have an opportunity to use industrial policy to encourage a broader reorientation of U.S. businesses away from extractive shareholder primacy and toward innovation and productivity. This Article examines discrete opportunities within the …
New Rules For A New Era: Regulating Artificial Intelligence In The Legal Field, 2024 Case Western Reserve University School of Law
New Rules For A New Era: Regulating Artificial Intelligence In The Legal Field, Hunter Cyran
Journal of Law, Technology, & the Internet
As Artificial Intelligence (AI) continues to evolve at a rapid pace, many industries have already started integrating new technologies to reduce costs and labor. While this is practical for some industries, the legal industry should be cautious before fully integrating AI. Some legal-service providers are already developing and offering new AI products. But the legal industry must approach these new products with some skepticism. While AI may eventually bring positive changes to the legal industry, AI currently has many flaws. This can create negative unintended consequences for attorneys and judges that are unaware of these flaws. Further, AI is not …
The Future Of The Christchurch Call To Action: How To Build Multistakeholder Initiatives To Address Content Moderation Challenges, 2024 Case Western Reserve University School of Law
The Future Of The Christchurch Call To Action: How To Build Multistakeholder Initiatives To Address Content Moderation Challenges, Rachel Wolbers
Journal of Law, Technology, & the Internet
This article explores the challenges the New Zealand Government faced after the events in Christchurch on 15 March 2019, where a violent gunman killed 51 people and live-streamed his attack on social media. The video was viewed millions of times in the days following, even as the tech companies took extraordinary efforts to reduce its virality. To find a long-term solution that ended the proliferation of this violent content while protecting human rights, the New Zealand Government decided to take a non-regulatory approach that worked alongside tech companies and civil society. The result was the creation of the Christchurch Call …
Table Of Contents, 2024 Seattle University School of Law
Table Of Contents, Seattle University Law Review
Seattle University Law Review
Table of Contents
Public Primacy In Corporate Law, 2024 Seattle University School of Law
Public Primacy In Corporate Law, Dorothy S. Lund
Seattle University Law Review
This Article explores the malleability of agency theory by showing that it could be used to justify a “public primacy” standard for corporate law that would direct fiduciaries to promote the value of the corporation for the benefit of the public. Employing agency theory to describe the relationship between corporate management and the broader public sheds light on aspects of firm behavior, as well as the nature of state contracting with corporations. It also provides a lodestar for a possible future evolution of corporate law and governance: minimize the agency costs created by the divergence of interests between management and …
Shareholder Primacy Versus Shareholder Accountability, 2024 Seattle University School of Law
Shareholder Primacy Versus Shareholder Accountability, William W. Bratton
Seattle University Law Review
When corporations inflict injuries in the course of business, shareholders wielding environmental, social, and governance (“ESG”) principles can, and now sometimes do, intervene to correct the matter. In the emerging fact pattern, corporate social accountability expands out of its historic collectivized frame to become an internal subject matter—a corporate governance topic. As a result, shareholder accountability surfaces as a policy question for the first time. The Big Three index fund managers, BlackRock, Vanguard, and State Street, responded to the accountability question with ESG activism. In so doing, they defected against corporate legal theory’s central tenet, shareholder primacy. Shareholder primacy builds …
Stakeholder Governance As Governance By Stakeholders, 2024 Seattle University School of Law
Stakeholder Governance As Governance By Stakeholders, Brett Mcdonnell
Seattle University Law Review
Much debate within corporate governance today centers on the proper role of corporate stakeholders, such as employees, customers, creditors, suppliers, and local communities. Scholars and reformers advocate for greater attention to stakeholder interests under a variety of banners, including ESG, sustainability, corporate social responsibility, and stakeholder governance. So far, that advocacy focuses almost entirely on arguing for an expanded understanding of corporate purpose. It argues that corporate governance should be for various stakeholders, not shareholders alone.
