What do Raj Rajaratnam and a mafioso have in common? Both have received similar treatment from the Federal Bureau of Investigation (FBI). Rajaratnam’s recent conviction for securities fraud by way of insider trading came about through the use of evidence obtained by wiretapping. Wiretapping is a common technique used by the FBI to help build cases against members of organized crime under the Racketeer Influenced and Organized Crime Act (RICO). Referred to by the FBI as operation "Perfect Hedge," the United States has begun to use wiretapping to prosecute insider trading. The case of Raj Rajaratnam, which is currently on appeal in the Second Circuit, presents a tough dilemma: how far should we go in investigating and prosecuting alleged white collar criminals? [More]

Security in ones’ property has been a fundamental tenant of our society since its inception. The Fifth Amendment enumerates this vital right and has served as a refuge against the government unjustly interfering with individual property rights for centuries. But, as judicial interpretation develops over time, a startling trend has emerged that could profoundly shape the future of the taking of private lands by the government. The landmark case of Kelo v. City of New London marked a radical shift in what could be construed as a legitimate taking based on a state’s police power. (1) This ruling has resulted in many states drafting new legislation in an attempt to temper the controversial ruling. (2) Regardless of how the legislature approaches the issue, it is clear that the takings landscape has fundamentally changed in ways that were unintended and unforeseen. Have we entered an age of disintegrating property rights? [More]

Over the past ten years the United States has given about 24 billion dollars worth of cotton subsidies despite the fact that the World Trade Organization (WTO) ruled that United States cotton subsidies are illegal [More]

On September 16, 2011, President Obama signed into law the Leahy-Smith America Invents Act (“AIA”), the most substantial change to patent law in the United States since the Patent Act of 1952 [More]

All Illinois College of Law students in good standing are invited to submit a note to the Illinois Business Law Journal for evaluation and possible publication in the Spring 2012 online issue. [More]

In the past couple of months, two Congressional bills have been the subject of a heated debate between media industry giants and some of the world’s largest technology companies: the Stop Online Piracy Act (SOPA) in the House and its Senate counterpart the PROTECT IP Act (PIPA). This legislation is meant to provide the Department of Justice and copyright holders with the ability to curb access to “rogue” foreign websites dedicated to infringing or counterfeit goods. Since the U.S. government does not have the power to take down foreign websites, this bill would grant it the ability to forbid Internet providers from allowing users to connect to those sites. While many entertainment and pharmaceutical companies are in support of these bipartisan bills, digitally oriented companies such as Google, Facebook, and Mozilla have publicly voiced their opposition. Although the problems the bill attempts to address – online piracy, copyright, and trademark infringement – are serious and present a number of enforcement challenges, this vaguely written, catch-all legislation is alarming in its reach. [More]

During a typical six-month season, the environment in National Football League ("NFL") stadiums can easily be characterized as masculine. However, during the month of October, players take the field in pink sweatbands, cleats, and chin straps; play with a pink, embellished pigskin; and even wipe their sweat with a pink towel. The referees also take part, blowing their pink whistles when a player in a pink-accented jersey does something that runs afoul of the game. This is the NFL’s way of supporting breast cancer awareness month alongside a multitude of other companies and nonprofits. During October, a breast-cancer-research “superfan” could purchase almost any product allegedly supporting the cause including dish soap, measuring cups, Snuggies, and bike helmets. If that fan is hungry, they can pick up a pink bucket of fried chicken from KFC. Breast cancer awareness month motivates companies to capture consumer dollars with a promise (even if implied) to raise funds for breast cancer research. However, do all of these products actually benefit the research they claim to support? [More]

Earlier this fall, the European Court of Justice’s (ECJ) Judge Advocate General, Juliane Kokott issued an opinion that the EU’s decision to extend its Emissions Trading Scheme (ETS) does not offend other nation’s sovereignty or international aviation agreements. Her opinion is a hard pill to swallow for international actors like America and China who stand to be hit by fines. International actors can then either pass the cost of the fines onto their customers or alter their operations to meet the requirements and pass that cast on. That doesn’t sound very non-threatening to sovereignty, does it? [More]

Soon, entrepreneurs may be able offer their Facebook “friends” and Twitter “followers” more than just virtual friendship and updates on what they had for breakfast. They may soon be able to offer equity stakes in their business. In an increasingly rare instance of bipartisanship, last Thursday (Nov. 3) the House passed both the Entrepreneur Access to Capital Act (“Entrepreneur Act”) and the Small Company Capital Formation Act (“Small Company Act”), each aimed at spurring small business growth through the method of “crowdfunding,” “a form of capital raising whereby groups of people pool money, typically comprised of very small individual contributions, to support an effort by others to accomplish a specific goal.” If approved by the Senate, the bills would allow entrepreneurs to use online social networks to solicit small equity investments in enterprises, a capital raising strategy that is illegal under current securities law. However, some warn that, if passed, the legislation will increase the risk of securities fraud and speculative risk to investors among other things. [More]

Chicago, Illinois… ever heard of it? Apparently their mayor, Rahm Emanuel, doesn’t think enough businesses have, or at least seriously consider it as a place to set up shop. Incorporated in 1999, World Business Chicago (“WBC”), a city-funded nonprofit group, is the city’s economic development office, tasked with the duties of “coordinating retention, attraction and expansion efforts in order to spur and accelerate economic growth.” Emanuel has taken a specific interest in this office, roughly tripling its size since his election this past May. [More]