Private Enforcement of Antitrust Law in the United States

2012 ◽  
Author(s):  
Albert Foer ◽  
Randy Stutz
Keyword(s):  
United States ◽  
The United States ◽  
Private Enforcement ◽  
Antitrust Law

Investment Services Regulation in Germany and Japan

2021 ◽  
Vol 18 (3) ◽  
pp. 464-516
Author(s):  
Harald Baum ◽  
Toshiaki Yamanaka
Keyword(s):  
United States ◽  
European Union ◽  
The United States ◽  
Private Enforcement ◽  
The European Union ◽  
Financial Products ◽  
Legal Situation ◽  
Similarities And Differences ◽  
Investment Advice

Abstract This article studies the protection of retail and professional investors when financial products are sold or when investment advice is given. To this end, it clarifies the similarities and differences in the legal setting governing investment services firms in Germany and Japan, with a particular focus on a) the persons to be protected, b) information to be provided and c) private enforcement. Although regulatory structures are largely divergent in these two jurisdictions, the legal situation converges in several important points in relation to lawmaking in the European Union and the United States. Those convergences appear informative for the development of laws in jurisdictions other than Germany and Japan.

Financial accounting scandals and the reform of corporate governance in the United States and in Italy

2017 ◽  
Vol 17 (1) ◽  
pp. 77-88 ◽  
Author(s):  
Daniel P. Sorensen ◽  
Scott E. Miller
Keyword(s):  
United States ◽  
Corporate Governance ◽  
Financial Reporting ◽  
The United States ◽  
Class Action ◽  
Financial Accounting ◽  
Private Enforcement ◽  
Content Type ◽  
Accounting Scandals ◽  
The Usa

Purpose In the 1990s and beginning of the next decade, a series of financial accounting scandals occurred in the United States (USA or US) and in several other countries of the world. The USA and Italy (among others) responded with legislation to reform financial reporting and corporate governance in these jurisdictions. This paper aims to compare the regulatory response of Italy to that of the USA. Design/methodology/approach This paper includes a review of relevant literature and evaluation of the actions of the regulatory authorities. Findings In the case of the financial reporting crises, the rapid response put the USA into the role of the “first mover” with the European Union (EU) reacting to US initiatives and eventually converging to a large degree with the provisions of the US legislation. Italy has adopted many of the same regulatory reforms as the USA and has added some reforms that are directed to the specific needs to Italy. Research limitations/implications In conjunction with legislative initiatives like Sarbanes-Oxley, private enforcement mechanisms, such as shareholder class action suits in the USA, play an important role in discouraging and punishing financial accounting fraud. Practical implications In the absence of significant reforms of the Italian private enforcement system, corporate governance abuses and the potential for accounting scandals may still be persistent. As a whole, cooperative efforts continue between the USA and the EU. Such efforts are needed more and more, as companies become increasingly globalized. Originality/value This paper provides comparison and evaluation of corporate governance reform efforts in the USA and Italy.

scholarly journals When Economics Met Antitrust: The Second Chicago School and the Economization of Antitrust Law

2015 ◽  
Vol 16 (2) ◽  
pp. 313-353 ◽  
Author(s):  
PATRICE BOUGETTE ◽  
MARC DESCHAMPS ◽  
FRÉDÉRIC MARTY
Keyword(s):  
United States ◽  
New Deal ◽  
Competition Policy ◽  
Economic History ◽  
Competition Law ◽  
Chicago School ◽  
The United States ◽  
Antitrust Law ◽  
Antitrust Enforcement ◽  
Minor Influence

In this article, the authors interrogate legal and economic history to analyze the process by which the Chicago School of Antitrust emerged in the 1950s and became dominant in the United States. They show that the extent to which economic objectives and theoretical views shaped the inception of antitrust law. After establishing the minor influence of economics in the promulgation of U.S. competition law, they highlight U.S. economists’ caution toward antitrust until the Second New Deal and analyze the process by which the Chicago School developed a general and coherent framework for competition policy. They rely mainly on the seminal and programmatic work of Director and Levi (1956) and trace how this theoretical paradigm became collective—that is, the “economization” process in U.S. antitrust. Finally, the authors discuss the implications and possible pitfalls of such a conversion to economics-led antitrust enforcement.

scholarly journals Civil Rights for Trafficked Persons: Recommendations for a More Effective Federal Civil Remedy

2008 ◽  
Vol 26 (1 & 2) ◽  
Author(s):  
Shannon Lack
Keyword(s):  
United States ◽  
Civil Rights ◽  
Human Trafficking ◽  
Public Awareness ◽  
The United States ◽  
Bill Clinton ◽  
Private Enforcement ◽  
Trafficking Victims ◽  
Civil Remedy ◽  
Private Right

