On July 1, the National Basketball Association (NBA) instituted a lockout when its collective bargaining agreement (CBA) expired and negotiations, which began in January 2010, stalled. Over the past four months, owners and players have made multiple attempts to reach an agreement with no success. On October 10, NBA Commissioner David Stern canceled the first two weeks of the season and stated that both sides are still, “very far apart on virtually all issues… we just have a gulf that separates us.” A number of issues have been discussed including: revenue sharing, salary caps, luxury penalties, guaranteed contract lengths, and player exceptions. The owners and players have three ways to resolve these issues: bargaining, mediation, and/or legal action. [More]

The historical purpose of the stock market, serving as a method for companies to affordably raise capital, is fading quickly. The proliferation of supercomputer trading algorithms and complex derivatives (e.g. Synthetic Collateralized Debt Obligations) has given rise to an age of increasingly complex trading methods. One of the foremost advances is the speed of trading, seen predominantly in high-frequency methods. The expansion of bandwidth and connection speeds has enabled traders to execute trades in as little as one-millionth of a second, a far cry from the historical telephone relays to traders in the pits. However, even with the public outcry for more transparency within the financial markets, little is known about the actual effect high frequency trading has on the markets and the everyday investor. [More]

The Congressional Oversight Panel for the Troubled Asset Relief Program (TARP) has issued its final report, and the TARP program is projected to cost much less than forecast. Unfortunately, TARP hasn’t solved the original problem of “too big to fail”. The problem is worse today, and the legislative solution may make things even worse. [More]

It is not every day someone says they want to be sued in federal court. But, in fact, Mr. Rajat Gupta, a former board member at Goldman Sachs and Procter & Gamble, is doing just that. Mr. Gupta sued the Securities and Exchange Commission claiming that the SEC cannot pursue their current administrative case against him because such a case would need to be brought in federal court. Recently, the SEC delayed Mr. Gupta’s administrative case for at least 6 months. Not only is this bizarre case legally fascinating but it places the potency of a section of the monumental finance-reforming Dodd-Frank Act under siege. [More]

Peer-to-peer file sharing recently made headlines again. Opponents of LimeWire won another legal battle in phasing out the music distributor and soon its proprietors will be punished on massive financial proportions. [More]

Earlier this month the House Energy and Commerce Committee passed a bill, the “Energy Tax Prevention Act of 2011,” which, if it becomes law, would effectively halt the Environmental Protection Agency’s proposed program to regulate greenhouse gas emissions. This is one of many attempts in an ongoing campaign by Republicans to limit the power of the EPA to make and enforce regulations related to greenhouse gas emissions. They are attempting this through budgetary control measures as well as by attempting to strip the EPA of its regulatory authority in this area through legislation. There appears to be an intentional effort to cast this as a battle between the legislative and executive branches. However, this is actually a battle royal including all three branches of the federal government, as well as many state, local, and private organizations. This article will examine the recent history of the fight in order to understand the battle being waged. [More]

At the beginning of last year’s seasons, the Dallas Cowboys boasted that they would be playing in their brand new, shiny stadium for the Super Bowl. Unfortunately for them, it didn’t happen. However, as fans gathered to watch the game between the Green Bay Packers and the Pittsburgh Steelers, some fans were informed that their seats weren’t ready. As the hours went on and kickoff loomed closer, some of the fans realized that they would be watching the game on televisions in the lobby. Americans love to litigate and a few of the displaced fans are taking matters into their own hands and suing the Dallas Cowboys, Jerry Jones and the NFL. For the fans who traveled across the country (or even just across town), there is no price that can be placed on the excitement leading up to the game and the sudden disappointment at realizing you weren’t actually going to see it. I, for one, sure hope Jerry Jones gets what’s coming to him. [More]

It’s been several months now since my first article on the general subject of data and information in the law. Normally, I could attribute the delay to typical publishing delays, an overbooked 2L year, and an overly inquisitive (read: easily distractible) mind. But, in this case, I am writing about perhaps the most visible aspect of the topic: the privacy of personal information in an increasingly connected society. Given the increasing focus on the topic in academia, government, and media, it has been difficult to keep up with all of the recent developments. Even the turn of the New Year – often a good time for a retrospective look – hasn’t slowed the pace. There have been some significant developments in the legal and regulatory world. A small selection of some of the most significant news includes: [More]

On March 22, 2011, the Supreme Court came to a decision in Kasten v. Saint Gobain. The Seventh Circuit had ruled that an oral complaint made to an employer who the employee believed was violating the Fair Labor Standards Act (“FLSA”) did not fall under the anti-retaliation provision of the act. The Court reversed the Seventh Circuit and found that an oral complaint was sufficient. This decision raises questions about the standards under which summary judgment could be granted in an FLSA retaliation case. [More]

In the aftermath of the financial crisis, Congress passed the Dodd-Frank Financial Reform Act, which sought to prevent its repeat. Yet the new House Republican majority is taking aim at a key provision of the law, which sought to give investors more accurate information by holding credit rating agencies legally liable for giving high ratings to low quality mortgage-backed bonds. While there are other ways to ensure accurate credit ratings than enhanced liability, congressional Republicans are removing an imperfect protection without replacing it with anything better. [More]