Securities Law Commons^™

Public, Private, Acquired, Alexander I. Platt, Matthew T. Wansley

Articles

For the last quarter-century, IPOs have been declining. SEC officials usually attribute the decline to startups’ choices to stay private. But that explanation is incomplete. As startups grow, they face a three-way choice between going public, staying private, and being acquired, and they have increasingly chosen the third option. In this Essay, we show how securities regulation pushes startups towards acquisitions by increasing the cost of raising capital and accessing liquidity in both public and private markets. We consider how the trend towards acquisitions could reduce competition, innovation, opportunities for diversification, and transparency. And we offer suggestions for how the …

Les Actions De Préférence Émises Par Les Banques Libanaises, Aline Tanielian

Proche-Orient, Études juridiques

No abstract provided.

Pay-To-Play, Gad Weiss

BYU Law Review

Pay-to-play clauses are a surprisingly understudied feature of venture capital financing deals. These provisions are designed to act as enforcement agents, securing investors’ long-term commitment by penalizing those who decline to provide additional funding when their portfolio startups come calling. Through an analysis of a novel dataset of pay-to-play clauses, this paper uncovers surprising patterns in how U.S. startups design and deploy them—most notably, their tendency to discriminate among investors despite legal guidance suggesting otherwise. The paper illustrates how pay-to-play clauses can increase enterprise value by addressing flaws in startups’ governance and capital structures, preventing destructive “chicken” games among investor …

Expert Asymmetry: Evidence From Securities Litigation, Adam Callister, Andrew Granato, Belisa Pang

Articles

Modern litigation often involves two separate, extra-legal features: (1) contingency fee arrangements with the plaintiff-side attorney, and (2) a “battle of the experts” where the outcome of the case rests on conflicting expert witness testimony. We construct a model to illustrate that when these features occur simultaneously, in contexts where plaintiff-side attorneys bear the cost of hiring experts upfront, defendants will spend systematically more than plaintiffs on hiring expert witnesses. Our model is motivated by hand-collected data from a decade of securities class action litigation, where we show that experts polarize into almost entirely plaintiff-side versus defense-side experts, that defense-side …

Nanosecond Policies: Comparing Us And Chinese Approaches To High-Frequency Trading Regulation, Bilal Laghari

Brooklyn Journal of International Law

High frequency trading has transformed global financial markets, introducing both efficiency gains and significant regulatory concerns. This Note analyzes the divergent approaches of the United States and China in regulating high frequency trading, focusing on how each system addresses issues of market manipulation, information asymmetry, and systemic risk. It contends that the United States’ reliance on outdated and indirect regulatory mechanisms, such as Regulation NMS, has failed to keep pace with technological advancements. In contrast, China’s more recent and targeted regulatory framework provides clearer guidance and stronger oversight of high frequency trading practices. This Note concludes that a hybrid approach, …

Rethinking International Armed Conflict: Legal Challenges In The Age Of Hybrid Warfare, Oleksandr Havryshuk, Roman Hryshchenko

Brooklyn Journal of International Law

The binary classification of armed conflicts under international humanitarian law (IHL) — distinguishing international armed conflicts (IACs) from non-international armed conflicts (NIACs) — was forged in the aftermath of World War II and increasingly fails to capture the realities of twenty-first century warfare. Hybrid tactics, cyber operations, the proliferation of private military companies (PMCs), the expanding role of non-state actors, and the near-disappearance of formal declarations of war have eroded the analytical utility of the existing framework, generating legal uncertainty and weakening protections for affected populations. This Article critically examines the conceptual foundations of IAC as set out in Common …

Table Of Contents

Seattle University Law Review

Table of Contents

Volume 49 Masthead

Seattle University Law Review

Volume 49 Masthead

Reimagining Legal Education: The Transformative Power Of Small-Group Instruction, Michael I. Meyerson

Seattle University Law Review

Legal education is failing its students. Those entering their first year of law school have greater anxiety and less developed reading and writing skills than ever before. The traditional large Socratic class, which was never the most effective teaching method, has become increasingly counterproductive.

This Article contends that small-group instruction provides the opportunity for superior teaching, especially for first-year law students. Recent scholarship in active learning, educational psychology, and students’ mental health demonstrates the limitations of the traditional large Socratic class experience. Building on that theoretical foundation and informed by sustained classroom experience, this Article argues that small-group pedagogy more …

Land Without Legacy: The Case For Market-Based Appraisals On Hawaiian Home Lands, Alexis C. Owens

Seattle University Law Review

The Hawaiian Homes Commission Act of 1920 (HHCA) was enacted to restore Native Hawaiians to ancestral lands and promote long term economic self-sufficiency. More than a century later, that promise remains unfulfilled. This Note argues that a central but overlooked barrier lies in the HHCA’s mandated use of the replacement cost appraisal method, which systematically undervalues homestead properties by excluding market forces. In one of the most expensive housing markets in the United States, this approach suppresses home equity, the primary means of intergenerational wealth building, and restricts beneficiaries’ access to credit and financial stability. By severing the connection between …

International Law’S Forgotten Refugees—Palestinian Refugees In Egypt

Seattle University Law Review

This Article examines the legal and humanitarian crisis facing Palestinian refugees who have fled to Egypt amidst the ongoing violence in Gaza. While escaping active conflict, these refugees face systemic barriers to employment and education, rendering their living conditions precarious and unsustainable. The unique legal status of Palestinian refugees stems from the fact that they have been excluded from the 1951 Refugee Convention and its 1967 Protocol, leaving them without any meaningful international protection. This exclusion is rooted in the political complexities of the Palestinian struggle for self-determination and reflects a fragmented legal framework that prioritizes limited humanitarian aid over …

How The Dod Discourages Military Families From Seeking Mental Health Counseling, Christina Welch

Seattle University Law Review

The Department of Defense’s (DoD) administration of the Exceptional Family Member Program (EFMP) presents significant barriers to mental health care access for military spouses and children. This paper explores how the EFMP, though designed to support military families with special needs, inadvertently creates barriers to mental health treatment. Military family members often do not seek mental health treatment to avoid the program's mandatory enrollment requirements. Military family members often view enrollment in the program undesirable because enrollment can restrict the pool of potential future duty assignment locations that are available to service members.