In response to increasing public awareness of human trafficking in the United States, the Victims of Trafficking and Violence Protection Act (TVPA) was signed into law by President Bill Clinton in October of 2000. The TVPA consolidated existing legislation to create a comprehensive civil remedy; this ensures that trafficking victims are no longer forced to seek redress under multiple criminal and civil statutes that target only components of the human trafficking offense. However, despite its status as the first comprehensive anti-trafficking legislation to be enacted in the United States, the TVPA fails to sufficiently address human trafficking concerns. It is suggested that the failure of the TVPA is a result of both the prosecutorial focus of the legislation, a focus which tends to overlook victims’ civil rights, and the contingency of TVPA benefits upon adherence to the prosecutorial process. In response to the shortcomings of the TVPA, the legislation was amended by the Trafficking Victims Protection Reauthorization Act of 2003 (TVPRA) to provide a civil remedy for trafficking victims. The civil remedy confers on trafficking victims the private right to vindicate their civil rights and hold their traffickers directly accountable for their exploitative acts. By directly compensating victims, the civil remedy acts as a financial deterrent against traffickers and provides a private enforcement anti-trafficking policy. In pursuing the civil remedy, trafficking victims possess several advantages over the prosecutorial process of the TVPA and other civil causes of action. However, despite its advantages, the civil remedy is infrequently utilized thus frustrating congressional intent that victims advance antitrafficking policy by enforcing a civil remedy against their traffickers.

Intellectual Property and Competition Law

2017 ◽  
Author(s):  
C. Scott Hemphill
Keyword(s):  
United States ◽  
Economic Policy ◽  
Intellectual Property ◽  
Competition Law ◽  
The United States ◽  
Antitrust Law ◽  
Core Ability

This chapter surveys the intersection of competition law—or antitrust law, as it is known in the United States—with intellectual property (IP). It examines whether and how IP rights alter the substantive scope of antitrust law, either by operation of statute or as a matter of economic policy. It discusses a wide variety of antitrust claims, alleging collusion, exclusion, or both, that have been raised against IP rights holders. The examples are drawn mainly from the United States, although European developments are also included where relevant. The analysis supports the conclusion that, beyond a rights holder’s core ability to assert a valid, infringed right against a rival, IP restricts antitrust law less than one might expect. Moreover, the restrictions that do exist are often subtle.

The Intersection Between Intellectual Property and Antitrust Law

2021 ◽  
pp. 121-134
Author(s):  
Mariateresa Maggiolino ◽  
Laura Zoboli
Keyword(s):  
United States ◽  
European Union ◽  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
The United States ◽  
Antitrust Law ◽  
Policy Decisions ◽  
Alternative Scenarios

The interface between intellectual property rights (IPR) and the rules to protect the correct functioning of the market can be canvassed by looking at when these two sets of provisions converge and collide. This chapter analyses four alternative scenarios, by stressing that policy decisions become crucial to solve the cases of conflict and, in particular, the case where antitrust law forbids practices that intellectual property (IP) laws allow. Moreover, the chapter illustrates that it is in relation to these policy decisions that scholars and practitioners can appreciate how different jurisdictions, as in the United States (US) and European Union (EU), conceptualize the role that property rights and competition are called to play in spurring innovation.

Modelling Public and Private Enforcement

2020 ◽  
Vol 37 (1) ◽  
pp. 9-24
Author(s):  
Kit Barker
Keyword(s):  
United States ◽  
Law Enforcement ◽  
Competition Law ◽  
The United States ◽  
Regulatory Agencies ◽  
Private Enforcement ◽  
Public And Private ◽  
Competition Law Enforcement ◽  
Public And Private Enforcement ◽  
Moral Economic

Achieving a workable, hybrid model of competition law enforcement that is sensitive to both instrumental and non-instrumental ends and which commands broad, cross-jurisdictional support always struck me as a tall order. For one thing, it required a keen understanding of the nature of competition law wrongs, which sit awkwardly at the turnstile between public and private law. The enforcement processes of competition law have also evolved in very different social and historical contexts, the United States being an environment in which regulatory agencies have historically been regarded with scepticism (if not downright distrust) and Europe being a centralised bureaucracy in which they have tended to be regarded as the paradigm. Most challengingly of all, the project required a theory of ‘holism’ capable of explaining how it is possible to reconcile complex moral, economic and social objectives within a singular enforcement system, or (more accurately) within a linked network of distinct law enforcement systems.

The Evolution in the U.S. of Private Enforcement via Litigation and Monitoring Techniques

2015 ◽  
Author(s):  
James D. Cox ◽  
Randall S. Thomas
Keyword(s):  
United States ◽  
Hedge Funds ◽  
Hedge Fund ◽  
The United States ◽  
Private Enforcement ◽  
Governance System ◽  
Public Companies ◽  
Shareholder Litigation ◽  
Corporate Governance System

This chapter examines the evolution of private enforcement in the United States and the lessons that can be learned by German public companies from the experiences of their US counterparts. It first looks at the place of representative shareholder litigation within the US corporate governance system before turning to the broad-based criticisms against all forms of representative shareholder litigation on the grounds of excessive litigation agency costs. It then discusses the role of shareholder derivative suits in remedying breaches of duty of loyalty, along with the use of hedge funds in shareholder monitoring. It explores the increasing role of appraisal remedy against the backdrop of developments in shareholder litigation focused on acquisitions, and highlights the limitations of hedge fund activism. Finally, it assesses the implications of shareholder monitoring mechanisms in the United States for shareholders in Germany.

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