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Leidos And The Roberts Court's Improvident Securities Law Docket, Matthew C. Turk, Karen E. Woody 2019 Indiana University

Leidos And The Roberts Court's Improvident Securities Law Docket, Matthew C. Turk, Karen E. Woody

Karen Woody

For its October 2017 term, the U.S. Supreme Court took up a noteworthy securities law case, Leidos, Inc. v. Indiana Public Retirement System. The legal question presented in Leidos was whether a failure to comply with a regulation issued by the Securities and Exchange Commission (SEC), Item 303 of Regulation S-K (Item 303), can be grounds for a securities fraud claim pursuant to Rule 10b-5 and the related Section 10(b) of the 1934 Securities Exchange Act. Leidos teed up a significant set of issues because Item 303 concerns one of the more controversial corporate disclosures mandated by the ...


Voluntary Disclosure Fostering Overenforcement And Overcriminalization Of The Fcpa, Karen E. Woody 2019 Washington and Lee University School of Law

Voluntary Disclosure Fostering Overenforcement And Overcriminalization Of The Fcpa, Karen E. Woody

Karen Woody

Professor Peter Reilly’s article, Incentivizing Corporate America to Eradicate Transnational Bribery Worldwide: Federal Transparency and Voluntary Disclosure Under the Foreign Corrupt Practices Act, 67 Fla. L. Rev. 1683 (2015), challenges the notion that voluntary disclosure of potential Foreign Corrupt Practices Act (FCPA) violations to the government is always the best course of action for a company. In a world where whistleblowers can receive a bounty for information provided to the Securities and Exchange Commission (SEC),2 self-reporting is a critical, high-pressure decision that each company must undertake when faced with potential FCPA liability.

This Article takes a broader look ...


No Smoke And No Fire: The Rise Of Internal Controls Absent Anti-Bribery Violations In Fcpa Enforcement, Karen E. Woody 2019 Washington and Lee University School of Law

No Smoke And No Fire: The Rise Of Internal Controls Absent Anti-Bribery Violations In Fcpa Enforcement, Karen E. Woody

Karen Woody

The Foreign Corrupt Practices Act (FCPA) prohibits bribery of foreign public officials in order to obtain or retain business. It is, for all intents and purposes, an anti-bribery statute. To detect bribery, the FCPA contains accounting provisions related to bookkeeping and internal controls. The books and records provision requires issuers to make and maintain accurate books, records, and accounts; likewise, the internal controls provision requires that issuers devise and maintain reasonable internal accounting controls aimed at preventing and detecting FCPA violations. If one considers the analogy that bribery is the “fire” in FCPA enforcement actions, and books and records violations ...


Justice Kavanaugh, Lorenzo V. Sec, And The Post-Kennedy Supreme Court, Matthew C. Turk, Karen E. Woody 2019 Indiana University

Justice Kavanaugh, Lorenzo V. Sec, And The Post-Kennedy Supreme Court, Matthew C. Turk, Karen E. Woody

Karen Woody

This Article analyzes a recent Supreme Court case, Lorenzo v. Securities and Exchange Commission, and explains why it provides a valuable window into the Court's future now that Justice Kennedy has retired and his seat filled by Justice Brett Kavanaugh. Lorenzo is an important case that raises fundamental interpretative questions about the reach of federal securities statutes. But most significant is its unique procedural posture: when the Supreme Court issues its decision on Lorenzo in 2019, Justice Kavanaugh will be recused while the other eight Justices rule on a lower court opinion from the D.C. Circuit in which ...


Nonprofit Governance: The Basics, Lawrence J. Trautman, Janet Ford 2019 The University of Akron

Nonprofit Governance: The Basics, Lawrence J. Trautman, Janet Ford

Akron Law Review

Nonprofit organizations are prevalent in today’s economy, and many are governed by individuals who have been chosen on the basis of their advocacy of or contributions to various nonprofit causes rather than on the basis of business experience or acumen. Yet effective nonprofit governance, while presenting concerns unique to nonprofits, also presents many of the same concerns as does governance of for-profit entities. This article seeks to provide a primer for nonprofit organizations that need to recruit effective governance talent. First, we discuss the nature of nonprofits, their impact on the business landscape, and their similarities to and differences ...


Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra 2019 Osgoode Hall Law School of York University

Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra

Cynthia A. Williams

The Expert Panel on Sustainable Finance has been commissioned by the Canadian Government to determine how best to generate sustainable finance, a significant challenge given the carbon intensity of Canada’s economy. The Expert Panel has defined sustainable finance as capital flows, risk management activities and financial processes that assimilate environmental and social factors as a means of promoting sustainable economic growth and the long-term stability of the financial system. While there are numerous strategies to be deployed to move Canada to a financially sustainable future, this report addresses two critically important issues: fiduciary obligation of corporate- and pension-fiduciaries, and ...


The Stewardship Of Trust In The Global Value Chain, Kishanthi Parella 2019 Washington and Lee University School of Law

The Stewardship Of Trust In The Global Value Chain, Kishanthi Parella

Kish Parella

Global governance has not yet caught up with the globalization of business. As a result, our headlines provide daily accounts of the extent and consequences of these "governance gaps." The ability of corporations to evade state control also contributes to an unusual, even frightening, phenomenon: corporations are governing like states. Some governance functions traditionally delivered by state actors are now increasingly undertaken by transnational corporations. One area that is experiencing this substitution is dispute resolution of human rights. Corporations and other business enterprises, individually or collectively, are creating a variety of grievance mechanisms to address human rights and other conflicts ...


Reforming The Global Value Chain Through Transnational Private Regulation, Kishanthi Parella 2019 Washington and Lee University School of Law

Reforming The Global Value Chain Through Transnational Private Regulation, Kishanthi Parella

Kish Parella

In many industries, corporations have changed the organization of their production from a vertically integrated model to a model that is often characterized by outsourcing-shifting business activities to external parties -and offshoring, where production occurs at sites overseas. The global value chain (GVC) for an American corporation often involves several tiers of suppliers. One end of the GVC is often occupied by a multinational buyer (MNB), such as a large brand name corporation. At the opposite end of the value chain are the factories, farms, and other production sites that supply multinational corporations with their goods. This organization of production ...


Outsourcing Corporate Accountability, Kishanthi Parella 2019 Washington and Lee University School of Law

Outsourcing Corporate Accountability, Kishanthi Parella

Kish Parella

This Article addresses the problem of preventing human rights violations abroad that result from the globalization of business. It specifically explores the challenge of improving labor standards in global value chains. The modern business has changed dramatically and has “gone global” in order to court foreign markets and secure resources, including labor. Familiar household names, such as Nike and Apple, have “outsourced” many of their functions to suppliers overseas. As multinational buyers, they dominate one end of the global value chain. At the opposite end of the value chain are the local managers and owners of the factories and workhouses ...


Identities Lost: Enacting Federal Law Mandating Disclosure & Notice After A Data Security Breach, John Ogle 2019 University of Arkansas, Fayetteville

Identities Lost: Enacting Federal Law Mandating Disclosure & Notice After A Data Security Breach, John Ogle

Arkansas Law Review

Identity theft is real, it’s here, and consumers need protection. Over the past five years hackers have stolen billions of consumers’ sensitive information like social security numbers, addresses, and bank routing numbers from companies that have neglected their security measures. Most of the time these security breaches are easily preventable. Companies sometimes wait weeks, months, or even years to inform the customers whose information was stolen because there is no federal law that requires disclosure. As of 2018, all 50 states have adopted security breach notification laws that require companies to inform consumers that their information may have been ...


Masthead, 2019 University of California, Hastings College of the Law

Masthead

Hastings Business Law Journal

No abstract provided.


The Regulatory Framework Of Executive Remuneration: Contributions From Shareholder Activism And Board Accountability, Jingchen Zhao, Zhihui Li 2019 University of California, Hastings College of the Law

The Regulatory Framework Of Executive Remuneration: Contributions From Shareholder Activism And Board Accountability, Jingchen Zhao, Zhihui Li

Hastings Business Law Journal

Executive remuneration is influenced by multiple factors including capital markets, product markets, corporate internal governance, corporate finance, governmental regulation, and legislation. Related to various practical factors, executive remuneration is no longer simply fixed based on the contractual arrangements between companies and their directors. Due to the complicated relationship network in executive remuneration and

the way public companies produce their remuneration policies, remuneration structures and levels can be extremely complex and easily affected by undue influence. This paper focuses on how to solve executive remuneration problems through regulation. Legislations from several developed countries in areas such as providing shareholders with more ...