The lack of comprehensive data collection by …

2025, Richard Delgado

Seattle University Law Review

"In a cutting and provocative social critique in one of the more extended Rodrigo Chronicles, Richard Delgado in 2025 employs skillful narrative—one of CRT’s many contributions to legal scholarship —to tell a gripping story of just how far the nation has descended into darkness with President Trump’s re-election. In Delgado’s vision, law professors—along with other political opponents of the President: immigrants, people of color, LGBTQ+ people, women, the underserved—have targets on their backs."

-excerpt from Kevin Johnson's review of 2025

The Preventative Care Gap: Completing The Aca’S Vision For Health, Abby Nagaich

Seattle University Law Review

This Note examines the preventive care mandate under the Affordable Care Act (ACA) and the legal, political, and practical challenges that threaten its effectiveness. While the ACA significantly expanded access to no-cost preventive services, gaps remain—particularly in behavioral health, obesity management, and equitable service delivery. Ongoing litigation, potential administrative rollbacks, and shifting political leadership further destabilize this critical component of public health policy.

This Note argues that for the ACA to fulfill its original promise—and for any health framework to succeed—preventive care must be redefined as a comprehensive, early intervention approach grounded in both systemic access and patient education. It …

Veiled Justice: Secularism And The Hijab Across Democracies, Mohamed ‘Arafa

Seattle University Law Review

For much of 2022, Iran was gripped by widespread protests led by women who openly challenged the regime’s authority, particularly its compulsory veiling laws, following the death of Mahsa Amini in police custody. Women around the globe came around and showed solidarity with the women in Iran. However, in non-Islamic countries and societies, one can still make out many prejudices and stereotyping connected to the question of whether and to what extent veiling is mandatory for women according to Shārīe’ā law. Is wearing the hijab a choice, or rather, an essential religious practice that religious Muslim women need to obey? …

Rewriting The Playbook: The X’S And O’S Of The House Settlement And The Future Of Student-Athletes’ Voice In Their Compensation, Matthew K.V. Glazer

Seattle University Law Review

Since the formation of the National Collegiate Athletic Association (NCAA) in the 1900s, collegiate athletes (student-athletes) have been prohibited from using their own name, image and likeness (NIL) for profit. But on July 1, 2021, the NCAA changed course and began allowing student-athletes to profit from their own NIL. In the past few years, U.S. college athletics have undergone significant changes, most notably introducing monetary compensation for student-athletes’ NIL. While these changes were long overdue and ultimately beneficial, they have significantly disrupted the landscape of college sports, giving rise to numerous challenges that some experts have compared to the “Wild …

Mr. Trump Goes To Washington Part Ii: A Review Of Richard Delgado's 2025, Kevin Johnson

Seattle University Law Review

Richard Delgado’s The Rodrigo Chronicles have captivated a generation of law students and legal scholars.  Mapping the terrain of race, racism, and Critical Race Theory (CRT), the skillful, and long-running narrative series stands as a testament to Delgado’s dedication to justice for all.

The Rodrigo Chronicles are simply one of Delgado’s many intellectual contributions and part of an unparalleled scholarly legacy.  As one of the founders of CRT, he produced a landmark body of scholarship –authoring the field's primary text,  making the argument for the regulation of hate speech,  forcefully challenging the Black/white binary of civil rights that long dominated …

The Martha Wright-Reed Act: How The Fcc Took One Step Forward For Communication Equality For Deaf Individuals In Correctional Facilities And How It Could Be Expanded, Ashley Seebold

Seattle University Law Review

For decades, phone companies preyed on incarcerated individuals and their loved ones due to the lack of regulation of jail phone calls.2 In 2021, the average cost of a fifteen-minute jail phone call was about $3.3 In 2022, the average cost rose to $5.74, while some individuals faced an extreme charge of $24.82 for the same amount of time.4 In the early 2000s, consumer advocate and concerned grandmother Martha Wright-Reed called upon the Federal Communications Commission (FCC) to fix the imbalance so she could speak to her incarcerated grandson.5 Eventually, in 2023, the FCC answered her call to action and …

Policy Work In Securities Arbitration, Christine Lazaro

Journal of Civil Rights and Economic Development

(Excerpt)

I have been a securities lawyer my entire professional career. I began my career representing financial services firms being sued by investors and investigated by the regulators. We handled their defense in a variety of forums, including Court, the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA). FINRA is the primary self-regulatory organization tasked with regulating brokerage firms under the Securities Exchange Act of 1934.

From private practice, I joined St. John’s Law School, initially as a supervising attorney with the Securities Arbitration Clinic, and later as a Professor of Clinical Legal Education. Joining the …

Poor Esg: Regressive Effects Of Climate Stewardship, Zohar Goshen, Assaf Hamdani, Alex Raskolnikov

BYU Law Review

The rise of inequality and global warming are the two ultimate challenges of our time. After decades of congressional failure to address climate change, the private sector has stepped in and adopted a set of environmental, social, and governance (ESG) policies as a market-based solution to a public policy failure. ESG advocates hope that corporate executives would save our planet. Where Congress failed, ESG will succeed.

This Article argues that if ESG-driven climate stewardship ever achieves the scale necessary to have a real impact on global warming, it will hurt the poor. Legislative interventions to combat climate change are nearly …