Securities Law Commons^™

Memo To The Obama Administration On The U.S. National Action Plan On Responsible Business Conduct, Kaitlin Y. Cordes, Lisa E. Sachs

Columbia Center on Sustainable Investment Staff Publications

In January 2015, CCSI sent a memo to President Obama to provide input on the U.S. National Action Plan on responsible business conduct. The memo applauded the U.S. Government’s decision to develop a National Action Plan consistent with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, noting that responsible and rights-respecting outward investment can support sustainable development in host countries, and that the U.S. Government has an important role to play in promoting responsible business operations. The memo urged the government to explore in particular how the National Action Plan can address …

The Macroprudential Turn: From Institutional 'Safety And Soundness' To Systematic 'Financial Stability' In Financial Supervision, Robert C. Hockett

Cornell Law Faculty Publications

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, though not to supplant, institutional ‘safety and soundness’ as a regulatory desideratum.

The move from primarily micro- …

Halliburton, Basic, And Fraud On The Market: The Need For A New Paradigm, Charles W. Murdock

Faculty Publications & Other Works

No abstract provided.

Rodrigo’S Abstraction: Capitalism Inequality & Reform Over Time And Space, Steven A. Ramirez

Faculty Publications & Other Works

No abstract provided.

The Significance And Impact Of Price Distortion And The Fraud-On-The-Market Theory After Halliburton Ii, Charles W. Murdock

Faculty Publications & Other Works

This past summer, the United States Supreme Court handed down its decision in Halliburton v. Erica P. John Fund, Inc. (“Halliburton II”), in which the Court held that a defendant may establish lack of price impact at the certification stage to establish a lack of reliance based upon the fraud-on-the-market theory. This was the third decision in three years dealing with the fraud-on-the-market approach to establishing commonality with respect to reliance by plaintiffs on management’s misrepresentations. In so doing, the Supreme Court retained market efficiency as an element of the fraud-on-the-market theory, but also reflected a broader and …

Government By Contract: Considering A Public Service Ethics To Match The Reality Of The "Blended" Public Work Force, Dan Guttman

Emory Business Law Review

The Iraq War brought to public attention the reality that much of the basic work of government is done by contractors, and that the government's ability to account for its contractors cannot be taken for granted. What, for example, if the rules that protect us against official abuse are not applied to those who, in fact, increasingly do the government's work? What if, for example, the presumption that officials have the capacity to oversee contractors runs against the reality that they do not and, indeed, that the work of contractor management is itself often contracted out? What should we do …

Halliburton Ii: A Loser's History, Adam C. Pritchard

Articles

The Supreme Court was presented with an opportunity to bring fundamental reform to securities class actions last term in Halliburton Co. v. Erica P John Fund, Inc.. The Court ducked that opportunity, passing the buck to Congress to undo the mess that the Court had created a quarter century prior in Basic Inc. v. Levinson. Congress's history in dealing with securities class actions suggests that reform is unlikely to come from the legislature anytime soon. The Securities and Exchange Commission appears to be satisfied with the status quo as well. With these institutional actors resisting reform, corporations and …

Anticipating A Sea Change For Insider Trading Law: From Trading Plan Crisis To Rational Reform, John P. Anderson

Utah Law Review

The Securities and Exchange Commission is poised to take action in the face of compelling evidence that corporate insiders are availing themselves of rule-sanctioned Trading Plans to beat the market. These Trading Plans allow insiders to trade while aware of material nonpublic information. Since the market advantage insiders have enjoyed from Plan trading can be traced to loopholes in the current regulatory scheme, increased enforcement of the existing rules cannot address the issue. But, simply tweaking the existing rule structure to close these loopholes would not work either. This is because the SEC adopted the current rule as a part …

