Examining The Relationship Between Chapter 15 And Section 109(a) of the United States Bankruptcy Code: Why Applying Section 109(a) Is Problematic

Mt. Gox, formerly one of the world’s leading digital currency exchanges headquartered in Japan, shut its website in 2014 after asserting that it lost approximately 860,000 bitcoins due to an unidentified hacker’s attack. At that time, this amount was worth more than $500 million. Although it subsequently reported that it found 200,000 bitcoins, the company was clearly in financial distress. Indeed, Mt. Gox filed for Chapter 15 bankruptcy proceeding in March 2014, to prevent U.S. customers from seizing its U.S. […] (More →)

Dodd-Frank Whistleblower Program

In December of 2018, New York State Department of Financial Services completed an investigation involving Barclays’ Chief Executive James E. Staley. The Empire State’s primary regulator of banking and insurance companies fined Barclays $15 million over Mr. Staley’s attempt to uncover the author(s) of two letters from a whistleblower claiming to be a shareholder. The letters concerned the hiring of a new executive, Tim Main, who was a “friend and colleague” to Mr. Staley. While the $15 million fine was […] (More →)

FTC Follows NYDFS Toward More Rules-Based Cybersecurity Regulation

As the FTC has stepped into a role of regulating cybersecurity, there has been much debate about the relative effectiveness of standards-based versus rules-based regulation. Initially, the FTC adopted broad standards, but appears to be moving toward a more rules-based approach. Proponents of standards argue they are more flexible. They can apply to different sized companies and maintain relevance as technology and threats change. A regulation requiring “reasonable” or “industry standard” measures does not require frequent updates or tailoring. However, […] (More →)

In Antitrust We Trust: How Progressive Politics and Antitrust Should Revitalize Each Other

We live in an era of big business that rivals or even surpasses the Gilded Age. Our president—our wealthiest ever—is a billionaire, as are his Secretaries of Commerce and Education. Meanwhile, Amazon and Apple both claimed valuations greater than $1 trillion in 2018. There is little doubt that big business is getting bigger and politics is getting richer. It should be no surprise, then, that the long-standing American tradition of antitrust action is reawakening in popular politics. Senators Sanders, Warren, […] (More →)

Lorenzo v. SEC: A (Potential) Expansion of Securities Fraud Liability

On March 27, 2019, the United States Supreme Court decided Lorenzo v. SEC.  Many eyes were on this case, because of its potential to have a significant impact on the scope of securities fraud liability.  Ultimately, the Supreme Court found in favor of the Securities Exchange Commission and held that “dissemination of false or misleading statements with intent to defraud can fall within the scope of Rules 10b–5(a) and (c), as well as the relevant statutory provisions, even if the […] (More →)

Competing Concerns About AI

The dominant form of artificial intelligence in use today is machine learning, which refers to algorithms that use vast sets of data to improve their accuracy in tasks like identifying patterns, labeling information, and predicting outcomes. Machine learning-based artificial intelligence is everywhere—both in the sense that our daily lives constantly intersect with it, and in the sense that we are constantly bombarded with new, often negative, stories about it. For instance, today is April 10th, 2019. In the New York […] (More →)

California’s Gender Board Quota Legislation is Likely Unconstitutional

On September 30, 2018, the former governor of California, Jerry Brown, signed a bill into law that would require publicly held corporations in California to include women on their boards. The law “requires publicly traded corporations headquartered in California to include at least one woman on their boards of directors by the end of 2019 as part of an effort to close the gender gap in business.” Furthermore, by the end of July 2021, the law requires that “a minimum […] (More →)

Disclosure Statements & Tender Offers: Supreme Court to Decide How §14(e) Applies

In April of 2018, the Ninth Circuit split with five other circuits in finding that Section 14(e) of the Securities Exchange Act of 1934 supports an inferred private right of action based on the negligent misstatement or omission made in connection with a tender offer.  The panel reversed the district court’s dismissal and recognized its departure from previous jurisprudence, holding that the first clause of § 14(e) requires only a showing of negligence rather than scienter. The Supreme Court granted […] (More →)

What’s Next for PG&E After Bankruptcy?

Pacific Gas and Electric (PG&E), California’s largest utility company, has set off a political storm in the state after filing for bankruptcy in late January—not least because of its request, in bankruptcy, to pay out more than $230 million in employee bonuses before compensating property owners for losses stemming from California’s recent devastating wildfires. Although PG&E currently has enough assets to outweigh its liabilities, prompting claims that the company has prematurely jumped into bankruptcy protection, the utility company is anticipating […] (More →)

Opportunity Zones: An Opportunity for Art Collectors?

At the end of 2017, when President Trump signed the 2018 Tax Cut and Jobs Act, he got rid of one of the biggest tax benefits for art collectors and investors. Section 1031 of the Internal Revenue Code, which allowed for like-kind exchanges, had previously been used as a tool for investors to defer capital gains on several types of investments. However, the reform limited the use of like-kind exchanges in deferring capital gains tax to only real estate investments. […] (More →)

About CBLR

Columbia Business Law Review is the first legal periodical at a national law school to be devoted solely to the publication of articles focusing on the interaction of the legal profession and the business community. The review publishes three issues yearly, which involve students in the editing of leading articles in business law, as well as the production of student-written notes.