This Article examines and approves of that broadened understanding of corporate purpose. However, it argues that we should understand stakeholder governance as extending well …
Corporate Law In The Global South: Heterodox Stakeholderism, 2024 Seattle University School of Law
Corporate Law In The Global South: Heterodox Stakeholderism, Mariana Pargendler
Seattle University Law Review
How do the corporate laws of Global South jurisdictions differ from their Global North counterparts? Prevailing stereotypes depict the corporate laws of developing countries as either antiquated or plagued by problems of enforcement and misfit despite formal convergence. This Article offers a different view by showing how Global South jurisdictions have pioneered heterodox stakeholder approaches in corporate law, such as the erosion of limited liability for purposes of stakeholder protection in Brazil and India, the adoption of mandatory corporate social responsibility in Indonesia and India, and the large-scale program of Black corporate ownership and empowerment in South Africa, among many …
A Different Approach To Agency Theory And Implications For Esg, 2024 Seattle University School of Law
A Different Approach To Agency Theory And Implications For Esg, Jonathan Bonham, Amoray Riggs-Cragun
Seattle University Law Review
In conventional agency theory, the agent is modeled as exerting unobservable “effort” that influences the distribution over outcomes the principal cares about. Recent papers instead allow the agent to choose the entire distribution, an assumption that better describes the extensive and flexible control that CEOs have over firm outcomes. Under this assumption, the optimal contract rewards the agent directly for outcomes the principal cares about, rather than for what those outcomes reveal about the agent’s effort. This article briefly summarizes this new agency model and discusses its implications for contracting on ESG activities.
The Limits Of Corporate Governance, 2024 Seattle University School of Law
The Limits Of Corporate Governance, Cathy Hwang, Emily Winston
Seattle University Law Review
What is the purpose of the corporation? For decades, the answer was clear: to put shareholders’ interests first. In many cases, this theory of shareholder primacy also became synonymous with the imperative to maximize shareholder wealth. In the world where shareholder primacy was a north star, courts, scholars, and policymakers had relatively little to fight about: most debates were minor skirmishes about exactly how to maximize shareholder wealth.
Part I of this Essay discusses the shortcomings of shareholder primacy and stakeholder governance, arguing that neither of these modes of governance provides an adequate framework for incentivizing corporations to do good. …
Table Of Contents, 2024 Seattle University School of Law
Table Of Contents, Seattle University Law Review
Seattle University Law Review
Table of Contents
A History Of Corporate Law Federalism In The Twentieth Century, 2024 Seattle University School of Law
A History Of Corporate Law Federalism In The Twentieth Century, William W. Bratton
Seattle University Law Review
This Article describes the emergence of corporate law federalism across a long twentieth century. The period begins with New Jersey’s successful initiation of charter competition in 1888 and ends with the enactment of the Sarbanes-Oxley Act in 2002. The federalism in question describes the interrelation of state and federal regulation of corporate internal affairs. This Article takes a positive approach, pursuing no normative bottom line. It makes six observations: (1) the federalism describes a division of subject matter, with internal affairs regulated by the states and securities issuance and trading regulated by the federal government; (2) the federalism is an …
How To Interpret The Securities Laws?, 2024 Seattle University School of Law
How To Interpret The Securities Laws?, Zachary J. Gubler
Seattle University Law Review
In discussions of the federal securities laws, the SEC usually gets most of the attention. This makes some sense. After all, it is the agency charged with administrating the securities laws and regulating the industry as a whole. It makes the majority of the laws; it engages in enforcement actions; it reacts to crises; and it, or sometimes even its individual commissioners, intervene publicly in policy debates. Often overlooked in such discussion, however, is the role of the Supreme Court in shaping securities law, and a new book by Adam Pritchard and Robert Thompson demonstrates why this is an oversight. …
The Pioneers, Waves, And Random Walks Of Securities Law In The Supreme Court, 2024 Seattle University School of Law
The Pioneers, Waves, And Random Walks Of Securities Law In The Supreme Court, Elizabeth Pollman
Seattle University Law Review
After the pioneers, waves, and random walks that have animated the history of securities laws in the U.S. Supreme Court, we might now be on the precipice of a new chapter. Pritchard and Thompson’s superb book, A History of Securities Law in the Supreme Court, illuminates with rich archival detail how the Court’s view of the securities laws and the SEC have changed over time and how individuals have influenced this history. The book provides an invaluable resource for understanding nearly a century’s worth of Supreme Court jurisprudence in the area of securities law and much needed context for …