Intellectual Property Securitization, Dov Solomon, Miriam Bitton

Cardozo Arts & Entertainment Law Journal

This Article aims to explore the securitization of intellectual property [hereinafter "IP"], introducing the promise of said financing method in the growing field of IP. In recent years, IP has become a major component of developed economics. Raising funds for research, development, and the creation of new inventions and works of authorship has never been an easy task. This Article, therefore, presents a review of securitization in the field of IP and in doing so makes a few major contributions. It offers a thorough discussion of securitization, its benefits, and its prominence over more traditional methods of financing, such as …

A Corporation’S Securities Litigation Gambit: Fee-Shifting Provisions That Defend Against Fraud-On-The-Market, Steven W. Lippman

Law Student Publications

This comment lays out a framework that should allow corporations to strategically defend themselves against frivolous and meritless 10b-5 class action suits invoking Basic's Fraude-on-the-Market ("FOM") presumption of reliance. Part I of this comment discusses the current landscape of securities class action litigation. It explains how and why the suits are initiated and discusses the outcome of Halliburton Co. v. Erica P. John Fund, Inc. (Halliburton II). Part II discusses the framework for the proposition of this comment. It provides a brief history of significant cases and incorporates several recent cases that have opened the door to the possibility of …

The Financial Action Task Force: International Regulatory Convergence Through Soft Law, Nicholas W. Turner

NYLS Law Review

No abstract provided.

Lawyer Ethics And The Financial Action Task Force: A Call To Action, Jack P. Sahl

NYLS Law Review

No abstract provided.

Politics In Securities Enforcement, Urska Velikonja

Georgia Law Review

American securities enforcement agencies often face charges that they use their enforcement power to further political goals.' Most recently, Standard & Poor's credit rating agency claimed that the U.S. Department of Justice unfairly singled it out for prosecution for fraudulent credit ratings after it downgraded U.S. sovereign debt. The U.S. Securities and Exchange Commission (SEC or the Commission), too, has been accused of using its enforcement politically: of bringing enforcement actions to improve its political standing, to punish its detractors, or to deflect attention from negative reports about its activities; and of holding back investigations of politically-connected figures.

What Happened To The American Dream - An Analysis Of The Dodd-Frank Wall Street Reform And Consumer Protection Act And Its Effect On Home Ownership., Nathan Torok, Mark Torok

The Scholar: St. Mary's Law Review on Race and Social Justice

Abstract Forthcoming.

The Nonfinancial Returns Of Crowdfunding, Andrew A. Schwartz

Publications

Securities crowdfunding — the sale of unregistered securities to the public over the Internet — has come under attack before it has even begun. Legal scholars in particular have expressed concern that investors will lose any money they invest in crowdfunding companies. Even assuming that this may be true from a purely financial perspective, these critics are missing an important point: Crowdfund investors with negative returns will not simply have lost their money, but rather they will have spent it (at least in part) on nonpecuniary benefits, including entertainment, political expression and community building. These nonfinancial returns of crowdfunding are …

Halliburton And The Dog That Didn't Bark, Ann Lipton

Publications

In Halliburton Co. v. Erica P. John Fund, Inc., the Supreme Court held that defendants in a Section 10(b) class action may use the class-certification process to rebut the "fraud on the market" presumption that their misstatements impacted the price of the relevant security. In so doing, the Court struggled to explain why the class-certification process—rather than trial on the merits—was the proper venue for such disputes, and avoided the most obvious justification, namely, that in the absence of price impact, plaintiffs would still be able to bring individual claims. The Court's unwillingness to hold that plaintiffs may bring …

Wells Fargo V. Erobobo: Mortgage-Backed Securities Of The 2000s, Alex Luxenburg

NYLS Law Review

No abstract provided.

The Financial Action Task Force And The Legal Profession, Duncan E. Osborne

NYLS Law Review

No abstract provided.

The Role Of Lawyers In Combating Money Laundering And Terrorist Financing: Lessons From The English Approach, John A. Terrill Ii, Michael A. Breslow

NYLS Law Review

No abstract provided.

U.S. Legal Profession Efforts To Combat Money Laundering And Terrorist Financing, Laurel S. Terry

NYLS Law Review

No abstract provided.