The Vital Need To Eliminate A De Facto Negligence Standard Under Section 14(E) Of The Exchange Act, Matthew A. Powell 2019 University of California, Hastings College of the Law

The Vital Need To Eliminate A De Facto Negligence Standard Under Section 14(E) Of The Exchange Act, Matthew A. Powell

Hastings Business Law Journal

In Varjabedian v. Emulex Corp. (Varjabedian), the Ninth Circuit held that a claim for failure to satisfy a statutory disclosure provision concerning tender offers under Section 14(e) of the

1934 Act only requires a pleading of negligence, not scienter. The Ninth Circuit’s holding in Varjabedian departs from half a century of established case law and creates a circuit split with the Second, Third, Fifth, Sixth, and Eleventh circuits. The Varjabedian decision opens the door for the very litigation abuses that Congress has sought to prevent in order to protect businesses and markets. However, while the federal securities laws ...


The Development Of Social Enterprise And Rise Of Benefit Corporations: A Global Solution?, Dina Dalessandro 2019 University of California, Hastings College of the Law

The Development Of Social Enterprise And Rise Of Benefit Corporations: A Global Solution?, Dina Dalessandro

Hastings Business Law Journal

No abstract provided.


The Future Is Femtech: Privacy And Data Security Issues Surrounding Femtech Applications, Celia Rosas 2019 University of California, Hastings College of the Law

The Future Is Femtech: Privacy And Data Security Issues Surrounding Femtech Applications, Celia Rosas

Hastings Business Law Journal

No abstract provided.


Current Issues Of U.S.-Japan Cross-Border Ip Disputes, Ryoichi Mimura 2019 University of California, Hastings College of the Law

Current Issues Of U.S.-Japan Cross-Border Ip Disputes, Ryoichi Mimura

Hastings Business Law Journal

No abstract provided.


Influencing Juries In Litigation "Hot Spots", Megan M. La Belle 2019 Catholic University of America

Influencing Juries In Litigation "Hot Spots", Megan M. La Belle

Indiana Law Journal

This Article considers how corporations are using image advertising in litigation "hot spots" as a means of influencing litigation outcomes. It describes how Samsung and other companies advertised in the Eastern District of Texas--a patent litigation "hot spot"--to curry favor with the people who live there, including by sponsoring an ice rink located directly outside the courthouse. To be sure, image advertisements are constitutionally protected speech and might even warrant the highest level of protection under the First Amendment when they are not purely commercial in nature. Still, the Article argues, courts should be able to prohibit such advertisements ...


A Corporate Duty To Rescue: Biopharmaceutical Companies And Access To Medications, Rebecca E. Wolitz 2019 Stanford Center for Law and the Biosciences

A Corporate Duty To Rescue: Biopharmaceutical Companies And Access To Medications, Rebecca E. Wolitz

Indiana Law Journal

Controversies regarding the pricing of biopharmaceutical products are pervasive. Patients must choose between treatment and rent, prescriptions go unfilled, and health systems are forced to restrict access to life-saving medications— all because of cost. Though there is often consensus that these issues are problematic, there is disagreement as to what are appropriate solutions and who has responsibility to bring about those solutions. Most efforts to address biopharmaceutical pricing concerns focus on governmental regulation. This Article has a different focus. It provides a legal and normative analysis of a form of corporate self-regulation that could help address access and pricing concerns ...


Cross Border Patent Disputes, David A. Makman 2019 University of California, Hastings College of the Law

Cross Border Patent Disputes, David A. Makman

Hastings Business Law Journal

No abstract provided.


Ticket To An Antitrust Violation? Why The Nfl And Directv’S Exclusive Distributorship Agreement For Sunday Ticket May Violate Antitrust Laws, And How The U.S. District Court For The Central District Of California May Have Gotten It Wrong, Haig Siranosian 2019 University of California, Hastings College of the Law

Ticket To An Antitrust Violation? Why The Nfl And Directv’S Exclusive Distributorship Agreement For Sunday Ticket May Violate Antitrust Laws, And How The U.S. District Court For The Central District Of California May Have Gotten It Wrong, Haig Siranosian

Hastings Business Law Journal

No abstract provided.


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